Donald L. Correll, President and Chief Executive Officer of Pennichuck Corporation, announced today that the Company's Board of Directors recently declared a quarterly dividend of $.215 per share payable on June 1, 2004 to shareholders of record as of May 17, 2004. This quarterly dividend remains unchanged from the previous quarter and results in an annualized dividend rate of $.86 per share. Mr. Correll also noted that the Company's next dividend reinvestment date under the Company's Common Stock Purchase and Dividend Reinvestment Plan is June 1, 2004. Shareholders wishing to purchase additional shares under that plan should ensure that their payment is received by the Company's transfer agent no later than May 24, 2003.

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".