Investor Info 2003

For Immediate Release:
January 28, 2003

Contact: Maurice L. Arel, President and Chief Executive Officer
               Charles J. Staab, VP, Treasurer and Chief Financial Officer
Phone: 603-882-5191
Fax: 603-882-4125

Pennichuck Corporation Announces 
First Quarter 2003 Common Dividend

Maurice L. Arel, President and Chief Executive Officer of Pennichuck Corporation, announced that the Company's Board of Directors recently declared its first quarter regular dividend of $.195 per share, payable on March 3, 2003 to shareholders of record on February 14, 2003. This regular quarterly dividend remained unchanged from the previous quarter and the Company's annualized dividend rate is currently $.78 per share.

Pennichuck Corporation, a New Hampshire corporation, is a holding company whose operating subsidiaries are involved in diversified activities such as water supply and distribution, operations and maintenance contracts, laboratory testing and real estate development and management. Pennichuck is traded on the Nasdaq National Market System under the symbol “PNNW”.