Transformative Acquisition

Stable 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

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