Market Overview

SJW Group Confirms Receipt of Revised Proposal from California Water Service Group; Stockholders Advised to Take No Action at this Time


SJW Group (NYSE:SJW) today confirmed that California Water Service Group
(NYSE:CWT) ("Cal Water") has submitted a revised proposal to acquire all
outstanding shares of SJW Group common stock for $70.00 per share in
cash, an increase of $1.75 per share, or approximately 2.6%, from Cal
Water's previously proposed price of $68.25 per share.

The SJW Group Board of Directors, in consultation with SJW Group's
management and legal and financial advisors and consistent with its
fiduciary duties, will carefully review and consider all aspects of Cal
Water's revised proposal. The Board intends to advise stockholders of
its position on the revised proposal following the completion of its
review. SJW Group stockholders are advised to take no action at this

SJW Group remains subject to the terms of the amended definitive merger
agreement with Connecticut Water Service, Inc. (NASDAQ:CTWS)
("Connecticut Water") under which SJW Group will acquire all of
Connecticut Water's outstanding common shares for $70.00 per share in

SJW Group's Board has not made any determination as to whether Cal
Water's revised proposal constitutes, or could reasonably be expected to
lead to, a superior proposal under the terms of SJW Group's merger
agreement with Connecticut Water.

SJW Group will have no further comment on the revised proposal from Cal
Water until the Board has completed its review. There can be no
assurance that any transaction or definitive agreement will result from
the revised proposal.

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

About SJW Group

SJW Group is a publicly traded holding company headquartered in San
Jose, California. SJW Group is the parent company of San Jose Water,
SJWTX, Inc. and SJW Land Company. Together, San Jose Water and SJWTX,
Inc. provide water service to more than one million people in San Jose,
California and nearby communities and in Canyon Lake, Texas and the
nearby communities. SJW Land Company owns and operates commercial real
estate investments.

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 Connecticut Water may not
be satisfied or waived, including the risk that required approvals from
the security holders of Connecticut Water 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 Connecticut Water; (7) the
ability of SJW Group and Connecticut Water 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 Connecticut Water'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 Connecticut Water 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 Connecticut Water's quarterly report on Form
10-Q for the period ended March 31, 2018 filed with the SEC on May 9,

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 Connecticut Water'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, Connecticut Water or its management
undertakes any obligation to update or revise any forward-looking
statements except as required by law.


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 and that Amendment No. 2 to Schedule
14D-9 filed with the SEC on August 9, 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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