Agenda

Unaudited Cash Flow Statement

Cash Flow on a GAAP basis for the fourth quarter of 2015 as compared to the fourth quarter of

2014, and the year-to-date 2015 versus 2014, are as follows:

($000’s)

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An increase in interest expense from 2014 to 2015 of approximately $0.8 million
is primarily due to the increased financed amounts for capital projects.

Pre-tax loss for the fourth quarter increased from $1.6 million in 2014 to

$2.2 million in 2015 due to an increase in interest cost associated with the
financing of capital projects, as well as the increase in operating expenses, offset _
by the higher year-over-year revenues.

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Second, retaining the corporate structure provided continuity for the regulatory and financial
Status of the companies and their respective businesses. The New Hampshire Public Utilities
Commission continues to provide regulatory oversight for the utility companies, and banks,
lenders and other contract parties continue to be able to rely on existing contracts and other rules
with respect to financing and other operations.

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2 PENNICHUCK

March 29, 2016

ANNUAL REPORT TO THE SOLE SHAREHOLDER

Dear Shareholder:

The Annual Meeting of Pennichuck Corporation will be held at 9:00 a.m. on Saturday, May 7,
2016 at the Courtyard Marriott, 2200 Southwood Drive, Nashua, New Hampshire.

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EZ PENNICHUCK
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PROXY CARD
PENNICHUCK CORPORATION

PROXY for Annual Meeting of Sole Shareholder - May 7, 2016

THIS PROXY IS SOLICITED ON BEHALF OF THE BOARD OF DIRECTORS

Information regarding the professional backgrounds for each nominee follows:

Nominees for Director:

C. George Bower

Senior Management. The members of the Company’s Senior Management team are as follows:

Larry D. Goodhue, Chief Executive Officer, Chief Financial Officer and Treasurer

and oversight of the Company’s insurance programs. The Audit, Finance and Risk Committee
held four meetings in 2015.

Communications Committee. The Communications Committee is responsible for the
development and assistance with the policies and strategies of external communications between
the Board, the Company and the Sole Shareholder, other stakeholders, and the public, as needed.
The Communications Committee held two meetings in 2015.

Each Committee has adopted a written Charter which sets forth its purpose, membership,
duties and responsibilities. A copy of each Charter can be found on the Company’s website at
www. pennichuck.com, under the “Board of Directors” caption, under the “Corporate
Governance” heading.

The current members of the Board Committees are as follows:

Audit, Finance and Risk Committee

James P. Dore, Chairman
Paul A. Indeglia

Thomas J. Leonard

John D. McGrath

James McMahon

Communications Committee