sjwgroup.com

Investor Presentation

December 2017

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Forward-Looking Statements

Some statements contained in this report constitute “forward-looking statements”within the meaning of Section 27A of the Securities Exchange Act of 1934. Theseforward-looking statements are based on current expectations and rely on a numberof assumptions concerning future events, and are subject to a number ofuncertainties and other factors, many of which are outside of our control. Suchfactors could cause actual results to differ materially from such statements.Important factors that could cause or contribute to such differences include, but arenot limited to, those described in our most recent reports on Form 10-K, Form 10-Q, and Form 8-K filed with the SEC. SJW Group undertakes no obligation topublicly update or revise any forward-looking statement, whether as a result of newinformation, future events, or otherwise. All information included in thispresentation is as of December 31, 2017, unless stated otherwise.

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Investment Highlights

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Two high-quality regulatedwater utilities ineconomically vibrant regions

Demonstrated shareholderreturns and earnings power

Strong balance sheet withquality assets and capital reserves

▪ Over $1.3B in market capitalization▪ Operating company S&P A-rated credit profile▪ Constructive regulatory mechanisms

▪ TSR of 158.1% 2012-2017▪ 15.0% EPS Growth (2012-2017)*▪ 50 Consecutive Years of Dividend Growth

▪ $1.8B Gross Utility Plant▪ $807M in Invested Capital▪ 9.9%+ CAGR in Rate Base (2012-2017)

*Excludes TWA sale, land sales and CWT stock sale; 2014 includes the 2013 true-up related to period January 1-December 31, 2013, recorded in 2014; 2015 includes the 2014 WCMA recorded in 2015

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Water Sector Investment Thesis▪ Infrastructure replacement era

◦ Aging water infrastructure requires investments to provide safeand reliable water service and protect public health

◦ National - $384 billion from 2011-2030*◦ California - $45 billion from 2011-2030*

▪ Constructive regulatory environments supporting◦ Increased infrastructure investments◦ Rates balancing investments, conservation, and affordability◦ Revenue protection during periods of conservation

*United States Environmental Protection Agency (April 2013)

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Structure and Platforms

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SJW Group (Parent)* Holding Company Traded on NYSEunder “SJW” ticker symbol* Market Capitalization: $1.3B atDecember 31, 2017

San Jose Water Company* Regulated California

Water Utility

SJWTX, Inc.* Regulated Texas Water Utility* Waste Water

SJW Land Company* Real Estate Investments* Undeveloped Real Estate

Water Services Water Services

Regulated Non-tariffed/Non-regulated

Water Services

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San Jose Water Co…Business Summary

One of the largest investor owned urban water systems in the United StatesRegional platform with affluent and educated customer baseRegulated by the California Public Utilities Commission (CPUC)

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San Mateo

Palo Alto

Fremont

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San Jose Water Co…Earnings Catalysts

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Core CapitalImprovement Plan

Additional Upside

Customer Demand

▪ Approx. $645M completed 2012 – 2017 ▪ 6.9% CAPEX CAGR since 2012▪ $378M requested for 2018 – 2020

▪ Montevina Water Treatment Plant Replacement▪ Budgeted $62M project outside of General Rate Case

(GRC) proceedings (2015-2017)▪ Capital improvements added to rate base as completed

(2016-2018)

▪ Authorized customer usage adjusted in GRC▪ Water Conservation Memorandum Account in place to

deal with lower usage; provides opportunity to earnauthorized return

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California Regulatory Environment

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CPUC WaterAction Plan

EfficientRegulatoryMechanism

Opportunityto earn ROR

▪ Increased infrastructure investments▪ Rates balancing investments, conservation, and affordability▪ Streamlined decision making

▪ Future Test Year ▪ Cost of Capital proceeding outside of rate case filing▪ Balancing account and advice letter filings

▪ Conservation accounts approved in March 2014 for durationof restricted water use period

▪ Periodic recovery subject to CPUC approval

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General Rate Case▪ Constructive 2016-2018 General Rate

Case decision* 3-year capital program totaling $378M

(2018-2020)* Authorized rate base of $620M (2015),

$659M (2016), and $716M (2017)* Recovery of memorandum and

balancing accounts totaling $3.8M * More realistic water sales numbers

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Authorized RateIncreases of 8.6% - 2016 3.8% - 2017 4.2% - 2018

Approved Cumulative Rate

Increase of 18.9% for2013-2015

Authorized 9.43% Return on

Equity through 2017

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SJWTX, Inc…Business Summary

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Dba Canyon Lake Water ServiceCompany

Located in one of the fastest growingregions in America

Abundant and diversified water supply

Regional platform with growth potentialthrough acquisitions of MUDs andprivately held water systems in closeproximity

Regulated by the Public UtilityCommission of Texas

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SJWTX Inc…Long-term Growth Platform

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Organic Customer Growth

Acquisition Growth

Revenue andEarnings Growth

▪ 90% customer growth since acquisition in 2006▪ Committed water supply available to support future

growth ▪ Approximately 700 to 800 new connections per year

▪ 10 acquisitions completed since 2006 ▪ Additional growth potential – approximately 25 smaller

systems in service area and another 25 in close proximity▪ Aggressive regional acquisition program

▪ Rates increases of 1.8% (2018 and 2017) and 2.3% (2016)▪ 3% CAGR population growth from 2007 to 2016▪ Expansion into wastewater service

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Texas Regulatory Matters

▪ Regulatory framework supports recovery of reasonableoperating costs and a fair rate of return

▪ Historical test year state▪ 2013 General Rate Case (GRC) decision

* Approves annual phase-in of requested system-wide rate increasebeginning January 2015 through 2018

* Authorizes rate recovery filings for ongoing increases to purchasedwater costs

* Allows for a new GRC application filing after September 1, 2017(January 2018 increase would not become effective)

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SJW Land Company…Business Model

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Reinvested proceeds into tax-advantaged income-producing properties for futuredisposition as capital needs and market conditions warrant

Portfolio as of December 31, 2017

Description Location AcreageSquareFootage

SJW LandCompanyRevenue

Warehouse building TN 30 361,500 40%

Commercial buildings TN 17 163,000 60%

Undeveloped land and parking lot CA, TN 15 N/A N/A

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SJW Group Environmental,Social and Corporate

Governance (ESG) Initiatives

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SJW Group is focused on ESG initiatives as ameans to creating sustainable value▪ Environmental Initiatives

* Environmental Stewardship– Watershed maintenance partnership program– Local water utilization initiatives (Montevina)– Drought tolerant demonstration gardens

* Water Conservation– Home water audit program– Close-loop flushing program– Advance leak detection program

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SJW Group is focused on ESG initiatives as ameans to creating sustainable value(continued)▪ Social and Governance Initiatives

* Social Awareness– Supplier diversity program– Water awareness nights– Guadalupe River Park Conservancy sponsorship

* Corporate Governance– Outside lead independent director– Corporate code of ethics program– Performance-based incentive compensation programs

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SJW Group FinancialPerformance

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Net Income

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SJW GROUPNet Income (in thousands)

(excluding TWA sale, land sales and CWT stock sale)

$60,000

$50,000

$40,000

$30,000

$20,000

$10,000

$0

2012 2013 2014* 2015** 2016 2017

$21,782 $21,732

$50,071

$36,714

$44,510$48,155

* Includes approximately $15MM net income resulting from 2012 rate case decision that occurred in 2014.** Includes approximately $2M net income resulting from 2014 WCMA recorded in 2015.

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Earnings Growth

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Strong results

*Includes approximately $0.73 earnings per share resulting from 2013 revenue increase approved in 2014.**Includes approximately $0.09 earnings per share resulting from 2014 WCMA approved in 2015.

Earnings Per Share(excluding TWA sale, land sales and CWT stock sale)

$3.00

$2.50

$2.00

$1.50

$1.00

$0.50

$0.00

2012 2013 2014* 2015** 2016 2017

$1.17 $1.10

$2.47

$1.80

$2.21$2.35

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Dividends Per Share Growth

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2009 - 2017 CAGR of 5.8% $1.20

$1.10

$1.00

$0.90

$0.80

$0.70

$0.60

$0.50

$0.40

$0.30

$0.20

$0.10

$0.00

2009 2010 2011 2012 2013 2014 2015 2016 2017* 2018**

$0.66 $0.68 $0.69 $0.71 $0.73 $0.75$0.78

$0.81

$1.04

$1.12

*Includes a special dividend of $0.17 per share declared in the fourth quarter of 2017.**Estimated 2018 dividends announced.

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CAPEX Growth

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Strong CAGR of 6.9% reflecting systematic infrastructure investments (in millions)*

*Includes San Jose Water Company and SJWTX

$160.0

$140.0

$120.0

$100.0

$80.0

$60.0

$40.0

$20.0

$0.0

2012 2013 2014 2015 2016 2017

$102.0

$80.8

$98.4$92.2

$128.8

$142.3

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Summary…Quality Long-term Investment

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▪ Largely regulated, low-risk, water utility investment

▪ Intelligent and efficient business model

▪ Two high-quality regional water utility platforms ineconomically growing regions

▪ Constructive regulatory environments supporting infrastructureinvestments

▪ Sustainable and consistent growth in dividends, rate base, andearnings through prudent water system investments

▪ Capabilities and resources available to execute strategy

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SJW Group KeySystems Assets

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San Jose Water Co…Key System Assets

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Water Supply Infrastructure Customers

▪ Multiple sources* Imported surface* Groundwater* Local surface* Recycled

▪ Average year* Imported – 59% * Ground – 35%%* Local – 4% * Recycled – 2%

▪ 106 pump stations* 258 MGD capacity

▪ 96 storage facilities▪ 2,470 miles of mains▪ 6,741 acres of

watershed property▪ 2 water treatment

plants

▪ 139 sq. mi. service area▪ 230,000 connections▪ 88% residential▪ 12% commercial,

industrial and other▪ Cupertino Lease

Concession* 4,600 connections

Large Scale Urban Integrated Water System$1.2B in Net Utility Plant

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SJWTX, Inc…Key System Assets

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Fast Growing Regional Water and Wastewater Utility

Water Supply Infrastructure Customers

▪ 42 wells▪ 61 storage facilities▪ 612 miles of mains▪ 48 pump stations▪ 3 water treatment

plants▪ 9 MGD of production

capacity

▪ 14,000 waterconnections

▪ 60 wastewaterconnections

▪ 244 sq. mi. service area▪ 96% residential▪ 4% commercial,

industrial and other

▪ Multiple sources* Surface Water* Groundwater* Purchased Treated

Surface Water▪ Long term water

supply contracts▪ Average year

Surface – 57% Ground – 43%