Essential Utilities, Inc. — Director's Dealing 2004

Mar 23, 2004

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: AQUA AMERICA INC (WTR)
CIK: 0000078128
Period of Report: 2004-03-01

Reporting Person: STAHL ROY (EXECUTIVE VICE PRESIDENT)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2004-03-19	Common Stock	A	5500	$20.98	Acquired	70682	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2004-03-01	Stock Options (Right to buy)	$0	A	22500	Acquired	2014-03-01	Common Stock (22500)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
COMMON STOCK 401K	16428	Direct

Footnotes

F1: Grant of restricted stock under the 1994 Equity Compensation Plan

F2: Grant of stock options under the 1994 Equity Compensation Plan