Transformative Acquisition

A Pure Play Water Utility: 93% Regulated Earnings Across Diversified Geographic and Regulatory Markets SJW Group 7% Unregulated Net Income by Segment Net Income 93% Regulated by State CA 61% CT 23% ME 8% TX R 7% TN 1% Note: Based on 2018 net income; combined company information presented as sum of net incomes of SJW Group and Connecticut Water, not presented on a pro forma basis 7

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