Dividend Growth and Regulatory Update

Growth Strategy Capital Expenditures (CapEx) . . Investment in water utility infrastructure and earning a return "of and on" that investment Five-year plan to invest $1.3 billion in water/wastewater infrastructure, subject to regulatory approval Constructive Regulatory Environment Experienced and highly regarded regulatory teams working cooperatively with state commissions to align customer and shareholder interests Infrastructure surcharge mechanisms in Connecticut, Maine and Texas, forward-looking test year in California Acquisitions Opportunistic with a focus on growth potential Water and wastewater systems National footprint for growth SJW Group

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