1 [ CT Water Service, Inc. Logo ] August 15, 1996 Dividend Reinvestment Plan Participants: In our continuing objective to increase the value of your investment, we are modifying Connecticut Water Service, Inc.'s (the Company's) Dividend Reinvestment Program (DRIP). These changes, effective August 15, 1996, are as follows: - - Investment of optional cash payments may be made on a monthly basis (page 9). - - The range of monthly optional cash payments is $25 - $1,000 per month (page 9). - - The Company will have the option of providing DRIP shares through open market purchases, negotiated transactions, or through the current option of issuing newly issued shares directly from the Company. The Company intends, at this time, to effect DRIP share purchases in the open market (page 8). - - Elimination of the 5% discount on reinvested dividends. (pages 3 & 7). The Company has also amended the Plan to clarify that an "Investment Date" means the dividend payment date with respect to reinvestment of dividends and with respect to optional cash payments is normally the second day of each month. The changes are reflected in the revised DRIP Prospectus dated August 15, 1996, a copy of which is enclosed. In all other material respects, the Plan will continue to operate as it currently operates. The financing requirements of the Company have changed dramatically since the DRIP was offered. Our major expenditures required for compliance with the Safe Drinking Water Act are behind us and a cost effective method of currently financing the business requires less new equity dollars than we have needed in our recent past. In addition, limiting the increase in new common shares outstanding will have less of a dilution in earnings per share. This, along with eliminating the 5% discount on new shares purchased, will have a positive effect on the Company's flexibility to raise the dividend in the future which we strongly feel is what our shareholders have come to expect with their investment in the Company. The other changes that provide more frequent access to investing in the Company reflect the desires many of our shareholders expressed in last year's shareholder survey. Sincerely yours, /s/ Marshall T. Chiaraluce -------------------------- Marshall T. Chiaraluce President/CEO