Transformative Acquisition

Key Investment Highlights SJW Group Significantly Increased Scale Geographic and Regulatory Diversity Reinforced Pure-Play Regulated Water Strategy Improved Liquidity and Access to Capital • • • • A leading national water utility Third largest investor-owned pure play water and wastewater utility in the United States based on estimated rate bases Four-state footprint (California, Texas, Connecticut and Maine) with strong regulatory relationships in credit-supportive jurisdictions Presence in diverse regions across the United States mitigates weather-related impact and regulatory actions on the combined business Stronger platform for organic investment reinforces SJW strategy of regulated water utility infrastructure growth • Acquisition opportunities in four states and across the US Regulated earnings represent 93% of combined company earnings · Significant capital market access and increased liquidity • Balance sheet strengthened as asset base increases to over $3.0bn • Strong Dividend Track Record 75 consecutive years paying a dividend • Increased 51 consecutive years 4

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