Market Overview

American States Water Company Announces 7.8% Increase in Quarterly Dividend

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The Company Has Increased Its Dividend Every Year for 64 Years

On July 31, 2018, the Board of Directors of American States Water
Company (NYSE:AWR) approved an increase in the company's third quarter
cash dividend from $0.255 per share to $0.275 per share on the common
shares of the company. The annualized dividend rate after this increase
is $1.10 per share, which represents a 7.8% increase from the current
annualized dividend rate of $1.02 per share. This action marks the 329th
consecutive dividend payment by the company. Since 1954, American States
Water Company shareholders have received an increase in their aggregate
annual dividend, which places it in an exclusive group of companies on
the New York Stock Exchange that have achieved that result. The
company's current policy is to achieve a five-year compound annual
growth rate in the dividend of more than 6% over the long-term.

"This increase in our quarterly dividend and our long-term dividend
growth policy both reflect our Board's continued confidence in the
sustainability and growth of the company's earnings at our Golden State
Water Company and American States Utility Services, Inc. subsidiaries,"
said Robert J. Sprowls, President and CEO of American States Water
Company. "A strong and increasing dividend allows the company to
continue attracting capital to make necessary investments in the systems
for the communities and military bases that we serve."

Dividends on the common shares will be payable on August 31, 2018 to
shareholders of record at the close of business on August 15, 2018.

Forward-Looking Statements

Certain matters discussed in this news release with regard to the
company's expectations may be forward-looking statements that involve
risks and uncertainties. The assumptions and risk factors that could
cause actual results to differ materially include those described in the
company's most recent Form 10-Q and Form 10-K filed with the Securities
and Exchange Commission.

About American States Water Company

American States Water Company is the parent of Golden State Water
Company and American States Utility Services, Inc. Through its utility
subsidiary, Golden State Water Company, AWR provides water service to
approximately 260,000 customers located throughout 10 counties in
Northern, Coastal and Southern California. The company also distributes
electricity to approximately 24,000 customers in the City of Big Bear
Lake and surrounding areas in San Bernardino County, California. Through
its contracted services subsidiary, American States Utility Services,
Inc., the company provides operations, maintenance and construction
management services for water and wastewater systems located on military
bases throughout the country under 50-year privatization contracts with
the U.S. government.

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