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<SEC-DOCUMENT>0001104659-07-044408.txt : 20070531
<SEC-HEADER>0001104659-07-044408.hdr.sgml : 20070531
<ACCEPTANCE-DATETIME>20070531172647
ACCESSION NUMBER:		0001104659-07-044408
CONFORMED SUBMISSION TYPE:	424B2
PUBLIC DOCUMENT COUNT:		3
FILED AS OF DATE:		20070531
DATE AS OF CHANGE:		20070531

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			ARTESIAN RESOURCES CORP
		CENTRAL INDEX KEY:			0000863110
		STANDARD INDUSTRIAL CLASSIFICATION:	WATER SUPPLY [4941]
		IRS NUMBER:				510002090
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		424B2
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-136184
		FILM NUMBER:		07891817

	BUSINESS ADDRESS:	
		STREET 1:		664 CHURCHMANS RD
		CITY:			NEWARK
		STATE:			DE
		ZIP:			19702
		BUSINESS PHONE:		3024536900

	MAIL ADDRESS:	
		STREET 1:		664 CHURCHMANS RD
		CITY:			NEWARK
		STATE:			DE
		ZIP:			19702
</SEC-HEADER>
<DOCUMENT>
<TYPE>424B2
<SEQUENCE>1
<FILENAME>a07-15222_1424b2.htm
<DESCRIPTION>PROSPECTUS SUPPLEMENT FILED PURSUANT TO RULE 424(B)(2)
<TEXT>
<html>

<head>






</head>

<body lang="EN-US">

<div style="font-family:Times New Roman;">
 <p style="color:#9C412A;font-weight:bold;margin:0pt 0pt .0001pt;text-align:center;"><b><font size="2" color="#9c412a" face="Times New Roman" style="font-size:10.0pt;">SUBJECT TO COMPLETION, DATED MAY&nbsp;31, 2007</font></b></p>

<p align="center" style="margin:0pt 0pt 6.0pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>

<p align="left" style="background:white;color:#9C412A;font-weight:bold;margin:6.0pt 0pt;text-align:left;"><b><font size="2" color="#9c412a" face="Times New Roman" style="font-size:10.0pt;">This
prospectus supplement relates to an effective registration statement under the
Securities Act of 1933, but it is not complete and may be changed. This
prospectus supplement is not an offer to sell these securities and is not
soliciting an offer to buy these securities in any state where the offer or
sale is not permitted.</font></b></p>

<p style="margin:0pt 0pt 6.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">PRELIMINARY PROSPECTUS SUPPLEMENT</font></b></p>

<p style="margin:0pt 0pt 17.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">(TO
PROSPECTUS DATED AUGUST 15, 2006)</font></b></p>

<p style="font-weight:bold;margin:0pt 0pt 26.5pt;page-break-after:avoid;text-align:center;"><b><font size="5" face="Times New Roman" style="font-size:16.0pt;">1,000,000 Shares</font></b></p>

<p style="font-weight:bold;margin:0pt 0pt 26.5pt;page-break-after:avoid;text-align:center;"><b><font size="5" face="Times New Roman"><img width="321" height="92" src="g152221bci001.gif" alt="GRAPHIC"></font></b></p>

<p style="font-weight:bold;margin:0pt 0pt 21.0pt;page-break-after:avoid;text-align:center;"><b><font size="5" face="Times New Roman" style="font-size:16.0pt;">Class&nbsp;A Non-Voting Common Stock</font></b></p>

<p style="margin:0pt 0pt 21.0pt;text-indent:0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">We are
offering 1,000,000 shares of our Class&nbsp;A Non-Voting Common Stock with this
prospectus supplement.</font></p>

<p style="margin:0pt 0pt 21.0pt;text-indent:0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Our Class&nbsp;A
Non-Voting Common Stock is quoted on the NASDAQ Global Market under the symbol &#147;ARTNA.&#148;
On May&nbsp;30, 2007, the last reported sale price of our Class&nbsp;A Non-Voting
Common Stock was $19.65 per share.</font></p>

<p style="margin:0pt 0pt 21.0pt;text-indent:0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">We have
granted to the underwriters an option, exercisable within 30 days after the
date of this prospectus supplement, to purchase up to 150,000 additional shares
of Class&nbsp;A Non-Voting Common Stock upon the same terms to cover
over-allotments, if any.</font></p>

<p style="font-weight:bold;margin:0pt 0pt 21.0pt;text-indent:0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Investing in our common stock involves risk. See &#147;Risk
Factors&#148; beginning on page&nbsp;6 of the accompanying prospectus.</font></b></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr style="page-break-inside:avoid;">
  <td width="67%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:67.34%;">
  <p style="font-size:8.0pt;font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><!-- SET mrlHTMLTableFull --><!-- SET mrlNoTableShading --></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:2.64%;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="13%" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:13.52%;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">Per&nbsp;Share</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:2.64%;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="13%" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:13.52%;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">Total</font></b></p>
  </td>
  <td width="0%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:.38%;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="67%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:67.34%;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Public offering
  price</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:2.64%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0pt 0pt 0pt 0pt;width:1.1%;">
  <p align="left" style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
  </td>
  <td width="12%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.42%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:2.64%;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0pt 0pt 0pt 0pt;width:1.1%;">
  <p align="left" style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
  </td>
  <td width="12%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.42%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="0%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:.38%;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="67%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:67.34%;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Underwriting
  discounts and commissions</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:2.64%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0pt 0pt 0pt 0pt;width:1.1%;">
  <p align="left" style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
  </td>
  <td width="12%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.42%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:2.64%;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0pt 0pt 0pt 0pt;width:1.1%;">
  <p align="left" style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
  </td>
  <td width="12%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.42%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="0%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:.38%;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="67%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:67.34%;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Proceeds to Artesian
  Resources Corporation</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:2.64%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0pt 0pt 0pt 0pt;width:1.1%;">
  <p align="left" style="margin:0pt 0pt .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
  </td>
  <td width="12%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.42%;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:2.64%;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0pt 0pt 0pt 0pt;width:1.1%;">
  <p align="left" style="margin:0pt 0pt .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
  </td>
  <td width="12%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.42%;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="0%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:.38%;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
</table>

<p style="line-height:1.0pt;margin:0pt 0pt 14.0pt;"><font size="1" face="Times New Roman">&nbsp;</font></p>

<p style="font-weight:bold;margin:0pt 0pt 21.0pt;text-indent:0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Neither the Securities and Exchange Commission nor any
state securities commission has approved or disapproved of these securities or
determined if this prospectus supplement or the accompanying prospectus is
truthful or complete. Any representation to the contrary is a criminal offense.</font></b></p>

<p style="margin:0pt 0pt 16.5pt;text-indent:0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Janney
Montgomery Scott LLC, on behalf of the underwriters, expects to deliver the
shares on or about &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;,&nbsp;2007.</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr style="page-break-inside:avoid;">
  <td width="60%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:60.3%;">
  <p style="font-size:10.0pt;margin:0pt 0pt .0001pt;"><!-- SET mrlHTMLTableFull --><!-- SET mrlNoTableShading --><font size="5" face="Times New Roman" style="font-size:18.0pt;">JANNEY MONTGOMERY SCOTT LLC</font></p>
  </td>
  <td width="4%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:4.84%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="4" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="34%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:34.86%;">
  <p align="right" style="margin:0pt 0pt .0001pt;text-align:right;"><font size="5" face="Times New Roman" style="font-size:18.0pt;">EDWARD JONES</font></p>
  </td>
 </tr>
</table>

<p style="line-height:1.0pt;margin:0pt 0pt 12.0pt;"><font size="1" face="Times New Roman">&nbsp;</font></p>


 <p style="margin:0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The date of this prospectus supplement is &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;, 2007.</font></p>
</div><br><hr size="3" width="100%" noshade color="#010101" align="center">

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<div style="font-family:Times New Roman;">


<p style="font-weight:bold;margin:0pt 0pt 12.0pt;page-break-after:avoid;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">TABLE
OF CONTENTS<a name="TableOfContents_163601"></a></font></b></p>

<div align="center">

<table border="0" cellspacing="0" cellpadding="0" style="border-collapse:collapse;">
 <tr style="page-break-inside:avoid;">
  <td width="567" colspan="2" valign="top" style="padding:0pt .7pt 0pt 0pt;width:424.9pt;">
  <p align="center" style="font-size:10.0pt;margin:0pt -30.8pt .0001pt 0pt;page-break-after:avoid;text-align:center;"><!-- SET mrlNoTableShading --><b>Prospectus Supplement</b></p>
  </td>
  <td width="41" valign="top" style="padding:0pt .7pt 0pt 0pt;width:30.55pt;">
  <p align="right" style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="551" valign="top" style="padding:0pt .7pt 0pt 0pt;width:412.9pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="16" valign="top" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="41" valign="top" style="padding:0pt .7pt 0pt 0pt;width:30.55pt;">
  <p align="right" style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="551" valign="top" style="padding:0pt .7pt 0pt 0pt;width:412.9pt;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#AboutThisProspectusSupplementAndT_163907" title="Click to goto ">About this Prospectus Supplement and Accompanying
  Prospectus</a></font></p>
  </td>
  <td width="16" valign="top" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="41" valign="top" style="padding:0pt .7pt 0pt 0pt;width:30.55pt;">
  <p align="right" style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">S-2</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="551" valign="top" style="padding:0pt .7pt 0pt 0pt;width:412.9pt;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#ForwardlookingStatements_163917" title="Click to goto ">Forward-Looking
  Statements</a></font></p>
  </td>
  <td width="16" valign="top" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="41" valign="top" style="padding:0pt .7pt 0pt 0pt;width:30.55pt;">
  <p align="right" style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">S-2</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="551" valign="top" style="padding:0pt .7pt 0pt 0pt;width:412.9pt;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Summary_164456" title="Click to goto ">Summary</a></font></p>
  </td>
  <td width="16" valign="top" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="41" valign="top" style="padding:0pt .7pt 0pt 0pt;width:30.55pt;">
  <p align="right" style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">S-3</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="551" valign="top" style="padding:0pt .7pt 0pt 0pt;width:412.9pt;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#UseOfProceeds_164919" title="Click to goto ">Use of
  Proceeds</a></font></p>
  </td>
  <td width="16" valign="top" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="41" valign="top" style="padding:0pt .7pt 0pt 0pt;width:30.55pt;">
  <p align="right" style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">S-8</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="551" valign="top" style="padding:0pt .7pt 0pt 0pt;width:412.9pt;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Capitalization_165014" title="Click to goto ">Capitalization</a></font></p>
  </td>
  <td width="16" valign="top" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="41" valign="top" style="padding:0pt .7pt 0pt 0pt;width:30.55pt;">
  <p align="right" style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">S-8</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="551" valign="top" style="padding:0pt .7pt 0pt 0pt;width:412.9pt;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#CommonStockPriceRangeAndDividends_165303" title="Click to goto ">Common Stock Price Range and Dividends</a></font></p>
  </td>
  <td width="16" valign="top" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="41" valign="top" style="padding:0pt .7pt 0pt 0pt;width:30.55pt;">
  <p align="right" style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">S-9</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="551" valign="top" style="padding:0pt .7pt 0pt 0pt;width:412.9pt;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Underwriting_164013" title="Click to goto ">Underwriting</a></font></p>
  </td>
  <td width="16" valign="top" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="41" valign="top" style="padding:0pt .7pt 0pt 0pt;width:30.55pt;">
  <p align="right" style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">S-10</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="551" valign="top" style="padding:0pt .7pt 0pt 0pt;width:412.9pt;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Experts_170409" title="Click to goto ">Experts</a></font></p>
  </td>
  <td width="16" valign="top" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="41" valign="top" style="padding:0pt .7pt 0pt 0pt;width:30.55pt;">
  <p align="right" style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">S-12</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="551" valign="top" style="padding:0pt .7pt 0pt 0pt;width:412.9pt;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#LegalMatters_170412" title="Click to goto ">Legal
  Matters</a></font></p>
  </td>
  <td width="16" valign="top" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="41" valign="top" style="padding:0pt .7pt 0pt 0pt;width:30.55pt;">
  <p align="right" style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">S-12</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="551" valign="top" style="padding:0pt .7pt 0pt 0pt;width:412.9pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="16" valign="top" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="41" valign="top" style="padding:0pt .7pt 0pt 0pt;width:30.55pt;">
  <p align="right" style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="551" valign="top" style="padding:0pt .7pt 0pt 0pt;width:412.9pt;">
  <p align="center" style="margin:0pt -42.8pt .0001pt 0pt;page-break-after:avoid;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Prospectus</font></b></p>
  </td>
  <td width="16" valign="top" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="41" valign="top" style="padding:0pt .7pt 0pt 0pt;width:30.55pt;">
  <p align="right" style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="551" valign="top" style="padding:0pt .7pt 0pt 0pt;width:412.9pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="16" valign="top" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="41" valign="top" style="padding:0pt .7pt 0pt 0pt;width:30.55pt;">
  <p align="right" style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="551" valign="top" style="padding:0pt .7pt 0pt 0pt;width:412.9pt;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">About This Prospectus</font></p>
  </td>
  <td width="16" valign="top" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="41" valign="top" style="padding:0pt .7pt 0pt 0pt;width:30.55pt;">
  <p align="right" style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="551" valign="top" style="padding:0pt .7pt 0pt 0pt;width:412.9pt;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">About Artesian Resources
  Corporation</font></p>
  </td>
  <td width="16" valign="top" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="41" valign="top" style="padding:0pt .7pt 0pt 0pt;width:30.55pt;">
  <p align="right" style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="551" valign="top" style="padding:0pt .7pt 0pt 0pt;width:412.9pt;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Risk Factors</font></p>
  </td>
  <td width="16" valign="top" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="41" valign="top" style="padding:0pt .7pt 0pt 0pt;width:30.55pt;">
  <p align="right" style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">6</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="551" valign="top" style="padding:0pt .7pt 0pt 0pt;width:412.9pt;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Special Note Regarding
  Forward-Looking Statements</font></p>
  </td>
  <td width="16" valign="top" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="41" valign="top" style="padding:0pt .7pt 0pt 0pt;width:30.55pt;">
  <p align="right" style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">10</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="551" valign="top" style="padding:0pt .7pt 0pt 0pt;width:412.9pt;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Use of Proceeds</font></p>
  </td>
  <td width="16" valign="top" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="41" valign="top" style="padding:0pt .7pt 0pt 0pt;width:30.55pt;">
  <p align="right" style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">10</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="551" valign="top" style="padding:0pt .7pt 0pt 0pt;width:412.9pt;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Description of Capital
  Stock</font></p>
  </td>
  <td width="16" valign="top" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="41" valign="top" style="padding:0pt .7pt 0pt 0pt;width:30.55pt;">
  <p align="right" style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">11</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="551" valign="top" style="padding:0pt .7pt 0pt 0pt;width:412.9pt;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Plan of Distribution</font></p>
  </td>
  <td width="16" valign="top" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="41" valign="top" style="padding:0pt .7pt 0pt 0pt;width:30.55pt;">
  <p align="right" style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">18</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="551" valign="top" style="padding:0pt .7pt 0pt 0pt;width:412.9pt;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Legal Matters</font></p>
  </td>
  <td width="16" valign="top" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="41" valign="top" style="padding:0pt .7pt 0pt 0pt;width:30.55pt;">
  <p align="right" style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">20</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="551" valign="top" style="padding:0pt .7pt 0pt 0pt;width:412.9pt;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Experts</font></p>
  </td>
  <td width="16" valign="top" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="41" valign="top" style="padding:0pt .7pt 0pt 0pt;width:30.55pt;">
  <p align="right" style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">20</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="551" valign="top" style="padding:0pt .7pt 0pt 0pt;width:412.9pt;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Where You Can Find More
  Information</font></p>
  </td>
  <td width="16" valign="top" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="41" valign="top" style="padding:0pt .7pt 0pt 0pt;width:30.55pt;">
  <p align="right" style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">20</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="551" valign="top" style="padding:0pt .7pt 0pt 0pt;width:412.9pt;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Information Incorporated By Reference</font></p>
  </td>
  <td width="16" valign="top" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="41" valign="top" style="padding:0pt .7pt 0pt 0pt;width:30.55pt;">
  <p align="right" style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">20</font></p>
  </td>
 </tr>
</table>

</div>

<p style="line-height:1.0pt;margin:0pt 0pt 12.0pt;"><font size="1" face="Times New Roman">&nbsp;</font></p>


 <p style="margin:24.0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">S-1</font></p>
</div><br><hr size="3" width="100%" noshade color="#010101" align="center">

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<div style="font-family:Times New Roman;">


<p style="font-weight:bold;margin:0in 0in 6.0pt;page-break-after:avoid;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">ABOUT THIS
PROSPECTUS SUPPLEMENT AND THE ACCOMPANYING PROSPECTUS<a name="AboutThisProspectusSupplementAndT_163907"></a></font></b></p>

<p style="margin:0in 0in 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">You should rely only on the information contained in
this prospectus supplement and the accompanying prospectus, including
information incorporated by reference. We have not authorized anyone else to
provide you with different information. You should not assume that the
information in this prospectus supplement or the accompanying prospectus is
accurate as of any date other than the date on the front of this prospectus
supplement and on the accompanying prospectus or that any document incorporated
by reference is accurate as of any date other than its filing date. You should
not consider this prospectus supplement or the accompanying prospectus to be an
offer or solicitation relating to the shares in any jurisdiction in which such
an offer or solicitation relating to the shares is not authorized. Furthermore,
you should not consider this prospectus supplement or the accompanying
prospectus to be an offer or solicitation relating to the shares if the person
making the offer or solicitation is not qualified to do so, or if it is
unlawful for you to receive such an offer or solicitation.</font></p>

<p style="margin:0in 0in 6.0pt;page-break-after:avoid;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">We provide
information to you about this offering of shares of our Class&nbsp;A Non-Voting
Common Stock in two separate documents:</font></p>

<p style="font-size:10.0pt;margin:0in 0in 6.0pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160; </font>the
accompanying prospectus, which provides general information and sets forth risk
factors related to us and this offering; and</p>

<p style="font-size:10.0pt;margin:0in 0in 6.0pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160; </font>this
prospectus supplement, which describes the specific details regarding this
offering.</p>

<p style="margin:0in 0in 12.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The accompanying prospectus
refers to additional documents we have filed, and may file in the future with
the Securities and Exchange Commission, or the SEC, which are incorporated by
reference in the accompanying prospectus. For purposes of this offering,
references to the accompanying prospectus also refer to the documents
incorporated by reference therein, including, but not limited to, our Annual
Report on Form&nbsp;10-K for the year ended December&nbsp;31, 2006, our
Quarterly Report on Form&nbsp;10-Q for the quarter ended March&nbsp;31,
2007 and our Current Reports on Form&nbsp;8-K filed with the SEC on March&nbsp;16,
2007, March&nbsp;23, 2007 and May&nbsp;2, 2007. If information in this
prospectus supplement is inconsistent with the accompanying prospectus, you
should rely on this prospectus supplement.</font></p>

<p align="center" style="font-weight:bold;margin:0in 0in 6.0pt 10.0pt;page-break-after:avoid;text-align:center;text-indent:-10.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">FORWARD-LOOKING STATEMENTS<a name="ForwardlookingStatements_163917"></a></font></b></p>

<p style="margin:0in 0in 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Statements in this prospectus supplement which express
our &#147;belief,&#148; &#147;anticipation&#148; or &#147;expectation,&#148; as well as other statements
which are not historical fact, are forward-looking statements within the
meaning of Section&nbsp;27A of the Securities Act of 1933, as amended, or the
Securities Act, Section&nbsp;21E of the Securities Exchange Act of 1934, as
amended, and the Private Securities Litigation Reform Act of 1995. Statements
including, but not limited to, those regarding our goals, priorities and growth
and expansion plans for our water and wastewater subsidiaries, our belief
regarding our capacity to provide water services for the foreseeable future to
our customers, the timing of the completion of our acquisition of Carpenters
Point Water Company, Artesian Water&#146;s ability to issue long-term debt in the
future or our belief relating to our compliance with relevant governmental
regulations, the impact of weather on our operations and the execution of our
strategic initiatives are forward-looking statements and involve risks and
uncertainties that could cause actual results to differ materially from those
projected. Certain factors discussed in &#147;Risk Factors&#148; commencing on page&nbsp;6
of the accompanying prospectus, such as changes in weather, changes in our
contractual obligations, changes in government policies, the timing and results
of our rate requests, changes in economic and market conditions generally, and
other matters could cause results to differ materially from those in the
forward-looking statements. While we may elect to update forward-looking
statements, we specifically disclaim any obligation to do so and you should not
rely on any forward-looking statement as representative of our views as of any
date subsequent to the date of the filing of this prospectus supplement.</font></p>

<p style="margin:0in 0in 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">You should read and interpret any forward-looking
statements together with the documents incorporated by reference in the
accompanying prospectus and our other filings with the SEC.</font></p>


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<div>


<p style="font-weight:bold;margin:0pt 0pt 6.0pt;page-break-after:avoid;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">SUMMARY<a name="Summary_164456"></a></font></b></p>

<p style="font-style:italic;margin:0pt 0pt 12.0pt;text-indent:20.0pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;">The following information supplements, and should be
read together with, the information contained or incorporated by reference in
other parts of this prospectus supplement and the accompanying prospectus.
Unless the context otherwise requires, references in this prospectus supplement
and the accompanying prospectus to &#147;we,&#148; &#147;us,&#148; and &#147;our&#148; refer to Artesian
Resources Corporation and its subsidiaries, including our regulated public
utilities, Artesian Water Company,&nbsp;Inc., or Artesian Water, Artesian
Wastewater Management,&nbsp;Inc., or Artesian Wastewater, and Artesian Water
Pennsylvania,&nbsp;Inc., or Artesian Water Pennsylvania, and our non-regulated
subsidiaries, Artesian Utility Development,&nbsp;Inc., or Artesian Utility, and
Artesian Development Corporation, or Artesian Development. This summary
highlights selected information from the prospectus supplement and the
accompanying prospectus. As a result, it does not contain all of the
information you should consider before investing in our Class&nbsp;A Non-Voting
Common Stock. You should carefully read this prospectus supplement and the
accompanying prospectus, including the documents incorporated by reference
therein, which are described under &#147;About This Prospectus Supplement and the
Accompanying Prospectus&#148; in this prospectus supplement and &#147;Information
Incorporated by Reference&#148; in the accompanying prospectus.</font></i></p>

<p style="font-weight:bold;margin:0pt 0pt 6.0pt;page-break-after:avoid;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Our Company<a name="OurCompany_164456"></a></font></b></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Our principal subsidiary, Artesian Water, is the
oldest and largest investor-owned public water utility on the Delmarva
Peninsula, and has been providing water service since 1905. We distribute and
sell water, including water for public and private fire protection, to
residential, commercial, industrial, governmental, municipal and utility
customers throughout the State of Delaware within our 223 square mile franchise
area, which has doubled in the past 10 years. As of March&nbsp;31, 2007, we had
approximately 74,000 metered customers and served a population of approximately
250,000 residents (including contract services), representing approximately 29.4%
of Delaware&#146;s total population. Our gross water revenue for the twelve months
ended March&nbsp;31, 2007 was approximately $45.0 million, which was 90.5% of
our total operating revenues for the consolidated group. Residential customers
account for 93.6% of our customer base, 6.0% are commercial entities, and the
remaining 0.4% are industrial and other. We obtain most of our supply from a
system of 172 wells that pumps groundwater from aquifers.</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Artesian Wastewater owns wastewater infrastructure and
provides wastewater services. We were designated as a regulated public
wastewater utility by the Delaware Public Service Commission, or the PSC, in March&nbsp;2005,
and began providing service in Delaware in July&nbsp;2005. </font>We own and
operate five wastewater treatment facilities, which are capable of treating
approximately 750,000 gallons per day and can be expanded to treat
approximately 1.6 million gallons per day. We added approximately 1,800
acres of new wastewater franchise area in 2006. As of April&nbsp;30, 2007, we
have received approval of, or filed for, wastewater franchise area totaling
9,600 acres. In addition, we are designing and constructing 16 new facilities
to serve more than 4,000 homes.</p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Artesian Water Pennsylvania began operations as a
public water utility in Pennsylvania in 2002. We provide water service to a
small residential community in Chester County, Pennsylvania and expect modest
future growth based on approval by the Pennsylvania Public Utility Commission
to expand our service area to four specific planned developments.</font></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Artesian Utility has contracted to design and build
wastewater infrastructure and provide water and wastewater operations and
management services in Delaware, Maryland and Pennsylvania. We operate 47&nbsp;water
and wastewater treatment facilities under contract, including two wastewater
treatment and spray irrigation facilities (one with a capacity of 2.5 million
gallons per day and the other with a capacity of 250,000 gallons per day) for a
municipality in Delaware under a 20-year agreement. During 2006, we entered into contracts with
various developers and landowners to design, build, own and operate a regional
wastewater system in the Milton area of Sussex County, Delaware capable of
serving up to 20,000 homes. We are in negotiations to enter into contracts with
various developers and landowners to design, build, </font></p>


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<p style="margin:0pt 0pt 6.0pt;text-indent:0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">own
and operate additional regional wastewater systems in Sussex County capable of
serving up to 7,800 homes.</font></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The sole operation of our other non-regulated
subsidiary, Artesian Development, is the ownership of a six-acre parcel of land
zoned for office buildings located immediately adjacent to our corporate
headquarters. In January&nbsp;2007, Artesian Development entered into an
agreement for the option to purchase an additional 18.5 acres of land in Sussex
County.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Our market area is
primarily the Delmarva Peninsula. Located on the Delmarva Peninsula is Cecil
County, Maryland, which is experiencing rapid population growth. According to
the Wilmington Area Planning Council, Cecil County is projected to have an 86%
increase in population between 2000 and 2030, even greater than the 62% rate of
population growth projected for Delaware&#146;s rapidly growing Sussex County which
is one of our primary service areas and also located on the Delmarva Peninsula.</font></p>

<p style="font-weight:bold;margin:0pt 0pt 6.0pt;page-break-after:avoid;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Our Strategy<a name="OurStrategy_164457"></a></font></b></p>

<p style="margin:0pt 0pt 6.0pt;page-break-after:avoid;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Our strategy is to
significantly increase customer growth, revenues, earnings and dividends by
expanding our water and wastewater services across the Delmarva Peninsula. We
remain focused on providing superior service to our customers and continuously
seeking ways to improve our efficiency and performance. By providing both water
and wastewater services, we are positioned as the primary resource for
developers and communities throughout the Delmarva Peninsula seeking to fill
both needs simultaneously. In particular, we plan to:</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 20.0pt;text-indent:-20.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><i>Expand our water and wastewater services in Delaware</i>.</p>

<p style="margin:0pt 0pt 6.0pt 20.0pt;page-break-after:avoid;text-indent:0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">We will continue the expansion of our exclusive water
and wastewater franchise areas, including by acquisitions. We will also
increase our customer base through organic growth at a consistent sustainable
rate. In addition, we expect to complete the interconnection of our Delaware
system with other water systems, including Elkton and Chesapeake City, Maryland.
We will also design, build, own and operate a regional wastewater system in the
Milton area of Sussex County. We will continue to contract with various
landowners and developers for the design, construction and ownership of
wastewater facilities.</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 20.0pt;text-indent:-20.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><i>Grow our water and wastewater services in Maryland</i>.</p>

<p style="margin:0pt 0pt 6.0pt 20.0pt;page-break-after:avoid;text-indent:0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">We plan to serve the Cecil County designated growth
corridor as a regulated water utility and to expand our business through the
design, construction, operation and management, as well as acquisition, of
additional water and wastewater systems. The completion of our acquisition of
the Carpenters Point Water Company, the expansion of our exclusive franchise
areas elsewhere in Maryland and the award of additional contracts will
similarly enhance our operations within the state.</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 20.0pt;text-indent:-20.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><i>Increase our non-regulated businesses</i>.</p>

<p style="margin:0pt 0pt 6.0pt 20.0pt;text-indent:0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">We will
continue to seek acquisitions of water and wastewater contract operations on
the Delmarva Peninsula, similar to our recent acquisition of TMH Environmental
Services,&nbsp;Inc., or TMH. We will continue to expand our contract design and
construction services of water and wastewater facilities for developers,
municipalities and other utilities. We will continue to actively pursue water
and wastewater operation contracts with municipalities across the Delmarva
Peninsula.</font></p>


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<p style="font-weight:bold;margin:0pt 0pt 6.0pt;page-break-after:avoid;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Recent Developments<a name="RecentDevelopments_164457"></a></font></b></p>

<p style="font-style:italic;margin:0pt 0pt 6.0pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;">TMH Acquisition</font></i></p>

<p style="margin:0pt 0pt 12.0pt;page-break-after:avoid;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">On May&nbsp;1, 2007,
Artesian Utility completed the acquisition of all rights, title and interest in
the operations contracts of TMH. The sole proprietor of TMH is employed by
Artesian Utility and will assist us in providing contract water and wastewater
operation services to 24 private, municipal and governmental institutions in
the southeastern part of Pennsylvania.</font></p>

<p style="font-style:italic;margin:0pt 0pt 6.0pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;">Dividend Increase</font></i></p>

<p style="margin:0pt 0pt 12.0pt;page-break-after:avoid;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">On April&nbsp;25, 2007,
our Board of Directors approved a 3.75%, or a $0.024 annual increase in the Class&nbsp;A
Non-Voting and Class&nbsp;B Common shareholders&#146; dividend, raising the annual
dividend to $0.664 per share. In 2006, the dividend was increased by 7.5%.</font></p>

<p style="font-style:italic;margin:0pt 0pt 6.0pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;">Carpenters Point Acquisition</font></i></p>

<p style="margin:0pt 0pt 12.0pt;page-break-after:avoid;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">On January&nbsp;26, 2007,
we reached an agreement on terms to purchase the Carpenters Point Water
Company, which is adjacent to an area in Cecil County designated by the county
as a growth corridor. The growth corridor is focused primarily along Route 40
and Interstate 95 in Cecil County, which is located between Philadelphia and
Baltimore. We believe the strategic acquisition provides sufficient groundwater
supply and elevated water storage to serve a significant number of additional
customers in the undeveloped portions of the Carpenters Point franchise and
surrounding area. We expect to enter into definitive documentation for the
purchase of the Carpenters Point Water Company during the second quarter of
2007 and to close the purchase during the third quarter of 2007, subject to
receipt of regulatory approvals.</font></p>

<p style="font-style:italic;margin:0pt 0pt 6.0pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;">Rate Case Settlement</font></i></p>

<p style="margin:0pt 0pt 12.0pt;page-break-after:avoid;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">On December&nbsp;19, 2006,
the PSC approved a Settlement Agreement of our most recent filing for rate
relief. The increase in annual revenue requirement under the Settlement
Agreement of $6.0 million will be recovered in two steps. The first step was
placed in effect January&nbsp;1, 2007 to recover approximately $4.8&nbsp;million
in annual revenue. The second step will be designed to recover approximately
$1.2 million of annual revenue based on the issuance of additional equity not
to exceed $20.0 million. However, should we issue less than $20.0 million in
equity, the increase will be adjusted to reflect the change in recovery
associated with our capital structure. Under the terms of the Settlement
Agreement, we are provided the opportunity to earn a rate of return on our
equity of 10.25%.</font></p>

<p style="font-style:italic;margin:0pt 0pt 6.0pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;">Interconnections with Elkton and Chesapeake City</font></i></p>

<p style="margin:0pt 0pt 12.0pt;page-break-after:avoid;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">On March&nbsp;17, 2006 and
January&nbsp;11, 2006, respectively, we entered into agreements with the towns
of Elkton and Chesapeake City, Maryland to provide water service of up to a
total of 1.3 million gallons per day. Construction of the transmission main to
Elkton is expected to begin in the early summer of 2007 and we anticipate
supplying water during 2007. Additional approvals remain necessary to construct
the transmission line to Chesapeake City. We believe that these
interconnections help position us to serve the rapidly growing needs of Cecil
County.</font></p>

<p style="font-weight:bold;margin:0pt 0pt 6.0pt;page-break-after:avoid;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Corporate
Information<a name="CorporateInformation_164458"></a></font></b></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Our principal executive
office is located at 664 Churchmans Road, Newark, Delaware 19702, our telephone
number is (302) 453-6900, and our website is located at
www.artesianwater.com. The information on our website is not part of this
prospectus supplement.</font></p>


 <p style="margin:24.0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">S-5</font></p> <br><hr size="3" width="100%" noshade color="#010101" align="center">

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<p style="font-weight:bold;margin:0pt 0pt 12.0pt;page-break-after:avoid;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">The
Offering<a name="TheOffering_164459"></a></font></b></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;font-family:Times New Roman;width:100.0%;">
 <tr style="page-break-inside:avoid;">
  <td width="49%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:49.26%;">
  <p style="font-size:10.0pt;margin:0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><!-- SET mrlHTMLTableFull --><!-- SET mrlNoTableShading -->Class&nbsp;A Non-Voting
  Common Stock, $1 par value</p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.58%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="48%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:48.14%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1,000,000 shares</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="49%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:49.26%;">
  <p style="margin:6.0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Common Stock to
  be outstanding immediately after the offering</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.58%;">
  <p style="margin:6.0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="48%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:48.14%;">
  <p style="margin:6.0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="49%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:49.26%;">
  <p style="margin:6.0pt 0pt .0001pt 20.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Class&nbsp;A Non-Voting
  Common Stock</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.58%;">
  <p style="margin:6.0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="48%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:48.14%;">
  <p style="margin:6.0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">6,255,329</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="49%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:49.26%;">
  <p style="margin:6.0pt 0pt .0001pt 20.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Class&nbsp;B Common
  Stock</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.58%;">
  <p style="margin:6.0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="48%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:48.14%;">
  <p style="margin:6.0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">881,452</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="49%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:49.26%;">
  <p style="margin:6.0pt 0pt .0001pt 30.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Total Common Stock
  outstanding</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.58%;">
  <p style="margin:6.0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="48%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:48.14%;">
  <p style="margin:6.0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">7,136,781</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="49%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:49.26%;">
  <p style="margin:6.0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">NASDAQ Global Market
  Symbol</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.58%;">
  <p style="margin:6.0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="48%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:48.14%;">
  <p style="margin:6.0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ARTNA</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="49%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:49.26%;">
  <p style="margin:6.0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Class&nbsp;A Non-Voting
  Common Stock</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.58%;">
  <p style="margin:6.0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="48%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:48.14%;">
  <p style="margin:6.0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="49%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:49.26%;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">52-week price
  range (through May&nbsp;30, 2007)</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.58%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="48%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:48.14%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Low:&nbsp;&nbsp; &nbsp;$17.90</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="49%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:49.26%;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.58%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="48%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:48.14%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">High:&nbsp;&nbsp; $20.67</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="49%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:49.26%;">
  <p style="margin:6.0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Annualized dividend rate</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.58%;">
  <p style="margin:6.0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="48%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:48.14%;">
  <p style="margin:6.0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$0.664 per share</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="49%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:49.26%;">
  <p style="margin:6.0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Use of proceeds</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.58%;">
  <p style="margin:6.0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="48%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:48.14%;">
  <p style="margin:6.0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">We will use the net proceeds of this offering to
  fund a paid-in capital contribution to Artesian Water, which will use the
  funds to repay certain of its short-term borrowings, fund capital
  expenditures and for other general corporate purposes. A portion of any
  proceeds received from the underwriters&#146; exercise of the over-allotment may
  be contributed to our other subsidiaries.</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="49%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:49.26%;">
  <p style="margin:6.0pt 0pt .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Risk Factors</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.58%;">
  <p style="margin:6.0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="48%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:48.14%;">
  <p style="margin:6.0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Investment in our
  common stock involves risk. See &#147;Risk Factors&#148; beginning on page&nbsp;6 of
  the accompanying prospectus and the documents incorporated by reference therein
  for a discussion of factors you should consider carefully before deciding
  whether to invest in the shares of common stock being offered by this prospectus
  supplement.</font></p>
  </td>
 </tr>
</table>

<p style="line-height:1.0pt;margin:0pt 0pt 12.0pt;"><font size="1" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The shares of common stock in the table above to be
outstanding after the offering are based on 6,136,781 shares outstanding as of May&nbsp;30,
2007.</font></p>


 <p style="margin:24.0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">S-6</font></p>
</div><br><hr size="3" width="100%" noshade color="#010101" align="center">

<!-- SEQ.=1,FOLIO='S-6',FILE='C:\fc\1511771718_H10018_2161752\15222-1-ca.htm',USER='jmsproofassembler',CD='May 31 17:07 2007' -->



<br clear="all" style="page-break-before:always;">
<div>


<p style="font-weight:bold;margin:0in 0in 6.0pt;page-break-after:avoid;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Summary Financial
Information<a name="SummaryFinancialInformation_164133"></a></font></b></p>

<p style="margin:0in 0in 12.0pt;page-break-after:avoid;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">We
derived the summary financial information for the years ended December&nbsp;31,
2006, December&nbsp;31, 2005 and December&nbsp;31, 2004 from our Annual Report
on Form&nbsp;10-K for the year ended December&nbsp;31, 2006. We derived
the summary financial information as of March&nbsp;31, 2007 and for the three
months ended March&nbsp;31, 2007 and March&nbsp;31, 2006 from our Quarterly
Report on Form&nbsp;10-Q for the quarterly period ended March&nbsp;31,
2007. We derived the summary financial information as of March&nbsp;31, 2006 from
our Quarterly Report on Form&nbsp;10-Q for the quarterly period ended March&nbsp;31,
2006. The financial results for the three months ended March&nbsp;31, 2007 are
not necessarily indicative of the results that may be expected for any other
interim period or for a full year. You should read this summary information
with the discussion in &#147;Management&#146;s Discussion and Analysis of Financial
Condition and Results of Operations&#148; and our consolidated financial statements
and related notes to those financial statements included in our Annual Report
on Form&nbsp;10-K for the year ended December&nbsp;31, 2006 and our
Quarterly Report on Form&nbsp;10-Q for the quarterly period ended March&nbsp;31,
2007, filed with the SEC and incorporated by reference in the accompanying
prospectus. All share and per share amounts have been restated to reflect the
three for two stock split effected on May&nbsp;30, 2006.</font></p>

<div align="center">

<table border="1" cellspacing="0" cellpadding="0" style="border:none;border-collapse:collapse;">
 <tr style="page-break-inside:avoid;">
  <td width="298" valign="bottom" style="border:none;padding:0in .7pt 0in 0in;width:223.8pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0in 0in .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="16" valign="bottom" style="border:none;padding:0in .7pt 0in 0in;width:12.0pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0in 0in .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="107" colspan="5" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in .7pt 0in 0in;width:80.0pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0in 0in .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">Three&nbsp;Months&nbsp;Ended<br>
  March&nbsp;31,</font></b></p>
  </td>
  <td width="16" valign="bottom" style="border:none;padding:0in .7pt 0in 0in;width:12.0pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0in 0in .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="168" colspan="8" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in .7pt 0in 0in;width:1.75in;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0in 0in .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">Year&nbsp;Ended&nbsp;December&nbsp;31,</font></b></p>
  </td>
  <td width="2" valign="bottom" style="border:none;padding:0in .7pt 0in 0in;width:1.7pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="298" valign="bottom" style="border:none;padding:0in .7pt 0in 0in;width:223.8pt;">
  <p align="left" style="font-weight:bold;line-height:8.0pt;margin:0in 0in .0001pt;page-break-after:avoid;text-align:left;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="16" valign="bottom" style="border:none;padding:0in .7pt 0in 0in;width:12.0pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0in 0in .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="45" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in .7pt 0in 0in;width:34.0pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0in 0in .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">2007</font></b></p>
  </td>
  <td width="16" valign="bottom" style="border:none;padding:0in .7pt 0in 0in;width:12.0pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0in 0in .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="45" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in .7pt 0in 0in;width:34.0pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0in 0in .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">2006</font></b></p>
  </td>
  <td width="16" valign="bottom" style="border:none;padding:0in .7pt 0in 0in;width:12.0pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0in 0in .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="45" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in .7pt 0in 0in;width:34.0pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0in 0in .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">2006</font></b></p>
  </td>
  <td width="16" valign="bottom" style="border:none;padding:0in .7pt 0in 0in;width:12.0pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0in 0in .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="45" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in .7pt 0in 0in;width:34.0pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0in 0in .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">2005</font></b></p>
  </td>
  <td width="16" valign="bottom" style="border:none;padding:0in .7pt 0in 0in;width:12.0pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0in 0in .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="45" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in .7pt 0in 0in;width:34.0pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0in 0in .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">2004</font></b></p>
  </td>
  <td width="2" valign="bottom" style="border:none;padding:0in .7pt 0in 0in;width:1.7pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="298" valign="bottom" style="border:none;padding:0in .7pt 0in 0in;width:223.8pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0in 0in .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="16" valign="bottom" style="border:none;padding:0in .7pt 0in 0in;width:12.0pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0in 0in .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="107" colspan="5" valign="bottom" style="border:none;padding:0in .7pt 0in 0in;width:80.0pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0in 0in .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">(Unaudited)</font></b></p>
  </td>
  <td width="16" valign="bottom" style="border:none;padding:0in .7pt 0in 0in;width:12.0pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0in 0in .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="45" colspan="2" valign="bottom" style="border:none;padding:0in .7pt 0in 0in;width:34.0pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0in 0in .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="16" valign="bottom" style="border:none;padding:0in .7pt 0in 0in;width:12.0pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0in 0in .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="45" colspan="2" valign="bottom" style="border:none;padding:0in .7pt 0in 0in;width:34.0pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0in 0in .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="16" valign="bottom" style="border:none;padding:0in .7pt 0in 0in;width:12.0pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0in 0in .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="45" colspan="2" valign="bottom" style="border:none;padding:0in .7pt 0in 0in;width:34.0pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0in 0in .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="2" valign="bottom" style="border:none;padding:0in .7pt 0in 0in;width:1.7pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="298" valign="bottom" style="border:none;padding:0in .7pt 0in 0in;width:223.8pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0in 0in .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="16" valign="bottom" style="border:none;padding:0in .7pt 0in 0in;width:12.0pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0in 0in .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="291" colspan="14" valign="bottom" style="border:none;padding:0in .7pt 0in 0in;width:218.0pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0in 0in .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">(In&nbsp;thousands,&nbsp;except&nbsp;per&nbsp;share&nbsp;amounts)</font></b></p>
  </td>
  <td width="2" valign="bottom" style="border:none;padding:0in .7pt 0in 0in;width:1.7pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr bgcolor="#CCEEFF" style="page-break-inside:avoid;">
  <td width="298" valign="top" style="border:none;padding:0in .7pt 0in 0in;width:223.8pt;">
  <p style="margin:0in 0in .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Statement of Operations Data:</font></b></p>
  </td>
  <td width="16" valign="bottom" style="border:none;padding:0in .7pt 0in 0in;width:12.0pt;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="45" colspan="2" valign="bottom" style="border:none;padding:0in .7pt 0in 0in;width:34.0pt;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;text-align:right;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="16" valign="bottom" style="border:none;padding:0in .7pt 0in 0in;width:12.0pt;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="45" colspan="2" valign="bottom" style="border:none;padding:0in .7pt 0in 0in;width:34.0pt;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;text-align:right;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="16" valign="bottom" style="border:none;padding:0in .7pt 0in 0in;width:12.0pt;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="45" colspan="2" valign="bottom" style="border:none;padding:0in .7pt 0in 0in;width:34.0pt;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;text-align:right;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="16" valign="bottom" style="border:none;padding:0in .7pt 0in 0in;width:12.0pt;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="45" colspan="2" valign="bottom" style="border:none;padding:0in .7pt 0in 0in;width:34.0pt;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;text-align:right;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="16" valign="bottom" style="border:none;padding:0in .7pt 0in 0in;width:12.0pt;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="45" colspan="2" valign="bottom" style="border:none;padding:0in .7pt 0in 0in;width:34.0pt;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;text-align:right;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="2" valign="bottom" style="border:none;padding:0in .7pt 0in 0in;width:1.7pt;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="298" valign="top" style="border:none;padding:0in .7pt 0in 0in;width:223.8pt;">
  <p style="margin:0in 0in .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Total operating
  revenues</font></p>
  </td>
  <td width="16" valign="bottom" style="border:none;padding:0in .7pt 0in 0in;width:12.0pt;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:5.0pt;">
  <p align="left" style="margin:0in 0in .0001pt;page-break-after:avoid;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
  </td>
  <td width="39" valign="bottom" style="border:none;padding:0in .7pt 0in 0in;width:29.0pt;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">11,604</font></p>
  </td>
  <td width="16" valign="bottom" style="border:none;padding:0in .7pt 0in 0in;width:12.0pt;">
  <p style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:5.0pt;">
  <p align="left" style="margin:0in 0in .0001pt;page-break-after:avoid;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
  </td>
  <td width="39" valign="bottom" style="border:none;padding:0in .7pt 0in 0in;width:29.0pt;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">10,489</font></p>
  </td>
  <td width="16" valign="bottom" style="border:none;padding:0in .7pt 0in 0in;width:12.0pt;">
  <p style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:5.0pt;">
  <p align="left" style="margin:0in 0in .0001pt;page-break-after:avoid;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
  </td>
  <td width="39" valign="bottom" style="border:none;padding:0in .7pt 0in 0in;width:29.0pt;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">48,587</font></p>
  </td>
  <td width="16" valign="bottom" style="border:none;padding:0in .7pt 0in 0in;width:12.0pt;">
  <p style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:5.0pt;">
  <p align="left" style="margin:0in 0in .0001pt;page-break-after:avoid;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
  </td>
  <td width="39" valign="bottom" style="border:none;padding:0in .7pt 0in 0in;width:29.0pt;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">45,285</font></p>
  </td>
  <td width="16" valign="bottom" style="border:none;padding:0in .7pt 0in 0in;width:12.0pt;">
  <p style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:5.0pt;">
  <p align="left" style="margin:0in 0in .0001pt;page-break-after:avoid;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
  </td>
  <td width="39" valign="bottom" style="border:none;padding:0in .7pt 0in 0in;width:29.0pt;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">39,582</font></p>
  </td>
  <td width="2" valign="bottom" style="border:none;padding:0in .7pt 0in 0in;width:1.7pt;">
  <p style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr bgcolor="#CCEEFF" style="page-break-inside:avoid;">
  <td width="298" valign="top" style="border:none;padding:0in .7pt 0in 0in;width:223.8pt;">
  <p style="margin:0in 0in .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Total operating
  expenses</font></p>
  </td>
  <td width="16" valign="bottom" style="border:none;padding:0in .7pt 0in 0in;width:12.0pt;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="45" colspan="2" valign="bottom" style="border:none;padding:0in .7pt 0in 0in;width:34.0pt;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">9,336</font></p>
  </td>
  <td width="16" valign="bottom" style="border:none;padding:0in .7pt 0in 0in;width:12.0pt;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="45" colspan="2" valign="bottom" style="border:none;padding:0in .7pt 0in 0in;width:34.0pt;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">8,436</font></p>
  </td>
  <td width="16" valign="bottom" style="border:none;padding:0in .7pt 0in 0in;width:12.0pt;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="45" colspan="2" valign="bottom" style="border:none;padding:0in .7pt 0in 0in;width:34.0pt;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">36,792</font></p>
  </td>
  <td width="16" valign="bottom" style="border:none;padding:0in .7pt 0in 0in;width:12.0pt;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="45" colspan="2" valign="bottom" style="border:none;padding:0in .7pt 0in 0in;width:34.0pt;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">34,644</font></p>
  </td>
  <td width="16" valign="bottom" style="border:none;padding:0in .7pt 0in 0in;width:12.0pt;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="45" colspan="2" valign="bottom" style="border:none;padding:0in .7pt 0in 0in;width:34.0pt;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">29,708</font></p>
  </td>
  <td width="2" valign="bottom" style="border:none;padding:0in .7pt 0in 0in;width:1.7pt;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="298" valign="top" style="border:none;padding:0in .7pt 0in 0in;width:223.8pt;">
  <p style="margin:0in 0in .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Operating income</font></p>
  </td>
  <td width="16" valign="bottom" style="border:none;padding:0in .7pt 0in 0in;width:12.0pt;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="45" colspan="2" valign="bottom" style="border:none;padding:0in .7pt 0in 0in;width:34.0pt;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2,268</font></p>
  </td>
  <td width="16" valign="bottom" style="border:none;padding:0in .7pt 0in 0in;width:12.0pt;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="45" colspan="2" valign="bottom" style="border:none;padding:0in .7pt 0in 0in;width:34.0pt;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2,053</font></p>
  </td>
  <td width="16" valign="bottom" style="border:none;padding:0in .7pt 0in 0in;width:12.0pt;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="45" colspan="2" valign="bottom" style="border:none;padding:0in .7pt 0in 0in;width:34.0pt;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">11,795</font></p>
  </td>
  <td width="16" valign="bottom" style="border:none;padding:0in .7pt 0in 0in;width:12.0pt;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="45" colspan="2" valign="bottom" style="border:none;padding:0in .7pt 0in 0in;width:34.0pt;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">10,641</font></p>
  </td>
  <td width="16" valign="bottom" style="border:none;padding:0in .7pt 0in 0in;width:12.0pt;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="45" colspan="2" valign="bottom" style="border:none;padding:0in .7pt 0in 0in;width:34.0pt;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">9,874</font></p>
  </td>
  <td width="2" valign="bottom" style="border:none;padding:0in .7pt 0in 0in;width:1.7pt;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr bgcolor="#CCEEFF" style="page-break-inside:avoid;">
  <td width="298" valign="top" style="border:none;padding:0in .7pt 0in 0in;width:223.8pt;">
  <p style="margin:0in 0in .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Interest charges</font></p>
  </td>
  <td width="16" valign="bottom" style="border:none;padding:0in .7pt 0in 0in;width:12.0pt;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="45" colspan="2" valign="bottom" style="border:none;padding:0in .7pt 0in 0in;width:34.0pt;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1,635</font></p>
  </td>
  <td width="16" valign="bottom" style="border:none;padding:0in .7pt 0in 0in;width:12.0pt;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="45" colspan="2" valign="bottom" style="border:none;padding:0in .7pt 0in 0in;width:34.0pt;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1,503</font></p>
  </td>
  <td width="16" valign="bottom" style="border:none;padding:0in .7pt 0in 0in;width:12.0pt;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="45" colspan="2" valign="bottom" style="border:none;padding:0in .7pt 0in 0in;width:34.0pt;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">6,337</font></p>
  </td>
  <td width="16" valign="bottom" style="border:none;padding:0in .7pt 0in 0in;width:12.0pt;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="45" colspan="2" valign="bottom" style="border:none;padding:0in .7pt 0in 0in;width:34.0pt;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">6,121</font></p>
  </td>
  <td width="16" valign="bottom" style="border:none;padding:0in .7pt 0in 0in;width:12.0pt;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="45" colspan="2" valign="bottom" style="border:none;padding:0in .7pt 0in 0in;width:34.0pt;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">5,943</font></p>
  </td>
  <td width="2" valign="bottom" style="border:none;padding:0in .7pt 0in 0in;width:1.7pt;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="298" valign="top" style="border:none;padding:0in .7pt 0in 0in;width:223.8pt;">
  <p style="margin:0in 0in .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Net income
  applicable to common stock</font></p>
  </td>
  <td width="16" valign="bottom" style="border:none;padding:0in .7pt 0in 0in;width:12.0pt;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="45" colspan="2" valign="bottom" style="border:none;padding:0in .7pt 0in 0in;width:34.0pt;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1,156</font></p>
  </td>
  <td width="16" valign="bottom" style="border:none;padding:0in .7pt 0in 0in;width:12.0pt;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="45" colspan="2" valign="bottom" style="border:none;padding:0in .7pt 0in 0in;width:34.0pt;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">996</font></p>
  </td>
  <td width="16" valign="bottom" style="border:none;padding:0in .7pt 0in 0in;width:12.0pt;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="45" colspan="2" valign="bottom" style="border:none;padding:0in .7pt 0in 0in;width:34.0pt;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">6,071</font></p>
  </td>
  <td width="16" valign="bottom" style="border:none;padding:0in .7pt 0in 0in;width:12.0pt;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="45" colspan="2" valign="bottom" style="border:none;padding:0in .7pt 0in 0in;width:34.0pt;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">5,035</font></p>
  </td>
  <td width="16" valign="bottom" style="border:none;padding:0in .7pt 0in 0in;width:12.0pt;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="45" colspan="2" valign="bottom" style="border:none;padding:0in .7pt 0in 0in;width:34.0pt;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4,400</font></p>
  </td>
  <td width="2" valign="bottom" style="border:none;padding:0in .7pt 0in 0in;width:1.7pt;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr bgcolor="#CCEEFF" style="page-break-inside:avoid;">
  <td width="298" valign="top" style="border:none;padding:0in .7pt 0in 0in;width:223.8pt;">
  <p style="margin:0in 0in .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Net income per share of
  common stock</font></p>
  </td>
  <td width="16" valign="bottom" style="border:none;padding:0in .7pt 0in 0in;width:12.0pt;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="45" colspan="2" valign="bottom" style="border:none;padding:0in .7pt 0in 0in;width:34.0pt;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="16" valign="bottom" style="border:none;padding:0in .7pt 0in 0in;width:12.0pt;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="45" colspan="2" valign="bottom" style="border:none;padding:0in .7pt 0in 0in;width:34.0pt;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="16" valign="bottom" style="border:none;padding:0in .7pt 0in 0in;width:12.0pt;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="45" colspan="2" valign="bottom" style="border:none;padding:0in .7pt 0in 0in;width:34.0pt;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="16" valign="bottom" style="border:none;padding:0in .7pt 0in 0in;width:12.0pt;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="45" colspan="2" valign="bottom" style="border:none;padding:0in .7pt 0in 0in;width:34.0pt;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="16" valign="bottom" style="border:none;padding:0in .7pt 0in 0in;width:12.0pt;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="45" colspan="2" valign="bottom" style="border:none;padding:0in .7pt 0in 0in;width:34.0pt;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2" valign="bottom" style="border:none;padding:0in .7pt 0in 0in;width:1.7pt;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="298" valign="top" style="border:none;padding:0in .7pt 0in 0in;width:223.8pt;">
  <p style="margin:0in 0in .0001pt 20.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Basic</font></p>
  </td>
  <td width="16" valign="bottom" style="border:none;padding:0in .7pt 0in 0in;width:12.0pt;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:5.0pt;">
  <p align="left" style="margin:0in 0in .0001pt;page-break-after:avoid;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
  </td>
  <td width="39" valign="bottom" style="border:none;padding:0in .7pt 0in 0in;width:29.0pt;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">0.19</font></p>
  </td>
  <td width="16" valign="bottom" style="border:none;padding:0in .7pt 0in 0in;width:12.0pt;">
  <p style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:5.0pt;">
  <p align="left" style="margin:0in 0in .0001pt;page-break-after:avoid;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
  </td>
  <td width="39" valign="bottom" style="border:none;padding:0in .7pt 0in 0in;width:29.0pt;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">0.17</font></p>
  </td>
  <td width="16" valign="bottom" style="border:none;padding:0in .7pt 0in 0in;width:12.0pt;">
  <p style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:5.0pt;">
  <p align="left" style="margin:0in 0in .0001pt;page-break-after:avoid;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
  </td>
  <td width="39" valign="bottom" style="border:none;padding:0in .7pt 0in 0in;width:29.0pt;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1.00</font></p>
  </td>
  <td width="16" valign="bottom" style="border:none;padding:0in .7pt 0in 0in;width:12.0pt;">
  <p style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:5.0pt;">
  <p align="left" style="margin:0in 0in .0001pt;page-break-after:avoid;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
  </td>
  <td width="39" valign="bottom" style="border:none;padding:0in .7pt 0in 0in;width:29.0pt;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">0.84</font></p>
  </td>
  <td width="16" valign="bottom" style="border:none;padding:0in .7pt 0in 0in;width:12.0pt;">
  <p style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:5.0pt;">
  <p align="left" style="margin:0in 0in .0001pt;page-break-after:avoid;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
  </td>
  <td width="39" valign="bottom" style="border:none;padding:0in .7pt 0in 0in;width:29.0pt;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">0.75</font></p>
  </td>
  <td width="2" valign="bottom" style="border:none;padding:0in .7pt 0in 0in;width:1.7pt;">
  <p style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr bgcolor="#CCEEFF" style="page-break-inside:avoid;">
  <td width="298" valign="top" style="border:none;padding:0in .7pt 0in 0in;width:223.8pt;">
  <p style="margin:0in 0in .0001pt 20.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Diluted</font></p>
  </td>
  <td width="16" valign="bottom" style="border:none;padding:0in .7pt 0in 0in;width:12.0pt;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="45" colspan="2" valign="bottom" style="border:none;padding:0in .7pt 0in 0in;width:34.0pt;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">0.18</font></p>
  </td>
  <td width="16" valign="bottom" style="border:none;padding:0in .7pt 0in 0in;width:12.0pt;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="45" colspan="2" valign="bottom" style="border:none;padding:0in .7pt 0in 0in;width:34.0pt;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">0.16</font></p>
  </td>
  <td width="16" valign="bottom" style="border:none;padding:0in .7pt 0in 0in;width:12.0pt;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="45" colspan="2" valign="bottom" style="border:none;padding:0in .7pt 0in 0in;width:34.0pt;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">0.97</font></p>
  </td>
  <td width="16" valign="bottom" style="border:none;padding:0in .7pt 0in 0in;width:12.0pt;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="45" colspan="2" valign="bottom" style="border:none;padding:0in .7pt 0in 0in;width:34.0pt;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">0.81</font></p>
  </td>
  <td width="16" valign="bottom" style="border:none;padding:0in .7pt 0in 0in;width:12.0pt;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="45" colspan="2" valign="bottom" style="border:none;padding:0in .7pt 0in 0in;width:34.0pt;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">0.72</font></p>
  </td>
  <td width="2" valign="bottom" style="border:none;padding:0in .7pt 0in 0in;width:1.7pt;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="298" valign="top" style="border:none;padding:0in .7pt 0in 0in;width:223.8pt;">
  <p style="margin:0in 0in .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Average common shares
  outstanding</font></p>
  </td>
  <td width="16" valign="bottom" style="border:none;padding:0in .7pt 0in 0in;width:12.0pt;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="45" colspan="2" valign="bottom" style="border:none;padding:0in .7pt 0in 0in;width:34.0pt;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="16" valign="bottom" style="border:none;padding:0in .7pt 0in 0in;width:12.0pt;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="45" colspan="2" valign="bottom" style="border:none;padding:0in .7pt 0in 0in;width:34.0pt;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="16" valign="bottom" style="border:none;padding:0in .7pt 0in 0in;width:12.0pt;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="45" colspan="2" valign="bottom" style="border:none;padding:0in .7pt 0in 0in;width:34.0pt;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="16" valign="bottom" style="border:none;padding:0in .7pt 0in 0in;width:12.0pt;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="45" colspan="2" valign="bottom" style="border:none;padding:0in .7pt 0in 0in;width:34.0pt;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="16" valign="bottom" style="border:none;padding:0in .7pt 0in 0in;width:12.0pt;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="45" colspan="2" valign="bottom" style="border:none;padding:0in .7pt 0in 0in;width:34.0pt;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2" valign="bottom" style="border:none;padding:0in .7pt 0in 0in;width:1.7pt;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr bgcolor="#CCEEFF" style="page-break-inside:avoid;">
  <td width="298" valign="top" style="border:none;padding:0in .7pt 0in 0in;width:223.8pt;">
  <p style="margin:0in 0in .0001pt 20.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Basic</font></p>
  </td>
  <td width="16" valign="bottom" style="border:none;padding:0in .7pt 0in 0in;width:12.0pt;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="45" colspan="2" valign="bottom" style="border:none;padding:0in .7pt 0in 0in;width:34.0pt;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">6,111</font></p>
  </td>
  <td width="16" valign="bottom" style="border:none;padding:0in .7pt 0in 0in;width:12.0pt;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="45" colspan="2" valign="bottom" style="border:none;padding:0in .7pt 0in 0in;width:34.0pt;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">6,027</font></p>
  </td>
  <td width="16" valign="bottom" style="border:none;padding:0in .7pt 0in 0in;width:12.0pt;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="45" colspan="2" valign="bottom" style="border:none;padding:0in .7pt 0in 0in;width:34.0pt;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">6,055</font></p>
  </td>
  <td width="16" valign="bottom" style="border:none;padding:0in .7pt 0in 0in;width:12.0pt;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="45" colspan="2" valign="bottom" style="border:none;padding:0in .7pt 0in 0in;width:34.0pt;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">5,984</font></p>
  </td>
  <td width="16" valign="bottom" style="border:none;padding:0in .7pt 0in 0in;width:12.0pt;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="45" colspan="2" valign="bottom" style="border:none;padding:0in .7pt 0in 0in;width:34.0pt;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">5,904</font></p>
  </td>
  <td width="2" valign="bottom" style="border:none;padding:0in .7pt 0in 0in;width:1.7pt;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="298" valign="top" style="border:none;padding:0in .7pt 0in 0in;width:223.8pt;">
  <p style="margin:0in 0in .0001pt 20.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Diluted</font></p>
  </td>
  <td width="16" valign="bottom" style="border:none;padding:0in .7pt 0in 0in;width:12.0pt;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="45" colspan="2" valign="bottom" style="border:none;padding:0in .7pt 0in 0in;width:34.0pt;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">6,273</font></p>
  </td>
  <td width="16" valign="bottom" style="border:none;padding:0in .7pt 0in 0in;width:12.0pt;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="45" colspan="2" valign="bottom" style="border:none;padding:0in .7pt 0in 0in;width:34.0pt;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">6,217</font></p>
  </td>
  <td width="16" valign="bottom" style="border:none;padding:0in .7pt 0in 0in;width:12.0pt;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="45" colspan="2" valign="bottom" style="border:none;padding:0in .7pt 0in 0in;width:34.0pt;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">6,235</font></p>
  </td>
  <td width="16" valign="bottom" style="border:none;padding:0in .7pt 0in 0in;width:12.0pt;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="45" colspan="2" valign="bottom" style="border:none;padding:0in .7pt 0in 0in;width:34.0pt;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">6,182</font></p>
  </td>
  <td width="16" valign="bottom" style="border:none;padding:0in .7pt 0in 0in;width:12.0pt;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="45" colspan="2" valign="bottom" style="border:none;padding:0in .7pt 0in 0in;width:34.0pt;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">6,099</font></p>
  </td>
  <td width="2" valign="bottom" style="border:none;padding:0in .7pt 0in 0in;width:1.7pt;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr bgcolor="#CCEEFF" style="page-break-inside:avoid;">
  <td width="298" valign="top" style="border:none;padding:0in .7pt 0in 0in;width:223.8pt;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Cash dividends per share
  of common stock</font></p>
  </td>
  <td width="16" valign="bottom" style="border:none;padding:0in .7pt 0in 0in;width:12.0pt;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:5.0pt;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
  </td>
  <td width="39" valign="bottom" style="border:none;padding:0in .7pt 0in 0in;width:29.0pt;">
  <p style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">0.16</font></p>
  </td>
  <td width="16" valign="bottom" style="border:none;padding:0in .7pt 0in 0in;width:12.0pt;">
  <p style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:5.0pt;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
  </td>
  <td width="39" valign="bottom" style="border:none;padding:0in .7pt 0in 0in;width:29.0pt;">
  <p style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">0.15</font></p>
  </td>
  <td width="16" valign="bottom" style="border:none;padding:0in .7pt 0in 0in;width:12.0pt;">
  <p style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:5.0pt;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
  </td>
  <td width="39" valign="bottom" style="border:none;padding:0in .7pt 0in 0in;width:29.0pt;">
  <p style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">0.61</font></p>
  </td>
  <td width="16" valign="bottom" style="border:none;padding:0in .7pt 0in 0in;width:12.0pt;">
  <p style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:5.0pt;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
  </td>
  <td width="39" valign="bottom" style="border:none;padding:0in .7pt 0in 0in;width:29.0pt;">
  <p style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">0.58</font></p>
  </td>
  <td width="16" valign="bottom" style="border:none;padding:0in .7pt 0in 0in;width:12.0pt;">
  <p style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:5.0pt;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
  </td>
  <td width="39" valign="bottom" style="border:none;padding:0in .7pt 0in 0in;width:29.0pt;">
  <p style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">0.55</font></p>
  </td>
  <td width="2" valign="bottom" style="border:none;padding:0in .7pt 0in 0in;width:1.7pt;">
  <p style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
</table>

</div>

<p style="line-height:1.0pt;margin:0in 0in 12.0pt;"><font size="1" face="Times New Roman">&nbsp;</font></p>

<div align="center">

<table border="1" cellspacing="0" cellpadding="0" style="border:none;border-collapse:collapse;">
 <tr style="page-break-inside:avoid;">
  <td width="265" valign="bottom" style="border:none;padding:0in .7pt 0in 0in;width:198.7pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0in 0in .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="16" valign="bottom" style="border:none;padding:0in .7pt 0in 0in;width:12.0pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0in 0in .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="120" colspan="5" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in .7pt 0in 0in;width:1.25in;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0in 0in .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">As&nbsp;of&nbsp;March&nbsp;31,</font></b></p>
  </td>
  <td width="16" valign="bottom" style="border:none;padding:0in .7pt 0in 0in;width:12.0pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0in 0in .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="188" colspan="8" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in .7pt 0in 0in;width:141.0pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0in 0in .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">As&nbsp;of&nbsp;December&nbsp;31,</font></b></p>
  </td>
  <td width="2" valign="bottom" style="border:none;padding:0in .7pt 0in 0in;width:1.7pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="265" valign="bottom" style="border:none;padding:0in .7pt 0in 0in;width:198.7pt;">
  <p align="left" style="font-weight:bold;line-height:8.0pt;margin:0in 0in .0001pt;page-break-after:avoid;text-align:left;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="16" valign="bottom" style="border:none;padding:0in .7pt 0in 0in;width:12.0pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0in 0in .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="52" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in .7pt 0in 0in;width:39.0pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0in 0in .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">2007</font></b></p>
  </td>
  <td width="16" valign="bottom" style="border:none;padding:0in .7pt 0in 0in;width:12.0pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0in 0in .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="52" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in .7pt 0in 0in;width:39.0pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0in 0in .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">2006</font></b></p>
  </td>
  <td width="16" valign="bottom" style="border:none;padding:0in .7pt 0in 0in;width:12.0pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0in 0in .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="52" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in .7pt 0in 0in;width:39.0pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0in 0in .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">2006</font></b></p>
  </td>
  <td width="16" valign="bottom" style="border:none;padding:0in .7pt 0in 0in;width:12.0pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0in 0in .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="52" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in .7pt 0in 0in;width:39.0pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0in 0in .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">2005</font></b></p>
  </td>
  <td width="16" valign="bottom" style="border:none;padding:0in .7pt 0in 0in;width:12.0pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0in 0in .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="52" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in .7pt 0in 0in;width:39.0pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0in 0in .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">2004</font></b></p>
  </td>
  <td width="2" valign="bottom" style="border:none;padding:0in .7pt 0in 0in;width:1.7pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="265" valign="bottom" style="border:none;padding:0in .7pt 0in 0in;width:198.7pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0in 0in .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="16" valign="bottom" style="border:none;padding:0in .7pt 0in 0in;width:12.0pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0in 0in .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="120" colspan="5" valign="bottom" style="border:none;padding:0in .7pt 0in 0in;width:1.25in;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0in 0in .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">(Unaudited)</font></b></p>
  </td>
  <td width="16" valign="bottom" style="border:none;padding:0in .7pt 0in 0in;width:12.0pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0in 0in .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="52" colspan="2" valign="bottom" style="border:none;padding:0in .7pt 0in 0in;width:39.0pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0in 0in .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="16" valign="bottom" style="border:none;padding:0in .7pt 0in 0in;width:12.0pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0in 0in .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="52" colspan="2" valign="bottom" style="border:none;padding:0in .7pt 0in 0in;width:39.0pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0in 0in .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="16" valign="bottom" style="border:none;padding:0in .7pt 0in 0in;width:12.0pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0in 0in .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="52" colspan="2" valign="bottom" style="border:none;padding:0in .7pt 0in 0in;width:39.0pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0in 0in .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="2" valign="bottom" style="border:none;padding:0in .7pt 0in 0in;width:1.7pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="265" valign="bottom" style="border:none;padding:0in .7pt 0in 0in;width:198.7pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0in 0in .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="16" valign="bottom" style="border:none;padding:0in .7pt 0in 0in;width:12.0pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0in 0in .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="324" colspan="14" valign="bottom" style="border:none;padding:0in .7pt 0in 0in;width:243.0pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0in 0in .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">(In&nbsp;thousands)</font></b></p>
  </td>
  <td width="2" valign="bottom" style="border:none;padding:0in .7pt 0in 0in;width:1.7pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr bgcolor="#CCEEFF" style="page-break-inside:avoid;">
  <td width="265" valign="top" style="border:none;padding:0in .7pt 0in 0in;width:198.7pt;">
  <p style="margin:0in 0in .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Balance Sheet Data:</font></b></p>
  </td>
  <td width="16" valign="bottom" style="border:none;padding:0in .7pt 0in 0in;width:12.0pt;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="52" colspan="2" valign="bottom" style="border:none;padding:0in .7pt 0in 0in;width:39.0pt;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="16" valign="bottom" style="border:none;padding:0in .7pt 0in 0in;width:12.0pt;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="52" colspan="2" valign="bottom" style="border:none;padding:0in .7pt 0in 0in;width:39.0pt;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="16" valign="bottom" style="border:none;padding:0in .7pt 0in 0in;width:12.0pt;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="52" colspan="2" valign="bottom" style="border:none;padding:0in .7pt 0in 0in;width:39.0pt;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="16" valign="bottom" style="border:none;padding:0in .7pt 0in 0in;width:12.0pt;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="52" colspan="2" valign="bottom" style="border:none;padding:0in .7pt 0in 0in;width:39.0pt;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="16" valign="bottom" style="border:none;padding:0in .7pt 0in 0in;width:12.0pt;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="52" colspan="2" valign="bottom" style="border:none;padding:0in .7pt 0in 0in;width:39.0pt;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2" valign="bottom" style="border:none;padding:0in .7pt 0in 0in;width:1.7pt;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="265" valign="top" style="border:none;padding:0in .7pt 0in 0in;width:198.7pt;">
  <p style="margin:0in 0in .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Utility plant, at
  original cost less accumulated depreciation</font></p>
  </td>
  <td width="16" valign="bottom" style="border:none;padding:0in .7pt 0in 0in;width:12.0pt;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:5.0pt;">
  <p align="left" style="margin:0in 0in .0001pt;page-break-after:avoid;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
  </td>
  <td width="45" valign="bottom" style="border:none;padding:0in .7pt 0in 0in;width:34.0pt;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">256,789</font></p>
  </td>
  <td width="16" valign="bottom" style="border:none;padding:0in .7pt 0in 0in;width:12.0pt;">
  <p style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:5.0pt;">
  <p align="left" style="margin:0in 0in .0001pt;page-break-after:avoid;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
  </td>
  <td width="45" valign="bottom" style="border:none;padding:0in .7pt 0in 0in;width:34.0pt;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">232,586</font></p>
  </td>
  <td width="16" valign="bottom" style="border:none;padding:0in .7pt 0in 0in;width:12.0pt;">
  <p style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:5.0pt;">
  <p align="left" style="margin:0in 0in .0001pt;page-break-after:avoid;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
  </td>
  <td width="45" valign="bottom" style="border:none;padding:0in .7pt 0in 0in;width:34.0pt;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">253,182</font></p>
  </td>
  <td width="16" valign="bottom" style="border:none;padding:0in .7pt 0in 0in;width:12.0pt;">
  <p style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:5.0pt;">
  <p align="left" style="margin:0in 0in .0001pt;page-break-after:avoid;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
  </td>
  <td width="45" valign="bottom" style="border:none;padding:0in .7pt 0in 0in;width:34.0pt;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">227,566</font></p>
  </td>
  <td width="16" valign="bottom" style="border:none;padding:0in .7pt 0in 0in;width:12.0pt;">
  <p style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:5.0pt;">
  <p align="left" style="margin:0in 0in .0001pt;page-break-after:avoid;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
  </td>
  <td width="45" valign="bottom" style="border:none;padding:0in .7pt 0in 0in;width:34.0pt;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">212,152</font></p>
  </td>
  <td width="2" valign="bottom" style="border:none;padding:0in .7pt 0in 0in;width:1.7pt;">
  <p style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr bgcolor="#CCEEFF" style="page-break-inside:avoid;">
  <td width="265" valign="top" style="border:none;padding:0in .7pt 0in 0in;width:198.7pt;">
  <p style="margin:0in 0in .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Total assets</font></p>
  </td>
  <td width="16" valign="bottom" style="border:none;padding:0in .7pt 0in 0in;width:12.0pt;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="52" colspan="2" valign="bottom" style="border:none;padding:0in .7pt 0in 0in;width:39.0pt;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">273,800</font></p>
  </td>
  <td width="16" valign="bottom" style="border:none;padding:0in .7pt 0in 0in;width:12.0pt;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="52" colspan="2" valign="bottom" style="border:none;padding:0in .7pt 0in 0in;width:39.0pt;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">247,724</font></p>
  </td>
  <td width="16" valign="bottom" style="border:none;padding:0in .7pt 0in 0in;width:12.0pt;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="52" colspan="2" valign="bottom" style="border:none;padding:0in .7pt 0in 0in;width:39.0pt;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">269,360</font></p>
  </td>
  <td width="16" valign="bottom" style="border:none;padding:0in .7pt 0in 0in;width:12.0pt;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="52" colspan="2" valign="bottom" style="border:none;padding:0in .7pt 0in 0in;width:39.0pt;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">243,854</font></p>
  </td>
  <td width="16" valign="bottom" style="border:none;padding:0in .7pt 0in 0in;width:12.0pt;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="52" colspan="2" valign="bottom" style="border:none;padding:0in .7pt 0in 0in;width:39.0pt;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">227,380</font></p>
  </td>
  <td width="2" valign="bottom" style="border:none;padding:0in .7pt 0in 0in;width:1.7pt;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="265" valign="top" style="border:none;padding:0in .7pt 0in 0in;width:198.7pt;">
  <p style="margin:0in 0in .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Notes Payable</font></p>
  </td>
  <td width="16" valign="bottom" style="border:none;padding:0in .7pt 0in 0in;width:12.0pt;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="52" colspan="2" valign="bottom" style="border:none;padding:0in .7pt 0in 0in;width:39.0pt;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">9,151</font></p>
  </td>
  <td width="16" valign="bottom" style="border:none;padding:0in .7pt 0in 0in;width:12.0pt;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="52" colspan="2" valign="bottom" style="border:none;padding:0in .7pt 0in 0in;width:39.0pt;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1,521</font></p>
  </td>
  <td width="16" valign="bottom" style="border:none;padding:0in .7pt 0in 0in;width:12.0pt;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="52" colspan="2" valign="bottom" style="border:none;padding:0in .7pt 0in 0in;width:39.0pt;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">7,906</font></p>
  </td>
  <td width="16" valign="bottom" style="border:none;padding:0in .7pt 0in 0in;width:12.0pt;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="52" colspan="2" valign="bottom" style="border:none;padding:0in .7pt 0in 0in;width:39.0pt;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1,786</font></p>
  </td>
  <td width="16" valign="bottom" style="border:none;padding:0in .7pt 0in 0in;width:12.0pt;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="52" colspan="2" valign="bottom" style="border:none;padding:0in .7pt 0in 0in;width:39.0pt;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">9,213</font></p>
  </td>
  <td width="2" valign="bottom" style="border:none;padding:0in .7pt 0in 0in;width:1.7pt;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr bgcolor="#CCEEFF" style="page-break-inside:avoid;">
  <td width="265" valign="top" style="border:none;padding:0in .7pt 0in 0in;width:198.7pt;">
  <p style="margin:0in 0in .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Long-term debt,
  including current portions</font></p>
  </td>
  <td width="16" valign="bottom" style="border:none;padding:0in .7pt 0in 0in;width:12.0pt;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="52" colspan="2" valign="bottom" style="border:none;padding:0in .7pt 0in 0in;width:39.0pt;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">92,270</font></p>
  </td>
  <td width="16" valign="bottom" style="border:none;padding:0in .7pt 0in 0in;width:12.0pt;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="52" colspan="2" valign="bottom" style="border:none;padding:0in .7pt 0in 0in;width:39.0pt;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">92,572</font></p>
  </td>
  <td width="16" valign="bottom" style="border:none;padding:0in .7pt 0in 0in;width:12.0pt;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="52" colspan="2" valign="bottom" style="border:none;padding:0in .7pt 0in 0in;width:39.0pt;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">92,383</font></p>
  </td>
  <td width="16" valign="bottom" style="border:none;padding:0in .7pt 0in 0in;width:12.0pt;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="52" colspan="2" valign="bottom" style="border:none;padding:0in .7pt 0in 0in;width:39.0pt;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">92,680</font></p>
  </td>
  <td width="16" valign="bottom" style="border:none;padding:0in .7pt 0in 0in;width:12.0pt;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="52" colspan="2" valign="bottom" style="border:none;padding:0in .7pt 0in 0in;width:39.0pt;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">83,438</font></p>
  </td>
  <td width="2" valign="bottom" style="border:none;padding:0in .7pt 0in 0in;width:1.7pt;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="265" valign="top" style="border:none;padding:0in .7pt 0in 0in;width:198.7pt;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Stockholders&#146; equity</font></p>
  </td>
  <td width="16" valign="bottom" style="border:none;padding:0in .7pt 0in 0in;width:12.0pt;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="52" colspan="2" valign="bottom" style="border:none;padding:0in .7pt 0in 0in;width:39.0pt;">
  <p style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">62,283</font></p>
  </td>
  <td width="16" valign="bottom" style="border:none;padding:0in .7pt 0in 0in;width:12.0pt;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="52" colspan="2" valign="bottom" style="border:none;padding:0in .7pt 0in 0in;width:39.0pt;">
  <p style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">58,074</font></p>
  </td>
  <td width="16" valign="bottom" style="border:none;padding:0in .7pt 0in 0in;width:12.0pt;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="52" colspan="2" valign="bottom" style="border:none;padding:0in .7pt 0in 0in;width:39.0pt;">
  <p style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">61,800</font></p>
  </td>
  <td width="16" valign="bottom" style="border:none;padding:0in .7pt 0in 0in;width:12.0pt;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="52" colspan="2" valign="bottom" style="border:none;padding:0in .7pt 0in 0in;width:39.0pt;">
  <p style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">57,813</font></p>
  </td>
  <td width="16" valign="bottom" style="border:none;padding:0in .7pt 0in 0in;width:12.0pt;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="52" colspan="2" valign="bottom" style="border:none;padding:0in .7pt 0in 0in;width:39.0pt;">
  <p style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">54,943</font></p>
  </td>
  <td width="2" valign="bottom" style="border:none;padding:0in .7pt 0in 0in;width:1.7pt;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr height="0">
  <td width="265" style="border:none;"></td>
  <td width="16" style="border:none;"></td>
  <td width="7" style="border:none;"></td>
  <td width="45" style="border:none;"></td>
  <td width="16" style="border:none;"></td>
  <td width="7" style="border:none;"></td>
  <td width="45" style="border:none;"></td>
  <td width="16" style="border:none;"></td>
  <td width="7" style="border:none;"></td>
  <td width="45" style="border:none;"></td>
  <td width="16" style="border:none;"></td>
  <td width="7" style="border:none;"></td>
  <td width="45" style="border:none;"></td>
  <td width="16" style="border:none;"></td>
  <td width="7" style="border:none;"></td>
  <td width="45" style="border:none;"></td>
  <td width="2" style="border:none;"></td>
 </tr>
</table>

</div>

<p style="line-height:1.0pt;margin:0in 0in 12.0pt;"><font size="1" face="Times New Roman">&nbsp;</font></p>


 <p style="margin:24.0pt 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">S-7</font></p> <br><hr size="3" width="100%" noshade color="#010101" align="center">

<!-- SEQ.=1,FOLIO='S-7',FILE='C:\fc\1511645191_F25897_2161546\15222-1-cc.htm',USER='jmsproofassembler',CD='May 31 16:06 2007' -->
<br clear="all" style="page-break-before:always;">



<p style="font-weight:bold;margin:0in 0in 6.0pt;page-break-after:avoid;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">USE OF PROCEEDS<a name="UseOfProceeds_164919"></a></font></b></p>

<p style="margin:0in 0in 6.0pt;page-break-after:avoid;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Based on an assumed offering price of $19.65, the net
proceeds from this offering, after deducting the underwriters&#146; discounts and
estimated offering expenses, are estimated to be $18.4&nbsp;million ($21.2&nbsp;million
if the underwriters&#146; over-allotment option is exercised in full). We will use
the entire net proceeds to fund a paid-in capital contribution in the same
amount to Artesian Water. Artesian Water will use the paid-in capital
contribution to repay short-term borrowings incurred primarily to finance
expenses associated with its construction program, including investment in
utility plant and equipment, and to fund capital expenditures and other general
corporate purposes. These proceeds will reduce Artesian Water&#146;s debt to total
capitalization ratio, which we believe will improve Artesian Water&#146;s ability to
issue additional long-term debt to finance future capital investments. A
portion of any proceeds received from the underwriters&#146; exercise of the
over-allotment may be contributed to our other subsidiaries.</font></p>

<p style="margin:0in 0in 6.0pt;page-break-after:avoid;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Artesian Water has available two unsecured lines of
credit, with no financial covenant restrictions, totaling $40.0&nbsp;million at
March&nbsp;31, 2007, which are renewable annually at the lenders&#146; discretion.
Borrowings under the lines of credit bear interest based on the London Interbank
Offering Rate, or LIBOR, plus 1.0% for 30, 60, 90, or 180 days or the banks&#146;
federal funds rate plus 1.0%, at the option of Artesian Water. At March&nbsp;31,
2007, Artesian Water had $9.2&nbsp;million outstanding under these lines at
average interest rates of 6.32%.</font></p>

<p style="margin:0in 0in 12.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">At March&nbsp;31, 2007,
Artesian Utility and Artesian Wastewater had lines of credit with a financial
institution for $3.5&nbsp;million and $1.5&nbsp;million, respectively, to meet
temporary cash requirements. These revolving credit facilities are unsecured. As
of March&nbsp;31, 2007, we had not borrowed funds under any of these lines. Effective
May&nbsp;7, 2007, Artesian Wastewater&#146;s line of credit was increased to
$10.0&nbsp;million. The interest rate for borrowings under each of these lines
is the LIBOR plus 1.75%.</font></p>

<p style="font-weight:bold;margin:0in 0in 6.0pt;page-break-after:avoid;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">CAPITALIZATION<a name="Capitalization_165014"></a></font></b></p>

<p style="margin:0in 0in 12.0pt;page-break-after:avoid;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The
following table sets forth, as of March&nbsp;31, 2007, our capitalization on an
actual basis and on an adjusted basis to give effect to the sale of the shares
of common stock in this offering at an assumed offering price of $19.65 per
share and the anticipated application of the net proceeds from this offering as
described in &#147;Use of Proceeds.&#148; This table should be read in conjunction with
our Consolidated Financial Statements and the accompanying Notes to
Consolidated Financial Statements in our Quarterly Report on Form&nbsp;10-Q
for the quarter ended March&nbsp;31, 2007 that is incorporated by reference in
the accompanying prospectus.</font></p>

<div align="center">

<table border="1" cellspacing="0" cellpadding="0" style="border:none;border-collapse:collapse;">
 <tr style="page-break-inside:avoid;">
  <td width="304" valign="bottom" style="border:none;padding:0in .7pt 0in 0in;width:228.2pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0in 0in .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="16" valign="bottom" style="border:none;padding:0in .7pt 0in 0in;width:12.0pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0in 0in .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="287" colspan="13" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in .7pt 0in 0in;width:215.6pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0in 0in .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">As&nbsp;of&nbsp;March&nbsp;31,&nbsp;2007</font></b></p>
  </td>
  <td width="2" valign="bottom" style="border:none;padding:0in .7pt 0in 0in;width:1.7pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="304" valign="bottom" style="border:none;padding:0in .7pt 0in 0in;width:228.2pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0in 0in .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="16" valign="bottom" style="border:none;padding:0in .7pt 0in 0in;width:12.0pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0in 0in .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="52" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in .7pt 0in 0in;width:39.0pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0in 0in .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">Actual</font></b></p>
  </td>
  <td width="16" valign="bottom" style="border:none;padding:0in .7pt 0in 0in;width:12.0pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0in 0in .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="68" colspan="3" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in .7pt 0in 0in;width:50.8pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0in 0in .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">%&nbsp;of<br>
  Capitalization</font></b></p>
  </td>
  <td width="16" valign="bottom" style="border:none;padding:0in .7pt 0in 0in;width:12.0pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0in 0in .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="52" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in .7pt 0in 0in;width:39.0pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0in 0in .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">As<br>
  Adjusted</font></b></p>
  </td>
  <td width="16" valign="bottom" style="border:none;padding:0in .7pt 0in 0in;width:12.0pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0in 0in .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="68" colspan="3" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in .7pt 0in 0in;width:50.8pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0in 0in .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">%&nbsp;of<br>
  Capitalization</font></b></p>
  </td>
  <td width="2" valign="bottom" style="border:none;padding:0in .7pt 0in 0in;width:1.7pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="304" valign="bottom" style="border:none;padding:0in .7pt 0in 0in;width:228.2pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0in 0in .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="16" valign="bottom" style="border:none;padding:0in .7pt 0in 0in;width:12.0pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0in 0in .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="287" colspan="13" valign="bottom" style="border:none;padding:0in .7pt 0in 0in;width:215.6pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0in 0in .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">(Unaudited)</font></b></p>
  </td>
  <td width="2" valign="bottom" style="border:none;padding:0in .7pt 0in 0in;width:1.7pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="304" valign="bottom" style="border:none;padding:0in .7pt 0in 0in;width:228.2pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0in 0in .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="16" valign="bottom" style="border:none;padding:0in .7pt 0in 0in;width:12.0pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0in 0in .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="287" colspan="13" valign="bottom" style="border:none;padding:0in .7pt 0in 0in;width:215.6pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0in 0in .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">(In&nbsp;thousands)</font></b></p>
  </td>
  <td width="2" valign="bottom" style="border:none;padding:0in .7pt 0in 0in;width:1.7pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr bgcolor="#CCEEFF" style="page-break-inside:avoid;">
  <td width="304" valign="top" style="border:none;padding:0in .7pt 0in 0in;width:228.2pt;">
  <p style="margin:0in 0in .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Long-term debt,
  net of current portion</font></p>
  </td>
  <td width="16" valign="bottom" style="border:none;padding:0in .7pt 0in 0in;width:12.0pt;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:5.0pt;">
  <p align="left" style="margin:0in 0in .0001pt;page-break-after:avoid;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
  </td>
  <td width="45" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in .7pt 0in 0in;width:34.0pt;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">91,958</font></p>
  </td>
  <td width="16" valign="bottom" style="border:none;padding:0in .7pt 0in 0in;width:12.0pt;">
  <p style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="18" valign="bottom" style="border:none;padding:0in .7pt 0in 0in;width:13.4pt;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="32" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in .7pt 0in 0in;width:24.0pt;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">59.6</font></p>
  </td>
  <td width="18" valign="bottom" style="border:none;padding:0in .7pt 0.375pt 0in;width:13.4pt;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">%</font></p>
  </td>
  <td width="16" valign="bottom" style="border:none;padding:0in .7pt 0in 0in;width:12.0pt;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:5.0pt;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
  </td>
  <td width="45" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in .7pt 0in 0in;width:34.0pt;">
  <p style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">91,958</font></p>
  </td>
  <td width="16" valign="bottom" style="border:none;padding:0in .7pt 0in 0in;width:12.0pt;">
  <p style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="18" valign="bottom" style="border:none;padding:0in .7pt 0in 0in;width:13.4pt;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="32" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in .7pt 0in 0in;width:24.0pt;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">53.3</font></p>
  </td>
  <td width="18" valign="bottom" style="border:none;padding:0in .7pt 0.375pt 0in;width:13.4pt;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">%</font></p>
  </td>
  <td width="2" valign="bottom" style="border:none;padding:0in .7pt 0in 0in;width:1.7pt;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="304" valign="top" style="border:none;padding:0in .7pt 0in 0in;width:228.2pt;">
  <p style="margin:0in 0in .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Common
  stockholders&#146; equity</font></p>
  </td>
  <td width="16" valign="bottom" style="border:none;padding:0in .7pt 0in 0in;width:12.0pt;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="52" colspan="2" valign="bottom" style="border:none;padding:0in .7pt 0in 0in;width:39.0pt;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="16" valign="bottom" style="border:none;padding:0in .7pt 0in 0in;width:12.0pt;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="18" valign="bottom" style="border:none;padding:0in .7pt 0in 0in;width:13.4pt;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="32" valign="bottom" style="border:none;padding:0in .7pt 0in 0in;width:24.0pt;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="18" valign="bottom" style="border:none;padding:0in .7pt 0in 0in;width:13.4pt;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="16" valign="bottom" style="border:none;padding:0in .7pt 0in 0in;width:12.0pt;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="52" colspan="2" valign="bottom" style="border:none;padding:0in .7pt 0in 0in;width:39.0pt;">
  <p style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="16" valign="bottom" style="border:none;padding:0in .7pt 0in 0in;width:12.0pt;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="18" valign="bottom" style="border:none;padding:0in .7pt 0in 0in;width:13.4pt;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="32" valign="bottom" style="border:none;padding:0in .7pt 0in 0in;width:24.0pt;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="18" valign="bottom" style="border:none;padding:0in .7pt 0in 0in;width:13.4pt;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2" valign="bottom" style="border:none;padding:0in .7pt 0in 0in;width:1.7pt;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr bgcolor="#CCEEFF" style="page-break-inside:avoid;">
  <td width="304" valign="top" style="border:none;padding:0in .7pt 0in 0in;width:228.2pt;">
  <p style="margin:0in 0in .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Class&nbsp;A
  Non-Voting Common Stock</font></p>
  </td>
  <td width="16" valign="bottom" style="border:none;padding:0in .7pt 0in 0in;width:12.0pt;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="52" colspan="2" valign="bottom" style="border:none;padding:0in .7pt 0in 0in;width:39.0pt;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">5,238</font></p>
  </td>
  <td width="16" valign="bottom" style="border:none;padding:0in .7pt 0in 0in;width:12.0pt;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="18" valign="bottom" style="border:none;padding:0in .7pt 0in 0in;width:13.4pt;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="32" valign="bottom" style="border:none;padding:0in .7pt 0in 0in;width:24.0pt;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3.4</font></p>
  </td>
  <td width="18" valign="bottom" style="border:none;padding:0in .7pt 0in 0in;width:13.4pt;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">%</font></p>
  </td>
  <td width="16" valign="bottom" style="border:none;padding:0in .7pt 0in 0in;width:12.0pt;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="52" colspan="2" valign="bottom" style="border:none;padding:0in .7pt 0in 0in;width:39.0pt;">
  <p style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">6,238</font></p>
  </td>
  <td width="16" valign="bottom" style="border:none;padding:0in .7pt 0in 0in;width:12.0pt;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="18" valign="bottom" style="border:none;padding:0in .7pt 0in 0in;width:13.4pt;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="32" valign="bottom" style="border:none;padding:0in .7pt 0in 0in;width:24.0pt;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3.6</font></p>
  </td>
  <td width="18" valign="bottom" style="border:none;padding:0in .7pt 0in 0in;width:13.4pt;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">%</font></p>
  </td>
  <td width="2" valign="bottom" style="border:none;padding:0in .7pt 0in 0in;width:1.7pt;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="304" valign="top" style="border:none;padding:0in .7pt 0in 0in;width:228.2pt;">
  <p style="margin:0in 0in .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Class&nbsp;B
  Common Stock</font></p>
  </td>
  <td width="16" valign="bottom" style="border:none;padding:0in .7pt 0in 0in;width:12.0pt;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="52" colspan="2" valign="bottom" style="border:none;padding:0in .7pt 0in 0in;width:39.0pt;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">882</font></p>
  </td>
  <td width="16" valign="bottom" style="border:none;padding:0in .7pt 0in 0in;width:12.0pt;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="18" valign="bottom" style="border:none;padding:0in .7pt 0in 0in;width:13.4pt;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="32" valign="bottom" style="border:none;padding:0in .7pt 0in 0in;width:24.0pt;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">0.6</font></p>
  </td>
  <td width="18" valign="bottom" style="border:none;padding:0in .7pt 0in 0in;width:13.4pt;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">%</font></p>
  </td>
  <td width="16" valign="bottom" style="border:none;padding:0in .7pt 0in 0in;width:12.0pt;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="52" colspan="2" valign="bottom" style="border:none;padding:0in .7pt 0in 0in;width:39.0pt;">
  <p style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">882</font></p>
  </td>
  <td width="16" valign="bottom" style="border:none;padding:0in .7pt 0in 0in;width:12.0pt;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="18" valign="bottom" style="border:none;padding:0in .7pt 0in 0in;width:13.4pt;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="32" valign="bottom" style="border:none;padding:0in .7pt 0in 0in;width:24.0pt;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">0.5</font></p>
  </td>
  <td width="18" valign="bottom" style="border:none;padding:0in .7pt 0in 0in;width:13.4pt;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">%</font></p>
  </td>
  <td width="2" valign="bottom" style="border:none;padding:0in .7pt 0in 0in;width:1.7pt;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr bgcolor="#CCEEFF" style="page-break-inside:avoid;">
  <td width="304" valign="top" style="border:none;padding:0in .7pt 0in 0in;width:228.2pt;">
  <p style="margin:0in 0in .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Additional
  paid-in capital</font></p>
  </td>
  <td width="16" valign="bottom" style="border:none;padding:0in .7pt 0in 0in;width:12.0pt;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="52" colspan="2" valign="bottom" style="border:none;padding:0in .7pt 0in 0in;width:39.0pt;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">45,322</font></p>
  </td>
  <td width="16" valign="bottom" style="border:none;padding:0in .7pt 0in 0in;width:12.0pt;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="18" valign="bottom" style="border:none;padding:0in .7pt 0in 0in;width:13.4pt;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="32" valign="bottom" style="border:none;padding:0in .7pt 0in 0in;width:24.0pt;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">29.4</font></p>
  </td>
  <td width="18" valign="bottom" style="border:none;padding:0in .7pt 0in 0in;width:13.4pt;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">%</font></p>
  </td>
  <td width="16" valign="bottom" style="border:none;padding:0in .7pt 0in 0in;width:12.0pt;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="52" colspan="2" valign="bottom" style="border:none;padding:0in .7pt 0in 0in;width:39.0pt;">
  <p style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">62,737</font></p>
  </td>
  <td width="16" valign="bottom" style="border:none;padding:0in .7pt 0in 0in;width:12.0pt;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="18" valign="bottom" style="border:none;padding:0in .7pt 0in 0in;width:13.4pt;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="32" valign="bottom" style="border:none;padding:0in .7pt 0in 0in;width:24.0pt;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">36.3</font></p>
  </td>
  <td width="18" valign="bottom" style="border:none;padding:0in .7pt 0in 0in;width:13.4pt;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">%</font></p>
  </td>
  <td width="2" valign="bottom" style="border:none;padding:0in .7pt 0in 0in;width:1.7pt;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="304" valign="top" style="border:none;padding:0in .7pt 0in 0in;width:228.2pt;">
  <p style="margin:0in 0in .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Retained earnings</font></p>
  </td>
  <td width="16" valign="bottom" style="border:none;padding:0in .7pt 0in 0in;width:12.0pt;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="52" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in .7pt 0in 0in;width:39.0pt;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">10,841</font></p>
  </td>
  <td width="16" valign="bottom" style="border:none;padding:0in .7pt 0in 0in;width:12.0pt;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="18" valign="bottom" style="border:none;padding:0in .7pt 0in 0in;width:13.4pt;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="32" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in .7pt 0in 0in;width:24.0pt;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">7.0</font></p>
  </td>
  <td width="18" valign="bottom" style="border:none;padding:0in .7pt 0.375pt 0in;width:13.4pt;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">%</font></p>
  </td>
  <td width="16" valign="bottom" style="border:none;padding:0in .7pt 0in 0in;width:12.0pt;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="52" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in .7pt 0in 0in;width:39.0pt;">
  <p style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">10,841</font></p>
  </td>
  <td width="16" valign="bottom" style="border:none;padding:0in .7pt 0in 0in;width:12.0pt;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="18" valign="bottom" style="border:none;padding:0in .7pt 0in 0in;width:13.4pt;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="32" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in .7pt 0in 0in;width:24.0pt;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">6.3</font></p>
  </td>
  <td width="18" valign="bottom" style="border:none;padding:0in .7pt 0.375pt 0in;width:13.4pt;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">%</font></p>
  </td>
  <td width="2" valign="bottom" style="border:none;padding:0in .7pt 0in 0in;width:1.7pt;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr bgcolor="#CCEEFF" style="page-break-inside:avoid;">
  <td width="304" valign="top" style="border:none;padding:0in .7pt 0in 0in;width:228.2pt;">
  <p style="margin:0in 0in .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Total common
  stockholders&#146; equity</font></p>
  </td>
  <td width="16" valign="bottom" style="border:none;padding:0in .7pt 0in 0in;width:12.0pt;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="52" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in .7pt 0in 0in;width:39.0pt;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">62,283</font></p>
  </td>
  <td width="16" valign="bottom" style="border:none;padding:0in .7pt 0in 0in;width:12.0pt;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="18" valign="bottom" style="border:none;padding:0in .7pt 0in 0in;width:13.4pt;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="32" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in .7pt 0in 0in;width:24.0pt;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">40.4</font></p>
  </td>
  <td width="18" valign="bottom" style="border:none;padding:0in .7pt 0.375pt 0in;width:13.4pt;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">%</font></p>
  </td>
  <td width="16" valign="bottom" style="border:none;padding:0in .7pt 0in 0in;width:12.0pt;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="52" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in .7pt 0in 0in;width:39.0pt;">
  <p style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">80,698</font></p>
  </td>
  <td width="16" valign="bottom" style="border:none;padding:0in .7pt 0in 0in;width:12.0pt;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="18" valign="bottom" style="border:none;padding:0in .7pt 0in 0in;width:13.4pt;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="32" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in .7pt 0in 0in;width:24.0pt;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">46.7</font></p>
  </td>
  <td width="18" valign="bottom" style="border:none;padding:0in .7pt 0.375pt 0in;width:13.4pt;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">%</font></p>
  </td>
  <td width="2" valign="bottom" style="border:none;padding:0in .7pt 0in 0in;width:1.7pt;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="304" valign="top" style="border:none;padding:0in .7pt 0in 0in;width:228.2pt;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Total capitalization</font></p>
  </td>
  <td width="16" valign="bottom" style="border:none;padding:0in .7pt 0in 0in;width:12.0pt;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:5.0pt;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
  </td>
  <td width="45" valign="bottom" style="border-bottom:double windowtext 2.25pt;border-left:none;border-right:none;border-top:solid windowtext 1.0pt;padding:0in .7pt 0in 0in;width:34.0pt;">
  <p style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">154,241</font></p>
  </td>
  <td width="16" valign="bottom" style="border:none;padding:0in .7pt 0in 0in;width:12.0pt;">
  <p style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="18" valign="bottom" style="border:none;padding:0in .7pt 0in 0in;width:13.4pt;">
  <p style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="32" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in .7pt 0in 0in;width:24.0pt;">
  <p style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">100.0</font></p>
  </td>
  <td width="18" valign="bottom" style="border:none;padding:0in .7pt 2.25pt 0in;width:13.4pt;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">%</font></p>
  </td>
  <td width="16" valign="bottom" style="border:none;padding:0in .7pt 0in 0in;width:12.0pt;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:5.0pt;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
  </td>
  <td width="45" valign="bottom" style="border-bottom:double windowtext 2.25pt;border-left:none;border-right:none;border-top:solid windowtext 1.0pt;padding:0in .7pt 0in 0in;width:34.0pt;">
  <p style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">172,656</font></p>
  </td>
  <td width="16" valign="bottom" style="border:none;padding:0in .7pt 0in 0in;width:12.0pt;">
  <p style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="18" valign="bottom" style="border:none;padding:0in .7pt 0in 0in;width:13.4pt;">
  <p style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="32" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in .7pt 0in 0in;width:24.0pt;">
  <p style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">100.0</font></p>
  </td>
  <td width="18" valign="bottom" style="border:none;padding:0in .7pt 2.25pt 0in;width:13.4pt;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">%</font></p>
  </td>
  <td width="2" valign="bottom" style="border:none;padding:0in .7pt 0in 0in;width:1.7pt;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
</table>

</div>

<p style="line-height:1.0pt;margin:0in 0in 12.0pt;"><font size="1" face="Times New Roman">&nbsp;</font></p>


 <p style="margin:24.0pt 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">S-8</font></p> <br><hr size="3" width="100%" noshade color="#010101" align="center">

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<p style="font-weight:bold;margin:0in 0in 6.0pt;page-break-after:avoid;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">COMMON STOCK PRICE
RANGE AND DIVIDENDS<a name="CommonStockPriceRangeAndDividends_165303"></a></font></b></p>

<p style="margin:0in 0in 12.0pt;page-break-after:avoid;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Our Class&nbsp;A
Non-Voting Common Stock is listed on the NASDAQ Global Market and trades under
the symbol &#147;ARTNA.&#148; On May&nbsp;30, 2007, there were 860 holders of record of
the Class&nbsp;A Non-Voting Common Stock. The following table sets forth, for
the periods indicated, the high and low closing sale prices for the Class&nbsp;A
Non-Voting Common Stock on the NASDAQ Global Market and the cash dividends
declared per share. All share and per share amounts have been restated to
reflect the three for two stock split effected on May&nbsp;30, 2006.</font></p>

<div align="center">

<table border="0" cellspacing="0" cellpadding="0" style="border-collapse:collapse;">
 <tr style="page-break-inside:avoid;">
  <td width="426" valign="bottom" style="padding:0in .7pt 0in 0in;width:319.65pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0in 0in .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="16" valign="bottom" style="padding:0in .7pt 0in 0in;width:12.0pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0in 0in .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="39" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in .7pt 0in 0in;width:29.0pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0in 0in .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">High</font></b></p>
  </td>
  <td width="16" valign="bottom" style="padding:0in .7pt 0in 0in;width:12.0pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0in 0in .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="39" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in .7pt 0in 0in;width:29.0pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0in 0in .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">Low</font></b></p>
  </td>
  <td width="16" valign="bottom" style="padding:0in .7pt 0in 0in;width:12.0pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0in 0in .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="54" colspan="4" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in .7pt 0in 0in;width:40.8pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0in 0in .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">Dividend<br>
  Per&nbsp;Share</font></b></p>
  </td>
  <td width="2" valign="bottom" style="padding:0in .7pt 0in 0in;width:1.7pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr bgcolor="#CCEEFF" style="page-break-inside:avoid;">
  <td width="426" valign="top" style="padding:0in .7pt 0in 0in;width:319.65pt;">
  <p style="margin:0in 0in .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">2007</font></b></p>
  </td>
  <td width="16" valign="bottom" style="padding:0in .7pt 0in 0in;width:12.0pt;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="39" colspan="2" valign="bottom" style="padding:0in .7pt 0in 0in;width:29.0pt;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0in .7pt 0in 0in;width:12.0pt;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="39" colspan="2" valign="bottom" style="padding:0in .7pt 0in 0in;width:29.0pt;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0in .7pt 0in 0in;width:12.0pt;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="5" valign="bottom" style="padding:0in .7pt 0in 0in;width:3.4pt;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="45" colspan="2" valign="bottom" style="padding:0in .7pt 0in 0in;width:34.0pt;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="5" valign="bottom" style="padding:0in .7pt 0in 0in;width:3.4pt;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2" valign="bottom" style="padding:0in .7pt 0in 0in;width:1.7pt;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="426" valign="top" style="padding:0in .7pt 0in 0in;width:319.65pt;">
  <p style="margin:0in 0in .0001pt 20.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Second Quarter (Through May&nbsp;30, 2007)</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0in .7pt 0in 0in;width:12.0pt;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7" valign="bottom" style="padding:0in 0in 0in 0in;width:5.0pt;">
  <p align="left" style="margin:0in 0in .0001pt;page-break-after:avoid;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
  </td>
  <td width="32" valign="bottom" style="padding:0in .7pt 0in 0in;width:24.0pt;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">20.59</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0in .7pt 0in 0in;width:12.0pt;">
  <p style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7" valign="bottom" style="padding:0in 0in 0in 0in;width:5.0pt;">
  <p align="left" style="margin:0in 0in .0001pt;page-break-after:avoid;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
  </td>
  <td width="32" valign="bottom" style="padding:0in .7pt 0in 0in;width:24.0pt;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">19.52</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0in .7pt 0in 0in;width:12.0pt;">
  <p style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="5" valign="bottom" style="padding:0in .7pt 0in 0in;width:3.4pt;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7" valign="bottom" style="padding:0in 0in 0in 0in;width:5.0pt;">
  <p align="left" style="margin:0in 0in .0001pt;page-break-after:avoid;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
  </td>
  <td width="39" valign="bottom" style="padding:0in .7pt 0in 0in;width:29.0pt;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">0.1660</font></p>
  </td>
  <td width="5" valign="bottom" style="padding:0in .7pt 0in 0in;width:3.4pt;">
  <p style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2" valign="bottom" style="padding:0in .7pt 0in 0in;width:1.7pt;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr bgcolor="#CCEEFF" style="page-break-inside:avoid;">
  <td width="426" valign="top" style="padding:0in .7pt 0in 0in;width:319.65pt;">
  <p style="margin:0in 0in .0001pt 20.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">First Quarter</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0in .7pt 0in 0in;width:12.0pt;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="39" colspan="2" valign="bottom" style="padding:0in .7pt 0in 0in;width:29.0pt;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">20.60</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0in .7pt 0in 0in;width:12.0pt;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="39" colspan="2" valign="bottom" style="padding:0in .7pt 0in 0in;width:29.0pt;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">18.71</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0in .7pt 0in 0in;width:12.0pt;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="5" valign="bottom" style="padding:0in .7pt 0in 0in;width:3.4pt;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="45" colspan="2" valign="bottom" style="padding:0in .7pt 0in 0in;width:34.0pt;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">0.1600</font></p>
  </td>
  <td width="5" valign="bottom" style="padding:0in .7pt 0in 0in;width:3.4pt;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2" valign="bottom" style="padding:0in .7pt 0in 0in;width:1.7pt;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="426" valign="top" style="padding:0in .7pt 0in 0in;width:319.65pt;">
  <p style="margin:0in 0in .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">2006</font></b></p>
  </td>
  <td width="16" valign="bottom" style="padding:0in .7pt 0in 0in;width:12.0pt;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="39" colspan="2" valign="bottom" style="padding:0in .7pt 0in 0in;width:29.0pt;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0in .7pt 0in 0in;width:12.0pt;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="39" colspan="2" valign="bottom" style="padding:0in .7pt 0in 0in;width:29.0pt;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0in .7pt 0in 0in;width:12.0pt;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="5" valign="bottom" style="padding:0in .7pt 0in 0in;width:3.4pt;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="45" colspan="2" valign="bottom" style="padding:0in .7pt 0in 0in;width:34.0pt;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="5" valign="bottom" style="padding:0in .7pt 0in 0in;width:3.4pt;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2" valign="bottom" style="padding:0in .7pt 0in 0in;width:1.7pt;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr bgcolor="#CCEEFF" style="page-break-inside:avoid;">
  <td width="426" valign="top" style="padding:0in .7pt 0in 0in;width:319.65pt;">
  <p style="margin:0in 0in .0001pt 20.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Fourth Quarter</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0in .7pt 0in 0in;width:12.0pt;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7" valign="bottom" style="padding:0in 0in 0in 0in;width:5.0pt;">
  <p align="left" style="margin:0in 0in .0001pt;page-break-after:avoid;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
  </td>
  <td width="32" valign="bottom" style="padding:0in .7pt 0in 0in;width:24.0pt;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">19.70</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0in .7pt 0in 0in;width:12.0pt;">
  <p style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7" valign="bottom" style="padding:0in 0in 0in 0in;width:5.0pt;">
  <p align="left" style="margin:0in 0in .0001pt;page-break-after:avoid;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
  </td>
  <td width="32" valign="bottom" style="padding:0in .7pt 0in 0in;width:24.0pt;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">18.25</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0in .7pt 0in 0in;width:12.0pt;">
  <p style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="5" valign="bottom" style="padding:0in .7pt 0in 0in;width:3.4pt;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7" valign="bottom" style="padding:0in 0in 0in 0in;width:5.0pt;">
  <p align="left" style="margin:0in 0in .0001pt;page-break-after:avoid;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
  </td>
  <td width="39" valign="bottom" style="padding:0in .7pt 0in 0in;width:29.0pt;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">0.1600</font></p>
  </td>
  <td width="5" valign="bottom" style="padding:0in .7pt 0in 0in;width:3.4pt;">
  <p style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2" valign="bottom" style="padding:0in .7pt 0in 0in;width:1.7pt;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="426" valign="top" style="padding:0in .7pt 0in 0in;width:319.65pt;">
  <p style="margin:0in 0in .0001pt 20.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Third Quarter</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0in .7pt 0in 0in;width:12.0pt;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="39" colspan="2" valign="bottom" style="padding:0in .7pt 0in 0in;width:29.0pt;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">20.41</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0in .7pt 0in 0in;width:12.0pt;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="39" colspan="2" valign="bottom" style="padding:0in .7pt 0in 0in;width:29.0pt;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">18.03</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0in .7pt 0in 0in;width:12.0pt;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="5" valign="bottom" style="padding:0in .7pt 0in 0in;width:3.4pt;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="45" colspan="2" valign="bottom" style="padding:0in .7pt 0in 0in;width:34.0pt;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">0.1523</font></p>
  </td>
  <td width="5" valign="bottom" style="padding:0in .7pt 0in 0in;width:3.4pt;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2" valign="bottom" style="padding:0in .7pt 0in 0in;width:1.7pt;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr bgcolor="#CCEEFF" style="page-break-inside:avoid;">
  <td width="426" valign="top" style="padding:0in .7pt 0in 0in;width:319.65pt;">
  <p style="margin:0in 0in .0001pt 20.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Second Quarter</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0in .7pt 0in 0in;width:12.0pt;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="39" colspan="2" valign="bottom" style="padding:0in .7pt 0in 0in;width:29.0pt;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">22.27</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0in .7pt 0in 0in;width:12.0pt;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="39" colspan="2" valign="bottom" style="padding:0in .7pt 0in 0in;width:29.0pt;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">18.40</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0in .7pt 0in 0in;width:12.0pt;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="5" valign="bottom" style="padding:0in .7pt 0in 0in;width:3.4pt;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="45" colspan="2" valign="bottom" style="padding:0in .7pt 0in 0in;width:34.0pt;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">0.1523</font></p>
  </td>
  <td width="5" valign="bottom" style="padding:0in .7pt 0in 0in;width:3.4pt;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2" valign="bottom" style="padding:0in .7pt 0in 0in;width:1.7pt;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="426" valign="top" style="padding:0in .7pt 0in 0in;width:319.65pt;">
  <p style="margin:0in 0in .0001pt 20.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">First Quarter</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0in .7pt 0in 0in;width:12.0pt;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="39" colspan="2" valign="bottom" style="padding:0in .7pt 0in 0in;width:29.0pt;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">22.27</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0in .7pt 0in 0in;width:12.0pt;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="39" colspan="2" valign="bottom" style="padding:0in .7pt 0in 0in;width:29.0pt;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">19.42</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0in .7pt 0in 0in;width:12.0pt;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="5" valign="bottom" style="padding:0in .7pt 0in 0in;width:3.4pt;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="45" colspan="2" valign="bottom" style="padding:0in .7pt 0in 0in;width:34.0pt;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">0.1488</font></p>
  </td>
  <td width="5" valign="bottom" style="padding:0in .7pt 0in 0in;width:3.4pt;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2" valign="bottom" style="padding:0in .7pt 0in 0in;width:1.7pt;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr bgcolor="#CCEEFF" style="page-break-inside:avoid;">
  <td width="426" valign="top" style="padding:0in .7pt 0in 0in;width:319.65pt;">
  <p style="margin:0in 0in .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">2005</font></b></p>
  </td>
  <td width="16" valign="bottom" style="padding:0in .7pt 0in 0in;width:12.0pt;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="39" colspan="2" valign="bottom" style="padding:0in .7pt 0in 0in;width:29.0pt;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0in .7pt 0in 0in;width:12.0pt;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="39" colspan="2" valign="bottom" style="padding:0in .7pt 0in 0in;width:29.0pt;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0in .7pt 0in 0in;width:12.0pt;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="5" valign="bottom" style="padding:0in .7pt 0in 0in;width:3.4pt;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="45" colspan="2" valign="bottom" style="padding:0in .7pt 0in 0in;width:34.0pt;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="5" valign="bottom" style="padding:0in .7pt 0in 0in;width:3.4pt;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2" valign="bottom" style="padding:0in .7pt 0in 0in;width:1.7pt;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="426" valign="top" style="padding:0in .7pt 0in 0in;width:319.65pt;">
  <p style="margin:0in 0in .0001pt 20.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Fourth Quarter</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0in .7pt 0in 0in;width:12.0pt;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7" valign="bottom" style="padding:0in 0in 0in 0in;width:5.0pt;">
  <p align="left" style="margin:0in 0in .0001pt;page-break-after:avoid;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
  </td>
  <td width="32" valign="bottom" style="padding:0in .7pt 0in 0in;width:24.0pt;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">20.67</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0in .7pt 0in 0in;width:12.0pt;">
  <p style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7" valign="bottom" style="padding:0in 0in 0in 0in;width:5.0pt;">
  <p align="left" style="margin:0in 0in .0001pt;page-break-after:avoid;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
  </td>
  <td width="32" valign="bottom" style="padding:0in .7pt 0in 0in;width:24.0pt;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">19.29</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0in .7pt 0in 0in;width:12.0pt;">
  <p style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="5" valign="bottom" style="padding:0in .7pt 0in 0in;width:3.4pt;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7" valign="bottom" style="padding:0in 0in 0in 0in;width:5.0pt;">
  <p align="left" style="margin:0in 0in .0001pt;page-break-after:avoid;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
  </td>
  <td width="39" valign="bottom" style="padding:0in .7pt 0in 0in;width:29.0pt;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">0.1488</font></p>
  </td>
  <td width="5" valign="bottom" style="padding:0in .7pt 0in 0in;width:3.4pt;">
  <p style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2" valign="bottom" style="padding:0in .7pt 0in 0in;width:1.7pt;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr bgcolor="#CCEEFF" style="page-break-inside:avoid;">
  <td width="426" valign="top" style="padding:0in .7pt 0in 0in;width:319.65pt;">
  <p style="margin:0in 0in .0001pt 20.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Third Quarter</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0in .7pt 0in 0in;width:12.0pt;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="39" colspan="2" valign="bottom" style="padding:0in .7pt 0in 0in;width:29.0pt;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">21.93</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0in .7pt 0in 0in;width:12.0pt;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="39" colspan="2" valign="bottom" style="padding:0in .7pt 0in 0in;width:29.0pt;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">19.68</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0in .7pt 0in 0in;width:12.0pt;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="5" valign="bottom" style="padding:0in .7pt 0in 0in;width:3.4pt;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="45" colspan="2" valign="bottom" style="padding:0in .7pt 0in 0in;width:34.0pt;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">0.1450</font></p>
  </td>
  <td width="5" valign="bottom" style="padding:0in .7pt 0in 0in;width:3.4pt;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2" valign="bottom" style="padding:0in .7pt 0in 0in;width:1.7pt;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="426" valign="top" style="padding:0in .7pt 0in 0in;width:319.65pt;">
  <p style="margin:0in 0in .0001pt 20.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Second Quarter</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0in .7pt 0in 0in;width:12.0pt;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="39" colspan="2" valign="bottom" style="padding:0in .7pt 0in 0in;width:29.0pt;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">21.99</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0in .7pt 0in 0in;width:12.0pt;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="39" colspan="2" valign="bottom" style="padding:0in .7pt 0in 0in;width:29.0pt;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">17.43</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0in .7pt 0in 0in;width:12.0pt;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="5" valign="bottom" style="padding:0in .7pt 0in 0in;width:3.4pt;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="45" colspan="2" valign="bottom" style="padding:0in .7pt 0in 0in;width:34.0pt;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">0.1450</font></p>
  </td>
  <td width="5" valign="bottom" style="padding:0in .7pt 0in 0in;width:3.4pt;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2" valign="bottom" style="padding:0in .7pt 0in 0in;width:1.7pt;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr bgcolor="#CCEEFF" style="page-break-inside:avoid;">
  <td width="426" valign="top" style="padding:0in .7pt 0in 0in;width:319.65pt;">
  <p style="margin:0in 0in .0001pt 20.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">First Quarter</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0in .7pt 0in 0in;width:12.0pt;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="39" colspan="2" valign="bottom" style="padding:0in .7pt 0in 0in;width:29.0pt;">
  <p style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">19.63</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0in .7pt 0in 0in;width:12.0pt;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="39" colspan="2" valign="bottom" style="padding:0in .7pt 0in 0in;width:29.0pt;">
  <p style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">17.35</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0in .7pt 0in 0in;width:12.0pt;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="5" valign="bottom" style="padding:0in .7pt 0in 0in;width:3.4pt;">
  <p style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="45" colspan="2" valign="bottom" style="padding:0in .7pt 0in 0in;width:34.0pt;">
  <p style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">0.1417</font></p>
  </td>
  <td width="5" valign="bottom" style="padding:0in .7pt 0in 0in;width:3.4pt;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2" valign="bottom" style="padding:0in .7pt 0in 0in;width:1.7pt;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
</table>

</div>

<p style="line-height:1.0pt;margin:0in 0in 12.0pt;"><font size="1" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">On April&nbsp;25, 2007, we approved an increase of
3.75% raising our quarterly dividend to $0.1660 per share payable on May&nbsp;25,
2007 to stockholders of record on May&nbsp;10, 2007.</font></p>

<p style="margin:0in 0in 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Our Class&nbsp;B Common Stock is quoted on the OTC
Bulletin Board under the symbol &#147;ARTNB.OB.&#148; There has been a limited and
sporadic public trading market for the Class&nbsp;B Common Stock. As of May&nbsp;30,
2007, the last reported trade of the Class&nbsp;B Common Stock on the OTC
Bulletin Board was at a price of $32.00 per share on March&nbsp;30, 2007. As of
May&nbsp;30, 2007, we had 187 holders of record of the Class&nbsp;B Common
Stock. The Class&nbsp;B Common Stock receives the same dividend per share as
the Class&nbsp;A Non-Voting Common Stock.</font></p>


 <p style="margin:24.0pt 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">S-9</font></p>
</div><br><hr size="3" width="100%" noshade color="#010101" align="center">

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<br clear="all" style="page-break-before:always;">
<div>


<p style="font-weight:bold;margin:0pt 0pt 6.0pt;page-break-after:avoid;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">UNDERWRITING<a name="Underwriting_164013"></a></font></b></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Janney Montgomery Scott LLC and Edward D. Jones&nbsp;&amp;
Co., L.P. are the underwriters. Subject to the terms and conditions of the
underwriting agreement dated &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;,
2007, the underwriters have agreed to purchase, and we have agreed to sell to
the underwriters, the number of shares of Class&nbsp;A Non-Voting Common Stock
set forth opposite their respective names below at the public offering price
less the underwriting discount on the cover page&nbsp;of this prospectus
supplement.</font></p>

<div align="center" style="font-family:Times New Roman;">

<table border="0" cellspacing="0" cellpadding="0" style="border-collapse:collapse;">
 <tr style="page-break-inside:avoid;">
  <td width="59" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:44.15pt;">
  <p align="left" style="font-size:8.0pt;font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:left;"><!-- SET mrlHTMLTableCenter -->Underwriter</p>
  </td>
  <td width="7" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:5.0pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="416" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:312.1pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="55" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:41.5pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">Number&nbsp;of<br>
  Shares</font></b></p>
  </td>
  <td width="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.7pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr bgcolor="#CCEEFF" style="page-break-inside:avoid;">
  <td width="482" colspan="3" valign="top" style="padding:0pt .7pt 0pt 0pt;width:361.25pt;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Janney Montgomery
  Scott LLC</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="55" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:41.5pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.7pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="482" colspan="3" valign="top" style="padding:0pt .7pt 0pt 0pt;width:361.25pt;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Edward D.
  Jones&nbsp;&amp; Co., L.P.</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="55" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:41.5pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.7pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr bgcolor="#CCEEFF" style="page-break-inside:avoid;">
  <td width="482" colspan="3" valign="top" style="padding:0pt .7pt 0pt 0pt;width:361.25pt;">
  <p style="margin:4.0pt 0pt .0001pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Total</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:4.0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="55" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0pt .7pt 0pt 0pt;width:41.5pt;">
  <p style="margin:4.0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1,000,000</font></p>
  </td>
  <td width="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.7pt;">
  <p style="margin:4.0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
</table>

</div>

<p style="line-height:1.0pt;margin:0pt 0pt 12.0pt;"><font size="1" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The underwriting agreement provides that obligations
of the underwriters to purchase the shares of the Class&nbsp;A Non-Voting
Common Stock that are being offered are subject to the approval of certain
legal matters by counsel to the underwriters and to certain other conditions.
Each underwriter is obligated to purchase all of the shares of the Class&nbsp;A
Non-Voting Common Stock being offered by this prospectus supplement (other than
shares of Class&nbsp;A Non-Voting Common Stock covered by the over-allotment
option described below) if it purchases any of the shares of Class&nbsp;A
Non-Voting Common Stock.</font></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The underwriters propose to offer some of the shares
of Class&nbsp;A Non-Voting Common Stock to the public initially at the offering
price per share shown on the cover page&nbsp;of this prospectus supplement and
may offer shares to certain dealers at such price less a concession not in
excess of $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; per share. The underwriters may
allow, and such dealers may reallow, a concession not in excess of $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
per share to certain other dealers. After the public offering of the Class&nbsp;A
Non-Voting Common Stock, the public offering price and the concessions may be
changed by the underwriters.</font></p>

<p style="margin:0pt 0pt 12.0pt;page-break-after:avoid;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The
following table shows the per share and total underwriting discount to be paid
to the underwriters by us. These amounts are shown assuming both no exercise
and full exercise of the underwriters&#146; option to purchase the over-allotment
shares: </font></p>

<div align="center">

<table border="0" cellspacing="0" cellpadding="0" style="border-collapse:collapse;">
 <tr style="page-break-inside:avoid;">
  <td width="254" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:190.35pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="160" colspan="5" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:120.1pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">Per&nbsp;Share</font></b></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="160" colspan="5" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:120.1pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">Total</font></b></p>
  </td>
  <td width="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.7pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="254" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:190.35pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="72" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:54.05pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">Without<br>
  Over-allotment</font></b></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="72" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:54.05pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">With<br>
  Over-allotment</font></b></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="72" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:54.05pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">Without<br>
  Over-allotment</font></b></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="72" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:54.05pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">With<br>
  Over-allotment</font></b></p>
  </td>
  <td width="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.7pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr bgcolor="#CCEEFF" style="page-break-inside:avoid;">
  <td width="254" valign="top" style="padding:0pt .7pt 0pt 0pt;width:190.35pt;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Underwriting
  discounts and commissions to be paid by us</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7" valign="bottom" style="padding:0pt 0pt 0pt 0pt;width:5.0pt;">
  <p align="left" style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
  </td>
  <td width="65" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:49.05pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7" valign="bottom" style="padding:0pt 0pt 0pt 0pt;width:5.0pt;">
  <p align="left" style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
  </td>
  <td width="65" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:49.05pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7" valign="bottom" style="padding:0pt 0pt 0pt 0pt;width:5.0pt;">
  <p align="left" style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
  </td>
  <td width="65" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:49.05pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7" valign="bottom" style="padding:0pt 0pt 0pt 0pt;width:5.0pt;">
  <p align="left" style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
  </td>
  <td width="65" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:49.05pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
  </td>
  <td width="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.7pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr height="0">
  <td width="254" style="border:none;"></td>
  <td width="16" style="border:none;"></td>
  <td width="7" style="border:none;"></td>
  <td width="65" style="border:none;"></td>
  <td width="16" style="border:none;"></td>
  <td width="7" style="border:none;"></td>
  <td width="65" style="border:none;"></td>
  <td width="16" style="border:none;"></td>
  <td width="7" style="border:none;"></td>
  <td width="65" style="border:none;"></td>
  <td width="16" style="border:none;"></td>
  <td width="7" style="border:none;"></td>
  <td width="65" style="border:none;"></td>
  <td width="2" style="border:none;"></td>
 </tr>
</table>

</div>

<p style="line-height:1.0pt;margin:0pt 0pt 12.0pt;"><font size="1" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">We estimate that our out-of-pocket expenses for this
offering, including the non-accountable expense allowance of $50,000 to be paid
to the underwriters will be approximately $400,000.</font></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">We have granted to the underwriters an option,
exercisable for up to 30 days after the date of this prospectus supplement, to
purchase up to 150,000 additional shares of Class&nbsp;A Non-Voting Common
Stock, at the same price per share as the public offering price, less the
underwriting discounts and commissions shown on the cover page&nbsp;of this
prospectus supplement. The underwriters may exercise such option only to cover
over-allotments in the sale of the shares of Class&nbsp;A Non-Voting Common
Stock offered by this prospectus supplement. To the extent the underwriters
exercise this option, each of the underwriters has a firm commitment, subject
to certain conditions, to purchase a number of the additional shares of Class&nbsp;A
Non-Voting Common Stock proportionate to such underwriter&#146;s initial commitment
as indicated in the table above that lists the underwriters.</font></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In connection with this offering and in compliance
with applicable securities laws, the underwriters may over-allot (i.e., sell
more shares of Class&nbsp;A Non-Voting Common Stock than is shown on the cover page&nbsp;of
this prospectus supplement) and may effect transactions that stabilize,
maintain or otherwise affect </font></p>


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<p style="margin:0pt 0pt 6.0pt;text-indent:0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">the market price of the Class&nbsp;A
Non-Voting Common Stock at levels above those which might otherwise prevail in
the open market. Such transactions may include placing bids for the Class&nbsp;A
Non-Voting Common Stock or effecting purchases of the Class&nbsp;A Non-Voting
Common Stock for the purpose of pegging, fixing or maintaining the price of the
Class&nbsp;A Non-Voting Common Stock or for the purpose of reducing a short
position created in connection with the offering. A short position may be
covered by exercise of the over-allotment option described above in place of or
in addition to open market purchases.</font></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Additionally, the underwriters may engage in syndicate
covering transactions, which involve purchases of shares of the Class&nbsp;A
Non-Voting Common Stock in the open market after the distribution has been
completed in order to cover syndicate short positions.</font></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The underwriters may also impose a penalty bid.
Penalty bids permit the underwriters to reclaim a selling concession from a
syndicate member when the shares of the Class&nbsp;A Non-Voting Common Stock
originally sold by that syndicate member are purchased in a stabilizing
transaction or syndicate covering transaction to cover syndicate short
positions. The imposition of a penalty bid may have an effect on the price of
the Class&nbsp;A Non-Voting Common Stock to the extent that it may discourage
resales of the Class&nbsp;A Non-Voting Common Stock.</font></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In connection with this offering, the underwriters,
selling group members or their respective affiliates who are qualified market
makers on the NASDAQ Global Market may engage in passive market making
transactions in our Class&nbsp;A Non-Voting Common Stock on the NASDAQ Global
Market in accordance with Rule&nbsp;103 of Regulation M under the Securities
Exchange Act of 1934, as amended, during the five business days prior to the
pricing of the offering before the commencement of offers and sales of the Class&nbsp;A
Non-Voting Common Stock. Passive market makers must comply with applicable
volume and price limitations and must be identified as such. In general, a
passive market maker must display its bid at a price not in excess of the highest
independent bid for such security. If all independent bids are lowered below
the passive market maker&#146;s bid, however, such bid must then be lowered when
certain purchase limits are exceeded.</font></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">We and the underwriters make no representation or
prediction as to the direction or magnitude of any effect that these
transactions may have on the price of the Class&nbsp;A Non-Voting Common Stock.
In addition, we and the underwriters make no representation that the underwriters
will engage in such transactions or that such transactions, once commenced,
will not be discontinued without notice.</font></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Each underwriter does not intend to confirm sales of
the Class&nbsp;A Non-Voting Common Stock to any accounts over which it
exercises discretionary authority.</font></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Our directors, executive officers and 10% stockholders
have agreed that they will not, directly or indirectly, sell or otherwise
dispose of any of our Class&nbsp;A Non-Voting Common Stock or our Class&nbsp;B
Common Stock for a period of 90 days after the completion of this offering, without
the prior written consent of Janney Montgomery Scott LLC, on behalf of the
underwriters. Together, this group owns, prior to the offering, 6.1% of the
outstanding shares of Class&nbsp;A Non-Voting Common Stock, 70.3% of the
outstanding shares of Class&nbsp;B Common Stock and 98.8% of the outstanding
options to purchase Class&nbsp;A Non-Voting Common Stock. We have also agreed
to make no such sales during this period except in connection with the issuance
of shares pursuant to our stock option plans, 401(k)&nbsp;and supplemental
retirement plans and dividend reinvestment plan.</font></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">We have agreed to indemnify the underwriters against
certain liabilities that may be incurred in connection with this offering,
including liabilities under the Securities Act.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The shares of Class&nbsp;A
Non-Voting Common Stock are listed on the NASDAQ Global Market under the symbol
&#147;ARTNA.&#148;</font></p>


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<p style="font-weight:bold;margin:0pt 0pt 6.0pt;page-break-after:avoid;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">EXPERTS<a name="Experts_170409"></a></font></b></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The consolidated financial
statements and schedules and management&#146;s report on the effectiveness of
internal control over financial reporting incorporated by reference in the
accompanying prospectus have been audited by BDO Seidman, LLP, an independent
registered public accounting firm, to the extent and for the periods set forth
in their reports incorporated by reference in the accompanying prospectus, and
are incorporated therein in reliance upon such reports given upon the authority
of said firm as experts in auditing and accounting.</font></p>

<p style="font-weight:bold;margin:0pt 0pt 6.0pt;page-break-after:avoid;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">LEGAL MATTERS<a name="LegalMatters_170412"></a></font></b></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The validity of the common shares offered hereby and
certain other legal matters will be passed upon for us by Morgan, Lewis&nbsp;&amp;
Bockius LLP, Philadelphia, Pennsylvania. Certain legal matters related to the
offering will be passed upon for the underwriters by Ballard Spahr Andrews&nbsp;&amp;
Ingersoll, LLP, Philadelphia, Pennsylvania.</font></p>


 <p style="margin:24.0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">S-12</font></p>
</div><br><hr size="3" width="100%" noshade color="#010101" align="center">

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<div>

<p align="center" style="font-weight:bold;margin:0pt 0pt 6.0pt 10.0pt;page-break-after:avoid;text-align:center;text-indent:-10.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">PROSPECTUS<a name="Prospectus_064822"></a></font></b></p>

<p style="font-weight:bold;margin:0pt 0pt 6.0pt;page-break-after:avoid;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">ARTESIAN RESOURCES
CORPORATION<a name="ArtesianResourcesCorporation_064828"></a><br>
$30,000,000<a name="a30000000_064830"></a><br>
CLASS&nbsp;A NON-VOTING COMMON STOCK<a name="ClassaNonvotingCommonStock_064830"></a></font></b></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Artesian Resources Corporation may offer up to
$30,000,000 of Class&nbsp;A Non-Voting Common Stock from time to time. When we
offer these securities, we will provide a prospectus supplement containing the
specific terms of that offering. This prospectus may not be used to consummate
sales of these securities unless accompanied by a prospectus supplement.</font></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">We will receive all proceeds from the sale of
securities hereunder.</font></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Our Class&nbsp;A Common Stock is traded on the NASDAQ
Global Market under the symbol &#147;ARTNA.&#148; On August&nbsp;14, 2006, the closing
sale price of our Class&nbsp;A Non-Voting Common Stock on NASDAQ was $19.10 per
share. You are urged to obtain current market quotations for our Class&nbsp;A
Non-Voting Common Stock.</font></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Investing in our securities involves a high degree
of risk. See &#147;risk factors&#148; commencing on page 6.</font></b></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:20.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Neither
the Securities and Exchange Commission nor any state securities commission has
approved or disapproved of these securities or determined if this prospectus is
truthful or complete. Any representation to the contrary is a criminal offense.</font></b></p>

<p style="font-weight:bold;margin:0pt 0pt 6.0pt;page-break-after:avoid;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;">The date of this prospectus is August&nbsp;15, 2006.<a name="TheDateOfThisProspectusIsAugust15_064923"></a></font></b></p>

</div><br><hr size="3" width="100%" noshade color="#010101" align="center">

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<div>


<p style="font-weight:bold;margin:0pt 0pt 12.0pt;page-break-after:avoid;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">TABLE
OF CONTENTS<a name="TableOfContents_065025"></a></font></b></p>

<div align="center">

<table border="0" cellspacing="0" cellpadding="0" style="border-collapse:collapse;">
 <tr style="page-break-inside:avoid;">
  <td width="584" valign="top" style="padding:0pt .7pt 0pt 0pt;width:438.3pt;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#AboutThisProspectus_041314"><!-- SET mrlNoTableShading -->About this Prospectus</a></font></p>
  </td>
  <td width="18" valign="top" style="padding:0pt .7pt 0pt 0pt;width:13.5pt;">
  <p align="right" style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2</font></p>
  </td>
  <td width="6" valign="top" style="padding:0pt .7pt 0pt 0pt;width:4.5pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="584" valign="top" style="padding:0pt .7pt 0pt 0pt;width:438.3pt;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#ArtesianResourcesCorporation_041621">About Artesian Resources
  Corporation</a></font></p>
  </td>
  <td width="18" valign="top" style="padding:0pt .7pt 0pt 0pt;width:13.5pt;">
  <p align="right" style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3</font></p>
  </td>
  <td width="6" valign="top" style="padding:0pt .7pt 0pt 0pt;width:4.5pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="584" valign="top" style="padding:0pt .7pt 0pt 0pt;width:438.3pt;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#RiskFactors_052450">Risk Factors</a></font></p>
  </td>
  <td width="18" valign="top" style="padding:0pt .7pt 0pt 0pt;width:13.5pt;">
  <p align="right" style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">6</font></p>
  </td>
  <td width="6" valign="top" style="padding:0pt .7pt 0pt 0pt;width:4.5pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="584" valign="top" style="padding:0pt .7pt 0pt 0pt;width:438.3pt;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#SpecialNoteRegardingForwardlookin_060534">Special Note Regarding
  Forward-Looking Statements</a></font></p>
  </td>
  <td width="18" valign="top" style="padding:0pt .7pt 0pt 0pt;width:13.5pt;">
  <p align="right" style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">10</font></p>
  </td>
  <td width="6" valign="top" style="padding:0pt .7pt 0pt 0pt;width:4.5pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="584" valign="top" style="padding:0pt .7pt 0pt 0pt;width:438.3pt;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#UseOfProceeds_060543">Use of Proceeds</a></font></p>
  </td>
  <td width="18" valign="top" style="padding:0pt .7pt 0pt 0pt;width:13.5pt;">
  <p align="right" style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">10</font></p>
  </td>
  <td width="6" valign="top" style="padding:0pt .7pt 0pt 0pt;width:4.5pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="584" valign="top" style="padding:0pt .7pt 0pt 0pt;width:438.3pt;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#DescriptionOfCapitalStock_060557">Description of Capital Stock</a></font></p>
  </td>
  <td width="18" valign="top" style="padding:0pt .7pt 0pt 0pt;width:13.5pt;">
  <p align="right" style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">11</font></p>
  </td>
  <td width="6" valign="top" style="padding:0pt .7pt 0pt 0pt;width:4.5pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="584" valign="top" style="padding:0pt .7pt 0pt 0pt;width:438.3pt;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#PlanOfDistribution_063126">Plan of Distribution</a></font></p>
  </td>
  <td width="18" valign="top" style="padding:0pt .7pt 0pt 0pt;width:13.5pt;">
  <p align="right" style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">18</font></p>
  </td>
  <td width="6" valign="top" style="padding:0pt .7pt 0pt 0pt;width:4.5pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="584" valign="top" style="padding:0pt .7pt 0pt 0pt;width:438.3pt;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#LegalMatters_063216">Legal Matters</a></font></p>
  </td>
  <td width="18" valign="top" style="padding:0pt .7pt 0pt 0pt;width:13.5pt;">
  <p align="right" style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">20</font></p>
  </td>
  <td width="6" valign="top" style="padding:0pt .7pt 0pt 0pt;width:4.5pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="584" valign="top" style="padding:0pt .7pt 0pt 0pt;width:438.3pt;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Experts_063218">Experts</a></font></p>
  </td>
  <td width="18" valign="top" style="padding:0pt .7pt 0pt 0pt;width:13.5pt;">
  <p align="right" style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">20</font></p>
  </td>
  <td width="6" valign="top" style="padding:0pt .7pt 0pt 0pt;width:4.5pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="584" valign="top" style="padding:0pt .7pt 0pt 0pt;width:438.3pt;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#WhereYouCanFindMoreInformation_063226">Where You Can Find More
  Information</a></font></p>
  </td>
  <td width="18" valign="top" style="padding:0pt .7pt 0pt 0pt;width:13.5pt;">
  <p align="right" style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">20</font></p>
  </td>
  <td width="6" valign="top" style="padding:0pt .7pt 0pt 0pt;width:4.5pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="584" valign="top" style="padding:0pt .7pt 0pt 0pt;width:438.3pt;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#InformationIncorporatedByReferenc_063229">Information
  Incorporated By Reference</a></font></p>
  </td>
  <td width="18" valign="top" style="padding:0pt .7pt 0pt 0pt;width:13.5pt;">
  <p align="right" style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">20</font></p>
  </td>
  <td width="6" valign="top" style="padding:0pt .7pt 0pt 0pt;width:4.5pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
</table>

</div>

<p style="line-height:1.0pt;margin:0pt 0pt 12.0pt;"><font size="1" face="Times New Roman">&nbsp;</font></p>


 <p style="font-size:10.0pt;margin:24.0pt 0pt .0001pt;text-align:center;"><font face="Times New Roman">i</font></p>
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<p style="font-weight:bold;margin:0pt 0pt 6.0pt;page-break-after:avoid;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">ABOUT THIS
PROSPECTUS<a name="AboutThisProspectus_041314"></a></font></b></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">This prospectus is part of a registration statement
that we filed with the Securities and Exchange Commission using a &#147;shelf&#148;
registration or continuous offering process. We may from time to time sell Class&nbsp;A
Non-Voting Common Stock in one or more offerings up to a total dollar amount of
$30,000,000.</font></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Each time we sell these securities, we will provide
you with a prospectus supplement containing specific information about the
terms of each such sale. This prospectus may not be used to sell any of the
securities unless accompanied by a prospectus supplement. The prospectus
supplement also may add, update or change information in this prospectus. If
there is any inconsistency between the information in the prospectus and the
prospectus supplement, you should rely on the information in the prospectus
supplement. You should read both this prospectus and any prospectus supplement
together with additional information described under the heading &#147;Where You Can
Find More Information&#148; beginning on page&nbsp;20 of this prospectus.</font></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Unless otherwise indicated or unless the context
otherwise requires, all references in this prospectus to &#147;we,&#148; &#147;us,&#148; the &#147;Company&#148;
or similar references mean Artesian Resources Corporation and its subsidiaries.</font></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">You should rely only on the information contained in
this prospectus or in a prospectus supplement or amendment. We have not
authorized anyone to provide you with information different from that contained
or incorporated by reference in this prospectus. We may offer to sell, and seek
offers to buy these securities only in jurisdictions where offers and sales are
permitted. The information contained in or incorporated by reference in this
prospectus is accurate only as of the date of this prospectus, regardless of
the time of delivery of this prospectus or of any sale of securities.</font></p>


 <p style="font-size:10.0pt;margin:24.0pt 0pt .0001pt;text-align:center;"><font face="Times New Roman">2</font></p>
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<p style="font-weight:bold;margin:0pt 0pt 6.0pt;page-break-after:avoid;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">ARTESIAN RESOURCES
CORPORATION<a name="ArtesianResourcesCorporation_041621"></a></font></b></p>

<p style="font-weight:bold;margin:0pt 0pt 6.0pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Our C<a name="OurCompany_042801"></a>ompany</font></b></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Artesian Resources
Corporation is the parent holding company of three regulated public utilities:
Artesian Water Company,&nbsp;Inc., Artesian Water Pennsylvania,&nbsp;Inc. and
Artesian Wastewater Management,&nbsp;Inc., and two non-regulated subsidiaries:
Artesian Utility Development,&nbsp;Inc. and Artesian Development Corporation.
The business activities conducted by each subsidiary are discussed below.</font></p>

<p style="font-style:italic;font-weight:bold;margin:0pt 0pt 6.0pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><a name="ArtesianWaterCompanyInc__042803"></a><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;">Artesian Water
Company, Inc.</font></i></b></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Our principal subsidiary, Artesian Water Company,&nbsp;Inc.,
or Artesian Water, is the oldest and largest public water utility in the State
of Delaware, and has been providing water service within the state since 1905.
We distribute and sell water to residential, commercial, industrial,
governmental, municipal and utility customers throughout the State of Delaware.
As of December&nbsp;31, 2005, we had approximately 72,400 metered customers and
served a population of approximately 239,000 (including contract services),
representing approximately 28% of Delaware&#146;s total population. We also provide
water for public and private fire protection to customers in our service
territories. Our water customer base is diversified among residential,
commercial and industrial customers. Our gross water sales revenue for 2005 was
approximately $41.6 million, and our percentages of gross water sales revenue
by major customer classifications were 62% for residential, 31% for commercial,
industrial, governmental, municipal and utility, and 7% for public fire
protection. Substantially all of our water customers are metered, which enables
us to measure and bill for our customers&#146; water consumption.</font></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Our current primary market area is the State of
Delaware, which had a population of approximately 844,000 at July&nbsp;1, 2005.
Substantial portions of Delaware, particularly outside of New Castle County,
are not served by a public water system and represent potential opportunities
for us to obtain new exclusive franchised service areas. We continue to focus
resources on developing and serving existing service territories and obtaining
new territories throughout the State. In 2005, we added approximately 28 square
miles of franchised service area. In addition, we hold Certificates of Public
Convenience and Necessity, or CPCNs, which provide us with the exclusive right
to serve all existing and new customers for approximately 186 square miles of
exclusive service territory or about 9.5% of the total square miles in
Delaware. The pursuit of new service territory in the State of Delaware by
water companies is competitive. Our strategy is to continue our efforts to
acquire additional exclusive service areas, although the future rate of
increase will depend upon interest rates, land use rules&nbsp;and our ability
to enter into agreements with landowners, developers or municipalities.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">As a public utility, we
are regulated by the Delaware Public Service Commission, or the PSC, with
respect to rates and charges for service, the sale and issuance of securities,
mergers and other matters. We periodically seek rate increases to cover the
cost of increased operating expenses, increased financing expenses due to
additional investments in utility plant and other costs of doing business. The
timing of our rate increase requests are therefore dependent upon the estimated
cost of the administrative process in relation to the investments and expenses
that we hope to recover through the rate increase. There is no guarantee that
our rate increase requests will be granted by applicable regulatory agencies;
or that such requests will be granted in a timely manner or in sufficient
amount to cover the investments and expenses for which we initially sought the
rate increase.</font></p>

<p style="font-style:italic;font-weight:bold;margin:0pt 0pt 6.0pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><a name="ArtesianWaterPennsylvaniaInc__042814"></a><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;">Artesian Water Pennsylvania, Inc.</font></i></b></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Our other water utility
subsidiary, Artesian Water Pennsylvania,&nbsp;Inc., began operations as a
regulated public water utility in Pennsylvania in 2002. As of December&nbsp;31,
2005, we provided water service to a residential community consisting of 39
customers in Chester County. On February&nbsp;4, 2005,&#160;&#160; we received </font></p>


 <p style="font-size:10.0pt;margin:24.0pt 0pt .0001pt;text-align:center;"><font face="Times New Roman">3</font></p> <br><hr size="3" width="100%" noshade color="#010101" align="center">

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<p style="margin:0pt 0pt 12.0pt;text-indent:0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">approval
to expand our service area in Pennsylvania by providing services to four
specific developments that are expected to add 350 customers over ten years.</font></p>

<p style="font-style:italic;font-weight:bold;margin:0pt 0pt 6.0pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><a name="ArtesianWastewaterManagementInc__042823"></a><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;">Artesian Wastewater Management, Inc.</font></i></b></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Our third utility
subsidiary, Artesian Wastewater Management,&nbsp;Inc., owns wastewater infrastructure
and provides wastewater services to customers in Delaware. We were recognized
as a regulated public wastewater utility by the PSC in March&nbsp;2005, and
began providing service to a planned 725 home residential community in Sussex
County, Delaware in July&nbsp;2005. Our rate and tariff for serving this
community was approved by the PSC. In addition, we have approval to provide
service to a planned 97 home residential community in Sussex County, Delaware,
and we began serving this community in February&nbsp;2006. As of December 31,
2005, we provided wastewater services to 35 customers.</font></p>

<p style="font-style:italic;font-weight:bold;margin:0pt 0pt 6.0pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;">Artesian Utility Development, Inc.<a name="ArtesianUtilityDevelopmentInc__042829"></a></font></i></b></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Artesian Utility
Development,&nbsp;Inc., a non-regulated subsidiary, was formed in 1996. It is
contracted to design and build wastewater infrastructure and provide wastewater
treatment and management services, and is a one-third participant in a limited
liability company that develops and markets proposals for design, construction
and operation of wastewater facilities.</font></p>

<p style="font-style:italic;font-weight:bold;margin:0pt 0pt 6.0pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><a name="ArtesianDevelopmentCorporation_042832"></a><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;">Artesian Development Corporation</font></i></b></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The sole operation of our
other non-regulated subsidiary, Artesian Development Corporation, is the
ownership of an eleven-acre parcel of land zoned for office buildings located
immediately adjacent to our corporate headquarters. Out of the eleven acre
parcel of land, four acres are under a contract for sale. According to the
contract, the sale must close no later than August&nbsp;2006. The sale is
contingent on the buyer&#146;s ability to obtain all governmental approvals necessary
to construct a medical office facility of at least 42,000 square feet of
leasable space and an acceptable environmental audit report. If the buyer fails
to perform any of the terms or conditions specified in the contract, Artesian
Development Corporation has the right and option to declare this contract null
and void. This option expires in August&nbsp;2006.</font></p>


 <p style="font-size:10.0pt;margin:24.0pt 0pt .0001pt;text-align:center;"><font face="Times New Roman">4</font></p> <br><hr size="3" width="100%" noshade color="#010101" align="center">

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<p style="font-weight:bold;margin:0pt 0pt 6.0pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><a name="RecentStockDividend_042839"></a><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Recent Stock Dividend</font></b></p>

<p style="margin:0pt 0pt 12.0pt;page-break-after:avoid;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">On May&nbsp;12,
2006, the Company&#146;s Board of Directors approved a three for two stock split in
the form of a stock dividend. Shareholders of record on May 30, 2006 received
one additional share for each two shares held. All share and per share
information presented below for each of the five years in the 5-year period
ended December&nbsp;31, 2005 are derived from the audited financial statements of
the Company and for the three months ended March&nbsp;31, 2006 are derived from
the Form&nbsp;10-Q for the quarterly period ended March&nbsp;31, 2006 and
have been restated to retroactively show the effect of the stock split.</font></p>

<div align="center">

<table border="0" cellspacing="0" cellpadding="0" style="border-collapse:collapse;">
 <tr style="page-break-inside:avoid;">
  <td width="201" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:151.05pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="11" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:7.95pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="67" colspan="4" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:50.5pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">Three&nbsp;Months<br>
  Ended<br>
  March&nbsp;31,</font></b></p>
  </td>
  <td width="11" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:8.0pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="67" colspan="4" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:50.5pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">Three&nbsp;Months<br>
  Ended<br>
  March&nbsp;31,</font></b></p>
  </td>
  <td width="11" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:8.0pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="39" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:29.0pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="11" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:8.0pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="39" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:29.0pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="11" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:8.0pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="39" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:29.0pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="11" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:8.1pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="39" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:29.0pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="11" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:8.0pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="39" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:29.0pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.7pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="201" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:151.05pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="11" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:7.95pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="67" colspan="4" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:50.5pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">2006</font></b></p>
  </td>
  <td width="11" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:8.0pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="67" colspan="4" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:50.5pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">2005</font></b></p>
  </td>
  <td width="11" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:8.0pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="39" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:29.0pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">2005</font></b></p>
  </td>
  <td width="11" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:8.0pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="39" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:29.0pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">2004</font></b></p>
  </td>
  <td width="11" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:8.0pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="39" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:29.0pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">2003</font></b></p>
  </td>
  <td width="11" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:8.1pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="39" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:29.0pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">2002</font></b></p>
  </td>
  <td width="11" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:8.0pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="39" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:29.0pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">2001</font></b></p>
  </td>
  <td width="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.7pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr bgcolor="#CCEEFF" style="page-break-inside:avoid;">
  <td width="201" valign="top" style="padding:0pt .7pt 0pt 0pt;width:151.05pt;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Statement of Operations
  Data</font></p>
  </td>
  <td width="11" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:7.95pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="14" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:10.75pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="39" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:29.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="14" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:10.75pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="11" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:8.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="14" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:10.75pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="39" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:29.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="14" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:10.75pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="11" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:8.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="39" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:29.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="11" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:8.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="39" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:29.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="11" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:8.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="39" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:29.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="11" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:8.1pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="39" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:29.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="11" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:8.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="39" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:29.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.7pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="201" valign="top" style="padding:0pt .7pt 0pt 0pt;width:151.05pt;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Net income per share of
  common stock:</font></p>
  </td>
  <td width="11" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:7.95pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="14" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:10.75pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="39" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:29.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="14" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:10.75pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="11" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:8.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="14" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:10.75pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="39" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:29.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="14" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:10.75pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="11" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:8.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="39" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:29.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="11" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:8.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="39" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:29.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="11" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:8.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="39" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:29.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="11" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:8.1pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="39" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:29.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="11" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:8.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="39" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:29.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.7pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr bgcolor="#CCEEFF" style="page-break-inside:avoid;">
  <td width="201" valign="top" style="padding:0pt .7pt 0pt 0pt;width:151.05pt;">
  <p style="margin:0pt 0pt .0001pt 20.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Basic</font></p>
  </td>
  <td width="11" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:7.95pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="14" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:10.75pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7" valign="bottom" style="padding:0pt 0pt 0pt 0pt;width:5.0pt;">
  <p align="left" style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
  </td>
  <td width="32" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:24.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">0.17</font></p>
  </td>
  <td width="14" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:10.75pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="11" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:8.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="14" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:10.75pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7" valign="bottom" style="padding:0pt 0pt 0pt 0pt;width:5.0pt;">
  <p align="left" style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
  </td>
  <td width="32" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:24.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">0.16</font></p>
  </td>
  <td width="14" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:10.75pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="11" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:8.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7" valign="bottom" style="padding:0pt 0pt 0pt 0pt;width:5.0pt;">
  <p align="left" style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
  </td>
  <td width="32" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:24.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">0.84</font></p>
  </td>
  <td width="11" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:8.0pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7" valign="bottom" style="padding:0pt 0pt 0pt 0pt;width:5.0pt;">
  <p align="left" style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
  </td>
  <td width="32" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:24.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">0.75</font></p>
  </td>
  <td width="11" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:8.0pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7" valign="bottom" style="padding:0pt 0pt 0pt 0pt;width:5.0pt;">
  <p align="left" style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
  </td>
  <td width="32" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:24.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">0.66</font></p>
  </td>
  <td width="11" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:8.1pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7" valign="bottom" style="padding:0pt 0pt 0pt 0pt;width:5.0pt;">
  <p align="left" style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
  </td>
  <td width="32" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:24.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">0.78</font></p>
  </td>
  <td width="11" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:8.0pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7" valign="bottom" style="padding:0pt 0pt 0pt 0pt;width:5.0pt;">
  <p align="left" style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
  </td>
  <td width="32" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:24.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">0.71</font></p>
  </td>
  <td width="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.7pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="201" valign="top" style="padding:0pt .7pt 0pt 0pt;width:151.05pt;">
  <p style="margin:0pt 0pt .0001pt 20.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Diluted</font></p>
  </td>
  <td width="11" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:7.95pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="14" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:10.75pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7" valign="bottom" style="padding:0pt 0pt 0pt 0pt;width:5.0pt;">
  <p align="left" style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
  </td>
  <td width="32" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:24.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">0.16</font></p>
  </td>
  <td width="14" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:10.75pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="11" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:8.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="14" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:10.75pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7" valign="bottom" style="padding:0pt 0pt 0pt 0pt;width:5.0pt;">
  <p align="left" style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
  </td>
  <td width="32" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:24.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">0.16</font></p>
  </td>
  <td width="14" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:10.75pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="11" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:8.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7" valign="bottom" style="padding:0pt 0pt 0pt 0pt;width:5.0pt;">
  <p align="left" style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
  </td>
  <td width="32" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:24.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">0.81</font></p>
  </td>
  <td width="11" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:8.0pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7" valign="bottom" style="padding:0pt 0pt 0pt 0pt;width:5.0pt;">
  <p align="left" style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
  </td>
  <td width="32" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:24.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">0.72</font></p>
  </td>
  <td width="11" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:8.0pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7" valign="bottom" style="padding:0pt 0pt 0pt 0pt;width:5.0pt;">
  <p align="left" style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
  </td>
  <td width="32" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:24.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">0.64</font></p>
  </td>
  <td width="11" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:8.1pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7" valign="bottom" style="padding:0pt 0pt 0pt 0pt;width:5.0pt;">
  <p align="left" style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
  </td>
  <td width="32" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:24.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">0.76</font></p>
  </td>
  <td width="11" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:8.0pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7" valign="bottom" style="padding:0pt 0pt 0pt 0pt;width:5.0pt;">
  <p align="left" style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
  </td>
  <td width="32" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:24.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">0.70</font></p>
  </td>
  <td width="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.7pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr bgcolor="#CCEEFF" style="page-break-inside:avoid;">
  <td width="201" valign="top" style="padding:0pt .7pt 0pt 0pt;width:151.05pt;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Avg. shares of common
  stock outstanding (in thousands)</font></p>
  </td>
  <td width="11" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:7.95pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="14" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:10.75pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="39" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:29.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="14" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:10.75pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="11" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:8.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="14" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:10.75pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="39" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:29.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="14" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:10.75pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="11" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:8.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="39" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:29.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="11" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:8.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="39" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:29.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="11" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:8.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="39" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:29.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="11" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:8.1pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="39" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:29.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="11" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:8.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="39" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:29.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.7pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="201" valign="top" style="padding:0pt .7pt 0pt 0pt;width:151.05pt;">
  <p style="margin:0pt 0pt .0001pt 20.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Basic</font></p>
  </td>
  <td width="11" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:7.95pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="14" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:10.75pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="39" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:29.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">6,027</font></p>
  </td>
  <td width="14" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:10.75pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="11" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:8.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="14" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:10.75pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="39" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:29.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">5,951</font></p>
  </td>
  <td width="14" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:10.75pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="11" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:8.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="39" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:29.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">5,984</font></p>
  </td>
  <td width="11" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:8.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="39" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:29.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">5,904</font></p>
  </td>
  <td width="11" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:8.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="39" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:29.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">5,820</font></p>
  </td>
  <td width="11" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:8.1pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="39" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:29.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">5,300</font></p>
  </td>
  <td width="11" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:8.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="39" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:29.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4,559</font></p>
  </td>
  <td width="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.7pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr bgcolor="#CCEEFF" style="page-break-inside:avoid;">
  <td width="201" valign="top" style="padding:0pt .7pt 0pt 0pt;width:151.05pt;">
  <p style="margin:0pt 0pt .0001pt 20.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Diluted</font></p>
  </td>
  <td width="11" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:7.95pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="14" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:10.75pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="39" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:29.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">6,217</font></p>
  </td>
  <td width="14" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:10.75pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="11" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:8.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="14" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:10.75pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="39" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:29.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">6,141</font></p>
  </td>
  <td width="14" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:10.75pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="11" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:8.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="39" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:29.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">6,182</font></p>
  </td>
  <td width="11" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:8.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="39" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:29.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">6,098</font></p>
  </td>
  <td width="11" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:8.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="39" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:29.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">5,989</font></p>
  </td>
  <td width="11" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:8.1pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="39" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:29.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">5,419</font></p>
  </td>
  <td width="11" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:8.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="39" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:29.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4,661</font></p>
  </td>
  <td width="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.7pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="201" valign="top" style="padding:0pt .7pt 0pt 0pt;width:151.05pt;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Cash dividends per share
  of common stock</font></p>
  </td>
  <td width="11" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:7.95pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="14" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:10.75pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7" valign="bottom" style="padding:0pt 0pt 0pt 0pt;width:5.0pt;">
  <p align="left" style="margin:0pt 0pt .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
  </td>
  <td width="32" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:24.0pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">0.15</font></p>
  </td>
  <td width="14" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:10.75pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="11" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:8.0pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="14" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:10.75pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7" valign="bottom" style="padding:0pt 0pt 0pt 0pt;width:5.0pt;">
  <p align="left" style="margin:0pt 0pt .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
  </td>
  <td width="32" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:24.0pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">0.14</font></p>
  </td>
  <td width="14" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:10.75pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="11" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:8.0pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7" valign="bottom" style="padding:0pt 0pt 0pt 0pt;width:5.0pt;">
  <p align="left" style="margin:0pt 0pt .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
  </td>
  <td width="32" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:24.0pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">0.58</font></p>
  </td>
  <td width="11" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:8.0pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7" valign="bottom" style="padding:0pt 0pt 0pt 0pt;width:5.0pt;">
  <p align="left" style="margin:0pt 0pt .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
  </td>
  <td width="32" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:24.0pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">0.55</font></p>
  </td>
  <td width="11" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:8.0pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7" valign="bottom" style="padding:0pt 0pt 0pt 0pt;width:5.0pt;">
  <p align="left" style="margin:0pt 0pt .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
  </td>
  <td width="32" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:24.0pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">0.53</font></p>
  </td>
  <td width="11" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:8.1pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7" valign="bottom" style="padding:0pt 0pt 0pt 0pt;width:5.0pt;">
  <p align="left" style="margin:0pt 0pt .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
  </td>
  <td width="32" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:24.0pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">0.52</font></p>
  </td>
  <td width="11" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:8.0pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7" valign="bottom" style="padding:0pt 0pt 0pt 0pt;width:5.0pt;">
  <p align="left" style="margin:0pt 0pt .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
  </td>
  <td width="32" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:24.0pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">0.49</font></p>
  </td>
  <td width="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.7pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
</table>

</div>

<p style="line-height:1.0pt;margin:0pt 0pt 12.0pt;"><font size="1" face="Times New Roman">&nbsp;</font></p>

<p style="font-weight:bold;margin:0pt 0pt 6.0pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">General Information<a name="GeneralInformation_044246"></a></font></b></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">We are a Delaware corporation with our principal
executive offices located at 664 Churchmans Road, Newark, Delaware 19702. Our
telephone number is (302) 453-6900 and our website address is
www.artesianwater.com. General information about us can be found at this
website. We make available free of charge through the Investor Relations
section of our website our annual reports on Form&nbsp;10-K, quarterly
reports on Form&nbsp;10-Q, current reports on Form&nbsp;8-K and all
amendments to those reports as soon as reasonably practicable after such material
is electronically filed with or furnished to the Securities and Exchange
Commission, or the SEC. In addition, you can find at the Investor Relations
section of our website our Code of Ethics that is applicable to our chief
executive officer, chief financial officer, controller or principal accounting
officer and any person performing a similar function. We include our website
address in this prospectus only as an inactive textural reference and do not
intend it to be an active link to our website. The material on our website is
not part of our prospectus. You may also obtain a free copy of these reports and
amendments, as well as our Code of Ethics, by contacting Nicholle Taylor at Artesian
Resources Corporation, Churchmans Road, Newark, Delaware 19702.</font></p>


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<p style="font-weight:bold;margin:0pt 0pt 6.0pt;page-break-after:avoid;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">RISK FACTORS<a name="RiskFactors_052450"></a></font></b></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Investing in our Class&nbsp;A
Non-Voting Common Stock involves a high degree of risk. You should carefully
consider the risks and uncertainties described below before purchasing our
securities. If any of the following risks actually occur, our business,
financial condition or results of operations would likely suffer. In that case,
the trading price of our Class&nbsp;A Non-Voting Common Stock could fall, and
you may lose all or part of the money you paid to buy our securities.</font></p>

<p style="font-weight:bold;margin:0pt 0pt 6.0pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><a name="RisksRelatedToOurBusiness_052452"></a><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Risks Related to Our Business</font></b></p>

<p style="font-style:italic;font-weight:bold;margin:0pt 0pt 6.0pt;page-break-after:avoid;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;">Our operating revenue is primarily from water sales.
The rates that we charge our customers are subject to the regulations of the <font style="text-transform:uppercase;">psc</font>. Additionally, our business
requires significant capital expenditures on an annual basis and these
expenditures are made for additions and replacement of property. If the <font style="text-transform:uppercase;">psc</font> disapproves or is unable to timely
approve our requests for rate increase or approves rate increases that are
inadequate to cover our investments or increased costs, our profitability
may&nbsp;suffer.</font></i></b></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">We file rate increase
requests, from time to time, to recover our investments in utility plant and
expenses. Once a rate increase petition is filed with the PSC, the ensuing
administrative and hearing process may be lengthy and costly. We can provide no
assurances that any future rate increase request will be approved by the PSC;
and if approved, we cannot guarantee that these rate increases will be granted
in a timely manner and/or will be sufficient in amount to cover the investments
and expenses for which we initially sought the rate increase.</font></p>

<p style="font-style:italic;font-weight:bold;margin:0pt 0pt 6.0pt;page-break-after:avoid;"><a name="OurBusinessIsSubjectToSeasonalFlu_052520"></a><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;">Our business is subject to seasonal fluctuations,
which could affect demand for our water service and our revenues.</font></i></b></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Demand for water during
warmer months is generally greater than during cooler months primarily due to
additional requirements in irrigation systems, swimming pools, cooling systems
and other outside water use. In an event when temperatures during typically
warmer months are cooler than normal, or if there is more rainfall than normal,
the demand for our water may decrease and adversely affect our revenues.</font></p>

<p style="font-style:italic;font-weight:bold;margin:0pt 0pt 6.0pt;page-break-after:avoid;"><a name="DroughtConditionsMayimpactOurAbil_052617"></a><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;">Drought conditions may impact our ability to serve our
current and future customers, and may&nbsp;impact our customers&#146; use of our water,
which may&nbsp;adversely affect our financial condition and results of operations.</font></i></b></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">We believe that we have in
place sufficient capacity to provide water service for the foreseeable future
to all existing and new customers in all of our service territories. However,
severe drought conditions could interfere with our sources of water supply and
could adversely affect our ability to supply water in sufficient quantities to
our existing and future customers. This may adversely affect our revenues and
earnings. Moreover, governmental restrictions on water usage during drought
conditions may result in a decreased demand for water, which may adversely
affect our revenue and earnings.</font></p>

<p style="font-style:italic;font-weight:bold;margin:0pt 0pt 6.0pt;page-break-after:avoid;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;">Our operating costs could be significantly increased
if new or stricter regulatory standards are imposed by federal and state environmental
agencies.</font></i></b></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Our water and wastewater
services are governed by various federal and state environmental protection and
health and safety laws and regulations, including the federal Safe Drinking
Water Act, the Clean Water Act and similar state laws. These federal and state
regulations are issued by the United States Environmental Protection Agency and
state environmental regulatory agencies. Pursuant to these laws, we are
required to obtain various water allocation permits and environmental permits
for our operations. The water allocation permits control the amount of water
that can be drawn from water resources. New or stricter water allocation
regulations can adversely affect our ability to meet the demands of our
customers. While we have budgeted for future capital and operating expenditures
to maintain compliance with these </font></p>


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<p style="margin:0pt 0pt 12.0pt;text-indent:0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">laws and
our permits, it is possible that new or stricter standards would be imposed
that will raise our operating costs. Thus, we can provide no assurances that
our costs of complying with, or discharging liability under current and future environmental
and health and safety laws will not adversely affect our business, results of
operations or financial condition.</font></p>

<p style="font-style:italic;font-weight:bold;margin:0pt 0pt 6.0pt;page-break-after:avoid;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;">Turnover in management t<a name="TurnoverInManagementTeam_053543"></a>eam</font></i></b></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Our success depends
significantly on the continued contribution of our management team both
individually and collectively. The loss of the services of any member of our
management team or the inability to hire and retain experienced management
personnel could harm our operating results.</font></p>

<p style="font-style:italic;font-weight:bold;margin:0pt 0pt 6.0pt;page-break-after:avoid;"><a name="WeFaceCompetitionFromOtherWaterUt_053554"></a><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;">We face competition from other water utilities for the
acquisition of new exclusive service territories.</font></i></b></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Water utilities
competitively pursue the right to exclusively serve territories in Delaware by
entering into agreements with landowners, developers or municipalities and,
under current law, then applying to the PSC for a CPCN, which grants a water
utility the exclusive right to serve all existing and new customers of a water
utility within a designated area. Typically, water utilities enter into
agreements with developers who have approval from county governments with
respect to proposed subdivisions or developments. Once a CPCN is granted to a
water utility, generally it may not be suspended or terminated unless the PSC
determines in accordance with its rules&nbsp;and regulations that good cause
exists for any such suspension or termination. Therefore, we face competition
from other water utilities as we pursue the right to exclusively serve
territories. If we are unable to enter into agreements with landowners, developers
or municipalities and secure CPCNs for the right to exclusively serve territories
in Delaware, our ability to expand may be significantly impeded.</font></p>

<p style="font-style:italic;font-weight:bold;margin:0pt 0pt 6.0pt;page-break-after:avoid;"><a name="WeDependOnTheAvailabilityOfCapita_053556"></a><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;">We depend on the availability of capital for expansion,
construction and maintenance.</font></i></b></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Our ability to continue
our expansion efforts and fund our utility construction and maintenance program
depends on the availability of adequate capital. There is no guarantee that we
will be able to obtain sufficient capital in the future on favorable terms and
conditions for expansion, construction and maintenance. In the event we are
unable to obtain sufficient capital, our expansion efforts could be curtailed,
which may affect our growth and may affect our future results of operations.</font></p>

<p style="font-style:italic;font-weight:bold;margin:0pt 0pt 6.0pt;page-break-after:avoid;"><a name="AnyFutureAcquisitionsWeUndertakeO_053557"></a><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;">Any future acquisitions we undertake or other actions
to further grow our water and wastewater business may&nbsp;involve risks.</font></i></b></p>

<p style="margin:0pt 0pt 6.0pt;page-break-after:avoid;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">An element of our
growth strategy is the acquisition and integration of water and wastewater
systems in order to broaden our current service areas, and move into new ones.
It is our intent, when practical, to integrate any businesses we acquire with
our existing operations. The negotiation of potential acquisitions as well as
the integration of acquired businesses could require us to incur significant
costs and cause diversion of our management&#146;s time and resources. We may not be
successful in the future in identifying businesses that meet our acquisition
criteria. The failure to identify such businesses may limit the rate of our
growth. In addition, future acquisitions by us could result in:</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160; </font>Dilutive
issuance of our equity securities;</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160; </font>Incurrence
of debt and contingent liabilities;</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160; </font>Difficulties
in integrating the operations and personnel of the acquired businesses;</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160; </font>Diversion
of our management&#146;s attention from ongoing business concerns;</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160; </font>Failure
to have effective internal control over financial reporting;</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160; </font>Shuffling
of human resources; and</p>


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<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160; </font>Other
acquisition-related expense.</p>

<p style="margin:0pt 0pt 12.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Some or all of these items
could have a material adverse effect on our business and our ability to finance
our business and comply with regulatory requirements. The businesses we acquire
in the future may not achieve sales and profitability that would justify our
investment.</font></p>

<p style="font-style:italic;font-weight:bold;margin:0pt 0pt 6.0pt;page-break-after:avoid;"><a name="ContaminationOfOurWaterSupplyMayr_053657"></a><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;">Contamination of our water supply may&nbsp;result in disruption
in our services and could lead to litigation that may&nbsp;adversely affect our
business, operating results and financial condition.</font></i></b></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Our water supplies are
subject to contamination from naturally-occurring compounds as well as
pollution resulting from man-made sources. Even though we monitor the quality
of water on on-going basis, any possible contamination due to factors beyond
our control could interrupt the use of our water supply until we are able to
substitute it from an uncontaminated water source. Additionally, treating the
contaminated water source could involve significant costs and could adversely
affect our business. We could also be held liable for consequences arising out
of human or environmental exposure to hazardous substances, if found, in our
water supply. This could adversely affect our business, results of operations
and financial condition.</font></p>

<p style="font-style:italic;font-weight:bold;margin:0pt 0pt 6.0pt;page-break-after:avoid;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;">Potential terrorist attacks may&nbsp;disrupt our
operations and <a name="PotentialTerroristAttacksMaydisru_053658"></a>adversely
affect our business, operating results and financial condition.</font></i></b></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In the wake of the September&nbsp;11,
2001 terrorist attacks, we have taken steps to increase security measures at
our facilities and heighten employee awareness of threats to our water supply.
We also have tightened our security measures regarding delivery and handling of
certain chemicals used in our business. We are currently not aware of any
specific threats to our facilities, operations or supplies, however, it is
possible that we would not be in a position to control the outcome of terrorist
events, if they occur.</font></p>

<p style="font-weight:bold;margin:0pt 0pt 6.0pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><a name="RisksRelatedToOurCommonStock_053700"></a><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Risks Related to Our Common Stock</font></b></p>

<p style="font-style:italic;font-weight:bold;margin:0pt 0pt 6.0pt;page-break-after:avoid;"><a name="OurPrincipalStockholdersHaveSigni_053717"></a><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;">Our principal stockholders have significant control over
the outcome of most fundamental corporate matters.</font></i></b></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">As of July&nbsp;11, 2006,
members of the Taylor family, which include Dian C. Taylor, our Chair of the
Board, Chief Executive Officer and President, and Norman H. Taylor,&nbsp;Jr.
and John R. Eisenbrey,&nbsp;Jr., two of our other directors, beneficially owned
73% of the outstanding Class&nbsp;B Common Stock and 5% of the outstanding Class&nbsp;A
Non-Voting Common Stock and our directors and executive officers as a group
beneficially owned 55% of the outstanding Class&nbsp;B Common Stock and 5% of
the outstanding Class&nbsp;A Non-Voting Common Stock. The holders of Class&nbsp;B
Common Stock generally have the exclusive right to vote on most fundamental
corporate decisions, including the election of our board of directors. As a
result, these principal stockholders will have significant control over the
outcome of most fundamental corporate matters. If you purchase shares of Class&nbsp;A
Non-Voting Common Stock, you will not be able to vote on most fundamental corporate
matters, including the election of our board of directors.</font></p>

<p style="font-style:italic;font-weight:bold;margin:0pt 0pt 6.0pt;page-break-after:avoid;"><a name="OurAbilityToPayDividendsIsLimited_053722"></a><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;">Our ability to pay dividends is limited by our restated
certificate of incorporation, terms of our preferred stock and covenants in our
debt instruments.</font></i></b></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Our Restated Certificate of Incorporation requires
that we pay or set aside for payment all accrued dividends and sinking fund
payments payable on any outstanding preferred stock before we can pay dividends
on our common stock. In addition, we have outstanding debt instruments
containing covenants restricting our ability to pay dividends on our common
stock.</font></p>

<p style="margin:0pt 0pt 6.0pt;page-break-after:avoid;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">There are a number
of other factors that determine both our ability to pay dividends on our common
stock and the amount of those dividends. These factors include:</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160; </font>Dilutive
issuance of our equity securities;</p>


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<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160; </font>Certain
limitations on dividend payments in our bond covenants included in our trust
indentures;</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160; </font>Our
earnings, capital requirements and financial condition; and</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160; </font>Other
factors, including the timeliness and adequacy of rate increases granted to
Artesian Water.</p>

<p style="margin:0pt 0pt 12.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">We cannot guarantee that
we will continue to pay dividends on our common stock in the future or in
amounts similar to past dividends.</font></p>

<p style="font-style:italic;font-weight:bold;margin:0pt 0pt 6.0pt;page-break-after:avoid;"><a name="ThereIsALimitedTradingMarketForOu_053811"></a><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;">There is a limited trading market for our Class&nbsp;A
Non-Voting Common Stock. You may&nbsp;not be able to resell your shares at or above
the price you pay for them.</font></i></b></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Although our Class&nbsp;A
Common Stock is listed for trading on the NASDAQ Global Market, the trading in
our Class&nbsp;A Non-Voting Common Stock has substantially less liquidity than
many other companies quoted on the NASDAQ Global Market. A public trading
market having the desired characteristics of depth, liquidity and orderliness
depends on the presence in the market of willing buyers and sellers of our Class&nbsp;A
Non-Voting Common Stock at any given time. This presence depends on the
individual decisions of investors and general economic and market conditions
over which we have no control. Because of the limited volume of trading in our Class&nbsp;A
Non-Voting Common Stock, a sale of a significant number of shares of our Class&nbsp;A
Non-Voting Common Stock in the open market could cause our stock price to
decline. We cannot provide any assurance that this offering will increase the
volume of trading in our Class&nbsp;A Non-Voting Common Stock.</font></p>

<p style="font-style:italic;font-weight:bold;margin:0pt 0pt 6.0pt;page-break-after:avoid;"><a name="ProvisionsInOurRestatedCertificat_053815"></a><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;">Provisions in our Restated Certificate of Incorporation
and Bylaws and under Delaware law may&nbsp;prevent or frustrate a change in
control or a change in management that stockholders believe is desirable.</font></i></b></p>

<p style="margin:0pt 0pt 6.0pt;page-break-after:avoid;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Provisions of our
Restated Certificate of Incorporation and Bylaws may discourage, delay or
prevent a merger, acquisition or other change in control that stockholders may
consider favorable, including transactions in which you might otherwise receive
a premium for your shares. These provisions may also prevent or frustrate
attempts by our stockholders to replace or remove our management. These
provisions include:</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160; </font>A
classified board of directors;</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160; </font>Higher
stockholder voting requirements for certain corporate actions;</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160; </font>Limitations
on the removal of directors; and</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160; </font>Advance
notice requirements for stockholder proposals and nominations.</p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Subject to certain exceptions, the affirmative vote of
the holders of at least 75% of the voting power of all of the then-outstanding
shares entitled to vote generally in the election of directors, voting together
as a single class, is required to alter, amend or repeal the provisions of our
Restated Certificate of Incorporation establishing our classified board of
directors and limitations on the removal of directors or our Bylaws.</font></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In addition, Section&nbsp;203 of the General
Corporation Law of the State of Delaware prohibits a publicly held Delaware
corporation from engaging in a business combination with an interested
stockholder, generally a person which together with its affiliates owns or within
the last three years has owned 15% of our voting stock, for a period of three
years after the date of the transaction in which the person became an
interested stockholder, unless the business combination is approved in a
prescribed manner. Accordingly, Section&nbsp;203 may discourage, delay or
prevent a change in control of our company.</font></p>


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<p style="font-weight:bold;margin:0pt 0pt 5.5pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><a name="RisksRelatedToAnOffering_060527"></a><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Risks Related To An
Offering.</font></b></p>

<p style="font-style:italic;font-weight:bold;margin:0pt 0pt 5.5pt;page-break-after:avoid;"><a name="WeHaveBroadDiscretionInTheUseOfTh_060530"></a><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;">We have broad discretion in the use of the net
proceeds from an offering and may&nbsp;not use them effectively.</font></i></b></p>

<p style="margin:0pt 0pt 11.5pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Our management will have
broad discretion in the application of the net proceeds from an offering and
could spend the proceeds in ways that do not necessarily improve our results of
operations or enhance the value of our Class&nbsp;A Non-Voting Common Stock.
The failure by our management to apply these funds effectively could result in
financial losses that could have a material adverse effect on our business and
cause the price of our Class&nbsp;A Non-Voting Common Stock to decline.</font></p>

<p style="font-style:italic;font-weight:bold;margin:0pt 0pt 5.5pt;page-break-after:avoid;"><a name="OnceThisRegistrationStatementIsDe_060532"></a><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;">Once this registration statement is declared effective
by the <font style="text-transform:uppercase;">sec</font>, a large number of
shares of our Class&nbsp;A Non-Voting Common Stock will become eligible for
future sale into the market. This may&nbsp;adversely impact the market price of
our Class&nbsp;A Non-Voting Common Stock.</font></i></b></p>

<p style="margin:0pt 0pt 11.5pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Once this registration
statement is declared effective by the SEC, a large number of shares of our Class&nbsp;A
Non-Voting Common Stock will become eligible for future issuance and sale.
Solely for purpose of estimation, based on $19.10 per share, the last reported
closing sale price of our Class&nbsp;A Non-Voting Common Stock as reported by
the NASDAQ Global Market on August&nbsp;14, 2006, the registration statement
covers 1,570,681 shares of Class&nbsp;A Non-Voting Common Stock, or 30.3% of
our total outstanding shares of Class&nbsp;A Non-Voting Common Stock based on
5,175,722 total outstanding shares of Class&nbsp;A Non-Voting Common Stock as
of July&nbsp;11, 2006. This availability of a significant number of additional
shares of our Class&nbsp;A Non-Voting Common Stock for future sale and issuance
or the perception in the market that we intend to sell a substantial number of
shares could depress the price of our Class&nbsp;A Non-Voting Common Stock.</font></p>

<p style="font-weight:bold;margin:0pt 0pt 5.5pt;page-break-after:avoid;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">SPECIAL
NOTE REGARDING FORWARD-LOOKING STATEMENTS<a name="SpecialNoteRegardingForwardlookin_060534"></a></font></b></p>

<p style="margin:0pt 0pt 5.5pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Statements in this
prospectus which express our &#147;belief,&#148; &#147;anticipation&#148; or &#147;expectation,&#148; as well
as other statements which are not historical fact, are forward-looking
statements within the meaning of Section&nbsp;27A of the Securities Act of
1933, as amended, or the Securities Act, Section&nbsp;21E of the Securities
Exchange Act of 1934, as amended, or the Exchange Act and the Private
Securities Litigation Reform Act of 1995. Statements including, but not limited
to, those regarding our goals, priorities and growth and expansion plans for
our water and wastewater subsidiaries, our belief regarding our capacity to
provide water services for the foreseeable future to our customers, our belief
relating to our compliance with relevant governmental regulations, the impact
of weather on our operations and the execution of our strategic initiatives and
our expectations regarding the sale of land are forward-looking statements and
involve risks and uncertainties that could cause actual results to differ
materially from those projected. Certain factors discussed in &#147;Risk Factors&#148;
commencing on page&nbsp;6, such as changes in weather, changes in our contractual
obligations, changes in government policies, the timing and results of our rate
requests, changes in economic and market conditions generally, and other
matters could cause results to differ materially from those in the forward-looking
statements. While we may elect to update forward-looking statements, we
specifically disclaim any obligation to do so and you should not rely on any
forward-looking statement as representation of our views as of any date
subsequent to the date of the filing of this prospectus.</font></p>

<p style="margin:0pt 0pt 11.5pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">You should read and
interpret any forward-looking statements together with the documents
incorporated by reference in this prospectus and our other filings with the
SEC.</font></p>

<p style="font-weight:bold;margin:0pt 0pt 5.5pt;page-break-after:avoid;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">USE
OF PROCEEDS<a name="UseOfProceeds_060543"></a></font></b></p>

<p style="margin:0pt 0pt 5.5pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">We will receive all of the
net proceeds from the sale of our securities registered under the registration
statement of which this prospectus is a part.</font></p>


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<p style="margin:0pt 0pt 5.5pt;page-break-after:avoid;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Unless
the applicable prospectus supplement states otherwise, we will retain broad
discretion in the allocation of the net proceeds of this offering. We currently
intend to use the net proceeds of this issuance to fund a paid-in capital
contribution in the same amount to our principal subsidiary, Artesian Water.
Artesian Water will use the paid-in capital contribution for the following
purposes:</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 5.5pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160; </font>Repayment
of short-term borrowings; and</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 5.5pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160; </font>General
corporate purposes, including working capital and capital expenditures.</p>

<p style="margin:0pt 0pt 5.5pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">These proceeds will reduce
Artesian Water&#146;s debt to total capitalization ratio, which we believe will
improve Artesian Water&#146;s ability to issue additional long-term debt to finance
future capital investments.</font></p>

<p style="margin:0pt 0pt 5.5pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Artesian Water has
available two unsecured lines of credit, with no financial covenant
restrictions, totaling $40.0 million at December&nbsp;31, 2005, which are
renewable annually at lenders&#146; discretion. Borrowings under the lines of credit
bear interest based on the London Interbank Offering Rate, or LIBOR, plus 1.0%
for 30, 60, 90, or 180 days or the banks&#146; federal funds rate plus 1.0%, at the
option of Artesian Water. At July&nbsp;11, 2006, Artesian Water had $6,081,607
outstanding under these lines at average interest rates of 6.35%</font></p>

<p style="margin:0pt 0pt 11.5pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">We have not determined the
amount of net proceeds to be used for each of the purposes indicated. The
amounts and timing of the expenditures may vary significantly depending on
numerous factors, such as identification of appropriate acquisition
opportunities. Accordingly, we will have broad discretion to use the proceeds
as we see fit. Pending such uses, we intend to invest the net proceeds in
interest-bearing, investment grade securities.</font></p>

<p style="font-weight:bold;margin:0pt 0pt 5.5pt;page-break-after:avoid;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">DESCRIPTION
OF CAPITAL STOCK<a name="DescriptionOfCapitalStock_060557"></a></font></b></p>

<p style="margin:0pt 0pt 5.5pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The following description
of our capital stock and provisions of our Restated Certificate of
Incorporation and Bylaws are summaries and are qualified by reference to the
Restated Certificate of Incorporation and Bylaws that we have filed with the
SEC.</font></p>

<p style="margin:0pt 0pt 5.5pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Our authorized capital stock
consists of 15,000,000 shares of Class&nbsp;A Non-Voting Common Stock, par
value $1.00 per share, 1,040,000 shares of Class&nbsp;B Common Stock, par value
$1.00 per share, 10,868 shares of 7% Prior Preferred Stock, par value $25.00
per share, 80,000 shares of Cumulative Prior Preferred Stock, par value $25.00
per share, and 100,000 shares of Series&nbsp;Preferred Stock, par value $1.00
per share.</font></p>

<p style="margin:0pt 0pt 5.5pt;page-break-after:avoid;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">As of July&nbsp;11,
2006, we had issued and outstanding:</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 5.5pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160; </font>5,175,722
shares of Class&nbsp;A Common stock, held by 884 stockholders of record; and</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 5.5pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160; </font>881,452
shares of Class&nbsp;B Common Stock, held by 192 stockholders of record.</p>

<p style="margin:0pt 0pt 11.5pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">As of July&nbsp;11, 2006,
there were no shares of 7% Prior Preferred stock, Cumulative Prior Preferred
Stock or Series&nbsp;Preferred Stock outstanding. We sometimes refer to our 7%
Prior Preferred Stock, Cumulative Prior Preferred Stock and Series&nbsp;Preferred
Stock collectively as Preferred Stock in this &#147;Description of Capital Stock.&#148;</font></p>

<p style="font-weight:bold;margin:0pt 0pt 5.5pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><a name="ClassaNonvotingCommonStock_060615"></a><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Class&nbsp;A
Non-Voting Common Stock</font></b></p>

<p style="font-style:italic;font-weight:bold;margin:0pt 0pt 5.5pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><a name="VotingRights_060616"></a><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;">Voting Rights</font></i></b></p>

<p style="margin:0pt 0pt 5.5pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Under our Restated
Certificate Incorporation, generally, holders of shares of our Class&nbsp;A
Non-Voting Common Stock do not have voting rights with respect to the election
of directors and other matters voted upon by stockholders.</font></p>

<p style="margin:0pt 0pt 5.5pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">However, Section&nbsp;242(b)(2)&nbsp;of
the General Corporation Law of the State of Delaware confers voting rights, or
statutory voting rights, to holders of the outstanding shares of a class that
is not entitled to vote </font></p>


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<p style="margin:0pt 0pt 5.5pt;text-indent:0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">under
the certificate of incorporation, with respect to a proposed amendment to the
certificate of incorporation, if &#147;the amendment would increase or decrease the
aggregate number of authorized shares of such class, increase or decrease the
par value of the shares of such class, or alter or change the powers,
preferences, or special rights of the shares of such class so as to affect them
adversely.&#148; The vote required to approve such amendments is a majority of the
outstanding shares of the class.</font></p>

<p style="margin:0pt 0pt 11.5pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Holders of our Class&nbsp;A
Non-Voting Common Stock have statutory voting rights as set forth above. In
addition, under Section&nbsp;4.20 of our Restated Certificate of Incorporation,
we may not issue any shares of Series&nbsp;Preferred Stock without the approval
of the holders of a majority of the shares of Class&nbsp;A Non-Voting Common
Stock.</font></p>

<p style="font-style:italic;font-weight:bold;margin:0pt 0pt 5.5pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><a name="Dividends_060622"></a><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;">Dividends</font></i></b></p>

<p style="margin:0pt 0pt 5.5pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Subject to dividends that
we may be required to pay on outstanding shares of Preferred Stock, the holders
of Class&nbsp;A Non-Voting Common Stock are entitled to receive dividends, as,
when and if declared from time to time by our board of directors out of funds
legally available for such purpose. Our Restated Certificate of Incorporation
requires that we declare and pay the same dividend per share on the Class&nbsp;A
Non-Voting Common Stock and on the Class&nbsp;B Common Stock.</font></p>

<p style="margin:0pt 0pt 11.5pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Holders of Class&nbsp;A
Non-Voting Common Stock may participate in our dividend reinvestment plan by
automatically reinvesting cash dividends declared on all or a portion of their
shares to purchase additional shares of Class&nbsp;A Non-Voting Common Stock.</font></p>

<p style="font-style:italic;font-weight:bold;margin:0pt 0pt 5.5pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><a name="LiquidationRights_060626"></a><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;">Liquidation Rights</font></i></b></p>

<p style="margin:0pt 0pt 11.5pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In the event of a
liquidation, dissolution or winding up of Artesian Resources, the holders of Class&nbsp;A
Non-Voting Common Stock are entitled to share pro rata with the holders of Class&nbsp;B
Common Stock in all assets and funds remaining after we pay all of our
creditors and make required distributions to the holders of outstanding shares of
Preferred Stock pursuant to our Restated Certificate of Incorporation.</font></p>

<p style="font-style:italic;font-weight:bold;margin:0pt 0pt 5.5pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><a name="OtherRights_060629"></a><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;">Other Rights</font></i></b></p>

<p style="margin:0pt 0pt 5.5pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">There are no preemptive,
conversion, subscription, redemption or sinking fund rights applicable to the Class&nbsp;A
Non-Voting Common Stock.</font></p>

<p style="margin:0pt 0pt 11.5pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">All outstanding shares of
our Class&nbsp;A Non-Voting Common Stock are fully paid and non-assessable.</font></p>

<p style="font-weight:bold;margin:0pt 0pt 5.5pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><a name="ClassbCommonStock_060637"></a><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Class&nbsp;B Common
Stock</font></b></p>

<p style="font-style:italic;font-weight:bold;margin:0pt 0pt 5.5pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><a name="VotingRights_060638"></a><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;">Voting Rights</font></i></b></p>

<p style="margin:0pt 0pt 11.5pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Except as otherwise
described in this &#147;Description of Capital Stock&#148; with respect to our other
classes of stock, the right to vote for the election of directors and other
stockholder matters is exercised exclusively by the holders of Class&nbsp;B
Common Stock. Holders of Class&nbsp;B Common Stock are entitled to one vote per
share on all matters voted upon by stockholders. Our directors, other than
those elected by holders of our Preferred Stock under specified circumstances
as described herein, are classified into three classes. Holders of shares of Class&nbsp;B
Common Stock do not have cumulative voting rights.</font></p>

<p style="font-style:italic;font-weight:bold;margin:0pt 0pt 6.0pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><a name="Dividends_060702"></a><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;">Dividends</font></i></b></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Subject to dividends that
we may be required to pay on outstanding shares of Preferred Stock before we
may pay dividends on other shares, the holders of Class&nbsp;B Common Stock are
entitled to receive dividends, as, when and if declared from time to time by
our board of directors out of funds legally available for such purpose. Our
Restated Certificate of Incorporation requires that we declare and pay the same
dividend per share on the Class&nbsp;B Common Stock and on the Class&nbsp;A
Non-Voting Common Stock.</font></p>


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<p style="font-style:italic;font-weight:bold;margin:0pt 0pt 6.0pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><a name="LiquidationRights_060705"></a><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;">Liquidation Rights</font></i></b></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In the event of our
liquidation, dissolution or winding up of our operations, the holders of Class&nbsp;B
Common Stock are entitled to share pro rata with the holders of Class&nbsp;A
Non-Voting Common Stock in all assets and funds remaining after we pay all of
our creditors and make required distributions to the holders of outstanding
shares of Preferred Stock pursuant to our Restated Certificate of
Incorporation.</font></p>

<p style="font-style:italic;font-weight:bold;margin:0pt 0pt 6.0pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><a name="OtherRights_060708"></a><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;">Other Rights</font></i></b></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">There are no preemptive, conversion, subscription,
redemption or sinking fund rights applicable to the Class&nbsp;B Common Stock.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">All outstanding shares of Class&nbsp;B
Common Stock are fully paid and non-assessable.</font></p>

<p style="font-weight:bold;margin:0pt 0pt 6.0pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><a name="PreferredStock_060714"></a><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Preferred Stock</font></b></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">As of July&nbsp;11, 2006,
there were no shares of Preferred Stock outstanding.</font></p>

<p style="font-weight:bold;margin:0pt 0pt 6.0pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><a name="a7PriorPreferredStock_060724"></a><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">7% Prior Preferred Stock</font></b></p>

<p style="font-style:italic;font-weight:bold;margin:0pt 0pt 6.0pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;">Voting Rights<a name="VotingRights_060735"></a></font></i></b></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Under our Restated
Certificate of Incorporation, holders of 7% Prior Preferred Stock do not have
voting rights except for statutory voting rights as described above.</font></p>

<p style="font-style:italic;font-weight:bold;margin:0pt 0pt 6.0pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;">Redemption<a name="Redemption_060803"></a></font></i></b></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The 7% Prior Preferred
Stock is redeemable at our option, in whole or in part, from time to time, upon
at least 30 days&#146; notice, at $30 per share plus accrued but unpaid dividends;
provided that if we are in default on any dividend or sinking fund payment on
any series of Cumulative Prior Preferred Stock, we may not redeem any shares of
7% Prior Preferred Stock or any series of Cumulative Prior Preferred Stock.</font></p>

<p style="font-style:italic;font-weight:bold;margin:0pt 0pt 6.0pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;">Dividends<a name="Dividends_060806"></a></font></i></b></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The 7% Prior Preferred
Stock is entitled to cumulative dividends at a rate of 7% per year out of funds
legally available for such purpose, payable quarterly. The 7% Prior Preferred
Stock and the Cumulative Prior Preferred Stock rank equally with respect to the
payment of cash dividends. No dividends may be declared and paid on the Series&nbsp;Preferred
Stock, Class&nbsp;A Non-Voting Common Stock or Class&nbsp;B Common Stock unless
the full cash dividends on the 7% Prior Preferred Stock then outstanding have
been paid or set apart for payment.</font></p>

<p style="font-style:italic;font-weight:bold;margin:0pt 0pt 6.0pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;">Liquidation Rights<a name="LiquidationRights_060809"></a></font></i></b></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In the event of our liquidation, dissolution or
winding up or our sale of all of our assets, the holders of 7% Prior Preferred
Stock are entitled, after we pay all of our creditors, to be paid in cash the
par value of their shares and any accrued but unpaid dividends before we make
any payment to the holders of our Series&nbsp;Preferred Stock, Class&nbsp;A
Non-Voting Common Stock or Class&nbsp;B Common Stock</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The 7% Prior Preferred
Stock and the Cumulative Prior Preferred Stock rank equally with respect to
payments upon a liquidation, dissolution or winding up, except that a sale of
all of our assets will be deemed to be a liquidation, dissolution or winding up
with respect to the 7% Prior Preferred Stock, but will not be deemed a
liquidation, dissolution or winding up with respect to the Cumulative Prior
Preferred Stock.</font></p>


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<p style="font-weight:bold;margin:0pt 0pt 6.0pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><a name="CumulativePriorPreferredStock_060812"></a><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Cumulative Prior Preferred Stock</font></b></p>

<p style="font-style:italic;font-weight:bold;margin:0pt 0pt 6.0pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;">Issuance in Series<a name="IssuanceInSeries_060818"></a></font></i></b></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Cumulative Prior Preferred Stock may be issued
from time to time in one or more series. Subject to certain stockholder
approval requirements described below, our board of directors may fix the
designations, preferences and other rights, and limitations or restrictions of
authorized and unissued Cumulative Prior Preferred Stock in a resolution
providing for the initial issuance of each such series.</font></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">All shares of the Cumulative Prior Preferred Stock of
all series must be of equal rank, and all shares of any particular series of
the Cumulative Prior Preferred Stock must be identical except as to the date(s)&nbsp;from
which dividends thereon start to cumulate.</font></p>

<p style="margin:0pt 0pt 6.0pt;page-break-after:avoid;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Different series of
Cumulative Prior Preferred Stock may vary as to:</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160; </font>The
annual dividend rate and the date from which dividends start to cumulate;</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160; </font>The
redemption price(s)&nbsp;and other terms and conditions of redemption;</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160; </font>The
amount(s)&nbsp;payable upon our liquidation, dissolution or winding up;</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160; </font>The
terms and amount of any sinking fund provided for the purchase or redemption of
shares of the particular series;</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160; </font>Terms
relating to conversion; and</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160; </font>The designations,
preferences, and relative, participating, optional, or other special rights,
and the qualifications, limitations, or restrictions, if any of the particular series.</p>

<p style="font-style:italic;font-weight:bold;margin:0pt 0pt 6.0pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;">Voting Rights<a name="VotingRights_060848"></a></font></i></b></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Except for the statutory voting rights, in the case of
certain defaults in dividend or sinking fund payments described below, and as
described below for certain of our actions, the holders of Cumulative Prior
Preferred Stock generally do not have voting rights under our Restated
Certificate of Incorporation.</font></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">If we are in default on dividend or sinking fund
payments on any series of Cumulative Prior Preferred Stock for certain periods
of time specified in our Restated Certificate of Incorporation, the holders of
Cumulative Prior Preferred Stock are entitled to vote as a class for not less
than one-third (if the default continues for certain shorter periods) or a
majority (if the default continues for certain longer periods), as the case may
be, of the members of our board of directors. Upon such defaults, holders of
Cumulative Prior Preferred Stock may call a special meeting of such holders to
elect directors as described in this paragraph to serve until the next annual
meeting of stockholders. Upon cure of such defaults, voting rights revert to
the Class&nbsp;B Common Stock.</font></p>

<p style="margin:0pt 0pt 6.0pt;page-break-after:avoid;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In addition, the
approval of at least 75% of the total number of shares of Cumulative Prior
Preferred Stock then outstanding is required for us to:</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160; </font>Incur
any long-term indebtedness that would result in total long-term indebtedness
exceeding 65% of our capitalization (as defined in our Restated Certificate of
Incorporation);</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160; </font>Create
or authorize any class of stock or any obligation or security convertible into
shares of stock unless such stock ranks junior to the Cumulative Prior
Preferred Stock with respect both to the payment of dividends and distributions
upon our liquidation, dissolution or winding up of operations;</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160; </font>Amend,
alter, change or repeal any of the provisions of our Restated Certificate of
Incorporation with respect to our business purposes so as to substantially
change such purposes, or amend, alter, change or repeal any of the terms of the
Cumulative Prior Preferred Stock then outstanding in a </p>


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<p style="margin:0pt 0pt 6.0pt 30.0pt;text-indent:0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">manner prejudicial to the
holders of such stock; provided that if only a particular series of Cumulative
Prior Preferred Stock is prejudiced by such changes, then only the vote of 75%
of the total number of outstanding shares of such series will be required;</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160; </font>Merge
or consolidate if, among other things, the purposes of the resulting corporation
would be substantially different from ours or if any adverse change in the
terms and provisions of the Cumulative Prior Preferred Stock would result;</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160; </font>Reissue
any previously purchased, redeemed or retired shares of Cumulative Prior
Preferred Stock;</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160; </font>Issue
any shares of Cumulative Prior Preferred Stock or any stock senior to the
Cumulative Prior Preferred Stock unless certain financial tests specified in
our Restated Certificate of Incorporation are met; or</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160; </font>Increase the total number
of authorized shares of Cumulative Prior Preferred Stock of all series to over
80,000 shares.</p>

<p style="font-style:italic;font-weight:bold;margin:0pt 0pt 6.0pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;">Redemption<a name="Redemption_060922"></a></font></i></b></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Our board of directors may
determine that the whole or any part of any series of the Cumulative Prior
Preferred Stock may be redeemed, at any time or from time to time, by paying in
cash the redemption price plus accrued but unpaid dividends, and by following
the procedures as set forth in Section&nbsp;4.11 of our Restated Certificate of
Incorporation; provided that if we are in default on any dividend or sinking
fund payment on any series of Cumulative Prior Preferred Stock, we may not
redeem any series of Cumulative Prior Preferred Stock or any shares of 7% Prior
Preferred Stock. Subject to the limitations set forth in our Restated
Certificate of Incorporation, our board of directors has full power and
authority to determine the manner and the terms and conditions of such
redemption. If a particular series of the Cumulative Prior Preferred Stock has
a sinking fund, the redemption price must not be in excess of the sinking fund
redemption price.</font></p>

<p style="font-style:italic;font-weight:bold;margin:0pt 0pt 6.0pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;">Sinking Fund<a name="SinkingFund_062908"></a></font></i></b></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">With respect to all series
of Cumulative Prior Preferred Stock for which a sinking fund requirement must
be met in each year, we are required to set aside on or before February&nbsp;1
of such year cash required for sinking fund payments in such year. To the
extent that the terms of any series permit the sinking fund requirement for
such series to be met by the surrender of stock, the aggregate par value of the
shares surrendered for such purpose will be considered as equivalent in amount
to cash set aside for such series. The sinking fund requirement for each series
of the Cumulative Prior Preferred Stock for which a sinking fund has been
established will be cumulative, so that if in any year we do not satisfy the
sinking fund requirement for such year, the amount of the deficiency will be
added to the sinking fund requirement for the next succeeding year. Unless and
until we cure all such deficiencies, we may not declare dividends or make other
payments on our stock that rank junior to Cumulative Prior Preferred Stock, nor
may we purchase, redeem or otherwise acquire for value such junior stock.</font></p>

<p style="font-style:italic;font-weight:bold;margin:0pt 0pt 6.0pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;">Dividends<a name="Dividends_062910"></a></font></i></b></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Holders of our Cumulative
Prior Preferred Stock are entitled to receive dividends out of legally
available funds when and as declared by our board of directors. The Cumulative
Prior Preferred Stock and the 7% Prior Preferred Stock rank equally with
respect to the payment of cash dividends. No dividends may be declared and paid
on the Series&nbsp;Preferred Stock, Class&nbsp;A Non-Voting Common Stock or
Class&nbsp;B Common Stock unless the full cash dividends on the 7% Prior
Preferred Stock then outstanding have been paid or set apart for payment.</font></p>


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<p style="font-style:italic;font-weight:bold;margin:0pt 0pt 6.0pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;">Power of Board with Respect to Series<a name="PowerOfBoardWithRespectToSeries_062914"></a></font></i></b></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">We may, at any time or from time to time, within the
then total authorized amount of the Cumulative Prior Preferred Stock of all
series, increase the authorized amount of any series of the Cumulative Prior
Preferred Stock or of any unclassified Cumulative Prior Preferred Stock,
classify or reclassify any unissued shares of the Cumulative Prior Preferred
Stock as shares of the Cumulative Prior Preferred Stock of any series or as
unclassified Cumulative Prior Preferred Stock, create one or more additional
series of the Cumulative Prior Preferred Stock, fix the authorized amount of
any series and fix the designations and the rights and preferences, and
restrictions and qualifications, of any series of the Cumulative Prior Preferred
Stock, by the vote of a majority of the total number of shares of each series
of the Series&nbsp;Preferred Stock and of a majority in interest of the total
number of shares of the Class&nbsp;B Common Stock then outstanding given at a
meeting called for that purpose, and no vote or consent of the holders of
shares of the Cumulative Prior Preferred Stock, as a class or otherwise, will
be required in connection therewith nor will the holders of shares of the
Cumulative Prior Preferred Stock be entitled to notice of any such meeting.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In case and to the extent
that under the laws of Delaware at the time in effect, our board of directors
will be authorized by law to create new series of the Cumulative Prior
Preferred Stock or to fix the amounts, designations, rights and preferences,
and restrictions and qualifications of the shares of any series of the
Cumulative Prior Preferred Stock, or to take any other action with respect to
the Cumulative Prior Preferred Stock specified in the preceding paragraph, no
action of our stockholders will be required and all action authorized (as
described above in the preceding paragraph) to be taken by vote of the holders
of the Class&nbsp;B Common Stock may be taken by vote of our board of directors.</font></p>

<p style="font-style:italic;font-weight:bold;margin:0pt 0pt 6.0pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;">Liquidation Rights<a name="LiquidationRights_062918"></a></font></i></b></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In the event of our liquidation, dissolution or
winding up of operations or our sale of all of our assets, the holders of the
outstanding series of Cumulative Prior Preferred Stock are entitled, after we
pay all of our creditors, to be paid in cash the par value of their shares and
any accrued but unpaid dividends before any amounts are paid to the holders of
our Series&nbsp;Preferred Stock, Class&nbsp;A Non-Voting Common Stock or Class&nbsp;B
Common Stock.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">As described above, the 7%
Prior Preferred Stock and the Cumulative Prior Preferred Stock rank equally
with respect to payments upon a liquidation, dissolution or winding up, except
that a sale of all of our assets will be deemed to be a liquidation,
dissolution or winding up with respect to the 7% Prior Preferred Stock, but
will not be deemed a liquidation, dissolution or winding up with respect to the
Cumulative Prior Preferred Stock.<a name="AsDescribedAboveThe7PriorPreferre_062921"></a></font></p>

<p style="font-style:italic;font-weight:bold;margin:0pt 0pt 6.0pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><a name="SeriesPreferredStock_062935"></a><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;">Series Preferred Stock</font></i></b></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">With the prior approval of the holders of a majority
of the shares of Class&nbsp;A Non-Voting Common Stock, our board of directors
may issue Series&nbsp;Preferred Stock from time to time in one or more series.
The board of directors has the power to fix, subject to preferences that may be
applicable to the 7% Prior Preferred Stock or Cumulative Prior Preferred Stock
under our Restated Certificate of Incorporation, the full, limited or no voting
powers, and such designations, preferences and relative, participating,
optional or other special rights, and qualifications, limitations or
restrictions thereof of any such series of Series&nbsp;Preferred Stock.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The issuance of Series&nbsp;Preferred
Stock, while providing us flexibility in connection with acquisitions and other
corporate purposes, may be used by us, in certain circumstances, to create
voting impediments to extraordinary corporate transactions or to frustrate
persons seeking to effect a merger with or otherwise gain control of us. We
have no present plans to designate any series or issue any shares of Series&nbsp;Preferred
Stock.</font></p>


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<p style="font-weight:bold;margin:0pt 0pt 6.0pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><a name="Options_062938"></a><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Options</font></b></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">As of July&nbsp;11, 2006,
options to purchase 598,835 shares of Class&nbsp;A Non-Voting Common Stock were
outstanding at a weighted average exercise price of $13.80 per share, of which
options to purchase 565,085 shares of Class&nbsp;A Non-Voting Common Stock were
exercisable. As of that date, an additional 581,700 shares were available for
issuance under our 2005 Equity Compensation Plan.</font></p>

<p style="font-weight:bold;margin:0pt 0pt 6.0pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><a name="ProvisionsWithPossibleAntitakeove_062950"></a><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Provisions
with Possible Anti-takeover Effects</font></b></p>

<p style="margin:0pt 0pt 6.0pt;page-break-after:avoid;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Our Restated
Certificate of Incorporation provides that we will be governed by Section&nbsp;203
of the General Corporation Law of the State of Delaware which prohibits a &#147;business
combination&#148; between a corporation and an &#147;interested stockholder&#148; within three
years of the stockholder becoming an &#147;interested stockholder.&#148; An &#147;interested
stockholder&#148; is one who, directly or indirectly, owns 15% or more of the outstanding
voting stock of the corporation. A &#147;business combination&#148; includes:</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160; </font>A
merger;</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160; </font>Consolidation;</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160; </font>Sale
or lease or other disposition of assets having an aggregate value in excess of
10% of either the aggregate fair market value of the consolidated assets of the
corporation or the aggregate market value of all the outstanding stock of the
corporation; and</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160; </font>Certain
transactions that would increase the interested stockholder&#146;s proportionate
share ownership in the corporation or which provide the interested stockholder
with a financial benefit.</p>

<p style="margin:0pt 0pt 6.0pt;page-break-after:avoid;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">These restrictions
do not apply where:</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160; </font>The
business combination or the transaction in which the stockholder becomes
interested is approved by the corporation&#146;s board of directors prior to the
time the interested stockholder acquired its shares;</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160; </font>Upon
consummation of the transaction in which the stockholder became an interested
stockholder, the stockholder owns at least 85% of the voting stock outstanding
at the commencement of such transaction, excluding, for determining the number
of shares outstanding, shares owned by persons who are directors as well as officers
and by employee stock plans in which participants do not have the right to
determine confidentially whether shares held subject to the plan will be tendered
in a tender or exchange offer; or</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160; </font>The
business combination is approved by the board of directors and the affirmative
vote of two-thirds of the outstanding voting stock not owned by the interested stockholder
at an annual or special meeting.</p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The business combinations provisions of Section&nbsp;203
of the General Corporation Law of the State of Delaware may have the effect of
deterring merger proposals, tender offers or other attempts to effect changes
in control of us that are not negotiated and approved by our board of
directors.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">We have adopted certain
provisions in our Restated Certificate of Incorporation and By-laws which may
have anti-takeover implications. Our Restated Certificate of Incorporation
provides that without the affirmative vote of at least 75% of the voting power
of all of the then outstanding shares entitled to vote generally in the
election of directors, voting together as a class, the provisions in our Restated
Certificate of Incorporation and the Bylaws establishing a classified board of
directors may not be altered, amended or repealed. These supermajority voting
provisions, along with various supermajority voting provisions for certain
classes of stock required for certain business combinations and other corporate
actions described above, may have an effect of discouraging, delaying or
preventing a change of control which may be at a premium above the prevailing market
price.</font></p>


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<p style="font-weight:bold;margin:0pt 0pt 6.0pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><a name="TransferAgentAndRegistrar_063112"></a><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Transfer Agent and Registrar</font></b></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Transfer Agent and
Registrar for the Class&nbsp;A Non-Voting Common Stock is Registrar and
Transfer Company, 10 Commerce Drive, Cranford, NJ 07016.</font></p>

<p style="font-weight:bold;margin:0pt 0pt 6.0pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><a name="NasdaqGlobalMarket_063124"></a><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Nasdaq Global Market</font></b></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Our Class&nbsp;A
Non-Voting Common Stock is listed on the Global National Market under the
symbol &#147;ARTNA.&#148;</font></p>

<p style="font-weight:bold;margin:0pt 0pt 6.0pt;page-break-after:avoid;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">PLAN OF
DISTRIBUTION<a name="PlanOfDistribution_063126"></a></font></b></p>

<p style="margin:0pt 0pt 6.0pt;page-break-after:avoid;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">We may sell our Class&nbsp;A
Non-Voting Common Stock through underwriters or dealers, through agents, or
directly to one or more purchasers. The prospectus supplement will describe the
terms of the offering of our Class&nbsp;A Non-Voting Common Stock, including:</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160; </font>The
number of shares of Class&nbsp;A Non-Voting Common Stock we are offering;</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160; </font>The
name or names of any underwriters;</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160; </font>Any
securities exchange or market on which the Class&nbsp;A Non-Voting Common Stock
may be listed;</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160; </font>The
purchase price of our Class&nbsp;A Non-Voting Common Stock being offered and
the proceeds we will receive from the sale;</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160; </font>Any
over-allotment options pursuant to which underwriters may purchase additional
shares of Class&nbsp;A Non-Voting Common Stock from us;</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160; </font>Any
underwriting discounts or agency fees and other items constituting underwriters&#146;
or agents&#146; compensation; and</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160; </font>Any
discounts or concessions allowed or reallowed or paid to dealers.</p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">If underwriters are used in the sale, they will
acquire our Class&nbsp;A Non-Voting Common Stock for their own account and may
resell our Class&nbsp;A Non-Voting Common Stock from time to time in one or
more transactions at a fixed public offering price or at varying prices
determined at the time of the sale. The obligations of the underwriters to
purchase the Class&nbsp;A Non-Voting Common Stock will be subject to the conditions
set forth in the applicable underwriting agreement. We may offer the Class&nbsp;A
Non-Voting Common Stock to the public through underwriting syndicates
represented by managing underwriters or by underwriters without a syndicate.
Subject to certain conditions, the underwriters will be obligated to purchase
all the shares of Class&nbsp;A Non-Voting Common Stock offered by the
prospectus supplement. We may change from time to time the public offering
price and any discounts or concessions allowed or reallowed or paid to dealers.</font></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">We may sell our Class&nbsp;A Non-Voting Common Stock
directly or through agents we designate from time to time. We will name any
agent involved in the offering and sale of our Class&nbsp;A Non-Voting Common
Stock, and we will describe any commissions we will pay the agent in the
prospectus supplement. Unless the prospectus supplement states otherwise, our
agent will act on a best-efforts basis for the period of its appointment.</font></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">We may provide underwriters and agents with
indemnification against civil liabilities related to this offering, including
liabilities under the Securities Act, or contribution with respect to payments
that the underwriters or agents may make with respect to these liabilities.
Underwriters and agents may engage in transactions with, or perform services
for, us in the ordinary course of business. We will describe such relationships
in the prospectus supplement naming the underwriter and the nature of any such
relationship.</font></p>


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<p style="margin:0pt 0pt 6.0pt;page-break-after:avoid;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Rules&nbsp;promulgated
by the SEC may limit the ability of any underwriters to bid for or purchase
shares of Class&nbsp;A Non-Voting Common Stock before the distribution of the
shares of Class&nbsp;A Non-Voting Common Stock is completed. However,
underwriters may engage in the following activities in accordance with the
rules:</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160; </font>Stabilizing
transactions&#151;Underwriters may make bids or purchases for the purpose of
pegging, fixing or maintaining the price of the shares, so long as stabilizing
bids do not exceed a specified maximum.</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160; </font>Over-allotments
and syndicate covering transactions&#151;Underwriters may sell more shares of our Class&nbsp;A
Non-Voting Common Stock than the number of shares that they have committed to
purchase in any underwritten offering. This over-allotment creates a short
position for the underwriters. This short position may involve either &#147;covered&#148;
short sales or &#147;naked&#148; short sales. Covered short sales are short sales made in
an amount not greater than the underwriters&#146; over-allotment option to purchase
additional shares in any underwritten offering. The underwriters may close out
any covered short position either by exercising their over-allotment option or
by purchasing shares in the open market. To determine how they will close the
covered short position, the underwriters will consider, among other things, the
price of shares available for purchase in the open market, as compared to the
price at which they may purchase shares through the over-allotment option.
Naked short sales are short sales in excess of the over-allotment option. The
underwriters must close out any naked position by purchasing shares in the open
market. A naked short position is more likely to be created if the underwriters
are concerned that, in the open market after pricing, there may be downward
pressure on the price of the shares that could adversely affect investors who
purchase shares in the offering.</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160; </font>Penalty
bids&#151;If underwriters purchase shares in the open market in a stabilizing
transaction or syndicate covering transaction, they may reclaim a selling
concession from other underwriters and selling group members who sold those shares
as part of the offering.</p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Similar to other purchase transactions, an underwriter&#146;s
purchases to cover the syndicate short sales or to stabilize the market price
of our Class&nbsp;A Non-Voting Common Stock may have the effect of raising or
maintaining the market price of our Class&nbsp;A Non-Voting Common Stock or
preventing or mitigating a decline in the market price of our Class&nbsp;A
Non-Voting Common Stock. As a result, the price of the shares of our Class&nbsp;A
Non-Voting Common Stock may be higher than the price that might otherwise exist
in the open market. The imposition of a penalty bid might also have an effect
on the price of shares if it discourages resales of the shares.</font></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">If commenced, the underwriters may discontinue any of
these activities at any time.</font></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Our Class&nbsp;A Non-Voting Common Stock is quoted on
the NASDAQ Global Market. One or more underwriters may make a market in our Class&nbsp;A
Non-Voting Common Stock, but the underwriters will not be obligated to do so
and may discontinue market making at any time without notice. We cannot give
any assurance as to liquidity of the trading market for our Class&nbsp;A
Non-Voting Common Stock.</font></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Any underwriters who are qualified market makers on
the NASDAQ Global Market may engage in passive market making transactions in
the Class&nbsp;A Non-Voting Common Stock on the NASDAQ Global Market in
accordance with Rule&nbsp;103 of Regulation M, during the business day prior to
the pricing of the offering, before the commencement of offers or sales of our Class&nbsp;A
Non-Voting Common Stock. Passive market makers must comply with applicable
volume and price limitations and must be identified as passive market makers.
In general, a passive market maker must display its bid at a price not in
excess of the highest independent bid for such security; if all independent
bids are lowered below the passive market maker&#146;s bid, however, the passive
market maker&#146;s bid must then be lowered when certain purchase limits are
exceeded.</font></p>


 <p style="font-size:10.0pt;margin:24.0pt 0pt .0001pt;text-align:center;"><font face="Times New Roman">19</font></p> <br><hr size="3" width="100%" noshade color="#010101" align="center">

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<p style="margin:0pt 0pt 12.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In compliance with
guidelines of the National Association of Securities Dealers, or NASD, the
maximum consideration or discount to be received by any NASD member or
independent broker dealer may not exceed 8% of the aggregate amount of the
securities offered pursuant to this prospectus and any applicable prospectus
supplement.</font></p>

<p style="font-weight:bold;margin:0pt 0pt 6.0pt;page-break-after:avoid;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">LEGAL MATTERS<a name="LegalMatters_063216"></a></font></b></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The validity of the shares
of Class&nbsp;A Common Stock offered by this prospectus will be passed upon for
us by Morgan, Lewis&nbsp;&amp; Bockius LLP, Philadelphia, Pennsylvania.</font></p>

<p style="font-weight:bold;margin:0pt 0pt 6.0pt;page-break-after:avoid;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">EXPERTS<a name="Experts_063218"></a></font></b></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The consolidated financial statements and schedules
and management&#146;s report on the effectiveness of internal control over financial
reporting incorporated by reference in this prospectus have been audited by BDO
Seidman, LLP, an independent registered public accounting firm, to the extent
and for the periods set forth in their reports incorporated herein by
reference, and are incorporated herein in reliance upon such reports given upon
the authority of said firm as experts in auditing and accounting.</font></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">KPMG LLP, or KPMG, our former independent registered public
accounting firm, has audited our consolidated financial statements as of December&nbsp;31,
2004 and for the years ended December&nbsp;31, 2004 and December&nbsp;31, 2003,
included in our Annual Report on form 10-K for the year ended December&nbsp;31,
2005 as set forth in the annual report, which is incorporated by reference in
this registration statement. Our consolidated financial statements are
incorporated by reference in reliance on the reports of KPMG given upon the
authority of the said firm as experts in accounting and auditing.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">We have agreed to
indemnify and hold KPMG harmless against and from any and all legal costs and
expenses incurred by KPMG in successful defense of any legal action or
proceeding that arises as a result of KPMG&#146;s consent to the incorporation by
reference of its audit report on our past financial statements incorporated by
reference in this registration statement.</font></p>

<p style="font-weight:bold;margin:0pt 0pt 6.0pt;page-break-after:avoid;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">WHERE YOU CAN FIND
MORE INFORMATION<a name="WhereYouCanFindMoreInformation_063226"></a></font></b></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">This prospectus, which constitutes part of the
registration statement, does not include all of the information contained in
the registration statement. You should refer to the registration statement and
its exhibits for additional information. Whenever we make reference in this
prospectus to any of our contracts, agreements or other documents, the references
are not necessarily complete and you should refer to the exhibits filed with
the registration statement for copies of the actual contract, agreement or
other document. We are subject to the information and periodic reporting
requirements of the Exchange Act, and, in accordance therewith, we file annual,
quarterly and special reports, proxy statements and other information with the
SEC. These documents are publicly available, free of charge, on our website at
www.artesianwater.com.</font></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">You can read the registration statement and our future
filings with the SEC, over the Internet at the SEC&#146;s website at
http://www.sec.gov. You may also read and copy any document that we file with
the SEC at its public reference room at 100 F Street, NE, Washington, DC 20549.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">You may also obtain copies
of the documents at prescribed rates by writing to the Public Reference Section&nbsp;of
the SEC at 100 F Street, NE, Washington, DC 20549. Please call the SEC at 1-800-SEC-0330
for further information on the operation of the public reference room.</font></p>

<p style="font-weight:bold;margin:0pt 0pt 6.0pt;page-break-after:avoid;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">INFORMATION
INCORPORATED BY REFERENCE<a name="InformationIncorporatedByReferenc_063229"></a></font></b></p>

<p style="margin:0pt 0pt 6.0pt;page-break-after:avoid;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The SEC requires us
to &#147;incorporate by reference&#148; into this prospectus information that we file
with the SEC in other documents. This means that we can disclose important
information to you by referring to </font></p>


 <p style="font-size:10.0pt;margin:24.0pt 0pt .0001pt;text-align:center;"><font face="Times New Roman">20</font></p> <br><hr size="3" width="100%" noshade color="#010101" align="center">

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<p style="margin:0pt 0pt 6.0pt;page-break-after:avoid;text-indent:0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">other
documents that contain that information. The information incorporated by
reference is considered to be part of this prospectus. Information contained in
this prospectus and information that we file with the SEC in the future and incorporate
by reference in this prospectus automatically updates and supersedes previously
filed information. We incorporate by reference the documents listed below and
any future filings we make with the SEC under Sections 13(a), 13(c), 14 or 15(d)&nbsp;of
the Exchange Act, prior to the sale of all the shares covered by this
prospectus.</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 40.0pt;text-indent:-20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(1)</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Our Annual Report on Form&nbsp;10-K
for the year ended December&nbsp;31, 2005, as filed with the SEC on March&nbsp;17,
2006;</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 40.0pt;text-indent:-20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(2)</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Our Quarterly Report on Form&nbsp;10-Q
for the period ended March&nbsp;31, 2006, as filed with the SEC on May&nbsp;10,
2006 and our Quarterly Report on Form&nbsp;10-Q for the period ended June&nbsp;30,
2006, as filed with the SEC on August&nbsp;8, 2006;</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 40.0pt;text-indent:-20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(3)</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Our Current Reports on Form&nbsp;8-K
filed with the SEC on April&nbsp;13, 2006, May&nbsp;15, 2006 (Item 8.01 only), May&nbsp;18,
2006, August&nbsp;2, 2006 and August&nbsp;15, 2006; and</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 40.0pt;text-indent:-20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(4)</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>The description of our Class&nbsp;A
Non-Voting Common Stock contained in our Registration Statement on Form&nbsp;10,
as amended (File No.&nbsp;000-18516), filed with the Commission on April&nbsp;30,
1990 to register our Class&nbsp;A Non-Voting Common Stock under the Exchange Act,
including any amendments or reports filed for the purpose of updating such
description.</p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">You may request a copy of these documents, which will
be provided to you at no cost, by writing or telephoning us using the following
contact information:</font></p>

<p style="margin:0pt 0pt 6.0pt 150.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Artesian Resources
Corporation<br>
664 Churchmans Road<br>
Newark, Delaware 19702<br>
Attention: Nicholle Taylor<br>
Telephone: (302) 453-6900</font></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">You should rely only on the information
incorporated by reference or provided in this prospectus or any prospectus
supplement. We have not authorized anyone to provide you with information
different from that contained or incorporated by reference in this prospectus.
The information contained in this prospectus is accurate only as of the date of
this prospectus, regardless of the time of delivery of this prospectus or of
any sale of class&nbsp;a non-voting common stock.</font></b></p>


 <p style="font-size:10.0pt;margin:24.0pt 0pt .0001pt;text-align:center;"><font face="Times New Roman">21</font></p>
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<div>
 <div align="center"> <table border="0" cellspacing="0" cellpadding="0" width="687" style="border-collapse:collapse;width:514.95pt;"> <tr> <td width="290" nowrap valign="top" style="padding:0pt 0pt 0pt 0pt;width:217.2pt;"> <div style="border:none;border-top:double windowtext 6.0pt;padding:0pt 0pt 0pt 0pt;"> <p style="border:none;margin:0pt 0pt .0001pt;padding:0pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p> </div> </td> <td width="109" valign="top" style="padding:0pt 5.4pt 0pt 5.4pt;width:81.75pt;"> <p style="margin:0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p> </td> <td width="288" nowrap valign="top" style="padding:0pt 0pt 0pt 0pt;width:216.0pt;"> <div style="border:none;border-top:double windowtext 6.0pt;padding:0pt 0pt 0pt 0pt;"> <p style="border:none;margin:0pt 0pt .0001pt;padding:0pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</f
ont></p> </div> </td> </tr> </table> </div> <p style="margin:0pt 0pt .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>

<p style="margin:0pt 0pt .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">We have not authorized any dealer, salesperson or
other person to give any information or represent anything not contained in
this prospectus supplement or the accompanying prospectus. You must not rely on
any unauthorized information. If anyone provides you with different or
inconsistent information, you should not rely on it. This prospectus supplement
does not offer to sell any shares in any jurisdiction where it is unlawful. The
information in this prospectus supplement or the accompanying prospectus is
current as of the date shown on the cover page.</font></b></p>

<p style="margin:0pt 0pt 97.5pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>

<p style="margin:0pt 0pt 120.5pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>

<p style="font-weight:bold;margin:0pt 0pt 76.0pt;page-break-after:avoid;text-align:center;"><b><font size="5" face="Times New Roman"><img width="278" height="79" src="g152221hoi001.gif" alt="GRAPHIC"></font></b></p>

<p style="font-weight:bold;margin:0pt 0pt 58.5pt;page-break-after:avoid;text-align:center;"><b><font size="4" face="Times New Roman" style="font-size:14.0pt;">1,000,000 Shares</font></b></p>

<p style="font-weight:bold;margin:0pt 0pt 70.5pt;page-break-after:avoid;text-align:center;"><b><font size="4" face="Times New Roman" style="font-size:14.0pt;">Class A Non-Voting Common Stock</font></b></p>

<div style="line-height:9.0pt;margin:0pt 0pt 8.0pt;page-break-after:avoid;text-align:center;"><hr size="1" width="233" noshade color="black" align="center" style="width:175.0pt;"></div>

<p style="font-weight:bold;margin:0pt 0pt 8.0pt;page-break-after:avoid;text-align:center;"><b><font size="3" face="Times New Roman" style="font-size:12.0pt;">PROSPECTUS SUPPLEMENT</font></b></p>

<div style="line-height:9.0pt;margin:0pt 0pt 64.5pt;page-break-after:avoid;text-align:center;"><hr size="1" width="233" noshade color="black" align="center" style="width:175.0pt;"></div>

<p align="center" style="margin:0pt 0pt 8.0pt;text-align:center;"><b><font size="4" face="Times New Roman" style="font-size:15.0pt;font-weight:bold;">JANNEY MONTGOMERY SCOTT LLC</font></b></p>

<p align="center" style="margin:0pt 0pt 132.5pt;text-align:center;"><b><font size="4" face="Times New Roman" style="font-size:15.0pt;font-weight:bold;">EDWARD JONES</font></b></p>

<p align="center" style="margin:0pt 0pt 6.0pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:-.3pt;">The
date of this prospectus supplement is &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;,
2007.</font></p>


 <div align="center"> <table border="0" cellspacing="0" cellpadding="0" width="687" style="border-collapse:collapse;width:514.95pt;"> <tr> <td width="290" nowrap valign="top" style="padding:0pt 0pt 0pt 0pt;width:217.2pt;"> <div style="border:none;border-bottom:double windowtext 6.0pt;padding:0pt 0pt 0pt 0pt;"> <p style="border:none;margin:0pt 0pt .0001pt;padding:0pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p> </div> </td> <td width="109" valign="top" style="padding:0pt 5.4pt 0pt 5.4pt;width:81.75pt;"> <p style="margin:0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p> </td> <td width="288" nowrap valign="top" style="padding:0pt 0pt 0pt 0pt;width:216.0pt;"> <div style="border:none;border-bottom:double windowtext 6.0pt;padding:0pt 0pt 0pt 0pt;"> <p style="border:none;margin:0pt 0pt .0001pt;padding:0pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nb
sp;</font></p> </div> </td> </tr> </table> </div> <p style="margin:0pt 0pt .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
</div><br><hr size="3" width="100%" noshade color="#010101" align="center">

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