Transformative Acquisition

Rate 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

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