#1SJW Group Investor Presentation March 2022#2SJW Group On Today's Call Eric Thornburg Chair, President and CEO Jim Lynch Chief Accounting Officer Andrew Walters Chief Financial Officer 2#3Forward-Looking Statements SJW Group Safe Harbor This presentation contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, as amended. Some of these forward-looking statements can be identified by the use of forward-looking words such as "believes," "expects," "may," "will," "should," "seeks," "approximately," "intends," "plans," "estimates," "projects," "strategy," or "anticipates," or the negative of those words or other comparable terminology. These forward looking statements are only predictions and are subject to risks, uncertainties and assumptions that are difficult to predict. The accuracy of such statements is subject to a number of risks, uncertainties and assumptions including, but not limited to, the following factors: (1) the effect of water, utility, environmental and other governmental policies and regulations, including actions concerning rates, authorized return on equity, authorized capital structures, capital expenditures and other decisions; (2) changes in demand for water and other services; (3) the impact of the Coronavirus ("COVID-19") pandemic on our business operations and financial results; (4) unanticipated weather conditions and changes in seasonality, including those affecting water supply and customer usage; (5) climate change and the effects thereof; (6) unexpected costs, charges or expenses; (7) our ability to successfully evaluate investments in new business and growth initiatives; (8) contamination of our water supplies and damage or failure of our water equipment and infrastructure, (9) the risk of work stoppages, strikes and other labor-related actions; (10) catastrophic events such as fires, earthquakes, explosions, floods, ice storms, tornadoes, hurricanes, terrorist acts, physical attacks, cyber-attacks, epidemic or similar occurrences; (11) changes in general economic, political, business and financial market conditions; (12) the ability to obtain financing on favorable terms, which can be affected by various factors, including credit ratings, changes in interest rates, compliance with regulatory requirements, compliance with the terms and conditions of our outstanding indebtedness, and general market and economic conditions; and (13) legislative and general market and economic developments. Results for a quarter are not indicative of results for a full year due to seasonality and other factors. In addition, actual results are subject to other risks and uncertainties that relate more broadly to our overall business, including those more fully described in our filings with the SEC, including our most recent reports on Form 10-K, Form 10-Q and Form 8-K. Forward-looking statements are not guarantees of performance. All information included in this presentation is as of December 31, 2021, unless stated otherwise, and we undertake no obligation to update or revise any forward-looking statements except as required by law. Use of Non-GAAP Financial Information In this presentation, the Company will be discussing the non-GAAP financial measure of Adjusted EBITDA, which is adjusted from results based on GAAP. This non-GAAP financial measure is provided to enhance the investors' overall understanding of the Company's current financial performance and the Company's prospects for the future. We have presented Adjusted EBITDA because we believe it serves as an appropriate measure to be used in evaluating the performance of our business and help our investors better compare our operating performance over multiple periods and that the exclusion of the amounts eliminated in calculating Adjusted EBITDA can provide a useful measure for period-to-period comparisons of our core business performance. Non-GAAP measures should not be viewed as a substitute for the Company's financial statements prepared in accordance with GAAP. The Company's use of non-GAAP financial measures has certain limitations in that such non-GAAP financial measures may not be directly comparable to those reported by other companies. Other companies may use the same or similarly named measures, but exclude different items, which may not provide investors with a comparable view of our performance in relation to other companies. We seek to compensate for the limitation of the non-GAAP presentation by providing a detailed reconciliation of Adjusted EBITDA to net income in Appendix 1. 3#4SJW Group Leadership Team Experienced, Record of Execution, Regional Focus and Dedication Leveraged expertise across the multistate platform with a commitment to local communities Eric W. Thornburg Chairman, President and Chief Executive Officer 39 years of water utility experience Jim Lynch Chief Accounting Officer 17 years of water utility experience Andy Gere President and Chief Operating Officer of San Jose Water 26 years of water utility experience Maureen Westbrook President of New England Region 34 years of water utility experience Kristen Johnson Chief Administrative Officer 14 years of water utility experience Willie Brown Vice President, General Counsel and Corporate Secretary 14 years of water utility experience Andrew Walters Chief Financial Officer and Treasurer 20 years of utility experience#5SJW Group Key Investment Highlights Growth Capital and Customers Geographic and Regulatory Diversity Commitment to ESG Strong Dividend Track Record • • • Robust 5-year capital investment plan of $1.3B in water/wastewater infrastructure, subject to regulatory approval Texas operation more than tripled in size between 2006 and 2021 Closed on Kendall West and Bandera East utilities in 4Q 2021, and Texas Country Water in 1Q 2022 Regulatory lag is minimized by forward test year in CA and infrastructure replacement surcharge mechanisms in CT, ME and TX Going forward, will attempt to stagger rate filings for SJW's large utilities and target filings every 3-4 years Weather diversity Reducing carbon emissions - Science-based target to reduce Scope 1 and 2 carbon emissions 50% by 2030 Fostering environmental stewardship - 100% environmental compliance and 15% non-revenue water target Leading ISS ESG ratings — ISS Environmental (5), Social (3), Governance (1) - • Supporting supplier responsibility - Adopted vendor code of conduct, recognized excellence in supplier diversity, and committed to Diversity, Equity and Inclusion Industry-leading dividend growth, exceeding 10% over the past 5 years 78 consecutive years paying a dividend Increased 54 consecutive years 5#6SJW Group Profile Large National Pure-Play Water/Wastewater - Local Expertise Economic, Weather and Regulatory Diversity Market Data¹ As of March 18 2022, unless otherwise noted Corporate HQ SJW Group 1 Source: Bloomberg ASSETS 5,400+ 39 Miles of pipe • Water treatment plants $3.6 Billion Total Enterprise Value $2.1 Billion Market Capitalization • 2.1% Dividend Yield 400+ Wells • 144% 5-Year Total Shareholder New England HQ 5 Wastewater facilities • Return (12/31/2021) $574 Million Operating Revenue in 2021 300+ Water storage facilities 160+ Pumping stations ~1.5M People served across CA, CT, ME and TX Resources As of December 31, 2021, unless otherwise . noted 398,000 Service Connections • $1.8 Billion Authorized Rate Base² 2 An approximation of rate base, which includes net utility plant not yet included in rate base pending rate case filings/outcomes#7SJW Group SJW Group at a Glance: Pure-Play Water Regulated Water/Wastewater San Jose Water • 231,000 service connections • Growth supported infrastructure replacement • Connecticut Water 105,000 water and 3,000 wastewater service connections Timely recovery of pipeline replacement through WICA,* WRAM** • SJWTX Maine Water . 24,000 service 35,000 service connections "Best in Class" infrastructure replacement mechanism through WISC* . connections in Texas Infrastructure replacement mechanism, Fair Market Value and filed rate doctrine for acquisitions Historic test year • Forward test year Historic test year Historic test year Nonregulated SJW Land: Tax-advantaged, income-producing properties for future disposition as capital needs warrant; currently unlevered *WICA is the Water Infrastructure and Conservation Adjustment and WISC is the Water Infrastructure Charge **WRAM is the Water Revenue Adjustment Mechanism 7#8Geographically Diverse Pure-Play Water/Wastewater Pure-Play Regulated Water/Wastewater $67.5M 93% 2021 Net Income Regulated vs. Unregulated $5.3M 7% ■ Regulated ■ Unregulated SJW Group Data as of December 31, 2021 Geographic Diversity $22.5M 32% $38.7M 55% 2021 Net Income by State $3.9M 6% $3.0M 4% 3% ■CA ■CT ME TX ■ TN#9Growth 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#10Infrastructure Investment Drives Rate Base Growth SJW Group CapEx in millions $240 CAGR 12.8% $190 $141 $136 $140 $134 $129 $90 $40 SJW Group $199 $239 $223 2016 2017 2018 2019 2020 2021 2022 Budgeted SAN JOSE WATER • Settlement agreement • between SJW and Public Advocate Office allows for $350 million 3-year capital program Excludes $100 million for Advance Meter Infrastructure (AMI) between 2022 and 2025, pending CPUC approval 10#112022 CapEx Opportunities in 2022 and Beyond Budgeted 2022 CapEx CA $115.1M TX $24.5M CT $223M $61.4M ME Saco River Drinking Water Treatment Facility November 2021 Annual replacement of approximately 1% of pipeline across all four states of operation, with approximately $75 million invested annually Significant "generational investment” with new facility in Biddeford, Maine, replacing 1884 plant; $100 million in Advanced Metering Infrastructure (AMI) implementation between 2022 and 2025, pending CPUC approval SJW Group $21.8M Timely Recovery Through Regulatory Mechanisms -67% ~51% Forward-Looking Test Year ~16% Infrastructure Recovery Mechanism -33% Traditional Recovery -33% 11#12Acquisition Growth and Opportunities 2010-2020 Customer Growth 25+ acquisitions by SJW Group and subsidiaries Very Small, Small and Medium Sized Community Water Systems In CA, CT, ME and TX • 65% customer growth, ~154K new customers • • • Transformational growth with CTWS acquisition in 2019 2021 Acquisitions SJWTX completed acquisitions of Kendall West, Bandera East and Clear Water Estates Completed acquisitions represent over 1,800 service connections Clear Water Estates first fair market value acquisition in Texas by any utility Connection growth in Texas nearly quadrupled between 2006 and 2021 to over 24,000 water and wastewater connections Opportunities More than 8,400 community water systems in CA, CT, ME and TX 14,020 Very Small Systems Population Served Very Small = 25-300 Small 301-3,300 Medium = 3,301 - 10,000 1,023 Medium Systems 2,879 Small Systems • More than 16,000 publicly owned wastewater systems nationwide SJW Group Sources: Company filings, EPA Drinking Water Dashboard, Cybersecurity and Infrastructure Security Agency, "Water and Wastewater Systems Sector" 12#13SJW Group CWC Rate Cases/Regulatory 2021 Rate Case Final decision issued by Connecticut Public Utilities Regulatory Authority on Request for Reconsideration in November 2021 Authorized $2.1 million in additional revenues above $5.2 million increase authorized in July 28, 2021 GRC decision Total of $7.3 million authorized through 2021 GRC Water Infrastructure and Conservation Adjustment PURA authorized WICA adjustment of 2.44% effective January 1, 2022 - Approximately $22 million in completed projects • Included certain projects not considered in GRC due to capital additions deadline New WICA expected to generate $2.6 million in annual revenues Connecticut Water Collectively, $9.9 million total additional revenue in 2022 plus $500K expense to capital Total revenue requirement authorized in the Connecticut GRC increased $7.3 million or 7.1% Additional $2.6 million in revenues through WICA 13#14SJW Group MWC Rate Cases/Regulatory • Biddeford-Saco Division - GRC - Step 2 Supplemental rate filing for $6.9 million pending before the MPUC Step 2 of GRC for Biddeford-Saco Division filed for $60 million project to replace 1884 plant • • • $60 million generational investment MWC and OPA filed settlement agreement with MPUC in March 2022 Decision expected in 2Q 2022 in line with facility completion with new rates in second half of 2022 WISC Increase ⚫ MPUC authorized 3% WISC increase for Skowhegan Division effective January 1, 2022 - For $1.9 million infrastructure investment Rate Increase Filings Rate case filings in 4 divisions before March 1, 2022 Required under MPUC settlement agreement regarding the Tax Cuts and Jobs Act Maine Water Constructive settlement agreement for Step 2 benefiting customers and MWC 9.7% Negotiated Return on Equity 6.287% weighted average cost of capital $6.3M increase in annual revenues 14#15SJWTX Rate Cases/Regulatory Recently Approved Acquisitions Kendall West and Bandera East utilities acquisition completed in 4Q 2021 Texas Country Water acquisition completed in 1Q 2022 Combined over 1,800 water/wastewater new service connections and expanded service area SJWTX serves 24,000 service connections between Austin and San Antonio, including 3 of the 5 fastest-growing counties in the U.S. (Comal, Hays and Kendall) Customer base grew over 20% in 2021 and has more than tripled over 15 years SJUJTX Texas had the highest population growth of any state in the U.S. 2020 Census Serves three of the five fastest-growing counties in the nation1 San Antonio - Austin corridor SJW Group 1 Source: U.S. Census Bureau population growth in counties with a population of at least 10,000, 2010-2019 Travis Gillespie Blanco Austin Kerr Kendall Comal Bandera Bexar Medina San Antonio Hays Caldwell Guadalupe Gonzales Bas 15#16SJWC Rate Cases/Regulatory 2022 2024 Rate Case - Pending before the CPUC SJJJ SAN JOSE WATER SJW Group • Requesting $88 million increase in revenues over 3 years • Requesting authorization of $435 million 3-year capital budget • Requesting $18.5 million from balancing and memorandum accounts • • Settlement agreement between SJW and PAO filed in January Interim rates in place on January 1, 2022 New rates, if approved, expected to be effective 2Q 2022 and retroactive to January 1 Cost of Capital Filing Pending before the CPUC • Requesting increases in revenue and ROE to 10.3% . Requesting adjustment to capital structure of 55% equity and 45% debt • Proposed decrease in average cost of debt to 5.48% • Decision expected in 3Q 2022 Constructive rate case settlement agreement benefiting customers and SJW Recognizes need for continued investment via $350 million 3-year capital program Further aligns authorized and actual consumption Greater revenue recovery in the fixed charge 16#17SJWC Rate Cases/Regulatory Advanced Metering Infrastructure (AMI) SJJJ SAN JOSE WATER SJW Group • Pending before the CPUC • All-party settlement submitted to CPUC for adoption Approximately $100 million over the next four years for AMI deployment starting in 2022 ⚫ Benefits include improved utility operations, near real-time leak detection, and enhanced water conservation for customers and utility • Meaningful benefit for customers and the environment through lower water losses Drought Response • Water Conservation Memorandum Account, Water Conservation Expense Memorandum Account and other mechanisms employed to encourage conservation while allowing the company the opportunity to earn its authorized return AMI decision expected 2Q 2022 $100 million CapEx spend timing 2022-2025 Separate from GRC capital budget request Supports conservation through near real-time access to water usage 17#18SJW Group Stable and Consistent Dividend Growth Dividends 2017 - 2022 • 5.9% increase in annual dividend over 2021 CAGR 10.1% . $1.44 per share (annual) Continuously paid dividends for more than 78 years • Annual dividend increase for 54 consecutive years $1.44 $1.36 $1.28 $1.20 $1.12 $1.04 2017 2018 2019 2020 2021 2022 budgeted 18#19SJW Group Financial Highlights: SJW Group $225,000 $200,000 Adjusted EBITDA* (in thousands) $212,481 $211,376 Debt to Capitalization 59.5% 59.8% 59.7% $175,000 $154,805 $148,312 $150,000 $146,634 $139,228 $125,000 $100,000 $75,000 $50,000 32.7% 50.7% 48.2% اللاااا $25,000 2016 2017 2018 2019 2020 2021 2016 2017 2018 2019 2020 2021 *Non-GAAP Financial Information This presentation includes the non-GAAP financial measure of adjusted EBITDA. A reconciliation of this measure to the most directly comparable GAAP measure is included in Appendix I to this presentation. 19#20EPS and Net Utility Plant 2017-2021 Diluted EPS $2.89 $3,000 Net Utility Plant in millions $1.83 $2.14 $2.03 11.11 2017 $0.82 $2,000 $1,329 $1,239 $2,497 $2,335 $2,206 $1,000 2018 2019 2020 2021 2017 2018 2019 2020 2021 SJW Group Source: Company filings, investor presentations 20#21SJW Group Our Success Builds On... Shareholders Leverage regulatory compact Infrastructure investment and earning a return "of and on" investments Focus on core water and wastewater Maintain constructive regulatory relationships Deliver growth that adds shareholder value Customers/Communities Provide high-quality water while supporting conservation High level of community engagement Deliver world-class service Customer financial assistance programs Be a positive force in the community Environment Sustainability is at the core of our business Passionate about stewardship and the value of water Protect and manage water and watershed for the future Use available ratemaking tools to encourage conservation Employees Passionate employees delivering a life- sustaining service Values-based, team-oriented approach Healthy, safe and secure workplace Invest in education and leadership development for our water professionals 21#22SJW Group Commitment to ESG ENVIRONMENTAL SOCIAL Dedicated board sustainability committee Continued focus on use and protection of over 10,000 acres of watershed land GHG inventory completed and set new goal of 50% reduction in Scope 1 and Scope 2 emissions by 2030 Assistance programs for customers Supplier diversity program World-class customer satisfaction Adopted Vendor Code of Conduct in 2021 Active Environmental Health and Safety Committee Diversity, Equity and Inclusion Council CEO Pledge CEO Action for Diversity and Inclusion . GOVERNANCE Human rights policy Employees participate in ethics, conduct and cybersecurity training 22#23ESG Progress ISS Metrics: Prime Rated ISS environmental rating of “5” (among the best of water utility peers) ISS social rating of "3" (tied for best among Corporate ESG Performance RATED BY ISS ESG‣ Prime water utility peers) ISS governance score is a "1" (best score possible) TOP WORK PLACES 50 WOMEN 2022 50 ON BOARDS Recognition: 50/50 Women on Boards for Gender-Balanced USA Board of Directors CPUC and US Veterans Magazine for Supplier Diversity 2022 USA Top Workplace for CT Water CEO ACT!ON FOR DIVERSITY & INCLUSION SJW Group Signatory to CEO Action for Diversity and Inclusion 23#24SJW Group Long-Term Strategy • • • . Deliver exceptional service to families and communities Protect employee and public health Grow regulated water and wastewater utility business Invest capital (CapEx) to serve customers and conserve natural resources File timely infrastructure surcharges and general rate cases Steward constructive regulatory relationships MARBLE LUI DRIVESTRY . Increase shareholder value through prudent acquisitions • Maintain the momentum of the CTWS integration • Support and expand supplier diversity program • • Conduct our business while honoring the highest ethical standards Focus on water and wastewater service, not sales Be a positive force in the communities where we live, work and serve OUR MISSION Trusted, passionate, and socially responsible professionals delivering life- sustaining, high-quality water and exceptional service while protecting the environment, enhancing our communities, and providing a fair return to shareholders. 24#25Appendix 1 SJW Group 25#26SJW Group 0 1-Jan 500 400 300 200 100 8-Jan 15-Jan 22-Jan 29-Jan 5-Feb 12-Feb 19-Feb 26-Feb 4-Mar 11-Mar 3 009 18-Mar 25-Mar 1.8B Projected Water Supply Production 2100 2000 1900 1800 1700 1600 1500 1400 1300 1200 1100 1000 900 800 700 Lake Elsman Storage - 2022, 2021, 2020, & 5-Yr Avg (MG) 3/23/22 1,502 MG 550 MG Produced through 3/23/22 Elsman Overflow (2,005 MG) 2022 Drawdown to Date 2021 Drawdown 2020 Drawdown 5-Yr Avg 1-Apr 8-Apr 15-Apr 22-Apr 29-Apr 6-May 3 13-May 20-May 27-May 3-Jun 10-Jun 17-Jun 24-Jun 1-Jul 8-Jul 15-Jul 22-Jul 29-Jul 5-Aug 12-Aug 19-Aug 26-Aug 2-Sep 9-Sep 16-Sep 23-Sep 30-Sep 7-Oct 14-Oct 21-Oct 28-Oct 4-Nov 11-Nov ΕΛΟΝ-81 25-Nov 2-Dec 9-Dec 16-Dec 23-Dec 30-Dec 26#27SJW Group Adjusted EBITDA RECONCILIATION OF NON-GAAP FINANCIAL MEASURES 2021 Net Income 60,478 $ 2020 61,515 $ 2018 38,767 $ For the Year Ended December 31 (in thousands) 2019 23,403 $ 2017 59,204 $ 2016 52,839 $ 37,882 2015 Add (Subtract): Income attributable to the noncontrolling interest $ Income Tax Expense Interest Expense Interest Income Depreciation and Amortization EBITDA Write-off of Regulatory Asset Account CTWS Merger Related Expenses Post CTWS Merger Integration Costs Merger Related Customer Credits Loss (Gain) on Sale of Equity Investment Loss (Gain) on Sale of Utility property Gain on Sale of Real Estate Investments Gain on Sale of Nonutility Properties Impairment of Long-Lived Asset Adjusted EBITDA SASSASASASAAAAAAAAAAAAASASS $ 224 $ $ 8,369 $ 8,380 $ 8,454 $ 10,065 $ 1,896 $ 35,393 $ $ 33,542 $ 23,272 54,339 $ 54,255 $ 31,796 $ 24,332 $ 22,929 $ 21,838 $ 22,186 - $ - $ (6,536) $ (155) $ - $ $ 94,400 $ 89,279 $ 65,592 $ 54,601 $ 48,292 $ 44,625 $ 40,740 217,586 . - $ I - $ $ (927) $ (7,494) $ $ 2,211 $ SSSSSSSASASASA $ 213,429 $ 122,933 $ 127,610 $ 167,714 $ 152,844 $ 124,080 $ $ 9,386 $ - $ $ $ - I I - (948) $ $ SSSSSSSS $ 15,768 $ 18,610 $ $ SA $ 4,860 $ $ $ SS $ $ 2,767 $ $ - $ - $ 423 $ $ (3,197) $ $ 20 $ (9) $ (12,499) $ - $ (929) $ 55959 $ $ - $ $ ᏌᏊ ᏌᏊ Ꭿ (6,903) $ (10,419) $ (1,886) $ $ $ $ $ 211,376 $ 212,481 $ 154,805 $ 146,634 $ 148,312 $ 139,228 $ 122,194 27#28SJW Group Capital Structure, ROE, and Rate Base California Connecticut Texas Maine Authorized capital structure (debt/equity) 47% / 53% 47% / 53% 37% / 63% 54% / 46% Authorized return on equity 8.90% 9.00% 10.88% 9.81% Authorized rate base (in millions) $958.9 $549.4 $43.3 $63.3 Estimated rate base at year-end (in millions) $1,023.1 $613.6 $95.1 $87.6 28#29SJW Group The Infrastructure Replacement Era Opportunity for well-managed, customer-centric, investor-owned water and wastewater American Society of Civil Engineers 2021 Report Card for America's Infrastructure Water . 50,000 water systems • 2.2 million miles of underground pipe • 27% increase in water main breaks between 2012 and 2018 (250,000 to 300,000 estimated breaks per year or a break every two minutes) • 85% of population served by municipalities • EPA Drinking Water State Revolving Fund Appropriations level in 2019 and declined in 2020 Wastewater • 16,000 publicly owned sewer systems · ⚫ EPA Clean Water State Revolving Fund Appropriations level in 2019 and declined in 2020 and 2021 • ⚫ EPA estimates 850 billion gallons of treated sewage discharged into our waterways annually Source: American Society of Civil Engineers, 2021 Infrastructure Report Card 4 Drinking Water Wastewater C- D+ 29