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Connecticut Water Service Reaffirms Commitment To SJW Group Merger

Connecticut Water Service, Inc. (CTWS) said Monday that, in the absence of any alternative proposal submitted during the go-shop process, its board has unanimously determined to conclude go-shop process and has unanimously reaffirmed its support for the SJW Group merger, which it believes is in the best interests of all Connecticut Water shareholders as well as the employees, customers and communities Connecticut Water serves.

Connecticut Water said its financial advisors directly contacted more than 50 parties, including more than 20 water and regulated utilities and more than 30 financial sponsors, to determine their interest in exploring a potential transaction with Connecticut Water.

As of June 17, 2018, no proposals or indications of interest have been received. The Company noted that Eversource Energy (NYSE: ES) was among those contacted and invited to participate in the go-shop process; however, Eversource did not participate in the process and did not submit a proposal for consideration.

Meanwhile, Connecticut Water urged its shareholders to ignore Eversource's obstructive communications campaign, which is designed to serve the interests of Eversource, not Connecticut Water shareholders. As previously detailed, the Connecticut Water Board carefully evaluated Eversource's proposal for $63.50 per share and concluded that it was not a superior proposal or reasonably likely to lead to a superior proposal and reaffirmed its intention to unanimously recommend that all Connecticut Water shareholders vote FOR the SJW Group merger.

Based on the approvals required, Connecticut Water continues to expect the merger with SJW Group to close by year-end 2018.

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