Market Overview

SJW Group Stockholders Representing More Than 31% of Shares Outstanding Express Support For SJW Group's Revised Transaction with Connecticut Water


SJW Group (NYSE:SJW) today announced that members of the Moss family,
stockholders who in aggregate own more than 31% of the company's
outstanding shares, have expressed support for the combination with
Connecticut Water Service, Inc. (NASDAQ:CTWS) ("Connecticut Water")
under the revised terms announced August 6, 2018.

"The revised transaction will facilitate a powerful combination that
should deliver significant immediate and long-term value to SJW Group
stockholders. I am pleased that the all-cash acquisition has the support
of the extended Moss family, as well as support from many institutional
stockholders," said Robert A. Van Valer, the lead independent director
of SJW Group's Board of Directors and trustee of the Roscoe Moss Jr
Revocable Trust, which is the largest stockholder of the company. "The
rest of the Board and I continue to believe that SJW Group's combination
with Connecticut Water is a unique and compelling opportunity for
shareholders while also delivering benefits for the company's customers,
all of our employees and the communities we serve."

The revised transaction, which is expected to close in the first quarter
of 2019, is subject to customary closing conditions and approvals,
including the approval of Connecticut Water shareholders, the approvals
of the Connecticut Public Utilities Regulatory Authority and the Maine
Public Utilities Commission and the approval of the Federal
Communications Commission. The waiting period under the
Hart-Scott-Rodino Antitrust Improvements Act was terminated early on
April 27, 2018. The California Public Utilities Commission (CPUC)
previously instituted an investigation into whether the transaction is
subject to its approval and anticipated impacts in California. The CPUC
is planning to complete its inquiry in time to allow the acquisition to
go forward, if appropriate, by the end of 2018. It is anticipated that
consideration of the revised transaction will not substantially extend
the current CPUC investigation.

J.P. Morgan is serving as financial advisor to SJW Group and Skadden,
Arps, Slate, Meagher & Flom is serving as its legal advisor.

Forward-Looking Statements

This document 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.

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 risk that the conditions to the closing of
the proposed transaction between SJW Group and CTWS may not be satisfied
or waived, including the risk that required approvals from the security
holders of CTWS to the proposed transaction are not obtained; (2) the
risk that the regulatory approvals required for the proposed transaction
are not obtained, or that in order to obtain such regulatory approvals,
conditions are imposed that adversely affect the anticipated benefits
from the proposed transaction or cause the parties to abandon the
proposed transaction; (3) the effect of water, utility, environmental
and other governmental policies and regulations; (4) litigation relating
to the proposed transaction; (5) uncertainties as to the timing of the
consummation of the proposed transaction and the ability of each party
to consummate the proposed transaction; (6) risks that the proposed
transaction disrupts the current plans and operations of SJW Group or
CTWS; (7) the ability of SJW Group and CTWS to retain and hire key
personnel; (8) competitive responses to the proposed transaction; (9)
unexpected costs, charges or expenses resulting from the proposed
transaction, including, without limitation, related to SJW Group's
financing plans in connection with the proposed transaction; (10)
potential adverse reactions or changes to business relationships
resulting from the announcement or completion of the proposed
transaction; (11) the combined company's ability to achieve the growth
prospects and synergies expected from the proposed transaction, as well
as delays, challenges and expenses associated with integrating SJW
Group's and CTWS's existing businesses; and (12) legislative and
economic developments. These risks, as well as other risks associated
with the proposed transaction, will be more fully discussed in the proxy
statement filed by CTWS in connection with the proposed transaction, and
are more fully discussed in SJW Group's quarterly report on Form 10-Q
for the period ended June 30, 2018 filed with the U.S. Securities and
Exchange Commission (the "SEC") on July 27, 2018 and CTWS's quarterly
report on Form 10-Q for the period ended March 31, 2018 filed with the
SEC on May 9, 2018.

In addition, actual results are subject to other risks and uncertainties
that relate more broadly to SJW Group's overall business, including
those more fully described in its filings with the SEC including,
without limitation, its annual report on Form 10-K for the fiscal year
ended December 31, 2017 and CTWS's overall business and financial
condition, including those more fully described in its filings with the
SEC including its annual report on Form 10-K for the fiscal year ended
December 31, 2017. Forward looking statements are not guarantees of
performance, and speak only as of the date made, and none of SJW Group,
its management, CTWS or its management undertakes any obligation to
update or revise any forward-looking statements except as required by


In response to the tender offer for all the outstanding shares of common
stock of SJW Group commenced by California Water Service Group
("California Water") through its wholly owned subsidiary,
Waltz Acquisition Sub, Inc., SJW Group has filed a
solicitation/recommendation statement on Schedule 14D-9 with the SEC on
June 15, 2018, as amended by that Amendment No. 1 to Schedule 14D-9
filed with the SEC on June 26, 2018. Investors and stockholders of SJW
Group are urged to read the solicitation/recommendation statement on
Schedule 14D-9 and other documents that are filed or will be filed with
the SEC carefully and in their entirety because they contain important
information. Investors and stockholders of SJW Group may obtain a copy
of these documents free of charge at the SEC's website at
These materials are also available free of charge at SJW Group's
investor relations website at
In addition, copies of these materials may be requested free of charge
from SJW Group's information agent, Georgeson LLC, toll-free at (866)

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