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SJW Group Confirms Receipt Of Revised Proposal From California Water Service

SJW Group (SJW) confirmed that California Water Service Group (CWT) 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 about 2.6%, from Cal Water's previously proposed price of $68.25 per share.

The SJW Group Board of Directors 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 time.

SJW Group remains subject to the terms of the amended definitive merger agreement with Connecticut Water Service under which SJW Group will acquire all of Connecticut Water's outstanding common shares for $70.00 per share in cash.

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.

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