Investor Presentation

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. These

forward-looking statements are based on current expectations and rely on a number of

assumptions concerning future events, and are subject to a number of uncertainties

and other factors, many of which are outside our control. Such factors could cause

actual results to differ materially from such statements. Important factors that could

cause or contribute to such differences include, but are not 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 Corp. undertakes no obligation to publicly update or revise any forward-looking

statement, whether as a result of new information, future events, or otherwise. All

information included in this presentation is as of June 30, 2016, unless stated

otherwise.

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Investment Highlights

Two high-quality regulated

water utility platforms in

economically vibrant regions

Consistent shareholder

returns and demonstrated

earnings power

Strong balance sheet with

quality assets and

capital reserves

■ San Jose Water Company (Silicon Valley)

■ SJWTX, Inc. (Growth corridor between Austin

& San Antonio, Texas)

■ High quality earnings driven by Regulated

Business (96% of Revenue)

■ TSRs of 34% (YTD 2Q16), -5.3% (2015),

10.8% (2014), and 15.1% (2013)

■ 11% EPS Growth (2011-2015)*

■ 48 Consecutive Years of Dividend Growth

■ $1.6B Gross Utility Plant

■ $772M in Invested Capital

■ 8%+ CAGR in Rate Base (2010-2015)

*Excludes land sales, impairment transactions and CWT stock sale; 2014 excludes the 2013 true-up related

to period January 1-December 31, 2013, recorded in 2014; 2015 excludes the 2014 WCMA recorded in 2015

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Water Sector Investment Thesis

■ Infrastructure replacement era

■ Aging water infrastructure requires investments to provide safe and

reliable water service and protect public health

■ National - $384 billion from 2011-2030*

■ California - $45 billion from 2011-2030*

■ Constructive regulatory environment supporting

■ Increased infrastructure investments

■ Rates balancing investments, conservation, and affordability

■ Revenue protection during periods of drought

*United States Environmental Protection Agency

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SJW Corp.

(Parent)

Holding Company Traded on NYSE

under “SJW” ticker symbol

Market Capitalization: $861M at

September 15, 2016

San Jose

Water Company

Regulated California

Water Utility

Texas Water

Alliance Limited

Water Supply

Development

SJWTX, Inc.

Regulated Texas

Water Utility

Waste Water

• Water Services • Water Services

Regulated Non-tariffed/Non-regulated

SJW Land

Company

Real Estate

Investments

Undeveloped Real

Estate

Structure and Platforms

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2016 CAPEX Budget

Water Treatment 1.8

Source of Supply 10.4

Reservoirs & Tanks 10.8

Pump Stations and Equipment 9.0

Equipment & Other 13.9

Montevina Water Treatment Plant 24.5

Recycled Water, Green & Alternative Energy Projects 5.5

Distribution System 65.4

$141.3

(in millions)

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San Mateo Fremont

Palo Alto

Campbell

Monte

Sereno

■ One of the largest investor owned urban water systems in the United States

■ Regional platform with affluent and educated customer base

■ Regulated by the California Public Utilities Commission (CPUC)

San Jose Water Co.…Business Summary

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San Jose Water Co…Key System Assets

Water Supply Infrastructure Customers

■ Multiple sources Imported surface

Groundwater

Local surface

Recycled

■ Average year Imported – 55%

Ground – 36%

Local – 8%

Recycled – 1%

■ 111 production wells 283 MGD

capacity

■ 97 storage facilities

■ 2,400 miles of mains

■ 6,230 acres of

watershed property

■ 2 water treatment

plants

■ 138 sq. mi. service

area

■ 229,000 connections

■ 90% residential

■ 10% commercial,

industrial and other

■ Cupertino Lease

Concession 4,600 connections

Large Scale Urban Integrated Water System

$1.1B in Net Utility Plant

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San Jose Water Co…Earnings Catalysts

Core Capital

Improvement Plan

Additional Upside

Customer Demand

■ Approx. $514M completed 2010 – 2015

■ 12.1% CAPEX CAGR since 2009

■ $319M approved for 2015 – 2017

■ Montevina Water Treatment Plant Replacement

■ $62M project outside of General Rate Case (GRC)

proceedings

■ Capital improvements added to rate base annually

■ Authorized customer usage adjusted in GRC

■ Water Conservation Memorandum Account in place to

deal with lower usage and have a realistic opportunity

to earn authorized returns

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Montevina Improvement Project

■ Major improvements to aging water

treatment plant approved July 2013

■ Annual rate recovery via advice letter

filings

■ Design-build approach and operational

adjustments maximize usability of

surface water during construction period

■ Design and initial construction in 2015

■ Construction completion in 2017

$62M in Utility

Plant outside of

GRC

Capital Investment

$15.1M thru 2015

$24.5M 2016E

$22.4M 2017E

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Constructive Regulatory Environment

California

Water Action

Plan

Efficient

Regulatory

Mechanisms

Opportunity

to 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

duration of drought

■ Requests for under collection filed in March 2015;

approved December 2015

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■ Constructive 2016-2018 General Rate Case

decision ■ Rate increase of 8.6% for 2016

■ 3-year capital program totaling $319M

■ Authorized rate base of $620M (2015), $659M (2016),

and $716M (2017)

■ Recovery of memorandum and balancing accounts

totaling $3.8M

■ Realistic residential sales numbers

■ Constructive 2013-2015 General Rate Case

decision ■ Rate increases of $22.1M in 2013, $13.3M in 2014, and

$8.1M 2015

■ Capital budget, excluding advice letter projects, of

approximately $250M

■ Interim rate true-up from September 29, 2014,

retroactive to January 1, 2013, of $48.6M

■ Recovery of Memorandum and Balancing Accounts

($1.9M)

General Rate Case Filings

Approved

Cumulative Rate

Increase of 18.9%

for 2013-2015

Rate Increase of

8.6% - 2016

Authorized

9.43% Return on

Equity for 2016

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SJWTX, Inc…Business Summary

■ Dba Canyon Lake Water Service

Company

■ Located in one of the fastest growing

regions in America

■ Abundant and diversified water supply

■ Regional platform with growth potential

through acquisitions of numerous MUDs

and privately held water systems in

close proximity

■ Regulated by the Public Utility

Commission of Texas

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SJWTX, Inc….Key System Assets

Fast Growing Regional Water and Wastewater Utility

Water Supply Infrastructure Customers

■ Multiple sources Surface Water

Groundwater

Purchased Treated

Surface Water

■ Long term water

supply contracts

■ Average year Surface – 57%

Ground – 43%

■ 42 wells

■ 58 storage facilities

■ 561 miles of mains

■ 48 pump stations

■ 3 water treatment

plants

■ 12 MGD of

production capacity

■ 13,000 water

connections

■ 53 wastewater

connections

■ 240 sq. mi. service

area

■ 96% residential

■ 4% commercial,

industrial and other

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SJWTX Inc…Long-term Growth Platform

Organic Customer

Growth

Acquisition Growth

Revenue and

Earnings Growth

■ 80% customer growth since acquisition in 2006

■ Committed water supply available to support future

growth

■ Approximately 500 to 600 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 acquisition program

■ Rate Case Decision for 2013 filing

■ 3% CAGR population growth from 2007-2015

■ Expansion into wastewater service

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Texas Regulatory Matters

■ Regulatory authority for investor-owned water utilities transferred from

Texas Commission on Environmental Quality (TCEQ) to the Public Utility

Commission of Texas (PUCT) effective September 2014

■ Regulatory framework supports recovery of reasonable operating 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 increase

beginning January 2015 through January 2018

■ Authorizes rate recovery filings for ongoing increases to purchased

water costs

■ Allows for a new GRC application filing after September 1, 2017

(January 2018 increase would not then become effective)

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Portfolio as of June 30, 2016

SJW Land Company…Business Model

Reinvested tax-advantaged proceeds into income-producing properties

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Description Location Acreage

Square

Footage

SJW Land

Company

Revenue

Warehouse buildings AZ, TN 41 537,500 43%

Retail/Commercial buildings CA, TN 17 163,000 57%

Undeveloped land CA, TN 15 N/A N/A

SJW Corp. Financial Performance

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Net Income

19

$-

$10,000

$20,000

$30,000

$40,000

$50,000

$60,000

2011 2012 2013 2014* 2015** YTD 2Q15 YTD 2Q16

$20,878 $22,318 $22,384

$51,806

$37,882

$12,156

$20,153

SJW CORP. Net Income

(in thousands)

*Approx. $15MM net income resulting from 2013 revenue increase approved in 2014 ** Approximately $2M net income resulting from 2014 WCMA approved in 2015

Earnings Growth

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

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$0.00

$0.40

$0.80

$1.20

$1.60

$2.00

$2.40

$2.80

2011 2012 2013 2014* 2015** YTD 2Q15 YTD 2Q16

$1.12 $1.17 $1.10

$2.47

$1.80

$0.60

$0.90

Earnings Per Share (excluding land sales, impairment transactions and CWT stock sales)

2Q16 YTD EPS Bridge

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$0.98

$0.59

$0.24

$0.20

$0.19

$0.11

$0.09 $0.26

$0.11

$0.06 $0.01

$0.00

$0.20

$0.40

$0.60

$0.80

$1.00

$1.20

$1.40

$1.60

YTD 2015 Rate Increases True-up from2012 and 2015

GRCs

WCMA WaterProduction

Costs

Sale of CWTStock

Decline inUsage

Other WaterProductionExpenses

Depreciationand

Amortization

Other YTD 2016

2Q15 YTD EPS Bridge

$0.36

$0.45

$0.04 $0.16

$0.14

$0.07

$0.34

$0.58

$0.31

0

0.2

0.4

0.6

0.8

1

1.2

1.4

2Q14 2Q15 Rate Increases

Balancing Memorandum

Accounts

Decreased Consumption

Water Production

Costs

Non- Production Operating

Costs

Non- Operating

Costs*

Other

*2014 one-time items

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Operating Expense – Water Utilities

*Excludes water supply costs

Low growth in OpEx reflects ongoing commitment to cost control

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$0

$100

$200

$300

$400

$500

2011 2012 2013 2014 2015 YTD 2Q15 YTD 2Q16

$417 $444 $451 $457

$494

$245 $259

Operating Expense Per Connection*

Dividends Per Share Growth

48 years of dividend growth

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Attractive dividend CAGR through 2016 E of 3.7%

$0.00

$0.10

$0.20

$0.30

$0.40

$0.50

$0.60

$0.70

$0.80

$0.90

$0.57 $0.61

$0.65 $0.66 $0.68 $0.69 $0.71 $0.73 $0.75 $0.78

$0.81

*Announced 2016 Dividends

Summary…Quality Long-term Investment

■ Intelligent and efficient business model

■ Two high-quality regional water utility platforms in

economically vibrant regions

■ Sustainable and consistent financial performance

■ Capabilities and resources available to execute strategy

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