Transformative Acquisition

Financial Highlights: SJW Group SJW Group EBITDA (in thousands) Debt to Capitalization $225 $200 $203 60% 52% 50% 51% 48% $175 $150 $150 $133 $142 $147 33% $125 $125 $100 $75 $50 2014 2015 2016 2017 2018 Pro 2014 2015 2016 2017 2018 Forma Pro Forma Source: Company filings Note: Pro forma company information presented as the sum of revenue and Earnings Before Interest, Taxes, Depreciation and Amortization ("EBITDA") of SJW and CTWS; numbers as of December 31, 2018; 2018 EBITDA excludes merger-related expenses. 18

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