<SEC-DOCUMENT>0001193125-18-202968.txt : 20181218
<SEC-HEADER>0001193125-18-202968.hdr.sgml : 20181218
<ACCEPTANCE-DATETIME>20180626061604
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0001193125-18-202968
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20180626

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			SJW GROUP
		CENTRAL INDEX KEY:			0000766829
		STANDARD INDUSTRIAL CLASSIFICATION:	WATER SUPPLY [4941]
		IRS NUMBER:				770066628
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		110 W. TAYLOR STREET
		CITY:			SAN JOSE
		STATE:			CA
		ZIP:			95110
		BUSINESS PHONE:		4082797800

	MAIL ADDRESS:	
		STREET 1:		110 W. TAYLOR STREET
		CITY:			SAN JOSE
		STATE:			CA
		ZIP:			95110

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	SJW CORP
		DATE OF NAME CHANGE:	19920703
</SEC-HEADER>
<DOCUMENT>
<TYPE>CORRESP
<SEQUENCE>1
<FILENAME>filename1.htm
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<TITLE>Response Letter</TITLE>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">S<SMALL>KADDEN</SMALL>, A<SMALL>RPS</SMALL>, S<SMALL>LATE</SMALL>,
M<SMALL>EAGHER</SMALL>&nbsp;&amp; F<SMALL>LOM</SMALL> <SMALL>LLP</SMALL> </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">525 UNIVERSITY AVENUE </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">PALO ALTO, CALIFORNIA 94301 </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center>
<P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="middle" ALIGN="center"><FONT STYLE="font-size:10pt">TEL: (650)
<FONT STYLE="white-space:nowrap">470-4500&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT></TD>
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<TD VALIGN="middle" ALIGN="center">FIRM/AFFILIATE</TD></TR>
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<TD VALIGN="middle" ALIGN="center"><FONT STYLE="font-size:10pt">FAX: (650)
<FONT STYLE="white-space:nowrap">470-4570&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT></TD>
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<TD VALIGN="middle" STYLE="BORDER-BOTTOM:1px solid #000000" ALIGN="center"> OFFICES<P STYLE="font-size:5pt; margin-top:0pt; margin-bottom:1pt" align="left">&nbsp;</P></TD></TR>
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<TD VALIGN="middle" ALIGN="center"><FONT STYLE="font-size:12pt">www.skadden.com&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
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<TD VALIGN="middle"> <P STYLE="font-size:5pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-bottom:1pt; margin-top:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center">BOSTON</P></TD></TR>
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<TD VALIGN="middle" ALIGN="center">CHICAGO</TD></TR>
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<TD VALIGN="middle" ALIGN="center">LOS ANGELES</TD></TR>
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<TD VALIGN="middle" ALIGN="center">NEW YORK</TD></TR>
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<TD VALIGN="middle" ALIGN="center">WASHINGTON,&nbsp;D.C.</TD></TR>
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<TD VALIGN="middle" ALIGN="center"><FONT STYLE="font-size:10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;June&nbsp;26, 2018</FONT></TD>
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<TD VALIGN="middle" ALIGN="center">BEIJING</TD></TR>
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<TD VALIGN="middle"><FONT STYLE="font-size:10pt"><B><U>VIA EDGAR</U></B></FONT></TD>
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<TD VALIGN="middle"><FONT STYLE="font-size:10pt">Christina Chalk</FONT></TD>
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<TD VALIGN="middle"><FONT STYLE="font-size:10pt">Senior Special Counsel</FONT></TD>
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</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B>Re:&nbsp;&nbsp;&nbsp;&nbsp;SJW Group </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:6%; font-size:10pt; font-family:Times New Roman"><B>&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-family:Times New Roman; font-size:8pt">&nbsp;&nbsp;</FONT>Schedule
<FONT STYLE="white-space:nowrap">14D-9</FONT> filed June&nbsp;15, 2018 </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:6%; font-size:10pt; font-family:Times New Roman"><B>&nbsp;&nbsp;&nbsp;&nbsp;<FONT
STYLE="font-family:Times New Roman; font-size:8pt">&nbsp;&nbsp;</FONT>(the &#147;Recommendation Statement&#148;) </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:6%; font-size:10pt; font-family:Times New Roman"><B>&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-family:Times New Roman; font-size:8pt">&nbsp;&nbsp;</FONT>SEC File
<FONT STYLE="white-space:nowrap">No.&nbsp;5-36500</FONT> </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Dear Ms.&nbsp;Chalk: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">SJW Group (&#147;<U>SJW</U>&#148;) has filed today with the U.S. Securities and Exchange Commission (the &#147;<U>Commission</U>&#148;), via
EDGAR, Amendment No.&nbsp;1 to the Recommendation Statement (&#147;<U>Amendment No.</U><U></U><U>&nbsp;1</U>&#148;). This letter, together with Amendment No.&nbsp;1, provides the responses of SJW to the comments of the staff (the
&#147;<U>Staff</U>&#148;) of the Division of Corporation Finance of the Commission received by letter, dated June&nbsp;19, 2018, concerning the Recommendation Statement, including accompanying materials. For your convenience, our response
immediately follows the text of the Staff&#146;s comment. The Staff&#146;s comment has been indicated in bold italics. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Item&nbsp;4. The
Solicitation or Recommendation </U></B></P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B><I>1.</I></B></TD>
<TD ALIGN="left" VALIGN="top"><B><I>On page 18, explain what factors form the basis for the SJW Board&#146;s belief that the CPUC could take even longer (than for California Water&#146;s acquisition of Dominguez Services Corporation) to review an
acquisition of SJW. Note that the <FONT STYLE="white-space:nowrap">18-month</FONT> period you cite is the statutory maximum. </I></B></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman"><U>Response</U>: SJW acknowledges the Staff&#146;s comment and has revised the disclosure on pages 3-4 of Amendment No.&nbsp;1 to address the
Staff&#146;s comment. </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B><I>2.</I></B></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt"><B><I>Where you cite the regulatory hurdles you believe a California Water acquisition of SJW would face, note
the corresponding challenges for the merger with </I></B></P></TD></TR></TABLE>

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Connecticut Water so that shareholders may access the comparable regulatory risks posed. Your revised disclosure on page 18 should note that SJW received a letter from the CPUC directing it to
submit an application for approval of the merger with Connecticut Water. Clarify is this approval is required how the regulatory approval process for the merger would be the same as for the Offer and how it would differ. </I></B></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman"><U>Response</U>: SJW acknowledges the Staff&#146;s comment and has revised the disclosure on pages 2-4 of Amendment No.&nbsp;1 to address the
Staff&#146;s comment. </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B><I>3.</I></B></TD>
<TD ALIGN="left" VALIGN="top"><B><I>On page 19, you state that although SJW has not made a decision to sell itself, it believes the Offer price is below what other potential acquirors would pay for SJW &#147;whether now or in the future.&#148; Other
than citing to the proposal by California Water, you do not provide support for the assertion that other buyers would pay more for SJW. Revise to explain the basis for this belief. Your revised disclosure should explain why you believe the unnamed
&#147;strategic&#148; company represented by Lazard would pay more for SJW. </I></B></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman"><U>Response</U>: SJW acknowledges the
Staff&#146;s comment and has revised the disclosure on page 5 of Amendment No.&nbsp;1 to address the Staff&#146;s comment. </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B><I>4.</I></B></TD>
<TD ALIGN="left" VALIGN="top"><B><I>On page 19, balance the discussion of the conditions to the Offer with the corresponding conditions to the merger with Connecticut Water. </I></B></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman"><U>Response</U>: SJW acknowledges the Staff&#146;s comment and has revised the disclosure on pages 5-6 of Amendment No.&nbsp;1 to address the
Staff&#146;s comment. </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B><I>5.</I></B></TD>
<TD ALIGN="left" VALIGN="top"><B><I>On page 20, revise the section entitled &#147;California Water has discretion to extend the Offer indefinitely&#148; to describe the withdrawal rights available to tendering holders who have not been paid for
their tendered shares. </I></B></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman"><U>Response</U>: SJW acknowledges the Staff&#146;s comment and has revised the disclosure on
page 6 of Amendment No.&nbsp;1 to address the Staff&#146;s comment. </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B><I>6.</I></B></TD>
<TD ALIGN="left" VALIGN="top"><B><I>If Mr.&nbsp;Thornburg will receive compensation or other benefits as a result of the merger by virtue of his prior position with Connecticut Water that would not be realized upon the consummation of this Offer,
this may be important information for shareholders to know when evaluating the recommendation of SJW with respect to the Offer. If applicable, please describe in your revised filing. </I></B></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman"><U>Response</U>: SJW acknowledges the Staff&#146;s comment and has revised the disclosure on page 6 of Amendment No.&nbsp;1 to address the
Staff&#146;s comment. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Item&nbsp;5. Persons/Assets to be Retained, Employed, Compensated or Used, page 21 </U></B></P>

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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B><I>7.</I></B></TD>
<TD ALIGN="left" VALIGN="top"><B><I>Revise the disclosure here to comply with Item 1009(a) of Regulation <FONT STYLE="white-space:nowrap">M-A.</FONT> See the guidance available on our Web site at www.sec.gov under &#147;Tender Offers and
Schedules,&#148; Section&nbsp;14(d) and Regulation 14D, Q&amp;A 159.02. Your expanded disclosure should summarize the material terms of J.P. Morgan&#146;s compensatory arrangements, including the types of fees payable and the &#147;certain
transactions&#148; upon which they are contingent, along with any other material information about the fee arrangement material to a security holder&#146;s assessment of J.P. Morgan&#146;s analyses and conclusions. </I></B></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman"><U>Response</U>: SJW acknowledges the Staff&#146;s comment and respectfully submits that J.P. Morgan was not employed, retained or compensated
to make solicitations or recommendations to the Company&#146;s shareholders and the Schedule <FONT STYLE="white-space:nowrap">14D-9</FONT> included disclosure with respect to the engagement of J.P. Morgan, which the Company believes reflects the
material terms of such engagement. Nonetheless, in light of the Staff&#146;s comment, SJW has revised the disclosure on pages 6-7 of Amendment No.&nbsp;1 to quantify the amounts payable to J.P. Morgan. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Item&nbsp;6. Interest in Securities of the Subject Company, page 21 </U></B></P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B><I>8.</I></B></TD>
<TD ALIGN="left" VALIGN="top"><B><I>Provide the disclosure required by Item 1008(b) of Regulation <FONT STYLE="white-space:nowrap">M-A</FONT> with respect to all transactions in SJW shares by the identified individuals including those in connection
with SJW&#146;s employee benefits plans. </I></B></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman"><U>Response</U>: SJW acknowledges the Staff&#146;s comment and has revised
the disclosure on page 7 of Amendment No.&nbsp;1 to address the Staff&#146;s comment. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Exhibit 99(a)(3) &#150; Letter to SJW Group Shareholders
</U></B></P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B><I>9.</I></B></TD>
<TD ALIGN="left" VALIGN="top"><B><I>In future filings, avoid characterizing California Water&#146;s Offer, which has now commenced and is open for tenders, as a <FONT STYLE="white-space:nowrap">&#147;non-binding</FONT> indication of interest.&#148;
</I></B></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman"><U>Response</U>: SJW acknowledges the Staff&#146;s comment and confirms that it will avoid such characterization in
future filings. </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B><I>10.</I></B></TD>
<TD ALIGN="left" VALIGN="top"><B><I>See our last comment above. In future filings, avoid referring to the Offer as <FONT STYLE="white-space:nowrap">&#147;non-binding&#148;</FONT> and further assertions that the Offer &#147;can be withdrawn by Cal
Water at any time.&#148; While the Offer is subject to specified conditions, so is the merger with Connecticut Water. </I></B></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman"><U>Response</U>: SJW acknowledges the Staff&#146;s comment and confirms that it will avoid such references and assertions in future filings.
</P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B><I>11.</I></B></TD>
<TD ALIGN="left" VALIGN="top"><B><I>Clarify what &#147;significant tax consequences for [SJW] shareholders&#148; may result if the Offer is consummated, and explain the basis for your assertions about these tax consequences.
</I></B></TD></TR></TABLE>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman"><U>Response</U>: SJW acknowledges the Staff&#146;s comment and submits that the <FONT
STYLE="white-space:nowrap">all-cash</FONT> nature of the Offer would be treated as a taxable sale transaction for retail, individual and certain other holders of SJW common stock, unlike the planned merger of equals with CTWS, and such a tax
recognition event may have significant tax consequences for SJW stockholders insofar as the consummation of the Offer requires such SJW stockholders to pay federal and state tax on unrecognized gains in excess of such holders&#146; tax basis in
their SJW shares. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">We hope that the foregoing has been responsive to the Staff&#146;s comments. If the Staff has any questions or comments
concerning the foregoing, or requires any further information, please contact me at (650) <FONT STYLE="white-space:nowrap">470-4662</FONT> or by email at leif.king@skadden.com or my colleague Pankaj K. Sinha at (202)
<FONT STYLE="white-space:nowrap">371-7307</FONT> or by email at pankaj.sinha@skadden.com. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
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<TD VALIGN="top" COLSPAN="3">Very truly yours,</TD></TR>
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<TD VALIGN="top" COLSPAN="3"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ Leif B. King</P></TD></TR>
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<TD VALIGN="top" COLSPAN="3">Leif B. King</TD></TR>
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<TD VALIGN="top">cc:</TD>
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<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><I>Securities and Exchange Commission</I></TD></TR>
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<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
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<TD VALIGN="bottom">Katherine Bagley</TD></TR>
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<TD VALIGN="bottom">&nbsp;</TD>
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<TD VALIGN="bottom">Mara L. Ransom</TD></TR>
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<TD VALIGN="top">cc:</TD>
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<TD VALIGN="bottom"><I>SJW Group</I></TD></TR>
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<TD VALIGN="bottom">Suzy Papazian</TD></TR>
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