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Cassandra Short
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1 Investor Presentation

2 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 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. 2

3 Investment Highlights Two high-quality regulated water utility platforms in economically vibrant regions 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) Consistent shareholder returns and demonstrated earnings power TSRs of 34% (YTD 2Q16), -5.3% (2015), 10.8% (2014), and 15.1% (2013) 11% EPS Growth ( )* 48 Consecutive Years of Dividend Growth Strong balance sheet with quality assets and capital reserves $1.6B Gross Utility Plant $772M in Invested Capital 8%+ CAGR in Rate Base ( ) *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

4 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 * California - $45 billion from * Constructive regulatory environment supporting Increased infrastructure investments Rates balancing investments, conservation, and affordability Revenue protection during periods of drought *United States Environmental Protection Agency 4

2016 San Jose Water Company Regulated California Water Utility Water Services SJWTX, Inc.

5 Structure and Platforms 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 Water Services SJWTX, Inc. Regulated Texas Water Utility Waste Water Water Services SJW Land Company Real Estate Investments Undeveloped Real Estate Texas Water Alliance Limited Water Supply Development Regulated Non-tariffed/Non-regulated 5

6 2016 CAPEX Budget (in millions) 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 $

customer base Regulated by the California

7 San Jose Water Co. Business Summary 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 Mateo Fremont Palo Alto Campbell Monte Sereno 7

8 San Jose Water Co Key System Assets Large Scale Urban Integrated Water System $1.1B in Net Utility Plant 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 8

9 San Jose Water Co Earnings Catalysts Core Capital Improvement Plan Approx. $514M completed % CAPEX CAGR since 2009 $319M approved for Additional Upside Montevina Water Treatment Plant Replacement $62M project outside of General Rate Case (GRC) proceedings Capital improvements added to rate base annually Customer Demand 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 9

10 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 10

11 Constructive Regulatory Environment California Water Action Plan Increased infrastructure investments Rates balancing investments, conservation, and affordability Streamlined decision making Efficient Regulatory Mechanisms Future Test Year Cost of Capital proceeding outside of rate case filing Balancing account and advice letter filings Opportunity to earn ROR Conservation accounts approved in March 2014 for duration of drought Requests for under collection filed in March 2015; approved December

12 General Rate Case Filings 12 Constructive General Rate Case decision Rate increase of 8.6% for 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 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) Rate Increase of 8.6% Approved Cumulative Rate Increase of 18.9% for Authorized 9.43% Return on Equity for 2016

platform with growth potential through acquisitions of numerous MUDs and privately

13 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 13

14 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 14

15 SJWTX Inc Long-term Growth Platform Organic Customer Growth 80% customer growth since acquisition in 2006 Committed water supply available to support future growth Approximately 500 to 600 new connections per year Acquisition Growth 10 acquisitions completed since 2006 Additional growth potential approximately 25 smaller systems in service area and another 25 in close proximity Aggressive acquisition program Revenue and Earnings Growth Rate Case Decision for 2013 filing 3% CAGR population growth from Expansion into wastewater service 15

16 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) 16

17 SJW Land Company Business Model Reinvested tax-advantaged proceeds into income-producing properties Portfolio as of June 30, 2016 Description Location Acreage Square Footage SJW Land Company Revenue Warehouse buildings AZ, TN ,500 43% Retail/Commercial buildings CA, TN ,000 57% Undeveloped land CA, TN 15 N/A N/A 17

18 18 SJW Corp. Financial Performance

$22,318 $22,384 $20,153 $20,000 $12,156 $10,000 $- 2011 2012 2013 2014* 2015** YTD 2Q15

19 Net Income SJW CORP. Net Income (in thousands) $60,000 $51,806 $50,000 $40,000 $37,882 $30,000 $20,878 $22,318 $22,384 $20,153 $20,000 $12,156 $10,000 $ * 2015** YTD 2Q15 YTD 2Q16 *Approx. $15MM net income resulting from 2013 revenue increase approved in 2014 ** Approximately $2M net income resulting from 2014 WCMA approved in

00 2011 2012 2013 2014* 2015** YTD 2Q15 YTD 2Q16 *Includes approximately $0.

20 Earnings Growth Strong results Earnings Per Share (excluding land sales, impairment transactions and CWT stock sales) $2.80 $2.47 $2.40 $2.00 $1.80 $1.60 $1.20 $0.80 $1.12 $1.17 $1.10 $0.60 $0.90 $0.40 $ * 2015** YTD 2Q15 YTD 2Q16 *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

21 2Q16 YTD EPS Bridge $1.60 $1.40 $1.20 $1.00 $0.20 $0.19 $0.11 $0.09 $0.26 $0.11 $0.06 $0.01 $0.98 $0.80 $0.24 $0.60 $0.59 $0.40 $0.20 $0.00 YTD 2015 Rate Increases True-up from 2012 and 2015 GRCs WCMA Water Production Costs Sale of CWT Stock Decline in Usage Other Water Production Expenses Depreciation and Amortization Other YTD

22 2Q15 YTD EPS Bridge $0.31 $ $ $0.04 $ $0.34 $0.14 $0.07 $ Q14 Rate Increases *2014 one-time items Water Production Costs Decreased Consumption Balancing Memorandum Accounts Non- Production Operating Costs Non- Operating Costs* Other 2Q15 22

Connection* $500 $417 $444 $451 $457 $494 $400 $300 $245 $259 $200

23 Operating Expense Water Utilities Low growth in OpEx reflects ongoing commitment to cost control Operating Expense Per Connection* $500 $417 $444 $451 $457 $494 $400 $300 $245 $259 $200 $100 $ YTD 2Q15 YTD 2Q16 *Excludes water supply costs 23

70 $0.60 $0.50 $0.40 $0.30 $0.20 $0.10 $0.00 $0.57 $0.61 $0.

24 Dividends Per Share Growth 48 years of dividend growth Attractive dividend CAGR through 2016 E of 3.7% $0.90 $0.80 $0.70 $0.60 $0.50 $0.40 $0.30 $0.20 $0.10 $0.00 $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 24

25 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 25

Investor Presentation

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.