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SJW Group Comments on Termination of Connecticut Water Go-Shop Process and Reiterates Its Support of the Merger with Connecticut Water

SJW Group (NYSE: SJW) today commented on the termination of Connecticut
Water Service, Inc.’s (NASDAQ: CTWS) (“Connecticut Water”) “go-shop”
process related to the merger with SJW Group.

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, said, “We are pleased that
Connecticut Water has verified and validated the superior value of our
merger. We look forward to providing the shareholders of both companies
with the opportunity to vote on the transaction as soon as possible and
then moving towards completion, so that we can begin to deliver the
transaction’s anticipated immediate and long-term value to shareholders
and its benefits to customers, all of our employees and the communities
we serve.

“We remain committed to our signed, definitive agreement to merge with
Connecticut Water as the superior path forward for our stockholders and
all of our constituents. We continue to work toward completing the
merger, which includes a special meeting of stockholders to vote on the
transaction and taking the necessary steps to receive the appropriate
regulatory approvals.”

SJW Group will mail to stockholders its proxy statement and GREEN
proxy card as well as additional information about its merger with
Connecticut Water. SJW Group urges its stockholders to vote the GREEN
proxy card FOR all proposals related to the merger with
Connecticut Water.

SJW Group stockholders who have questions or would like additional
information should contact SJW Group’s proxy solicitor, Georgeson,
toll-free at (866) 357-4029 or by e-mail at SJW@Georgeson.com.

Please visit the SJW Group and Connecticut Water transaction website at www.sjw-ctws.com
for further information about our merger.

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

Forward Looking Statements

This document contains forward-looking statements. 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 business combination
transaction between SJW Group and Connecticut Water Service, Inc.
(“Connecticut Water”) may not be satisfied or waived, including the risk
that required approvals from the security holders of each party 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 risk that the anticipated tax treatment of the proposed
transaction is not obtained; (4) the effect of water, utility,
environmental and other governmental policies and regulations; (5)
litigation relating to the proposed transaction; (6) uncertainties as to
the timing of the consummation of the proposed transaction and the
ability of each party to consummate the proposed transaction; (7) risks
that the proposed transaction disrupts the current plans and operations
of Connecticut Water or SJW Group; (8) the ability of Connecticut Water
and SJW Group to retain and hire key personnel; (9) competitive
responses to the proposed transaction; (10) unexpected costs, charges or
expenses resulting from the proposed transaction; (11) potential adverse
reactions or changes to business relationships resulting from the
announcement or completion of the proposed transaction; (12) the
combined companies’ ability to achieve the growth prospects and
synergies expected from the proposed transaction, as well as delays,
challenges and expenses associated with integrating the combined
companies’ existing businesses; and (13) legislative and economic
developments. These risks, as well as other risks associated with the
proposed transaction, are more fully discussed in the joint proxy
statement/prospectus that is included in the registration statement on
Form S-4 that has been filed with the Securities and Exchange Commission
(“SEC”) in connection with the proposed transaction. 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 its annual report on
Form 10-K for the fiscal year ended December 31, 2017 and its quarterly
report on Form 10-Q for the fiscal quarter ended March 31, 2018, 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
and its quarterly report on Form 10-Q for the fiscal quarter ended March
31, 2018. Forward looking statements are not guarantees of performance,
and speak only as of the date made, and neither SJW Group or its
management nor Connecticut Water or its management undertakes any
obligation to update or revise any forward-looking statements except as
required by law.

IMPORTANT INFORMATION FOR INVESTORS AND
SHAREHOLDERS

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. Investors and shareholders
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 shareholders of SJW Group may
obtain a copy of these documents free of charge at the SEC’s website at www.sec.gov.
These materials are also available free of charge at SJW Group’s
investor relations website at https://sjwgroup.com/investor_relations.
In addition, copies of these materials may be requested from SJW Group’s
information agent, Georgeson LLC, toll-free at (866) 357-4029.

ADDITIONAL IMPORTANT INFORMATION AND WHERE TO
FIND IT

In connection with the proposed transaction between SJW Group and
Connecticut Water, on April 25, 2018, SJW Group filed with the SEC a
registration statement on Form S-4 that includes a joint proxy statement
of SJW Group and Connecticut Water that also constitutes a prospectus of
SJW Group. These materials are not yet final and may be amended. SJW
Group and Connecticut Water may also file other documents with the SEC
regarding the proposed transaction. This document is not a substitute
for the joint proxy statement/prospectus, registration statement on Form
S-4 or any other document which SJW Group or Connecticut Water may file
with the SEC. Investors and shareholders of SJW Group and Connecticut
Water are urged to read the registration statement on Form S-4, the
joint proxy statement/prospectus and all other relevant documents that
are filed or will be filed with the SEC, as well as any amendments or
supplements to these documents, carefully and in their entirety because
they contain or will contain important information about the proposed
transaction and related matters. Investors and shareholders of SJW
Group and Connecticut Water may obtain free copies of the registration
statement on Form S-4 and the joint proxy statement/prospectus and other
documents filed with the SEC by SJW Group and Connecticut Water through
the website maintained by the SEC at www.sec.gov.
Copies of documents filed with the SEC by SJW Group are available free
of charge on SJW Group’s investor relations website at https://sjwgroup.com/investor_relations.
Copies of documents filed with the SEC by Connecticut Water are
available free of charge on Connecticut Water’s investor relations
website at https://ir.ctwater.com/.

No Offer or Solicitation

This communication is for informational purposes only and is not
intended to and does not constitute an offer to sell, or the
solicitation of an offer to subscribe for or buy, or a solicitation of
any vote or approval in any jurisdiction, nor shall there be any sale,
issuance or transfer of securities in any jurisdiction in which such
offer, sale or solicitation would be unlawful prior to registration or
qualification under the securities laws of any such jurisdiction. No
offer of securities shall be made except by means of a prospectus
meeting the requirements of Section 10 of the Securities Act of 1933, as
amended, and otherwise in accordance with applicable law.

Participants in the Solicitation

SJW Group, Connecticut Water and certain of their respective directors
and officers, and other members of management and employees, may be
deemed to be participants in the solicitation of proxies from the
holders of SJW Group and Connecticut Water securities in respect of the
proposed transaction. Information regarding SJW Group’s directors and
officers is available in SJW Group’s annual report on Form 10-K for the
fiscal year ended December 31, 2017 and its proxy statement for its 2018
annual meeting dated March 6, 2018, which are filed with the SEC.
Information regarding Connecticut Water’s directors and officers is
available in Connecticut Water’s annual report on Form 10-K for the
fiscal year ended December 31, 2017, and its proxy statement for its
2018 annual meeting dated April 6, 2018, which are filed with the SEC.
Investors may obtain additional information regarding the interest of
such participants by reading the Form S-4 and the joint proxy
statement/prospectus and other documents filed with the SEC by SJW Group
and Connecticut Water. These documents are available free of charge from
the sources indicated above.

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