SJW Group Issues Statement About Continuing Review Process with Connecticut Public Utilities Regulatory Authority

SAN JOSE, Calif.–(BUSINESS WIRE)–SJW Group (NYSE: SJW) today issued the following statement in response
to the decision by the Connecticut Public Utilities Regulatory Authority
(“PURA”) to accept the joint request of SJW Group and Connecticut Water
Service, Inc. (NASDAQ: CTWS) (“Connecticut Water”) for additional time
for PURA’s continuing review of SJW Group’s proposed merger with
Connecticut Water:

“We are pleased that PURA has granted us more time to provide additional
information to satisfactorily demonstrate that our merger with
Connecticut Water is in the public interest. We believe our merger will
deliver significant benefits to all stakeholders, including employees,
customers and local service area communities throughout Connecticut, and
we look forward to providing PURA with additional details demonstrating
these benefits on December 14, 2018. We are continuing to work toward
completing our transaction with Connecticut Water during the first
quarter of 2019.”

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 press release 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 CTWS Acquisition are not satisfied; (2) the risk that the regulatory
approvals required for the CTWS Acquisition are not obtained at all, or
if obtained, on the terms expected or on the anticipated schedule; (3)
the risk that the California Public Utilities Commission’s (“CPUC”)
investigation may cause delays in or otherwise adversely affect the CTWS
Acquisition and that the Company may be required to consummate the CTWS
Acquisition prior to the CPUC’s issuance of an order with respect to its
investigation; (4) the effect of water, utility, environmental and other
governmental policies and regulations; (5) litigation relating to the
CTWS Acquisition; (6) the ability of each party to meet expectations
regarding timing, completion and accounting and tax treatments of the
CTWS Acquisition; (7) the occurrence of any event, change or other
circumstance that could give rise to the termination of the merger
agreement between the parties to the CTWS Acquisition; (8) changes in
demand for water and other products and services; (9) unanticipated
weather conditions; (10) catastrophic events such as fires, earthquakes,
explosions, floods, ice storms, tornadoes, terrorist acts, physical
attacks, cyber-attacks, or other similar occurrences that could
adversely affect the facilities, operations, financial condition,
results of operations and reputation of CTWS or the Company; (11) risks
that the CTWS Acquisition disrupts the current plans and operations of
CTWS or the Company; (12) potential difficulties by CTWS or the Company
in employee retention as a result of the CTWS Acquisition; (13)
unexpected costs, charges or expenses resulting from the CTWS
Acquisition; (14) the effect of the announcement or pendency of the CTWS
Acquisition on business relationships, operating results, and business
generally, including, without limitation, competitive responses to the
CTWS Acquisition; (15) risks related to diverting management’s attention
from ongoing business operations of CTWS or the Company; and (16)
legislative and economic developments.

In addition, actual results are subject to other risks and uncertainties
that relate more broadly to the Company’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. Forward-looking statements are not guarantees
of performance, and speak only as of the date made, and none of the
Company, its management, CTWS or its management undertakes any
obligation to update or revise any forward-looking statements except as
required by law.

Contacts

SJW Group Contacts
Investors
Andrew Walters
Chief
Administrative Officer, SJW Group
408-279-7818, andrew.walters@sjwater.com

Media
Jayme Ackemann
Director of Corporate Communications, SJW
Group
408-918-7247, Jayme.Ackemann@sjwater.com

Abernathy MacGregor
Chuck Dohrenwend, 212-371-5999, cod@abmac.com
Nazan
Riahei, 213-630-6550, nkr@abmac.com