Maurice L. Arel, President and Chief Executive Officer of Pennichuck Corporation, announced that the Company's Board of Directors recently approved the third quarter dividend and decided to change the Company’s regular dividend record and payment dates so they would coincide with the dividend record and payment dates used by Philadelphia Suburban Corporation.  In the case of the third quarter, the dividend record date will be August 15, 2002 and the dividend payment date will be September 3, 2002 (rather than the record and payment dates of August 1^st and August 15^th  that the Company has historically used).  Mr. Arel noted that the Company is permitted to pay dividends at a quarterly rate of $.195 under the April 29, 2002 Agreement and Plan of Merger between the Company and PSC.

The Company’s Board of Directors approved a cash dividend payable to holders of record on August 15, 2002 of $.228 per share, consisting of the regular quarterly dividend of $.195 per share and an additional amount of $.033 per share to reflect the extension of the dividend payment date from August 15, 2002  to September 3, 2002.