Board Of Aldermen

Unaudited Cash Flow Statement

Cash Flow on a GAAP basis for the fourth quarter of 2020 as compared to the fourth quarter of
2019, and the year-to-date 2020 versus 2019, are as follows:

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Consolidated operating expenses increased by $0.8 million, or 2.1%, for the full year,
from 2019 to 2020, mainly due to the higher direct production costs, as well as labor and
benefit costs, as previously discussed.

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Third, the Mayor and Board of Aldermen unanimously agreed to establish a corporate
governance system for the purposes of managing Pennichuck Corporation. This corporate
governance system relies upon well-established principles of corporate law, and is established
pursuant to Pennichuck Corporation’s Articles of Incorporation and By-Laws, as adopted by the
City and the Company at the time of the acquisition pursuant to the Merger Agreement.

V2 PENNICHUCK?®

March 31, 2021
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 8,
2021. Due to the state of emergency declared by Governor Sununu relating to the COVID-19

virus, the Annual Meeting of Sole Shareholder will be conducted via electronic and telephonic
means. To attend the meeting, please use the following dial-in instructions — Dial-in Number:

1-425-436-6322, Access Code: 871028#.

COPY — FOR INFORMATION ONLY

ZZ PENNICHUCK:?

PROXY CARD
PENNICHUCK CORPORATION

PROXY for Annual Meeting of Sole Shareholder - May 8, 2021

THIS PROXY IS SOLICITED ON BEHALF OF THE BOARD OF DIRECTORS

Stephen D. Genest
(Director Since: January 2012)

Donald L. Ware, Chief Operating Officer

Mr. Ware has been the Chief Operating Officer of Pennichuck Corporation since

Nominating and Governance Committee. The Nominating and Governance Committee is
responsible for identifying individuals qualified to become Board members; recommending to
the Board the persons to be nominated by the Board for election as directors at the Annual
Meeting of Sole Shareholder; developing and recommending to the Board of Directors a set of
corporate governance principles; overseeing an annual self-evaluation of the Board; and annually
reviewing the Corporate Code of Conduct. The Nominating and Governance Committee is

The current members of the Board Committees are as follows:

Audit, Finance and Risk Committee Communications Committee
James P. Dore, Chairman Jay N. Lustig, Chairman
C. George Bower James P. Dore
H. Scott Flegal Thomas J. Leonard
Thomas J. Leonard Deborah Novotny
Deborah Novotny Preston J. Stanley, Jr.

Compensation and Benefits Committee Nominating and Governance Committee

Stephen D. Genest, Chairman Elizabeth A. Dunn, Chairman
David P. Bernier Stephen D. Genest

C. George Bower Thomas J. Leonard