CT Water + SJW Group

An Ideal Combination

Shareholders

  • Significant, certain, premium value of $70 per share in cash
  • 33% premium to Connecticut Water’s unaffected closing stock price1
  • Exceeds Connecticut Water’s all-time high closing stock price2

Customers

  • No change in customer rates as a result of the transaction
  • Excellence in customer service and regulatory compliance
  • Continued capital investments of ~$200M across combined operations

Employees

  • No transaction-related layoffs or job cuts
  • Additional career development opportunities
  • Existing teams of water professionals and leaders remain in place

Environment

  • Leadership in water conservation with annual budget for customer-oriented conservation programs
  • Responsible water resource management programs
  • Commitment not to use Connecticut sources or supplies for the out-of-state sister companies

Local Communities

  • New England headquarters and leadership team in Clinton, CT
  • Maintain locally-based employees and leadership at operating utilities, with their brand names and experienced teams
  • Ongoing community investment and support

1 As of 03/14/18, the last trading day before the original agreement with SJW Group was announced

2 Prior to the announcement of the revised agreement with SJW Group on 08/06/18

This transformational combination joins two leading and complementary water utility companies to create significant long-term benefits for shareholders, customers, employees and the communities we serve.  The combination will establish a premier organization with substantial opportunities for new investment across a diverse set of geographies and an improved ability to serve our customers.

Eric W. Thornburg

President and Chief Executive Officer of SJW Group

In addition to delivering immediate and certain value to Connecticut Water shareholders with a 33% premium, this compelling combination honors our unique public health mission and entrepreneurial heritage. Together, we create a new larger, stronger company capable of delivering greater value and benefits for our shareholders, customers, employees and communities than either company could deliver on its own.

David C. Benoit

President and Chief Executive Officer of Connecticut Water Service