Transformative Acquisition

Capital 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

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