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Transformative Acquisition

Strong and Consistent Earnings Growth SJW Historical Recurring Earnings Per Share' $1.10 2013A 2013-2018 SJW CAGR: +17.9% $2.51 $2.36 $2.23 $1.76 $1.71 2014A 2015A 2016A 2017A 2018A Source: Company filings, investor presentations 1 SJW recurring earnings exclude impact of property sales, CTWS stock sales and non-recurring regulatory adjustments; 2018A recurring earnings exclude merger-related expenses for each company. SJW Group 16

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