SJW Group Dividend Growth and Capital Expenditure Plan

2022 Guidance, Sensitivities, Key Assumptions Full-Year Impact Return on Equity Sensitivity + 10 bps² . Regulatory Outcomes CA GRC per settlement . CA cost of capital decision • ME GRCS in four divisions Adjusted EPS $0.02 2022 EPS Forecast $2.30 - $2.401 SJW Group Equity Issuance of $30 million - $40 million in 2022, Excluding Acquisition Growth 1 SJW Group's earnings guidance is subject to numerous risks and uncertainties, including, without limitation, those factors described in the "Forward Looking Statements" on slide 2 and the "Risk Factors" section of the company's annual and quarterly reports filed with the Securities and Exchange Commission = 2 bps basis points 20

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