Chairman, Nominating and Governance Committee
Attention: Suzanne L. Ansara, Corporate Secretary
Pennichuck Corporation
P.O. Box 1947 Merrimack, NH 03054-1947 September 30, 2016
Qualifications for Pennichuck Board Position
Thank you for the opportunity to allow me to present my qualifications for the open board position at Pennichuck Water
Corporation. I’m currently employed at Fidelity Investments as a Senior Research Analyst in the Fixed Income
Department. I’m responsible for the credit analysis of municipal and government owned water and sewer utilities in the
U.S. I'm also responsible for the credit analysis of public power and investor owned utilities as well as environmental
service companies. My analysis consists of a thorough review and modeling of all pertinent financial statements which
includes analysis of cash flow, operating margins, debt service coverage, leverage, pension obligations and liquidity
position. My experience in credit research gives me a deep understanding of how utilities operate, and how they are
managed and governed. It also gives me an in-depth understanding of how financial metrics affect an organizations
operations and their ability to fully recover costs in rates. During my time as a Research Analyst at Fidelity Investments, |
have established many relationships with senior management of utilities of all sizes and governance structures. These
relationships have helped me determine ranagement’s competency and their commitment to raising rates to support
their financial metrics. in my opinion, management's ability and willingness to propose rate increases to maintain
financial stability is a key factor in our internal rating and investment decision. I’m also keenly aware of the tight rope
that management and boards walk at keeping their services affordable. Geographically, my coverage of water and sewer
utilities spans the U.S. | have analyzed entities with $50 million in annual revenue to ones with $5 billion, including
various types of management and regulatory regimes .
| have been in my current positon for the last 12 years and in this time | have developed strong relationships with
investment bankers, underwriters and financial advisors. These relationships and interactions provide me with a deep
understanding of complex financial transactions and insight into trends in the financial markets.
Prior to my current position, | was a corporate and municipal bond trader at Fidelity Investments for 6 years. This
entailed providing relative value analysis and trading of corporate, Canadian and municipal debt for our fixed income
mutual funds.
Previous to my employment at Fidelity, | worked in various trading and underwriting positions in the public finance dept
capital markets at JP Morgan and BT Securities.
In closing, | would like to reiterate my interest in the open board position. | look forward to discussing my qualifications
and how | can become a valuable addition to the Pennichuck Board. | would also like to express my gratitude to the
nomination committee and the Board for consideration for this position.
Sincerely,
John M. Murphy
99 Hawthorne Village Road
Nashua, NH 03062
