#1SJW Group Investor Presentation December, 2019 Connectica Water#2Forward Looking Statements SJW Group This presentation may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, as amended. Some of these forward- looking statements can be identified by the use of forward- looking words such as "believes,” “expects,” “may,” “will,” "should," "seeks," "approximately," "intends," "plans," "estimates," "projects," "strategy," or "anticipates," or the negative of those words or other comparable terminology. The accuracy of such statements is subject to a number of risks, uncertainties and assumptions including, but not limited to, the following factors: (1) the risk that the benefits expected from the merger of SJW Group and Connecticut Water Service, Inc. (the "Merger") will not be realized; (2) the risk that the integration of Connecticut Water Service, Inc. will be more difficult, time-consuming or expensive than anticipated; (3) the effect of water, utility, environmental and other governmental policies and regulations, including actions concerning rates, authorized return on equity, authorized debt-to-equity ratios, capital expenditures and other decisions; (4) the outcome of the California Public Utilities Commission's investigation into the Merger; (5) litigation, including litigation relating to the Merger; (6) changes in demand for water and other products and services; (7) unanticipated weather conditions and changes in seasonality; (8) climate change and the effects thereof; (9) catastrophic events such as fires, earthquakes, explosions, floods, ice storms, tornadoes, hurricanes, terrorist acts, physical attacks, cyber-attacks, or other similar occurrences that could adversely affect our facilities, operations, financial condition, results of operations and reputation; (10) unexpected costs, charges or expenses resulting from the Merger; (11) our ability to successfully evaluate investments in new business and growth initiatives; (12) the risk of work stoppages, strikes and other labor-related actions; (13) changes in general economic, political, business and financial market conditions; (14) the ability to obtain financing on favorable terms, which can be affected by various factors, including credit ratings, changes in interest rates, compliance with regulatory requirements, compliance with the terms and conditions of our outstanding indebtedness, and general market and economic conditions; and (15) legislative and economic developments. Results for a quarter are not indicative of results for a full year due to seasonality and other factors. In addition, actual results are subject to other risks and uncertainties that relate more broadly to our overall business, including those more fully described in our filings with the SEC, including our most recent reports on Form 10-K, Form 10-Q and Form 8-K. Forward-looking statements are not guarantees of performance, and speak only as of the date made, and we undertake no obligation to update or revise any forward- looking statements except as required by law. 2#3Today's Speakers SJW Group Eric W. Thornburg Chief Executive Officer SJW Group Jim Lynch Chief Financial Officer SJW Group Andrew Walters Chief Corporate Development Officer SJW Group 3#4Key Investment Highlights SJW Group Significantly Increased Scale Geographic and Regulatory Diversity Reinforced Pure-Play Regulated Water Strategy Improved Liquidity and Access to Capital • • • • A leading national water utility Third largest investor-owned pure play water and wastewater utility in the United States based on estimated rate bases Four-state footprint (California, Texas, Connecticut and Maine) with strong regulatory relationships in credit-supportive jurisdictions Presence in diverse regions across the United States mitigates weather-related impact and regulatory actions on the combined business Stronger platform for organic investment reinforces SJW strategy of regulated water utility infrastructure growth • Acquisition opportunities in four states and across the US Regulated earnings represent 93% of combined company earnings · Significant capital market access and increased liquidity • Balance sheet strengthened as asset base increases to over $3.0bn • Strong Dividend Track Record 75 consecutive years paying a dividend • Increased 51 consecutive years 4#5THE SJW GROUP SJW Group 5#6A Leading National Pure Play Water Utility Geographic Diversity. Local Expertise SJW states of operation ✰ Corporate headquarters New England headquarters Company Highlights • Third largest investor-owned pure play water and wastewater utility with footprint across four states¹ ⚫ Enhanced growth platform as a result of increased scale, geographic diversity and strong financial foundation ⚫ Infrastructure investment opportunity 1 Based on investor-owned water utilities by rate base. SJW Group CO 6#7A Pure Play Water Utility: 93% Regulated Earnings Across Diversified Geographic and Regulatory Markets SJW Group 7% Unregulated Net Income by Segment Net Income 93% Regulated by State CA 61% CT 23% ME 8% TX R 7% TN 1% Note: Based on 2018 net income; combined company information presented as sum of net incomes of SJW Group and Connecticut Water, not presented on a pro forma basis 7#8Experienced Leadership Team with Record of Execution, Regional Focus and Dedication SJW Group Eric W. Thornburg Chairman, President and Chief Executive Officer 36 years of water utility experience Leveraged expertise across the multi-state platform with a commitment to local markets Andy Gere President San Jose Water 24 years with SJW Maureen Westbrook President New England Region 31 years with CTWS Palle Jensen Executive Vice President 24 years with SJW Kristen Johnson Chief Administrative Officer 12 years with CTWS Jim Lynch Chief Financial Officer 9 years with SJW Suzy Papazian General Counsel and Corporate Secretary 14 years with SJW Andrew Walters Chief Corporate Development Officer 18 years utility experience 8#9Operational Overview 712 trusted professionals across a multi- state platform: 340 California • 225 Connecticut • 81 - Maine • 66 - Texas Assets: 26,979 miles of pipe 39 water treatment plants 399 wells 5 wastewater facilities 317 water storage facilities 138 pumping stations 34,074 hydrants 85,634 valves SJW Group INLET SPENAX 9#10SJW Group at a Glance: Quality Long-Term Investment CA TX . CA CT ME SJW Group San Jose Water . Regulated California water utility Serving San Jose and the Silicon Valley Growth supported by robust set of infrastructure replacement opportunities SJWTX (CLWSC) Regulated Texas water utility Located in one of the fastest-growing regions in the U.S. SJW Land Company Non-regulated Tax-advantaged income-producing properties for future disposition as capital needs warrant, currently unlevered Connecticut Water Regulated Connecticut water utility Serves portions of 59 communities that are predominantly suburban and rural 1% of pipe replaced annually through WICA surcharge Maine Water Company Regulated Maine water utility serving 21 cities & towns "Best in Class" WISC infrastructure surcharge High-quality regulated water utilities in economically vibrant regions Constructive regulatory environments supporting infrastructure investments Opportunistic acquisition growth of contiguous systems; new platform potential Sustainable and consistent growth in earnings ✓ Capabilities and resources available to execute strategy 10#11Capital Supportive Regulatory Environments • Future test year • Balancing and memorandum accounts CA ME • TX SJW Group • Cost of capital proceeding outside of general rate case • • • • • • • Water cost of capital adjustment mechanism Water Infrastructure and Conservation Adjustment (WICA) Water Revenue Adjustment (WRA) mechanism • 180-day statutory time frame for rate proceedings Streamlined rate case Water Infrastructure Surcharge (WISC) Water revenue adjustment mechanism Recovery of reasonable operating costs and a fair rate of return Adjustment mechanism for wholesale water cost Fair Value Legislation passed in 2019 11#12Substantial US Water Infrastructure Needs Represent Massive Growth Opportunity EPA Estimate of US Infrastructure Investment Needs ($B) Key Industry Statistics SJW Group • Water $473 Billion $83 Treatment Wastewater $271 Billion $19 Storm Water Management $54 Other $48 Storage $313 Transmission $22 Source $96 Collection Systems $102 Treatment & Distribution $7 Other • 50,000 systems 85% of population served by municipalities 14,700 systems 97% of population served by municipalities 12#13Transformative Acquisition Connecticut Water Service, Inc. • . Closed October 9, 2019 ⚫ $1.1 billion enterprise value Connecticut • • • 105,000 water customers 3,000 wastewater Leadership retained (local & well-respected) Maine • . 32,000 water customers • Leadership retained (local & well-respected) Maine Water New England Headquarters Clinton, CT Connecticut Water AVON HERITAGE VILLAGE SJW Group 13#14Acquisition Track Record - Opportunity for Growth 60+ total water system acquisitions in 25 years; Over 40 in the past 10 years New England: 45% customer growth, primarily through acquisitions • Over 800 separate community water systems and over 300 wastewater operations in Connecticut and Maine alone Texas: • 10,000 customers added since initial acquisition in 2006 Maine Water Mr Lake War Talent Facility SJBJCX SJW Group 14#15Rate Base Growth Supported by Enhanced Capital Plan Pro Forma Expected Capex Profile ($M) ■SJW CTWS $136 $217 $216 $237 $55 $86 $85 $85 $131 $131 $152 2018A 2019E 2020E 2021E Standalone Pro forma Selected Investment Opportunities Pipeline Replacement Programs • Saco, Maine, New Water Treatment Facility San Jose Water Company • • Annual replacement of at least 1-2% of pipes across all four states of operation with approximately $75M invested annually Supported by constructive recovery mechanisms (e.g. WICA, WISC in Connecticut and Maine, FTY in CA & New DISC in Texas) Opportunity for significant "generational investment" with new facility planned to replace plant in service since 1884 Finished water reservoir replacements Replaced aging and seismically deficient earth embankment and welded steel reservoirs with pre-stressed concrete tanks ⚫ $31.5M in total investment spent on these initiatives through 2019; additional projects scheduled in 2020 Note: Numbers may not tie due to rounding 1 Subject to market conditions and Board and regulatory approvals SJW Group 15#16Strong and Consistent Earnings Growth SJW Historical Recurring Earnings Per Share' $1.10 2013A 2013-2018 SJW CAGR: +17.9% $2.51 $2.36 $2.23 $1.76 $1.71 2014A 2015A 2016A 2017A 2018A Source: Company filings, investor presentations 1 SJW recurring earnings exclude impact of property sales, CTWS stock sales and non-recurring regulatory adjustments; 2018A recurring earnings exclude merger-related expenses for each company. SJW Group 16#17Stable and Consistent Dividend Growth SJW Historical Dividend Per Share Combined company is expected to continue both SJW's and CTWS's strong track record of consistent dividend growth SJW has increased the annual dividend in each of the last 51 years 2013-2019 CAGR: +8.6% $1.20 $1.12 $1.04 $0.73 $0.75 $0.78 $0.81 2013A 2014A 2015A 2016A 2017A 2018A 2019E 1 Includes $0.17/share special dividend declared in November 2017 and paid in December 2017. SJW Group 17#18Financial Highlights: SJW Group SJW Group EBITDA (in thousands) Debt to Capitalization $225 $200 $203 60% 52% 50% 51% 48% $175 $150 $150 $133 $142 $147 33% $125 $125 $100 $75 $50 2014 2015 2016 2017 2018 Pro 2014 2015 2016 2017 2018 Forma Pro Forma Source: Company filings Note: Pro forma company information presented as the sum of revenue and Earnings Before Interest, Taxes, Depreciation and Amortization ("EBITDA") of SJW and CTWS; numbers as of December 31, 2018; 2018 EBITDA excludes merger-related expenses. 18#19Commitment to Environmental, Social and Governance (ESG) Sustainability Practices SJW Group • Best-in-class corporate governance score from ISS Dedicated Board Sustainability Committee Honoring and continuing 152-year commitment to environmental stewardship Environmental stewardship remains a core value for the combined organization Combined company continues to demonstrate industry leadership in its efforts to promote water conservation and protect valuable lands and water resources Rate assistance program for customers in need of financial support Supplier Diversity Program designed to encourage, recruit, and utilize women, minority, disabled veteran, and LGBTQ-owned enterprises in our supply chain 19