<SEC-DOCUMENT>0001193125-21-075169.txt : 20210310
<SEC-HEADER>0001193125-21-075169.hdr.sgml : 20210310
<ACCEPTANCE-DATETIME>20210309204522
ACCESSION NUMBER:		0001193125-21-075169
CONFORMED SUBMISSION TYPE:	424B5
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20210310
DATE AS OF CHANGE:		20210309

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:		424B5
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-228548
		FILM NUMBER:		21727894

	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>424B5
<SEQUENCE>1
<FILENAME>d152789d424b5.htm
<DESCRIPTION>424B5
<TEXT>
<HTML><HEAD>
<TITLE>424B5</TITLE>
</HEAD>
 <BODY BGCOLOR="WHITE">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Filed Pursuant to Rule 424(b)(5)<BR>Registration No. 333-228548 </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>CALCULATION OF REGISTRATION FEE </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:8pt" ALIGN="center">


<TR>

<TD WIDTH="44%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="13%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="13%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="13%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="13%"></TD></TR>


<TR STYLE="font-size:1px; ">
<TD COLSPAN="9" VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom" ALIGN="center" STYLE="BORDER-TOP:1px solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Title of Each Class of</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Securities to be Registered</B></P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center" STYLE="BORDER-TOP:1px solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Amount<BR></B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>to be<BR>Registered</B></P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center" STYLE="BORDER-TOP:1px solid #000000"><B>Proposed<BR>Maximum<BR>Offering Price<BR>Per Unit</B></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center" STYLE="BORDER-TOP:1px solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Proposed<BR>Maximum<BR>Aggregate</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Offering&nbsp;Price</B></P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center" STYLE="BORDER-TOP:1px solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Amount&nbsp;of</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Registration&nbsp;Fee</B></P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" STYLE="BORDER-TOP:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Common Stock</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center" STYLE="BORDER-TOP:1px solid #000000">1,184,500(1)</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center" STYLE="BORDER-TOP:1px solid #000000">$59.00</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center" STYLE="BORDER-TOP:1px solid #000000">$69,885,500</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center" STYLE="BORDER-TOP:1px solid #000000">$7,624.51(2)</TD></TR>
<TR STYLE="font-size:1px; ">
<TD COLSPAN="9" VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD></TR>
<TR STYLE="font-size:1px; ">
<TD COLSPAN="9" VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD></TR>
</TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(1)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Includes 154,500&nbsp;shares of common stock, par value $0.001 per share, issuable upon exercise of the
underwriters&#146; option to purchase additional shares of common stock. </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(2)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Calculated in accordance with Rules&nbsp;456(b) and&nbsp;457(r) under the Securities Act of 1933, as amended
(the &#147;Securities Act&#148;). </P></TD></TR></TABLE>
</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:arial" SIZE="2"><B>Prospectus supplement
</B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:arial" SIZE="2"><B>(To prospectus dated November&nbsp;26, 2018) </B></FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:arial" SIZE="5"><B><I>1,030,000 shares </I></B></FONT></P> <P STYLE="font-size:4px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<P STYLE="font-size:0px;margin-top:0px;margin-bottom:0px">&nbsp;</P> <P STYLE="margin-top:0px;margin-bottom:0px">


<IMG SRC="g152789g18o02.jpg" ALT="LOGO">
 </P> <P STYLE="margin-top:16px;margin-bottom:0px"><FONT STYLE="font-family:arial" SIZE="5"><B><I>Common stock </I></B></FONT></P> <P STYLE="margin-top:16px;margin-bottom:0px"><FONT STYLE="font-family:arial" SIZE="2">We
are offering 1,030,000 shares of our common stock, par value $0.001 per share. </FONT></P> <P STYLE="margin-top:16px;margin-bottom:0px"><FONT STYLE="font-family:arial" SIZE="2">Our common stock is listed on the New York Stock Exchange, or the NYSE,
under the symbol &#147;SJW.&#148; On March&nbsp;8, 2021, the closing price for our common stock was $62.79 per share. </FONT></P> <P STYLE="font-size:16px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">


<TR>

<TD WIDTH="77%"></TD>

<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="4" STYLE="BORDER-TOP:2px solid #000000">&nbsp;</TD>
<TD HEIGHT="4" COLSPAN="4" STYLE="BORDER-TOP:2px solid #000000">&nbsp;</TD>
<TD HEIGHT="4" COLSPAN="4" STYLE="BORDER-TOP:2px solid #000000">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;<FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT STYLE="font-family:arial" SIZE="2"><B>Per&nbsp;share</B></FONT></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT STYLE="font-family:arial" SIZE="2"><B>Total</B></FONT></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD></TR>


<TR STYLE="font-size:1pt">
<TD HEIGHT="10"></TD>
<TD HEIGHT="10" COLSPAN="4"></TD>
<TD HEIGHT="10" COLSPAN="4"></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:arial" SIZE="2">Public offering price</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:arial" SIZE="2">$</FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:arial" SIZE="2">59.00</FONT></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:arial" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:arial" SIZE="2">$</FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:arial" SIZE="2">60,770,000</FONT></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:arial" SIZE="2">&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="10"></TD>
<TD HEIGHT="10" COLSPAN="4"></TD>
<TD HEIGHT="10" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:arial" SIZE="2">Underwriting discounts and commissions(1)</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:arial" SIZE="2">$</FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:arial" SIZE="2">2.2125</FONT></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:arial" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:arial" SIZE="2">$</FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:arial" SIZE="2">2,278,875</FONT></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:arial" SIZE="2">&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="10"></TD>
<TD HEIGHT="10" COLSPAN="4"></TD>
<TD HEIGHT="10" COLSPAN="4"></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:arial" SIZE="2">Proceeds, before expenses, to us</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:arial" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:arial" SIZE="2">56.7875</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:arial" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:arial" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:arial" SIZE="2">58,491,125</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:arial" SIZE="2">&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD COLSPAN="8" VALIGN="top"> <P STYLE="border-bottom:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
</TABLE> <P STYLE="font-size:4px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:arial" SIZE="1">(1)</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:arial" SIZE="1">We have agreed to reimburse the underwriters for certain expenses in connection with this offering. See &#147;Underwriting (conflicts of interest).&#148;
</FONT></TD></TR></TABLE> <P STYLE="margin-top:16px;margin-bottom:0px"><FONT STYLE="font-family:arial" SIZE="2">In addition, we have granted the underwriters an option to purchase an additional 154,500 shares of common stock from us. Any such
additional shares will be purchased at the offering price less underwriting discounts and commissions within 30 days following the date of this prospectus supplement. </FONT></P> <P STYLE="margin-top:16px;margin-bottom:0px"><FONT
STYLE="font-family:arial" SIZE="2"><B>Investing in our common stock involves risks. See &#147;<A HREF="#supptoc152789_7">Risk factors</A>&#148; beginning on page <FONT STYLE="white-space:nowrap">S-5</FONT> to read about factors you should consider
before buying shares of our common stock. </B></FONT></P> <P STYLE="margin-top:16px;margin-bottom:0px"><FONT STYLE="font-family:arial" SIZE="2"><B>Neither the Securities and Exchange Commission, or the SEC, nor any state securities commission has
approved or disapproved of these securities, or determined if this prospectus supplement and the accompanying prospectus is truthful or complete. Any representation to the contrary is a criminal offense. </B></FONT></P>
<P STYLE="margin-top:16px;margin-bottom:0px"><FONT STYLE="font-family:arial" SIZE="2">The underwriters expect to deliver the shares of our common stock against payment on or about March&nbsp;11, 2021. </FONT></P>
<P STYLE="margin-top:16px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:arial" SIZE="2"><B><I>Joint book-running managers </I></B></FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">


<TR>

<TD WIDTH="51%"></TD>

<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="47%"></TD></TR>


<TR STYLE="page-break-inside:avoid">
<TD VALIGN="top"><FONT STYLE="font-family:arial" SIZE="5"><B>J.P. Morgan</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:arial" SIZE="5"><B>RBC Capital Markets</B></FONT></TD></TR>
</TABLE> <P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:arial" SIZE="2"><B><I>Co-managers </I></B></FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">


<TR>

<TD WIDTH="51%"></TD>

<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="47%"></TD></TR>


<TR STYLE="page-break-inside:avoid">
<TD VALIGN="top"><FONT STYLE="font-family:arial" SIZE="4"><B>Janney Montgomery Scott</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:arial" SIZE="4"><B>Loop Capital Markets</B></FONT></TD></TR>
</TABLE> <P STYLE="margin-top:16px;margin-bottom:0px"><FONT STYLE="font-family:arial" SIZE="2"><B>Prospectus supplement dated March&nbsp;8, 2021 </B></FONT></P>
</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:arial" SIZE="5"><B><A NAME="toc"></A>Table of contents </B></FONT></P>
<P STYLE="font-size:8px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">


<TR>

<TD WIDTH="95%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="bottom" COLSPAN="4"><FONT STYLE="font-family:arial" SIZE="3"><B>Prospectus supplement</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right"><FONT STYLE="font-family:arial" SIZE="1"><B>Page</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD></TR>


<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:arial" SIZE="2"><A HREF="#supptoc152789_1">About this prospectus supplement</A></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:arial" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:arial" SIZE="2">S-iii</FONT></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:arial" SIZE="2">&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:arial" SIZE="2"><A HREF="#supptoc152789_2">Where you can find more information</A></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:arial" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:arial" SIZE="2">S-iii</FONT></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:arial" SIZE="2">&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:arial" SIZE="2"><A HREF="#supptoc152789_3">Incorporation of certain information by reference</A></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:arial" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:arial" SIZE="2">S-iv</FONT></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:arial" SIZE="2">&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:arial" SIZE="2"><A HREF="#supptoc152789_4">Cautionary statement concerning forward looking statements</A></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:arial" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:arial" SIZE="2">S-iv</FONT></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:arial" SIZE="2">&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:arial" SIZE="2"><A HREF="#supptoc152789_5">Summary</A></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:arial" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:arial" SIZE="2">S-1</FONT></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:arial" SIZE="2">&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:arial" SIZE="2"><A HREF="#supptoc152789_6">The offering</A></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:arial" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:arial" SIZE="2">S-3</FONT></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:arial" SIZE="2">&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:arial" SIZE="2"><A HREF="#supptoc152789_7">Risk factors</A></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:arial" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:arial" SIZE="2">S-5</FONT></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:arial" SIZE="2">&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:arial" SIZE="2"><A HREF="#supptoc152789_8">Use of proceeds</A></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:arial" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:arial" SIZE="2">S-7</FONT></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:arial" SIZE="2">&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:arial" SIZE="2"><A HREF="#supptoc152789_9">Capitalization</A></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:arial" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:arial" SIZE="2">S-8</FONT></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:arial" SIZE="2">&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:arial" SIZE="2"><A HREF="#supptoc152789_10">Dividend policy</A></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:arial" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:arial" SIZE="2">S-9</FONT></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:arial" SIZE="2">&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:arial" SIZE="2"><A HREF="#supptoc152789_11">U.S. federal income tax considerations to <FONT STYLE="white-space:nowrap">non-U.S.</FONT>
holders</A></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:arial" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:arial" SIZE="2">S-10</FONT></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:arial" SIZE="2">&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:arial" SIZE="2"><A HREF="#supptoc152789_12">Certain ERISA considerations</A></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:arial" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:arial" SIZE="2">S-14</FONT></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:arial" SIZE="2">&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:arial" SIZE="2"><A HREF="#supptoc152789_13">Underwriting (conflicts of interest)</A></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:arial" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:arial" SIZE="2">S-16</FONT></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:arial" SIZE="2">&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:arial" SIZE="2"><A HREF="#supptoc152789_14">Legal matters</A></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:arial" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:arial" SIZE="2">S-24</FONT></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:arial" SIZE="2">&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:arial" SIZE="2"><A HREF="#supptoc152789_15">Experts</A></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:arial" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:arial" SIZE="2">S-24</FONT></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:arial" SIZE="2">&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="5"></TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="bottom" COLSPAN="4"><FONT STYLE="font-family:arial" SIZE="3"><B>Prospectus</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right"><FONT STYLE="font-family:arial" SIZE="1"><B>Page</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:arial" SIZE="2"><A HREF="#toc152789_1">About this prospectus</A></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:arial" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:arial" SIZE="2">1</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:arial" SIZE="2">&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:arial" SIZE="2"><A HREF="#toc152789_2">Where you can find more information</A></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:arial" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:arial" SIZE="2">1</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:arial" SIZE="2">&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:arial" SIZE="2"><A HREF="#toc152789_3">Cautionary statement concerning forward looking statements</A></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:arial" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:arial" SIZE="2">3</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:arial" SIZE="2">&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:arial" SIZE="2"><A HREF="#toc152789_4">The company</A></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:arial" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:arial" SIZE="2">3</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:arial" SIZE="2">&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:arial" SIZE="2"><A HREF="#toc152789_5">Risk factors</A></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:arial" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:arial" SIZE="2">4</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:arial" SIZE="2">&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:arial" SIZE="2"><A HREF="#toc152789_6">Use of proceeds</A></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:arial" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:arial" SIZE="2">4</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:arial" SIZE="2">&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:arial" SIZE="2"><A HREF="#toc152789_7">Description of capital stock</A></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:arial" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:arial" SIZE="2">4</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:arial" SIZE="2">&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:arial" SIZE="2"><A HREF="#toc152789_8">Selling securityholders</A></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:arial" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:arial" SIZE="2">7</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:arial" SIZE="2">&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:arial" SIZE="2"><A HREF="#toc152789_9">Plan of distribution</A></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:arial" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:arial" SIZE="2">7</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:arial" SIZE="2">&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:arial" SIZE="2"><A HREF="#toc152789_10">Legal matters</A></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:arial" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:arial" SIZE="2">9</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:arial" SIZE="2">&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:arial" SIZE="2"><A HREF="#toc152789_11">Experts</A></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:arial" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:arial" SIZE="2">9</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:arial" SIZE="2">&nbsp;</FONT></TD></TR>
</TABLE> <P STYLE="margin-top:8px;margin-bottom:0px"><FONT STYLE="font-family:arial" SIZE="2"><B>You should rely only on the information contained in or incorporated by reference into this prospectus supplement, the
accompanying prospectus or any related free writing prospectus prepared by or on behalf of us. Neither we nor any of the underwriters has authorized anyone to provide you with different or additional information. If anyone provides you with
different or additional information, you should not rely </B></FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:arial" SIZE="2">S-i </FONT></P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:arial" SIZE="2"><B>
on it. The information in this prospectus supplement, the accompanying prospectus or any free writing prospectus and the documents incorporated by reference herein and therein is accurate only as
of the respective dates of such documents. Our business, financial condition, results of operations and prospects may have changed since those dates. </B></FONT></P>
<P STYLE="margin-top:8px;margin-bottom:0px"><FONT STYLE="font-family:arial" SIZE="2">The distribution of this prospectus supplement and the accompanying prospectus and the offering of the shares of common stock in certain jurisdictions may be
restricted by law. Persons into whose possession this prospectus supplement and the accompanying prospectus come should inform themselves about and observe any such restrictions. This prospectus supplement and the accompanying prospectus do not
constitute, and may not be used in connection with, an offer or solicitation by anyone in any jurisdiction in which such offer or solicitation is not authorized or in which the person making such offer or solicitation is not qualified to do so or to
any person to whom it is unlawful to make such offer or solicitation.<B> </B> </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:arial" SIZE="2">S-ii </FONT></P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:arial" SIZE="5"><B><A NAME="supptoc152789_1"></A>About this prospectus supplement </B></FONT></P>
<P STYLE="margin-top:8px;margin-bottom:0px"><FONT STYLE="font-family:arial" SIZE="2">This prospectus supplement and the accompanying prospectus are each part of an automatic shelf registration statement on Form
<FONT STYLE="white-space:nowrap">S-3</FONT> that we filed with the Securities and Exchange Commission, or the SEC, as a &#147;well-known seasoned issuer,&#148; as defined in Rule 405 of the Securities Act of 1933, as amended, or the Securities Act.
Under the shelf registration process, we may from time to time offer and sell to the public any or all of the securities described in the registration statement in one or more offerings. This document is in two parts. The first part, which is this
prospectus supplement, describes the specific terms of the securities that we are offering and other matters relating to us. The second part, which is the accompanying prospectus, gives more general information about securities we may offer from
time to time, some of which may not apply to the securities offered by this prospectus supplement. Generally when we refer to the prospectus supplement, we are referring to both parts combined. This prospectus supplement may add to, update or change
the information in the accompanying prospectus. To the extent there is a conflict between the information contained in this prospectus supplement, on the one hand, and the information contained in the accompanying prospectus or any document
incorporated by reference therein, on the other hand, you should rely on the information contained in this prospectus supplement. </FONT></P> <P STYLE="margin-top:8px;margin-bottom:0px"><FONT STYLE="font-family:arial" SIZE="2">You should not assume
that the information contained in this prospectus supplement and the accompanying prospectus is accurate on any date subsequent to the date set forth on the front of the document or that any information we have incorporated by reference is correct
on any date subsequent to the date of the document incorporated by reference, even though this prospectus supplement and the accompanying prospectus are delivered or the shares offered hereby are sold on a later date. Information that we file with
the SEC subsequent to the date on the cover of this prospectus supplement, and prior to the completion of this offering, will automatically update and supersede the information contained in this prospectus supplement and the accompanying prospectus.
See &#147;Where you can find more information&#148; and &#147;Incorporation of certain documents by reference.&#148; </FONT></P> <P STYLE="margin-top:8px;margin-bottom:0px"><FONT STYLE="font-family:arial" SIZE="2">Unless the context otherwise
requires or as otherwise stated in &#147;Risk factors,&#148; the terms the &#147;Company,&#148; &#147;we,&#148; &#147;us,&#148; &#147;our&#148; or similar terms and &#147;SJW&#148; refer to SJW Group, together with its consolidated subsidiaries.
</FONT></P> <P STYLE="margin-top:24px;margin-bottom:0px"><FONT STYLE="font-family:arial" SIZE="5"><B><A NAME="supptoc152789_2"></A>Where you can find more information </B></FONT></P> <P STYLE="margin-top:8px;margin-bottom:0px"><FONT
STYLE="font-family:arial" SIZE="2">We are subject to the reporting requirements of the Securities Exchange Act of 1934, as amended, or the Exchange Act, and its rules and regulations. The Exchange Act requires us to file reports, proxy statements
and other information with the SEC. The SEC maintains a website that contains reports, proxy statements and other information regarding issuers that file electronically with the SEC. These materials may be obtained electronically by accessing the
SEC&#146;s website at http://www.sec.gov. </FONT></P> <P STYLE="margin-top:8px;margin-bottom:0px"><FONT STYLE="font-family:arial" SIZE="2">We make available, free of charge on our website, our Annual Reports on Form
<FONT STYLE="white-space:nowrap">10-K,</FONT> Quarterly Reports on Form <FONT STYLE="white-space:nowrap">10-Q,</FONT> Current Reports on Form <FONT STYLE="white-space:nowrap">8-K,</FONT> proxy statements and amendments to these reports filed or
furnished pursuant to Section&nbsp;13(a), 14 or 15(d) of the Exchange Act, as soon as reasonably practicable after we electronically file these documents with, or furnish them to, the SEC. These documents are posted on our website at
www.sjwgroup.com. The information contained on, accessible from or hyperlinked to our website (other than the SEC filings expressly referred to below) is not incorporated by reference herein and does not form a part of this prospectus supplement or
the accompanying prospectus. </FONT></P> <P STYLE="margin-top:8px;margin-bottom:0px"><FONT STYLE="font-family:arial" SIZE="2">Copies of any of the above-referenced documents, other than exhibits to such documents unless such exhibits are
specifically incorporated by reference into such documents, will also be made available, free of charge, upon written request to: SJW Group, 110 West Taylor Street, San Jose, California 95110, Attention: Corporate Secretary and Assistant General
Counsel. </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:arial" SIZE="2">S-iii </FONT></P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:arial" SIZE="5"><B><A NAME="supptoc152789_3"></A>Incorporation of certain documents by reference </B></FONT></P>
<P STYLE="margin-top:8px;margin-bottom:0px"><FONT STYLE="font-family:arial" SIZE="2">The SEC allows us to incorporate into this prospectus supplement information we file with the SEC in other documents. The information incorporated by reference is
considered to be part of this prospectus supplement, and information we later file with the SEC will, subject to the next sentence, automatically update and supersede this information. We incorporate by reference the documents listed below and any
future filings made with the SEC under Sections 13(a), 13(c), 14 and 15(d) of the Exchange Act until all of the shares of common stock that are part of this offering have been sold or this offering has been terminated. The documents we have
incorporated by reference are: </FONT></P> <P STYLE="font-size:8px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:arial" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:arial" SIZE="2">Annual Report on <A HREF="http://www.sec.gov/Archives/edgar/data/../../../ix?doc=/Archives/edgar/data/0000766829/000076682921000047/sjw-20201231.htm">Form <FONT
STYLE="white-space:nowrap">10-K</FONT></A> for the fiscal year ended December&nbsp;31, 2020, filed with the SEC on March&nbsp;1, 2021; </FONT></P></TD></TR></TABLE> <P STYLE="font-size:8px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:arial" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:arial" SIZE="2">the portions of our <A HREF="http://www.sec.gov/Archives/edgar/data/0000766829/000076682920000074/sjw2020def14aproxy.htm">Definitive Proxy Statement</A> on
Schedule 14A, filed with the SEC on March&nbsp;
10, 2020, that are incorporated by reference into Part III of our Annual Report on <A HREF="http://www.sec.gov/Archives/edgar/data/../../../ix?doc=/Archives/edgar/data/0000766829/000076682920000055/sjw2019q410k.htm">Form <FONT
STYLE="white-space:nowrap">10-K</FONT></A> for the fiscal year ended December&nbsp;31, 2019, filed with the SEC on March&nbsp;2, 2020 (the &#147;2019 Form <FONT STYLE="white-space:nowrap">10-K&#148;);</FONT> </FONT></P></TD></TR></TABLE>
<P STYLE="font-size:8px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:arial" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:arial" SIZE="2">Current Reports on Form <FONT STYLE="white-space:nowrap">8-K</FONT> filed with the SEC on <A HREF="http://www.sec.gov/Archives/edgar/data/../../../ix?doc=/Archives/edgar/data/0000766829/000076682921000021/sjw-20210112.htm">January&nbsp;13,
 2021</A> and <A HREF="http://www.sec.gov/Archives/edgar/data/../../../ix?doc=/Archives/edgar/data/0000766829/000076682921000023/sjw-20210115.htm">January&nbsp;15, 2021</A>; and </FONT></P></TD></TR></TABLE>
<P STYLE="font-size:8px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:arial" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:arial" SIZE="2">the description of our common stock contained in our Registration Statement on <A HREF="http://www.sec.gov/Archives/edgar/data/0000766829/000076682916000108/a8-aareincorporation.htm">Form
 <FONT STYLE="white-space:nowrap">8-A/A</FONT></A>, filed with the SEC on November&nbsp;
15, 2016, and any amendment or report filed for the purpose of updating such description, including the description of capital stock contained in <A HREF="http://www.sec.gov/Archives/edgar/data/0000766829/000076682920000055/a46-descriptionofcapit.htm">Exhibit
 4.6</A> to our 2019 Form <FONT STYLE="white-space:nowrap">10-K.</FONT> </FONT></P></TD></TR></TABLE> <P STYLE="margin-top:8px;margin-bottom:0px"><FONT STYLE="font-family:arial" SIZE="2">Notwithstanding the above, information that is
&#147;furnished&#148; to the SEC (including information furnished under Item 2.02 or 7.01 of Form <FONT STYLE="white-space:nowrap">8-K</FONT> and corresponding information furnished under Item 9.01 or included as an exhibit) shall not be
incorporated by reference or deemed to be incorporated by reference into this prospectus supplement or the related registration statement. </FONT></P> <P STYLE="margin-top:8px;margin-bottom:0px"><FONT STYLE="font-family:arial" SIZE="2">We will
provide, without charge, to each person, including any beneficial owner, to whom a copy of this prospectus supplement is delivered, upon written or oral request of such person, a copy of any or all of the documents incorporated by reference into
this prospectus supplement, other than exhibits to such documents unless such exhibits are specifically incorporated by reference into such documents. Requests may be made by sending a written request to SJW Group, 110 West Taylor Street, San Jose,
California 95110, Attention: Corporate Secretary and Assistant General Counsel. </FONT></P> <P STYLE="margin-top:24px;margin-bottom:0px"><FONT STYLE="font-family:arial" SIZE="5"><B><A NAME="supptoc152789_4"></A>Cautionary statement concerning
forward-looking statements </B></FONT></P> <P STYLE="margin-top:8px;margin-bottom:0px"><FONT STYLE="font-family:arial" SIZE="2">This prospectus supplement and the accompanying prospectus, any related free writing prospectus and the information
included or incorporated by reference herein and therein, contain forward-looking statements within the meaning of the federal securities laws relating to future events and future results of SJW that are based on current expectations, estimates,
forecasts and projections about SJW, the industries in which we operate and the beliefs and assumptions of our management. Such forward-looking statements are identified by words including &#147;expect,&#148; &#147;estimate,&#148;
&#147;anticipate,&#148; &#147;intends,&#148; &#147;seeks,&#148; &#147;plans,&#148; &#147;projects,&#148; &#147;may,&#148; &#147;should,&#148; &#147;will&#148; and variations of such words, and similar expressions. These forward-looking statements
are only predictions and are subject to risks, uncertainties and assumptions that are difficult to predict. Therefore, actual results may differ materially and adversely from those expressed in any forward-looking statements. Important factors that
could cause or contribute to such differences include, but are not limited to: </FONT></P> <P STYLE="font-size:8px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:arial" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:arial" SIZE="2">the effect of water, utility, environmental and other governmental policies and regulations, including actions concerning rates, authorized return on equity,
authorized capital structures, capital expenditures and other decisions; </FONT></P></TD></TR></TABLE>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:arial" SIZE="2">S-iv </FONT></P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">

<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:arial" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:arial" SIZE="2">changes in demand for water and other services; </FONT></P></TD></TR></TABLE> <P STYLE="font-size:8px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:arial" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:arial" SIZE="2">the impact of the Coronavirus <FONT STYLE="white-space:nowrap">(&#147;COVID-19&#148;)</FONT> pandemic on our business operation and financial results;
</FONT></P></TD></TR></TABLE> <P STYLE="font-size:8px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:arial" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:arial" SIZE="2">unanticipated weather conditions and changes in seasonality; </FONT></P></TD></TR></TABLE> <P STYLE="font-size:8px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:arial" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:arial" SIZE="2">climate change and the effects thereof; </FONT></P></TD></TR></TABLE> <P STYLE="font-size:8px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:arial" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:arial" SIZE="2">unexpected costs, charges or expenses; </FONT></P></TD></TR></TABLE> <P STYLE="font-size:8px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:arial" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:arial" SIZE="2">our ability to successfully evaluate investments in new business and growth initiatives; </FONT></P></TD></TR></TABLE>
<P STYLE="font-size:8px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:arial" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:arial" SIZE="2">contamination of our water supplies and damage or failure of our water equipment and infrastructure; </FONT></P></TD></TR></TABLE>
<P STYLE="font-size:8px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:arial" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:arial" SIZE="2">the risk of work stoppages, strikes and other labor-related actions; </FONT></P></TD></TR></TABLE>
<P STYLE="font-size:8px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:arial" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:arial" SIZE="2">catastrophic events such as fires, earthquakes, explosions, floods, ice storms, tornadoes, hurricanes, terrorist acts, physical attacks, cyber-attacks, epidemics
or similar occurrences; </FONT></P></TD></TR></TABLE> <P STYLE="font-size:8px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:arial" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:arial" SIZE="2">changes in general economic, political, business and financial market conditions; </FONT></P></TD></TR></TABLE>
<P STYLE="font-size:8px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:arial" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:arial" SIZE="2">the ability to obtain financing on favorable terms, which can be affected by various factors, including credit ratings, changes in interest rates, compliance
with regulatory requirements, compliance with the terms and conditions of our outstanding indebtedness, and general market and economic conditions; and </FONT></P></TD></TR></TABLE>
<P STYLE="font-size:8px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:arial" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:arial" SIZE="2">legislative and general market and economic developments. </FONT></P></TD></TR></TABLE> <P STYLE="margin-top:8px;margin-bottom:0px"><FONT
STYLE="font-family:arial" SIZE="2">Additional information concerning these and other risk factors is also contained in our Annual Report on Form <FONT STYLE="white-space:nowrap">10-K</FONT> for the fiscal year ended December&nbsp;31, 2020, which is
incorporated by reference herein, as updated by other reports and documents we file with the SEC. We do not undertake any obligation to update or revise the information contained in this prospectus supplement or the accompanying prospectus, any
related free writing prospectus or the information included or incorporated by reference herein and therein, including the forward-looking statements, to reflect any event or circumstance that may arise after the date of this prospectus supplement.
</FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:arial" SIZE="2">S-v </FONT></P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">

<div style ="BORDER-BOTTOM:1pt solid #000000;BORDER-LEFT:1pt solid #000000;BORDER-RIGHT:1pt solid #000000;BORDER-TOP:1pt solid #000000; MARGIN-LEFT:0px; MARGIN-RIGHT:0px; max-width:100%"><div style="width:97%; margin-top:1.5%; margin-left:1.5%; margin-right:-1.25%">

 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:arial" SIZE="5"><B><A NAME="supptoc152789_5"></A>Summary </B></FONT></P> <P STYLE="margin-top:8px;margin-bottom:0px"><FONT
STYLE="font-family:arial" SIZE="2"><I>This summary highlights information contained in or incorporated by reference into this prospectus supplement and the accompanying prospectus. Because this is a summary, it may not contain all of the information
that is important to you. Before making an investment decision, you should read this entire prospectus supplement and the accompanying prospectus and the information included or incorporated by reference, including the section entitled &#147;Risk
factors&#148; in this prospectus supplement and such risk factors as may be updated from time to time in our public filings. </I></FONT></P> <P STYLE="margin-top:16px;margin-bottom:0px"><FONT STYLE="font-family:arial" SIZE="3"><B>SJW Group
</B></FONT></P> <P STYLE="margin-top:8px;margin-bottom:0px"><FONT STYLE="font-family:arial" SIZE="2">SJW Group, or SJW, is a holding company that conducts its business in the United States through four wholly owned subsidiaries, namely, San Jose
Water Company, SJWNE LLC, SJWTX, Inc. (which does business as Canyon Lake Water Service Company, or CLWSC) and SJW Land Company. </FONT></P> <P STYLE="margin-top:8px;margin-bottom:0px"><FONT STYLE="font-family:arial" SIZE="2">San Jose Water Company
is a public utility in the business of providing water service to approximately 231,000 connections that serve a population of approximately one million people in an area comprising approximately 139 square miles in the metropolitan San Jose,
California area. San Jose Water Company also provides <FONT STYLE="white-space:nowrap">non-tariffed</FONT> services under agreements with municipalities and other utilities. These <FONT STYLE="white-space:nowrap">non-tariffed</FONT> services include
water system operations, maintenance agreements and antenna site leases. San Jose Water Company is a public utility regulated by the California Public Utilities Commission, or the CPUC. </FONT></P> <P STYLE="margin-top:8px;margin-bottom:0px"><FONT
STYLE="font-family:arial" SIZE="2">SJWNE LLC is a special purpose entity established to hold SJW Group&#146;s investment in Connecticut Water Service, Inc., or CTWS. CTWS with its headquarters located in Clinton, Connecticut was incorporated in 1974
in the state of Connecticut. As part of the merger transaction between SJW Group and CTWS on October&nbsp;9, 2019, CTWS became a wholly-owned subsidiary of SJWNE LLC. CTWS is a holding company with four wholly-owned subsidiaries. The Connecticut
Water Company, or Connecticut Water, and The Maine Water Company, or Maine Water, are public utilities in the business of providing water service to approximately 139,000 connections that serve a population of approximately 485,000 people in 81
municipalities throughout Connecticut and Maine and more than 3,000 wastewater connections in Southbury, Connecticut. Connecticut Water is regulated by the Connecticut Public Utilities Regulatory Authority, or PURA. Maine Water is regulated by the
Maine Public Utilities Commission, or MPUC. The remaining two subsidiaries are Chester Realty, Inc., a real estate company in Connecticut, and New England Water Utility Services, Inc., or NEWUS, which provides contract water and sewer operations and
other water related services. </FONT></P> <P STYLE="margin-top:8px;margin-bottom:0px"><FONT STYLE="font-family:arial" SIZE="2">SJWTX, Inc., doing business as CLWSC, is a public utility in the business of providing water service to approximately
20,000 connections that serve approximately 59,000 people. CLWSC&#146;s service area comprises more than 247 square miles in the southern region of the Texas Hill Country in Blanco, Comal, Hays and Travis counties, the growing region between San
Antonio and Austin, Texas. SJWTX, Inc. has a 25% interest in Acequia Water Supply Corporation, or Acequia. Acequia has been determined to be a variable interest entity within the scope of Financial Accounting Standards Board, or FASB, Accounting
Standard Codification, or ASC, Topic 810, &#147;Consolidation&#148; with SJWTX, Inc. as the primary beneficiary. As a result, Acequia has been consolidated with SJWTX, Inc. CLWSC is a public utility regulated by the Public Utilities Commission of
Texas, or PUCT. </FONT></P> <P STYLE="margin-top:8px;margin-bottom:0px"><FONT STYLE="font-family:arial" SIZE="2">SJW Land Company owns undeveloped land and operates commercial buildings in Tennessee. </FONT></P>
</div></div>

 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:arial" SIZE="2">S-1 </FONT></P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">

<div style ="BORDER-BOTTOM:1pt solid #000000;BORDER-LEFT:1pt solid #000000;BORDER-RIGHT:1pt solid #000000;BORDER-TOP:1pt solid #000000; MARGIN-LEFT:0px; MARGIN-RIGHT:0px; max-width:100%"><div style="width:97%; margin-top:1.5%; margin-left:1.5%; margin-right:-1.25%">

 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:arial" SIZE="2">The principal executive offices of SJW are located at 110 West Taylor Street, San Jose, California 95110. Its
telephone number is (408) <FONT STYLE="white-space:nowrap">279-7800,</FONT> and its Internet address is www.sjwgroup.com. The information on, accessible from or hyperlinked to, our website (other than the SEC filings expressly incorporated herein
under &#147;Where you can find more information&#148;) is not incorporated by reference into this prospectus supplement or the accompanying prospectus, and you should not consider it a part of this prospectus supplement or the accompanying
prospectus. </FONT></P>
</div></div>

 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:arial" SIZE="2">S-2 </FONT></P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">

<div style ="BORDER-BOTTOM:1pt solid #000000;BORDER-LEFT:1pt solid #000000;BORDER-RIGHT:1pt solid #000000;BORDER-TOP:1pt solid #000000; MARGIN-LEFT:0px; MARGIN-RIGHT:0px; max-width:100%"><div style="width:97%; margin-top:1.5%; margin-left:1.5%; margin-right:-1.25%">

 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:arial" SIZE="5"><B><A NAME="supptoc152789_6"></A>The offering </B></FONT></P> <P STYLE="margin-top:8px;margin-bottom:0px"><FONT
STYLE="font-family:arial" SIZE="2"><I>The summary below contains basic information about this offering. It does not contain all of the information you should consider in making your investment decision. You should read this entire prospectus
supplement and the accompanying prospectus and the information included or incorporated by reference herein and therein before making an investment decision. As used in this section, except where otherwise indicated, the terms &#147;us,&#148;
&#147;we&#148; and &#147;our&#148; refer to SJW Group and not to any of its subsidiaries. </I></FONT></P> <P STYLE="font-size:8px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR VALIGN="TOP">
<TD WIDTH="28%"> <P STYLE="margin-bottom:1px"><FONT STYLE="font-family:arial" SIZE="2"><B>Issuer </B></FONT></P></TD>
<TD><FONT STYLE="font-family:arial" SIZE="2">SJW Group, a Delaware corporation. </FONT></TD></TR></TABLE> <P STYLE="font-size:8px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR VALIGN="TOP">
<TD WIDTH="28%"> <P STYLE="margin-bottom:1px"><FONT STYLE="font-family:arial" SIZE="2"><B>Securities offered </B></FONT></P></TD>
<TD><FONT STYLE="font-family:arial" SIZE="2">1,030,000 shares. </FONT></TD></TR></TABLE> <P STYLE="font-size:8px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR VALIGN="TOP">
<TD WIDTH="28%"> <P STYLE="margin-bottom:1px"><FONT STYLE="font-family:arial" SIZE="2"><B>Approximate number of shares to be outstanding after this offering </B></FONT></P></TD>
<TD><FONT STYLE="font-family:arial" SIZE="2">29,629,414 shares. </FONT></TD></TR></TABLE> <P STYLE="font-size:8px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR VALIGN="TOP">
<TD WIDTH="28%"> <P STYLE="margin-bottom:1px"><FONT STYLE="font-family:arial" SIZE="2"><B>Underwriters&#146; option </B></FONT></P></TD>
<TD><FONT STYLE="font-family:arial" SIZE="2">We have granted the underwriters a <FONT STYLE="white-space:nowrap">30-day</FONT> option to purchase up to 154,500 additional shares of our common stock at the public offering price, less the underwriting
discounts and commissions. </FONT></TD></TR></TABLE> <P STYLE="font-size:8px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR VALIGN="TOP">
<TD WIDTH="28%"> <P STYLE="margin-bottom:1px"><FONT STYLE="font-family:arial" SIZE="2"><B>Use of proceeds </B></FONT></P></TD>
<TD><FONT STYLE="font-family:arial" SIZE="2">We estimate that the net proceeds from this offering will be approximately $58.2&nbsp;million (or approximately $66.9&nbsp;million if the underwriters exercise their option to purchase additional shares
in full), after deducting the underwriting discounts and commissions and estimated offering expenses payable by us. </FONT></TD></TR></TABLE> <P STYLE="font-size:8px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="28%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:arial" SIZE="2">We intend to use the net proceeds from this offering to repay approximately $50&nbsp;million due under the Credit Agreement, dated as of June&nbsp;1, 2016, between San Jose Water
Company and JPMorgan Chase Bank, N.A., as amended, or the SJWC Credit Facility. We intend to use the remaining net proceeds for general corporate purposes, which may include, among other things, financing infrastructure improvements and other
capital expenditures, repayment of debt or other corporate obligations and working capital. See &#147;Use of proceeds.&#148; </FONT></TD></TR></TABLE> <P STYLE="font-size:8px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR VALIGN="TOP">
<TD WIDTH="28%"> <P STYLE="margin-bottom:1px"><FONT STYLE="font-family:arial" SIZE="2"><B>Conflicts of interest </B></FONT></P></TD>
<TD><FONT STYLE="font-family:arial" SIZE="2">To the extent we use all or a portion of the net proceeds to repay outstanding borrowings under the SJWC Credit Facility, affiliates of certain underwriters may receive at least 5% of the net offering
proceeds of this offering in connection with any such repayment. Accordingly, this offering is being made in compliance with the requirements of Financial Industry Regulatory Authority (&#147;FINRA&#148;) Rule 5121. Since the common stock offered
hereby has a bona fide public market, pursuant to FINRA Rule 5121, the appointment of a qualified independent underwriter is not necessary. See &#147;Underwriting (conflicts of interest).&#148; </FONT></TD></TR></TABLE>
<P STYLE="font-size:8px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR VALIGN="TOP">
<TD WIDTH="28%"> <P STYLE="margin-bottom:1px"><FONT STYLE="font-family:arial" SIZE="2"><B>New York Stock Exchange symbol for our common stock </B></FONT></P></TD>
<TD><FONT STYLE="font-family:arial" SIZE="2">&#147;SJW&#148; </FONT></TD></TR></TABLE> <P STYLE="font-size:8px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR VALIGN="TOP">
<TD WIDTH="28%"> <P STYLE="margin-bottom:1px"><FONT STYLE="font-family:arial" SIZE="2"><B>Transfer agent and registrar for our common stock </B></FONT></P></TD>
<TD><FONT STYLE="font-family:arial" SIZE="2">American Stock Transfer&nbsp;&amp; Trust Company. </FONT></TD></TR></TABLE>
</div></div>

 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:arial" SIZE="2">S-3 </FONT></P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">

<div style ="BORDER-BOTTOM:1pt solid #000000;BORDER-LEFT:1pt solid #000000;BORDER-RIGHT:1pt solid #000000;BORDER-TOP:1pt solid #000000; MARGIN-LEFT:0px; MARGIN-RIGHT:0px; max-width:100%"><div style="width:97%; margin-top:1.5%; margin-left:1.5%; margin-right:-1.25%">

 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:arial" SIZE="2">The approximate number of shares of common stock to be outstanding immediately after this offering is based on
(i) 28,599,414 shares of our common stock outstanding as of February&nbsp;24, 2021, plus (ii)&nbsp;the 1,030,000 shares that we are offering pursuant to this prospectus supplement, but excluding: </FONT></P>
<P STYLE="font-size:8px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:arial" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:arial" SIZE="2">154,500 shares of our common stock issuable on the exercise of the underwriters&#146; option to purchase additional shares of our common stock in this offering;
</FONT></P></TD></TR></TABLE> <P STYLE="font-size:8px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:arial" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:arial" SIZE="2">220,813 shares of our common stock remaining available for issuance under our Employee Stock Purchase Plan as of December&nbsp;31, 2020;
</FONT></P></TD></TR></TABLE> <P STYLE="font-size:8px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:arial" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:arial" SIZE="2">741,399 shares of our common stock available under our Long-Term Incentive Plan and an additional 178,106 shares of our common stock issuable under outstanding
restricted stock units and deferred restricted stock units as of December&nbsp;31, 2020; and </FONT></P></TD></TR></TABLE> <P STYLE="font-size:8px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:arial" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:arial" SIZE="2">57,049 shares of our common stock subject to outstanding unvested restricted stock units and shares of our common stock issuable pursuant to vested deferred
restricted stock units issuable in accordance with the participant&#146;s deferral election that were assumed by us in connection with the merger with Connecticut Water Service, Inc., as of December&nbsp;31, 2020. </FONT></P></TD></TR></TABLE>
<P STYLE="margin-top:8px;margin-bottom:0px"><FONT STYLE="font-family:arial" SIZE="2">Except as otherwise noted, all information in this prospectus supplement assumes no exercise of the underwriters&#146; option to purchase additional shares of our
common stock in this offering. </FONT></P>
</div></div>

 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:arial" SIZE="2">S-4 </FONT></P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:arial" SIZE="5"><B><A NAME="supptoc152789_7"></A>Risk factors </B></FONT></P> <P STYLE="margin-top:8px;margin-bottom:0px"><FONT
STYLE="font-family:arial" SIZE="2">An investment in our common stock involves a number of risks. You should read this entire prospectus supplement and the accompanying prospectus and the information included or incorporated by reference herein,
including the most recent Annual Report on Form <FONT STYLE="white-space:nowrap">10-K</FONT> for the year ended December&nbsp;31, 2020, and therein before making an investment decision. In particular, we urge you to consider carefully the factors
set forth below and such risk factors as may be updated from time to time in our public filings. Any of these risks could materially and adversely affect our business, financial condition, results of operations and prospects and the actual outcome
of matters as to which forward-looking statements are made in this prospectus supplement and the accompanying prospectus. As a result, the trading price of our common stock could decline, and you could lose some or all of your investment. While we
believe we have identified and discussed below, in the accompanying prospectus and in the documents incorporated by reference herein and therein the material risks affecting our business, there may be additional risks and uncertainties that we do
not presently know or that we do not currently believe to be material that may adversely affect our business, financial condition, results of operations and prospects in the future. </FONT></P> <P STYLE="margin-top:16px;margin-bottom:0px"><FONT
STYLE="font-family:arial" SIZE="3"><B>Risks related to this offering and the ownership of our common stock </B></FONT></P> <P STYLE="margin-top:8px;margin-bottom:0px"><FONT STYLE="font-family:arial" SIZE="2"><B><I>Our stock price has fluctuated in
the past and may fluctuate in the future. </I></B></FONT></P> <P STYLE="margin-top:8px;margin-bottom:0px"><FONT STYLE="font-family:arial" SIZE="2">The trading price of our common stock has fluctuated in the past. The trading price of our common
stock could fluctuate significantly in the future and could be negatively affected in response to various factors, including: </FONT></P> <P STYLE="font-size:8px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:arial" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:arial" SIZE="2">market conditions in the broader stock market in general; </FONT></P></TD></TR></TABLE> <P STYLE="font-size:8px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:arial" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:arial" SIZE="2">our ability to make investments with attractive risk-adjusted returns; </FONT></P></TD></TR></TABLE>
<P STYLE="font-size:8px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:arial" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:arial" SIZE="2">market perception of our current and projected financial condition, potential growth, future earnings and future cash dividends; </FONT></P></TD></TR></TABLE>
<P STYLE="font-size:8px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:arial" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:arial" SIZE="2">announcements we make regarding dividends; </FONT></P></TD></TR></TABLE> <P STYLE="font-size:8px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:arial" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:arial" SIZE="2">actual or anticipated fluctuations in our quarterly financial and operating results; </FONT></P></TD></TR></TABLE>
<P STYLE="font-size:8px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:arial" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:arial" SIZE="2">additional offerings of our common stock or equity-linked securities; </FONT></P></TD></TR></TABLE>
<P STYLE="font-size:8px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:arial" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:arial" SIZE="2">actions by rating agencies; </FONT></P></TD></TR></TABLE> <P STYLE="font-size:8px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:arial" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:arial" SIZE="2">short sales of our common stock; </FONT></P></TD></TR></TABLE> <P STYLE="font-size:8px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:arial" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:arial" SIZE="2">any decision to pursue a distribution or disposition of a meaningful portion of our assets; </FONT></P></TD></TR></TABLE>
<P STYLE="font-size:8px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:arial" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:arial" SIZE="2">issuance of new or changed securities analysts&#146; reports or recommendations; </FONT></P></TD></TR></TABLE>
<P STYLE="font-size:8px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:arial" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:arial" SIZE="2">market perception or media coverage of us, other similar companies or the outlook of the markets and industries in which we compete;
</FONT></P></TD></TR></TABLE> <P STYLE="font-size:8px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:arial" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:arial" SIZE="2">major reductions in trading volumes on the exchanges on which we operate; </FONT></P></TD></TR></TABLE>
<P STYLE="font-size:8px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:arial" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:arial" SIZE="2">legislative or regulatory developments, including changes in the status of our regulatory approvals or licenses; and </FONT></P></TD></TR></TABLE>
<P STYLE="font-size:8px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:arial" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:arial" SIZE="2">litigation and governmental investigations. </FONT></P></TD></TR></TABLE>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:arial" SIZE="2">S-5 </FONT></P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:arial" SIZE="2">These and other factors may cause the market price and demand for our common stock to fluctuate substantially,
which may negatively affect the price or liquidity of our common stock. </FONT></P> <P STYLE="margin-top:8px;margin-bottom:0px"><FONT STYLE="font-family:arial" SIZE="2">When the market price of a stock has been volatile or has decreased
significantly in the past, holders of that stock have, at times, instituted securities class action litigation against the company that issued the stock. If any of our stockholders brought a lawsuit against us, we could incur substantial costs
defending, settling or paying any resulting judgments related to the lawsuit. Such a lawsuit could also divert the time and attention of our management from our business and hurt our share price. </FONT></P>
<P STYLE="margin-top:8px;margin-bottom:0px"><FONT STYLE="font-family:arial" SIZE="2"><B><I>Our shares of common stock will rank junior to all of our consolidated liabilities. </I></B></FONT></P> <P STYLE="margin-top:8px;margin-bottom:0px"><FONT
STYLE="font-family:arial" SIZE="2">In the event of a bankruptcy, liquidation, dissolution or winding up, our assets will be available to pay obligations on the common stock only after all of our consolidated liabilities have been paid. In the event
of a bankruptcy, liquidation, dissolution or winding up, there may not be sufficient assets remaining, after paying our and our subsidiaries&#146; liabilities, to pay any amounts with respect to the common stock then outstanding. We have a
significant amount of debt, which amounted to $1.29&nbsp;billion as of December&nbsp;31, 2020, with $175.1&nbsp;million of short-term indebtedness under lines of credit. We may also take on additional long-term debt and working capital lines of
credit to meet future financing needs, subject to certain restrictions under the terms of our existing debt. </FONT></P> <P STYLE="margin-top:8px;margin-bottom:0px"><FONT STYLE="font-family:arial" SIZE="2"><B><I>SJW Group&#146;s dividend policy is
subject to the discretion of our board of directors and may be limited by legal and contractual requirements. </I></B></FONT></P> <P STYLE="margin-top:8px;margin-bottom:0px"><FONT STYLE="font-family:arial" SIZE="2">We anticipate to continue to pay a
regular quarterly dividend, though any such determination to pay dividends will be at the discretion of our board of directors and will be dependent on then-existing conditions, including our financial condition, earnings, legal requirements,
including limitations under Delaware law, restrictions in our credit agreements and other debt instruments that limit our ability to pay dividends to stockholders and other factors the board of directors deems relevant. The board of directors of SJW
Group may, in its sole discretion, change the amount or frequency of dividends or discontinue the payment of dividends entirely. In addition, our subsidiaries may be subject to restrictions on their ability to pay dividends to us, including under
state law, pursuant to regulatory commitments and under their credit agreements and other debt instruments. In this regard, SJWNE LLC, CTWS and its subsidiaries are limited from paying dividends to us in certain circumstances under PURA and MPUC
regulatory commitments. Any inability of our subsidiaries to pay us dividends may have a material and adverse effect on our ability to pay dividends to our stockholders. </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:arial" SIZE="2">S-6 </FONT></P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:arial" SIZE="5"><B><A NAME="supptoc152789_8"></A>Use of proceeds </B></FONT></P> <P STYLE="margin-top:8px;margin-bottom:0px"><FONT
STYLE="font-family:arial" SIZE="2">We estimate that the net proceeds from this offering will be approximately $58.2&nbsp;million (or approximately $66.9&nbsp;million if the underwriters exercise their option to purchase additional shares in full),
after deducting the underwriting discounts and commissions and estimated offering expenses payable by us. </FONT></P> <P STYLE="margin-top:8px;margin-bottom:0px"><FONT STYLE="font-family:arial" SIZE="2">We intend to use the net proceeds from this
offering to repay approximately $50&nbsp;million due under the Credit Agreement, dated as of June&nbsp;1, 2016, between San Jose Water Company and JPMorgan Chase Bank, N.A., as amended, or the SJWC Credit Facility. As of March&nbsp;5, 2021, the
total amount outstanding under the SJWC Credit Facility was $95&nbsp;million, bore interest at 1.55% and is due on June&nbsp;1, 2021. Amounts borrowed under the SJWC Credit Facility have been used for general corporate purposes of San Jose Water
Company, including among other things, financing infrastructure improvements and other capital expenditures, acquisitions of adjacent water systems and working capital. We intend to use the remaining net proceeds for general corporate purposes,
which may include, among other things, financing infrastructure improvements and other capital expenditure, repayment of debt or other corporate obligations and working capital. </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:arial" SIZE="2">S-7 </FONT></P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:arial" SIZE="5"><B><A NAME="supptoc152789_9"></A>Capitalization </B></FONT></P> <P STYLE="margin-top:8px;margin-bottom:0px"><FONT
STYLE="font-family:arial" SIZE="2">The following table sets forth our cash and cash equivalents and capitalization as of December&nbsp;31, 2020 on: </FONT></P> <P STYLE="font-size:8px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:arial" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:arial" SIZE="2">an actual basis; and </FONT></P></TD></TR></TABLE> <P STYLE="font-size:8px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:arial" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:arial" SIZE="2">an as adjusted basis giving effect to this offering and estimated offering expenses. </FONT></P></TD></TR></TABLE> <P STYLE="margin-top:8px;margin-bottom:0px"><FONT
STYLE="font-family:arial" SIZE="2">You should read this table in conjunction with &#147;Use of proceeds&#148; appearing elsewhere in this prospectus supplement and our audited and unaudited financial statements and the accompanying notes, which are
incorporated by reference into this prospectus supplement from our Annual Report on Form <FONT STYLE="white-space:nowrap">10-K</FONT> for the year ended December&nbsp;31, 2020. You should not place undue reliance on the as adjusted information
included in this prospectus supplement. </FONT></P> <P STYLE="font-size:8px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">


<TR>

<TD WIDTH="76%"></TD>

<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="4" STYLE="BORDER-TOP:2px solid #000000">&nbsp;</TD>
<TD HEIGHT="4" COLSPAN="8" STYLE="BORDER-TOP:2px solid #000000">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="6" ALIGN="right" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:arial" SIZE="2"><B>As of December&nbsp;31, 2020</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT STYLE="font-family:arial" SIZE="2"><B>(in thousands, except share data)</B></FONT></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT STYLE="font-family:arial" SIZE="2"><B>Actual</B></FONT></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT STYLE="font-family:arial" SIZE="2"><B>As&nbsp;adjusted</B></FONT></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD></TR>


<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:arial" SIZE="2">Cash and cash equivalents</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:arial" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:arial" SIZE="2">9,269</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:arial" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:arial" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:arial" SIZE="2">67,429</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:arial" SIZE="2">&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD COLSPAN="5" VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:arial" SIZE="2">Long-term indebtedness(1):</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid">
<TD VALIGN="top"> <P STYLE="margin-left:2.00em; text-indent:-1.00em"><FONT STYLE="font-family:arial" SIZE="2">Existing debt securities</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:arial" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:arial" SIZE="2">1,287,580</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:arial" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:arial" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:arial" SIZE="2">1,287,580</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:arial" SIZE="2">&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD COLSPAN="5" VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:arial" SIZE="2">Total long-term debt (excluding current portion)</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:arial" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:arial" SIZE="2">1,287,580</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:arial" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:arial" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:arial" SIZE="2">1,287,580</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:arial" SIZE="2">&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:arial" SIZE="2">Stockholders&#146; equity:</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="top"> <P STYLE="margin-left:2.00em; text-indent:-1.00em"><FONT STYLE="font-family:arial" SIZE="2">Common stock, $0.001 par value; authorized 70,000,000 shares; 28,556,605 issued and outstanding shares, actual; and 29,586,605 issued and
outstanding shares, as adjusted</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:arial" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:arial" SIZE="2">29</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:arial" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:arial" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:arial" SIZE="2">30</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:arial" SIZE="2">&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid">
<TD VALIGN="top"> <P STYLE="margin-left:2.00em; text-indent:-1.00em"><FONT STYLE="font-family:arial" SIZE="2"><FONT STYLE="white-space:nowrap">Additional&nbsp;paid-in&nbsp;capital</FONT></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:arial" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:arial" SIZE="2">510,158</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:arial" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:arial" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:arial" SIZE="2">568,317</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:arial" SIZE="2">&nbsp;</FONT></TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="top"> <P STYLE="margin-left:2.00em; text-indent:-1.00em"><FONT STYLE="font-family:arial" SIZE="2">Retained earnings</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:arial" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:arial" SIZE="2">408,037</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:arial" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:arial" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:arial" SIZE="2">408,037</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:arial" SIZE="2">&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid">
<TD VALIGN="top"> <P STYLE="margin-left:2.00em; text-indent:-1.00em"><FONT STYLE="font-family:arial" SIZE="2">Accumulated other comprehensive loss</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:arial" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:arial" SIZE="2">(1,064</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:arial" SIZE="2">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:arial" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:arial" SIZE="2">(1,064</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:arial" SIZE="2">)&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD COLSPAN="5" VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:arial" SIZE="2">Total stockholders&#146; equity</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:arial" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:arial" SIZE="2">917,160</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:arial" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:arial" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:arial" SIZE="2">975,320</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:arial" SIZE="2">&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD COLSPAN="5" VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:arial" SIZE="2">Total capitalization</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:arial" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:arial" SIZE="2">2,204,740</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:arial" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:arial" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:arial" SIZE="2">2,262,900</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:arial" SIZE="2">&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD COLSPAN="8" VALIGN="top"> <P STYLE="border-bottom:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
</TABLE> <P STYLE="font-size:4px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:arial" SIZE="1">(1)</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:arial" SIZE="1">In addition to our long-term indebtedness, as of December&nbsp;31, 2020, we had short-term indebtedness under lines of credit of $175.1&nbsp;million and current portion related
to long-term indebtedness of $76.2 million. As of December&nbsp;31, 2020, we and our subsidiaries had unsecured bank lines of credit allowing for aggregate short-term borrowings of up to $260.0&nbsp;million, of which $140.0&nbsp;million was
available to San Jose Water Company under a line of credit, $5.0&nbsp;million was available to SJWTX, Inc. under a line of credit, and $115.0&nbsp;million was available to CTWS under two lines of credit. As of December&nbsp;31, 2020, the total
amount available under these lines of credit was $84.9&nbsp;million. </FONT></TD></TR></TABLE>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:arial" SIZE="2">S-8 </FONT></P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:arial" SIZE="5"><B><A NAME="supptoc152789_10"></A>Dividend policy </B></FONT></P> <P STYLE="margin-top:8px;margin-bottom:0px"><FONT
STYLE="font-family:arial" SIZE="2">We have paid regular quarterly cash dividends on shares of our common stock for many years. We currently expect to maintain at least our current dividend per share rates. </FONT></P>
<P STYLE="margin-top:8px;margin-bottom:0px"><FONT STYLE="font-family:arial" SIZE="2">However, any future determination regarding dividend or distribution payments will be at the discretion of the Company&#146;s board of directors and subject to
applicable limitations under Delaware law, market conditions and other factors. See &#147;Risk factors&#151;Risks related to this offering and the ownership of our common stock&#151;SJW Group&#146;s dividend policy is subject to the discretion of
our board of directors and may be limited by legal and contractual requirements.&#148; </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:arial" SIZE="2">S-9 </FONT></P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:arial" SIZE="5"><B><A NAME="supptoc152789_11"></A>U.S. federal income tax considerations
<FONT STYLE="white-space:nowrap">to&nbsp;non-U.S.&nbsp;holders</FONT> </B></FONT></P> <P STYLE="margin-top:8px;margin-bottom:0px"><FONT STYLE="font-family:arial" SIZE="2">The following is a summary of the U.S. federal income tax considerations
generally applicable to the ownership and disposition of our common stock acquired in this offering by <FONT STYLE="white-space:nowrap">a&nbsp;Non-U.S.&nbsp;Holder</FONT> (as defined below) as of the date hereof. This summary is based on the
provisions of the Internal Revenue Code of 1986, as amended, which we refer to as the &#147;Code,&#148; applicable U.S. Treasury regulations, judicial opinions, and administrative rulings and published positions of the Internal Revenue Service, or
IRS, each as in effect as of the date hereof. These authorities are subject to change, possibly on a retroactive basis, and any such change could affect the accuracy of the statements and conclusions set forth in this summary. </FONT></P>
<P STYLE="margin-top:8px;margin-bottom:0px"><FONT STYLE="font-family:arial" SIZE="2">For purposes of this summary, <FONT STYLE="white-space:nowrap">a&nbsp;&#147;Non-U.S.&nbsp;Holder&#148;</FONT> means a beneficial owner of our common stock that is,
for U.S. federal income tax purposes, neither a partnership (or an entity or arrangement treated as a partnership for U.S. federal income tax purposes) nor any of the following: </FONT></P>
<P STYLE="font-size:8px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:arial" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:arial" SIZE="2">an individual who is a citizen or resident of the United States; </FONT></P></TD></TR></TABLE>
<P STYLE="font-size:8px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:arial" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:arial" SIZE="2">a corporation (or any other entity treated as a corporation for U.S. federal income tax purposes) created or organized under the laws of the United States, any
state thereof or the District of Columbia; </FONT></P></TD></TR></TABLE> <P STYLE="font-size:8px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:arial" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:arial" SIZE="2">an estate the income of which is subject to U.S. federal income taxation regardless of its source; or </FONT></P></TD></TR></TABLE>
<P STYLE="font-size:8px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:arial" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:arial" SIZE="2">a trust if it (1)&nbsp;is subject to the primary supervision of a court within the United States and one or more U.S. persons have the authority to control all
substantial decisions of the trust or (2)&nbsp;has a valid election in effect under applicable U.S. Treasury regulations to be treated as a U.S. person. </FONT></P></TD></TR></TABLE> <P STYLE="margin-top:8px;margin-bottom:0px"><FONT
STYLE="font-family:arial" SIZE="2">If a partnership (including any entity or arrangement treated as a partnership for U.S. federal income tax purposes) holds our common stock, the tax treatment of a partner in such partnership will generally depend
upon the status of the partner and the activities of the partnership. A holder of our common stock that is a partnership and partners in such a partnership are urged to consult their tax advisors about the U.S. federal income tax considerations
applicable to them in their particular circumstances. </FONT></P> <P STYLE="margin-top:8px;margin-bottom:0px"><FONT STYLE="font-family:arial" SIZE="2">This summary does not address all aspects of U.S. federal income taxation that may be relevant to <FONT
STYLE="white-space:nowrap">particular&nbsp;Non-U.S.&nbsp;Holders</FONT> in light of their individual circumstances, <FONT STYLE="white-space:nowrap">including&nbsp;Non-U.S.&nbsp;Holders</FONT> that are subject to special rules, such as U.S.
expatriates, banks or other financial institutions, insurance companies, brokers or dealers in securities or currencies, traders that elect
<FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">to&nbsp;mark-to-market&nbsp;their</FONT></FONT> securities, controlled foreign corporations, passive foreign investment
<FONT STYLE="white-space:nowrap">companies,&nbsp;Non-U.S.&nbsp;Holders</FONT> subject to the alternative minimum <FONT STYLE="white-space:nowrap">tax,&nbsp;Non-U.S.&nbsp;Holders</FONT> that currently own or have owned (actually or constructively)
more than 5% of our common stock, <FONT STYLE="white-space:nowrap">or&nbsp;Non-U.S.&nbsp;Holders</FONT> who hold shares of our common stock as part of a straddle, hedge, conversion transaction or other integrated investment. <FONT
STYLE="white-space:nowrap">Such&nbsp;Non-U.S.&nbsp;Holders</FONT> should consult their tax advisors to determine the U.S. federal, state, local <FONT STYLE="white-space:nowrap">and&nbsp;non-U.S.&nbsp;tax</FONT> considerations applicable to the
ownership and disposition of our common stock that may be relevant to them. </FONT></P> <P STYLE="margin-top:8px;margin-bottom:0px"><FONT STYLE="font-family:arial" SIZE="2">This summary does not discuss other U.S. federal tax consequences (e.g.,
estate or gift tax), any state, local, <FONT STYLE="white-space:nowrap">or&nbsp;non-U.S.&nbsp;tax</FONT> considerations or the Medicare tax imposed on certain net investment income. In addition, this summary applies only <FONT
STYLE="white-space:nowrap">to&nbsp;Non-U.S.&nbsp;Holders</FONT> that hold our common stock as a capital asset within the meaning of the Code (generally, property held for investment purposes). </FONT></P> <P STYLE="margin-top:8px;margin-bottom:0px"><FONT
STYLE="font-family:arial" SIZE="2"><B><FONT STYLE="white-space:nowrap">EACH&nbsp;NON-U.S.&nbsp;HOLDER</FONT> IS URGED TO CONSULT ITS TAX ADVISORS REGARDING THE U.S. FEDERAL, STATE, LOCAL
<FONT STYLE="white-space:nowrap">AND&nbsp;NON-U.S.&nbsp;INCOME</FONT> AND OTHER TAX CONSEQUENCES TO IT OF OWNING AND DISPOSING OF OUR COMMON STOCK. </B></FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:arial" SIZE="2">S-10 </FONT></P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:arial" SIZE="3"><B>Distributions on common stock </B></FONT></P> <P STYLE="margin-top:8px;margin-bottom:0px"><FONT
STYLE="font-family:arial" SIZE="2">Distributions with respect to our common stock will generally be treated as dividend income to the extent such distributions are paid from our current or accumulated earnings and profits as determined for U.S.
federal income tax purposes. If a distribution exceeds our current and accumulated earnings and profits, the excess will generally be treated first as a return of capital to the extent of
<FONT STYLE="white-space:nowrap">the&nbsp;Non-U.S.&nbsp;Holder&#146;s</FONT> adjusted tax basis in our common stock (and will reduce <FONT STYLE="white-space:nowrap">the&nbsp;Non-U.S.&nbsp;Holder&#146;s</FONT> basis in such common stock) and
thereafter as capital gain from the sale or exchange of such common stock, subject to the tax treatment described below in &#147;&#151;Sale, Exchange or Other Taxable Disposition of Common Stock.&#148; Generally, the gross amount of dividends paid <FONT
STYLE="white-space:nowrap">to&nbsp;Non-U.S.&nbsp;Holders</FONT> will be subject to withholding of U.S. federal income tax at a rate of 30% or at a lower rate if an applicable income tax treaty so provides and we (or our agent) have received proper
certification as to the application of that treaty. </FONT></P> <P STYLE="margin-top:8px;margin-bottom:0px"><FONT STYLE="font-family:arial" SIZE="2">Dividends that are &#147;effectively connected&#148; with
<FONT STYLE="white-space:nowrap">a&nbsp;Non-U.S.&nbsp;Holder&#146;s</FONT> conduct of a trade or business within the United States (and, if required by an applicable income tax treaty, are attributable to a U.S. permanent establishment of <FONT
STYLE="white-space:nowrap">the&nbsp;Non-U.S.&nbsp;Holder)</FONT> are generally subject to U.S. federal income tax on a net basis at regular graduated rates, in the same manner as if
<FONT STYLE="white-space:nowrap">the&nbsp;Non-U.S.&nbsp;Holder</FONT> were a United States person (as defined in the Code), and are exempt from the 30% withholding tax described above, provided that certain certification requirements are satisfied.
Any such effectively connected dividends received by <FONT STYLE="white-space:nowrap">a&nbsp;Non-U.S.&nbsp;Holder</FONT> that is a corporation may also, under certain circumstances, be subject to an additional &#147;branch profits tax&#148; at a
rate of 30% or such lower rate as may be specified by an applicable income tax treaty. </FONT></P> <P STYLE="margin-top:8px;margin-bottom:0px"><FONT STYLE="font-family:arial" SIZE="2">To claim the benefits of an applicable income tax treaty or an
exemption from withholding because the income is effectively connected with the conduct of a trade or business in the United States, <FONT STYLE="white-space:nowrap">a&nbsp;Non-U.S.&nbsp;Holder</FONT> will generally be required to (a) provide a
properly executed IRS <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">Form&nbsp;W-8BEN&nbsp;or&nbsp;W-8BEN-E&nbsp;(if</FONT></FONT></FONT> the holder is claiming the benefits of an income tax
treaty) or IRS <FONT STYLE="white-space:nowrap">Form&nbsp;W-8ECI&nbsp;(for</FONT> income effectively connected with the conduct of a trade or business in the United States) or other suitable form certifying under penalty of perjury that such holder
is not a United States person as defined under the Code and is eligible for treaty benefits or (b)&nbsp;if our common stock is held through certain foreign intermediaries, to satisfy the relevant certification and other requirements of applicable
United States Treasury regulations. Special certification and other requirements apply to certain <FONT STYLE="white-space:nowrap">non-U.S.</FONT> holders that are pass-through entities rather than corporations or individuals. <FONT
STYLE="white-space:nowrap">A&nbsp;Non-U.S.&nbsp;Holder</FONT> eligible for a reduced rate of withholding tax pursuant to an income tax treaty may obtain a refund of any excess amounts withheld by filing an appropriate claim for refund with the <FONT
STYLE="white-space:nowrap">IRS.&nbsp;Non-U.S.&nbsp;Holders</FONT> should consult their tax advisors regarding their entitlement to benefits under an applicable income tax treaty and the specific manner of claiming the benefits of the treaty.
</FONT></P> <P STYLE="margin-top:16px;margin-bottom:0px"><FONT STYLE="font-family:arial" SIZE="3"><B>Sale, exchange or other taxable disposition of common stock </B></FONT></P> <P STYLE="margin-top:8px;margin-bottom:0px"><FONT
STYLE="font-family:arial" SIZE="2">Subject to the discussion below on Foreign Account Tax Compliance Act withholding, <FONT STYLE="white-space:nowrap">a&nbsp;Non-U.S.&nbsp;Holder</FONT> will generally not be subject to U.S. federal income or
withholding tax with respect to gain realized on the sale, exchange or other taxable disposition of our common stock, unless: </FONT></P> <P STYLE="font-size:8px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:arial" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:arial" SIZE="2">in the case of <FONT STYLE="white-space:nowrap">a&nbsp;Non-U.S.&nbsp;Holder</FONT> that is <FONT STYLE="white-space:nowrap">a&nbsp;non-resident&nbsp;alien</FONT>
individual, <FONT STYLE="white-space:nowrap">such&nbsp;Non-U.S.&nbsp;Holder</FONT> is present in the United States for 183 days or more in the taxable year of the sale, exchange or other taxable disposition, and certain other conditions are met;
</FONT></P></TD></TR></TABLE> <P STYLE="font-size:8px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:arial" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:arial" SIZE="2">the gain is &#147;effectively connected&#148; with <FONT STYLE="white-space:nowrap">such&nbsp;Non-U.S.&nbsp;Holder&#146;s</FONT> conduct of a trade or business
within the United States (and, if required by an applicable treaty, the gain is attributable to a U.S. permanent establishment of <FONT STYLE="white-space:nowrap">such&nbsp;Non-U.S.&nbsp;Holder);</FONT> or </FONT></P></TD></TR></TABLE>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:arial" SIZE="2">S-11 </FONT></P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">

<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:arial" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:arial" SIZE="2">we are or have been a &#147;United States real property holding corporation&#148; for U.S. federal income tax purposes at any time within the shorter of the
five-year period ending on the date of such sale, exchange or other taxable disposition or the period that <FONT STYLE="white-space:nowrap">such&nbsp;Non-U.S.&nbsp;Holder</FONT> held such common stock and either (a)&nbsp;our common stock was not
treated as regularly traded on an established securities market during a relevant period in the calendar year in which the sale exchange, or other taxable disposition occurs, or
<FONT STYLE="white-space:nowrap">(b)&nbsp;such&nbsp;Non-U.S.&nbsp;Holder</FONT> owns or owned (actually or constructively) more than 5% of our common stock at any time during the shorter of the two periods described above.
</FONT></P></TD></TR></TABLE> <P STYLE="margin-top:8px;margin-bottom:0px"><FONT STYLE="font-family:arial" SIZE="2">If gain realized on the sale, exchange or other taxable disposition of our common stock is effectively connected with <FONT
STYLE="white-space:nowrap">the&nbsp;Non-U.S.&nbsp;Holder&#146;s</FONT> conduct of a trade or business within the United States (and, if required by an applicable tax treaty, is attributable to a U.S. permanent establishment of <FONT
STYLE="white-space:nowrap">such&nbsp;Non-U.S.&nbsp;Holder),</FONT> <FONT STYLE="white-space:nowrap">such&nbsp;Non-U.S.&nbsp;Holder</FONT> will generally be subject to U.S. federal income tax on the net gain from the disposition of our common stock
at regular graduated rates in the same manner as if <FONT STYLE="white-space:nowrap">such&nbsp;Non-U.S.&nbsp;Holder</FONT> were a United States person as defined in the Code. In the case of
<FONT STYLE="white-space:nowrap">a&nbsp;Non-U.S.&nbsp;Holder</FONT> that is a foreign corporation, such gain may also be subject to an additional branch profits tax rate of 30% (or a lower applicable treaty rate). If
<FONT STYLE="white-space:nowrap">a&nbsp;Non-U.S.&nbsp;Holder</FONT> is an individual that is present in the United States for 183 days or more in the taxable year of disposition and certain other conditions are met,
<FONT STYLE="white-space:nowrap">the&nbsp;Non-U.S.&nbsp;Holder</FONT> will generally be subject to U.S. federal income tax at a rate of 30% (unless otherwise provided by an applicable treaty) on any capital gain recognized on the disposition of our
common stock, which may be offset by certain U.S.-source capital losses. </FONT></P> <P STYLE="margin-top:16px;margin-bottom:0px"><FONT STYLE="font-family:arial" SIZE="3"><B>Foreign Account Tax Compliance Act </B></FONT></P>
<P STYLE="margin-top:8px;margin-bottom:0px"><FONT STYLE="font-family:arial" SIZE="2">Under Sections 1471 through 1474 of the Code, withholding at a rate of 30% will generally be required in certain circumstances on dividends in respect of shares of
our common stock held by or through a &#147;foreign financial institutions&#148; (as specifically defined in the Code, including investment funds), unless such institution (i)&nbsp;enters into, and complies with, an agreement with the IRS to report,
on an annual basis, information with respect to interests in, and accounts maintained by, the institution that are owned by certain U.S. persons and by <FONT STYLE="white-space:nowrap">certain&nbsp;non-U.S.&nbsp;entities</FONT> that are wholly or
partially owned by U.S. persons and to withhold on certain payments, (ii)&nbsp;if required under an intergovernmental agreement between the United States and an applicable foreign country, reports such information to its local tax authority, which
will exchange such information with the U.S. authorities or (iii)&nbsp;qualifies for an exemption. An intergovernmental agreement between the United States and an applicable foreign country may modify these requirements. Accordingly, the entity
through which our common stock is held will affect the determination of whether such withholding is required. Similarly, dividends in respect of our common stock held by <FONT STYLE="white-space:nowrap">a&nbsp;Non-U.S.&nbsp;Holder</FONT> that is <FONT
STYLE="white-space:nowrap">a&nbsp;&#147;non-financial&nbsp;foreign&nbsp;entity&#148;</FONT> (as specifically defined in the Code and whether such <FONT STYLE="white-space:nowrap">non-financial</FONT> foreign entity is the beneficial owner or an
intermediary) that does not qualify under certain exceptions generally will be subject to withholding at a rate of 30%, unless such entity either (x)&nbsp;certifies to the applicable withholding agent that such entity does not have any
&#147;substantial United States owners&#148; or (y)&nbsp;provides certain information regarding the entity&#146;s &#147;substantial United States owners,&#148; which information the applicable withholding agent will be required in turn to provide to
the U.S. Department of Treasury. Prospective investors should consult their tax advisors regarding the possible implications of these rules on their investment in our common stock. </FONT></P> <P STYLE="margin-top:16px;margin-bottom:0px"><FONT
STYLE="font-family:arial" SIZE="3"><B>Backup withholding </B></FONT></P> <P STYLE="margin-top:8px;margin-bottom:0px"><FONT STYLE="font-family:arial" SIZE="2">A <FONT STYLE="white-space:nowrap">Non-U.S.</FONT> Holder will not be subject to backup
withholding on distributions received if such holder certifies under penalty of perjury that it is a <FONT STYLE="white-space:nowrap">Non-U.S.</FONT> Holder (and the payor does not have actual knowledge or reason to know that such holder is a U.S.
person), or such holder otherwise establishes an exemption. </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:arial" SIZE="2">S-12 </FONT></P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:arial" SIZE="2">Backup withholding is not an additional tax and any amounts withheld under the backup withholding rules will be
allowed as a refund or a credit against a <FONT STYLE="white-space:nowrap">Non-U.S.</FONT> Holder&#146;s U.S. federal income tax liability provided the required information is timely furnished to the IRS. </FONT></P>
<P STYLE="margin-top:16px;margin-bottom:0px"><FONT STYLE="font-family:arial" SIZE="3"><B>Information reporting </B></FONT></P> <P STYLE="margin-top:8px;margin-bottom:0px"><FONT STYLE="font-family:arial" SIZE="2">We are required to report annually to
the IRS and to <FONT STYLE="white-space:nowrap">each&nbsp;Non-U.S.&nbsp;Holder</FONT> the amount of any dividends paid to <FONT STYLE="white-space:nowrap">such&nbsp;Non-U.S.&nbsp;Holder,</FONT> regardless of whether any tax was actually withheld.
Copies of the information returns reporting such dividends and the amount withheld may also be made available to the tax authorities in the country in which <FONT STYLE="white-space:nowrap">the&nbsp;Non-U.S.&nbsp;Holder</FONT> resides under the
provisions of an applicable income tax <FONT STYLE="white-space:nowrap">treaty.&nbsp;Non-U.S.&nbsp;Holders</FONT> will generally be required to comply with certain certification procedures to establish that they are not U.S. persons in order to
avoid information reporting with respect to proceeds received by <FONT STYLE="white-space:nowrap">such&nbsp;Non-U.S.&nbsp;Holders</FONT> on the sale, exchange or other taxable disposition of our common stock within the United States or conducted
through certain U.S.-related financial intermediaries. </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:arial" SIZE="2">S-13 </FONT></P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:arial" SIZE="5"><B><A NAME="supptoc152789_12"></A>Certain ERISA considerations </B></FONT></P>
<P STYLE="margin-top:8px;margin-bottom:0px"><FONT STYLE="font-family:arial" SIZE="2">The following is a summary of certain considerations associated with the purchase of shares of our common stock by (i)&nbsp;employee benefit plans that are subject
to Title I of the U.S. Employee Retirement Income Security Act of 1974, as amended (&#147;ERISA&#148;), (ii) plans, individual retirement accounts and other arrangements that are subject to Section&nbsp;4975 of the Code or provisions under any other
U.S. or <FONT STYLE="white-space:nowrap">non-U.S.</FONT> federal, state, local or other laws or regulations that are similar to such provisions of the Code or ERISA (collectively, &#147;Similar Laws&#148;), and (iii)&nbsp;entities whose underlying
assets are considered to include &#147;plan assets&#148; of any such plan, account or arrangement (each as described in clauses (i), (ii) and (iii)&nbsp;referred to herein as a &#147;Plan&#148;). </FONT></P>
<P STYLE="margin-top:16px;margin-bottom:0px"><FONT STYLE="font-family:arial" SIZE="3"><B>General fiduciary matters </B></FONT></P> <P STYLE="margin-top:8px;margin-bottom:0px"><FONT STYLE="font-family:arial" SIZE="2">ERISA and the Code impose certain
duties on persons who are fiduciaries of a Plan subject to Title I of ERISA or Section&nbsp;4975 of the Code (each, a &#147;Covered Plan&#148;) and prohibit certain transactions involving the assets of a Covered Plan and its fiduciaries or other
interested parties. Under ERISA and the Code, any person who exercises any discretionary authority or control over the administration of such a Covered Plan or the management or disposition of the assets of such a Covered Plan, or who renders
investment advice for a fee or other compensation to such a Plan, is generally considered to be a fiduciary of the Covered Plan. </FONT></P> <P STYLE="margin-top:8px;margin-bottom:0px"><FONT STYLE="font-family:arial" SIZE="2">In considering an
investment in shares of our common stock with the assets of any Plan, a fiduciary should determine whether the investment is in accordance with the documents and instruments governing the Plan and the applicable provisions of ERISA, the Code or any
Similar Law relating to a fiduciary&#146;s duties to the Plan including, without limitation, the prudence, diversification, delegation of control and prohibited transaction provisions of ERISA, the Code and any other applicable Similar Laws.
</FONT></P> <P STYLE="margin-top:16px;margin-bottom:0px"><FONT STYLE="font-family:arial" SIZE="3"><B>Prohibited transaction issues </B></FONT></P> <P STYLE="margin-top:8px;margin-bottom:0px"><FONT STYLE="font-family:arial" SIZE="2">Section&nbsp;406
of ERISA and Section&nbsp;4975 of the Code prohibit Covered Plans from engaging in specified transactions involving plan assets with persons or entities who are &#147;parties in interest,&#148; within the meaning of ERISA, or &#147;disqualified
persons,&#148; within the meaning of Section&nbsp;4975 of the Code, unless an exemption is available, of which there are many. A party in interest or disqualified person who engaged in a <FONT STYLE="white-space:nowrap">non-exempt</FONT> prohibited
transaction may be subject to excise taxes and other penalties and liabilities under ERISA and the Code. In addition, the fiduciary of the Covered Plan that engaged in such a <FONT STYLE="white-space:nowrap">non-exempt</FONT> prohibited transaction
may be subject to penalties and liabilities under ERISA and/or the Code. Fiduciaries of Covered Plan considering acquiring our common stock in reliance on an exemption should carefully review the exemption to assure it is applicable. </FONT></P>
<P STYLE="margin-top:8px;margin-bottom:0px"><FONT STYLE="font-family:arial" SIZE="2"><FONT STYLE="white-space:nowrap">Non-U.S.</FONT> plans (as described in Section&nbsp;4(b)(4) of ERISA), governmental plans (as defined in Section&nbsp;3(32) of
ERISA) and certain church plans (as defined in Section&nbsp;3(33) of ERISA), while not subject to the fiduciary responsibility provisions of ERISA or the prohibited transaction provisions of ERISA and Section&nbsp;4975 of the Code, may nevertheless
be subject to Similar Laws. Fiduciaries of any such plans should consult with their counsel before purchasing shares of our common stock to determine the need for, and the availability of, any exemptive relief under applicable Similar Law.
</FONT></P> <P STYLE="margin-top:16px;margin-bottom:0px"><FONT STYLE="font-family:arial" SIZE="3"><B>Representation </B></FONT></P> <P STYLE="margin-top:8px;margin-bottom:0px"><FONT STYLE="font-family:arial" SIZE="2">Accordingly, by acceptance of
shares of our common stock, each purchaser and subsequent transferee of the shares of common stock will be deemed to have represented and warranted that either (i)&nbsp;no portion of the assets used by such purchaser or transferee to acquire shares
of our common stock constitutes assets of any </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:arial" SIZE="2">S-14 </FONT></P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:arial" SIZE="2">
Plan or (ii)&nbsp;the purchase of shares of our common stock by such purchaser or transferee will not constitute a <FONT STYLE="white-space:nowrap">non-exempt</FONT> prohibited transaction under
Section&nbsp;406 of ERISA or Section&nbsp;4975 of the Code or a similar violation under any applicable Similar Laws. </FONT></P> <P STYLE="margin-top:8px;margin-bottom:0px"><FONT STYLE="font-family:arial" SIZE="2">The foregoing discussion is general
in nature and is not intended to be <FONT STYLE="white-space:nowrap">all-inclusive.</FONT> Due to the complexity of these rules and the penalties that may be imposed upon persons involved in <FONT STYLE="white-space:nowrap">non-exempt</FONT>
prohibited transactions, it is particularly important that fiduciaries or other persons considering purchasing shares of our common stock on behalf of, or with the assets of, any Plan, consult with their counsel regarding the potential applicability
of ERISA, Section&nbsp;4975 of the Code and any Similar Laws to such investment and whether an exemption would be applicable to the purchase and holding of shares of our common stock. </FONT></P> <P STYLE="margin-top:8px;margin-bottom:0px"><FONT
STYLE="font-family:arial" SIZE="2">Purchasers of shares of common stock have the exclusive responsibility for ensuring that their purchase complies with the fiduciary responsibility rules of ERISA and does not violate the prohibited transaction
rules of ERISA, the Code or applicable Similar Laws. In this regard, neither this discussion nor anything provided in this Prospectus Supplement is or is intended to be investment advice directed at any potential Plan purchasers, or at Plan
purchasers generally, and such purchasers of any shares or our common stock should consult and rely on their own counsel and advisers as to whether an investment in our common stock is suitable for the Plan. </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:arial" SIZE="2">S-15 </FONT></P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:arial" SIZE="5"><B><A NAME="supptoc152789_13"></A>Underwriting (conflicts of interest) </B></FONT></P>
<P STYLE="margin-top:8px;margin-bottom:0px"><FONT STYLE="font-family:arial" SIZE="2">We and the underwriters for this offering named below have entered into an underwriting agreement dated as of the date of this prospectus supplement with respect to
the shares of common stock being offered under this prospectus supplement. J.P. Morgan Securities LLC is acting as the representative of each of the underwriters of this offering. Under the terms and subject to the conditions contained in the
underwriting agreement, each underwriter has severally agreed to purchase, and we have agreed to sell, the number of shares of our common stock set forth opposite the underwriter&#146;s name: </FONT></P>
<P STYLE="font-size:8px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">


<TR>

<TD WIDTH="84%"></TD>

<TD VALIGN="bottom" WIDTH="6%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="4" STYLE="BORDER-TOP:2px solid #000000">&nbsp;</TD>
<TD HEIGHT="4" COLSPAN="4" STYLE="BORDER-TOP:2px solid #000000">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT STYLE="font-family:arial" SIZE="2"><B>Underwriter</B></FONT></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT STYLE="font-family:arial" SIZE="2"><B>Number&nbsp;of&nbsp;shares</B></FONT></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD></TR>


<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:arial" SIZE="2">J.P. Morgan Securities LLC</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:arial" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:arial" SIZE="2">695,250</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:arial" SIZE="2">&nbsp;</FONT></TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:arial" SIZE="2">RBC Capital Markets, LLC</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:arial" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:arial" SIZE="2">206,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:arial" SIZE="2">&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:arial" SIZE="2">Janney Montgomery Scott LLC</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:arial" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:arial" SIZE="2">77,250</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:arial" SIZE="2">&nbsp;</FONT></TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:arial" SIZE="2">Loop Capital Markets LLC</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:arial" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:arial" SIZE="2">51,500</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:arial" SIZE="2">&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:arial" SIZE="2">Total</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:arial" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:arial" SIZE="2"><B>1,030,000</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:arial" SIZE="2"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD COLSPAN="4" VALIGN="top"> <P STYLE="border-bottom:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
</TABLE> <P STYLE="margin-top:8px;margin-bottom:0px"><FONT STYLE="font-family:arial" SIZE="2">The underwriting agreement provides that the obligations of the underwriters to purchase the shares included in this offering are
subject to certain conditions precedent. The underwriting agreement also provides that the underwriters are obligated to purchase all the shares of common stock in this offering if any are purchased, other than those shares covered by the
underwriters&#146; option to purchase additional shares described below. The underwriting agreement also provides that if an underwriter defaults, the purchase commitments of <FONT STYLE="white-space:nowrap">non-defaulting</FONT> underwriters may
also be increased or the offering may be terminated. </FONT></P> <P STYLE="margin-top:8px;margin-bottom:0px"><FONT STYLE="font-family:arial" SIZE="2">The underwriters propose to offer the shares of common stock to the public initially at the public
offering price on the cover page of this prospectus supplement and to certain dealers at the public offering price less a selling concession of up to $1.3275 per share. After the public offering, the representative may change the public offering
price and selling concession. Sales of shares made outside of the United States may be made by affiliates of the underwriters. </FONT></P> <P STYLE="margin-top:16px;margin-bottom:0px"><FONT STYLE="font-family:arial" SIZE="3"><B>Option to purchase
additional shares </B></FONT></P> <P STYLE="margin-top:8px;margin-bottom:0px"><FONT STYLE="font-family:arial" SIZE="2">We have granted to the underwriters an option, exercisable for 30 days from the date of this prospectus supplement, to purchase up
to 154,500 additional shares of common stock from us at the public offering price less the underwriting discounts and commissions. To the extent the option is exercised, each underwriter must purchase a number of additional shares approximately
proportionate to that underwriter&#146;s initial purchase commitment. </FONT></P> <P STYLE="margin-top:16px;margin-bottom:0px"><FONT STYLE="font-family:arial" SIZE="3"><B>Discounts and expenses </B></FONT></P>
<P STYLE="margin-top:8px;margin-bottom:0px"><FONT STYLE="font-family:arial" SIZE="2">We estimate that we will have approximately $0.3&nbsp;million of expenses, including registration, filing fees, printing fees and legal and accounting expenses, but
excluding the underwriting discounts and commissions, payable by us incident to the performance of our obligations under the underwriting agreement. We have also agreed to reimburse the underwriters for certain expenses of up to approximately
$25,000 related to this offering. </FONT></P> <P STYLE="margin-top:8px;margin-bottom:0px"><FONT STYLE="font-family:arial" SIZE="2">The following table summarizes the compensation we will pay: </FONT></P>
<P STYLE="font-size:8px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">


<TR>

<TD WIDTH="64%"></TD>

<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="4" STYLE="BORDER-TOP:2px solid #000000">&nbsp;</TD>
<TD HEIGHT="4" COLSPAN="4" STYLE="BORDER-TOP:2px solid #000000">&nbsp;</TD>
<TD HEIGHT="4" COLSPAN="8" STYLE="BORDER-TOP:2px solid #000000">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD ROWSPAN="2" VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;<FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ROWSPAN="2" STYLE=" BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ROWSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #000000;border-bottom:1px solid #000000"><FONT STYLE="font-family:arial" SIZE="2"><B>Per&nbsp;share</B></FONT></TD>
<TD VALIGN="bottom" ROWSPAN="2" STYLE=" BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="6" ALIGN="right" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:arial" SIZE="2"><B>Total</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT STYLE="font-family:arial" SIZE="2"><B>Without<BR>option&nbsp;exercise</B></FONT></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT STYLE="font-family:arial" SIZE="2"><B>With&nbsp;full<BR>option&nbsp;exercise</B></FONT></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD></TR>


<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:arial" SIZE="2">Underwriting discounts and commissions paid by us</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:arial" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:arial" SIZE="2">2.2125</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:arial" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:arial" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:arial" SIZE="2">2,278,875</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:arial" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:arial" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:arial" SIZE="2">2,620,706</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:arial" SIZE="2">&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD COLSPAN="12" VALIGN="top"> <P STYLE="border-bottom:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
</TABLE>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:arial" SIZE="2">S-16 </FONT></P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:arial" SIZE="2">A prospectus supplement in electronic format may be made available on the websites maintained by one or more of
the underwriters, or selling group members, if any, participating in this offering, and one or more of the underwriters participating in this offering may distribute prospectuses electronically. The representative may agree to allocate a number of
shares to underwriters and selling group members for sale to their online brokerage account holders. Internet distributions will be allocated by the underwriters and selling group members that will make internet distributions on the same basis as
other allocations. </FONT></P> <P STYLE="margin-top:16px;margin-bottom:0px"><FONT STYLE="font-family:arial" SIZE="3"><B>No sales of similar securities </B></FONT></P>
<P STYLE="margin-top:8px;margin-bottom:0px"><FONT STYLE="font-family:arial" SIZE="2">We have agreed that, subject to certain exceptions, we will not (i)&nbsp;offer, pledge, lend, sell, contract to sell, sell any option or contract to purchase,
purchase any option or contract to sell, grant any option, right or warrant to purchase, or otherwise transfer or dispose of, directly or indirectly, or file with, or submit to, the SEC a registration statement under the Securities Act relating to,
any shares of our common stock or securities convertible into or exchangeable or exercisable for any shares of our common stock, or publicly disclose the intention to make any offer, sale, pledge, disposition or filing or (ii)&nbsp;enter into any
swap or other agreement that transfers, in whole or in part, any of the economic consequences of our common stock or such other securities (regardless of whether any of these transactions are to be settled by the delivery of shares of common stock
or such other securities, in cash or otherwise), without the prior written consent of J.P. Morgan Securities LLC, for a period of 60 days after the date of this prospectus supplement. </FONT></P> <P STYLE="margin-top:8px;margin-bottom:0px"><FONT
STYLE="font-family:arial" SIZE="2">Our directors and executive officers have entered into lock up agreements with the underwriters prior to the commencement of this offering pursuant to which each of these persons or entities, with certain
exceptions, for a period of 60 days after the date of this prospectus supplement, may not, without the prior written consent of J.P. Morgan Securities LLC: </FONT></P> <P STYLE="margin-top:8px;margin-bottom:0px; margin-left:2%"><FONT
STYLE="font-family:arial" SIZE="2">(1)&nbsp;&nbsp;&nbsp;&nbsp;offer, pledge, lend, sell, contract to sell, sell any option or contract to purchase, purchase any option or contract to sell, grant any option, right or warrant to purchase, or otherwise
transfer or dispose of, directly or indirectly, any shares of our common stock or any securities convertible into or exercisable or exchangeable for our common stock (including, without limitation, common stock or such other securities which may be
deemed to be beneficially owned by such directors and executive officers in accordance with the rules and regulations of the SEC and securities which may be issued upon exercise of a stock option or warrant), or </FONT></P>
<P STYLE="margin-top:8px;margin-bottom:0px; margin-left:2%"><FONT STYLE="font-family:arial" SIZE="2">(2)&nbsp;&nbsp;&nbsp;&nbsp;enter into any swap or other agreement that transfers, in whole or in part, any of the economic consequences of ownership
of our common stock or such other securities, whether any such transaction described in clause (1)&nbsp;or (2) above is to be settled by delivery of common stock or such other securities, in cash or otherwise, or </FONT></P>
<P STYLE="margin-top:8px;margin-bottom:0px; margin-left:2%"><FONT STYLE="font-family:arial" SIZE="2">(3)&nbsp;&nbsp;&nbsp;&nbsp;make any demand for or exercise any right with respect to the registration of any shares of our common stock or any
security convertible into or exercisable or exchangeable for our common stock. </FONT></P> <P STYLE="margin-top:16px;margin-bottom:0px"><FONT STYLE="font-family:arial" SIZE="3"><B>Indemnification </B></FONT></P>
<P STYLE="margin-top:8px;margin-bottom:0px"><FONT STYLE="font-family:arial" SIZE="2">We have agreed to indemnify the underwriters against liabilities under the Securities Act, or contribute to payments that the underwriters may be required to make
in that respect. </FONT></P> <P STYLE="margin-top:16px;margin-bottom:0px"><FONT STYLE="font-family:arial" SIZE="3"><B>Underwriter activities </B></FONT></P> <P STYLE="margin-top:8px;margin-bottom:0px"><FONT STYLE="font-family:arial" SIZE="2">In
connection with this offering, the underwriters may engage in stabilizing transactions, which involve making bids for, purchasing and selling shares of our common stock in the open market for the purpose of preventing
</FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:arial" SIZE="2">S-17 </FONT></P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:arial" SIZE="2">
or retarding a decline in the market price of our common stock while this offering is in progress. These stabilizing transactions may include making short sales of our common stock, which involve
the sale by the underwriters of a greater number of shares of common stock than they are required to purchase in this offering, and purchasing shares of common stock on the open market to cover positions created by short sales. Short sales may be
&#147;covered&#148; shorts, which are short positions in an amount not greater than the underwriters&#146; option referred to above, or may be &#147;naked&#148; shorts, which are short positions in excess of that amount. The underwriters may close
out any covered short position either by exercising their option to purchase additional shares of common stock, in whole or in part, or by purchasing shares in the open market. In making this determination, the underwriters will consider, among
other things, the price of shares available for purchase in the open market compared to the price at which the underwriters may purchase shares through their option. A naked short position is more likely to be created if the underwriters are
concerned that there may be downward pressure on the price of our common stock in the open market that could adversely affect investors who purchase in this offering. To the extent that the underwriters create a naked short position, they will
purchase shares in the open market to cover the position. </FONT></P> <P STYLE="margin-top:8px;margin-bottom:0px"><FONT STYLE="font-family:arial" SIZE="2">The underwriters have advised us that, pursuant to Regulation M of the Securities Act, they
may also engage in other activities that stabilize, maintain or otherwise affect the price of our common stock, including the imposition of penalty bids. This means that if the representative of the underwriters purchases common stock in the open
market in stabilizing transactions or to cover short sales, the representative can require the underwriters that sold those shares as part of this offering to repay the underwriting discount received by them. </FONT></P>
<P STYLE="margin-top:8px;margin-bottom:0px"><FONT STYLE="font-family:arial" SIZE="2">These activities may have the effect of raising or maintaining the market price of our common stock or preventing or retarding a decline in the market price of our
common stock, and, as a result, the price of our common stock may be higher than the price that otherwise might exist in the open market. If the underwriters commence these activities, they may discontinue them at any time. The underwriters may
carry out these transactions on the New York Stock Exchange, in the over the counter market or otherwise. </FONT></P> <P STYLE="margin-top:16px;margin-bottom:0px"><FONT STYLE="font-family:arial" SIZE="3"><B>Selling restrictions </B></FONT></P>
<P STYLE="margin-top:8px;margin-bottom:0px"><FONT STYLE="font-family:arial" SIZE="2"><B><I>Prohibition of sales to EEA retail investors </I></B></FONT></P> <P STYLE="margin-top:8px;margin-bottom:0px"><FONT STYLE="font-family:arial" SIZE="2">In
relation to each Member State of the European Economic Area (each, a &#147;Relevant State&#148;), an offer to the public of any shares of common stock may not be made in that Relevant State, except that an offer to the public in that Relevant State
of any shares of common stock may be made at any time under the following exemptions under the Prospectus Regulation: </FONT></P> <P STYLE="margin-top:8px;margin-bottom:0px"><FONT STYLE="font-family:arial" SIZE="2">(a) to any legal entity which is a
&#147;qualified investor&#148; as defined under the Prospectus Regulation; </FONT></P> <P STYLE="margin-top:8px;margin-bottom:0px"><FONT STYLE="font-family:arial" SIZE="2">(b) to fewer than 150 natural or legal persons (other than &#147;qualified
investors&#148; as defined under the Prospectus Regulation), per Relevant State, subject to obtaining the prior consent of the underwriters for any such offer; or </FONT></P> <P STYLE="margin-top:8px;margin-bottom:0px"><FONT
STYLE="font-family:arial" SIZE="2">(c) in any other circumstances falling within Article 1(4) of the Prospectus Regulation; </FONT></P> <P STYLE="margin-top:8px;margin-bottom:0px"><FONT STYLE="font-family:arial" SIZE="2"><I>provided</I> that no such
offer of shares of common stock shall result in a requirement for us or any underwriter to publish a prospectus pursuant to Article 3 of the Prospectus Regulation or a supplemental prospectus pursuant to Article 23 of the Prospectus Regulation and
each person who initially acquires any shares of common stock or to whom any offer is made will be deemed to have represented, warranted and agreed to and with the underwriters and us that it is a qualified investor within the meaning of Article
2(e) of the Prospectus Regulation. We, the underwriters and their affiliates will rely upon the truth and accuracy of the foregoing representation, warranty and agreement. </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:arial" SIZE="2">S-18 </FONT></P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:arial" SIZE="2">For the purposes of this provision, the expression an &#147;offer to the public&#148; in relation to any shares
in any Relevant State means the communication in any form and by any means of sufficient information on the terms of the offer and any shares of common stock to be offered so as to enable an investor to decide to purchase or subscribe for any shares
of common stock, and the expression &#147;Prospectus Regulation&#148; means Regulation (EU) 2017/1129. </FONT></P> <P STYLE="margin-top:16px;margin-bottom:0px"><FONT STYLE="font-family:arial" SIZE="2"><B><I>Prohibition of sales to UK retail
investors </I></B></FONT></P> <P STYLE="margin-top:8px;margin-bottom:0px"><FONT STYLE="font-family:arial" SIZE="2">An offer to the public of any shares of common stock may not be made in the United Kingdom, except that an offer to the public in the
United Kingdom of any shares of common stock may be made at any time under the following exemptions under the UK Prospectus Regulation: </FONT></P> <P STYLE="margin-top:8px;margin-bottom:0px"><FONT STYLE="font-family:arial" SIZE="2">(a) to any legal
entity which is a &#147;qualified investor&#148; as defined under the UK Prospectus Regulation; </FONT></P> <P STYLE="margin-top:8px;margin-bottom:0px"><FONT STYLE="font-family:arial" SIZE="2">(b) to fewer than 150 natural or legal persons (other
than &#147;qualified investors&#148; as defined under the UK Prospectus Regulation), subject to obtaining the prior consent of the underwriters for any such offer; or </FONT></P> <P STYLE="margin-top:8px;margin-bottom:0px"><FONT
STYLE="font-family:arial" SIZE="2">(c) in any other circumstances falling within section 86 of the Financial Services and Markets Act 2000 (as amended, &#147;FSMA&#148;); </FONT></P> <P STYLE="margin-top:8px;margin-bottom:0px;padding-bottom:0px; "><FONT
STYLE="font-family:arial" SIZE="2"><I>provided </I>that no such offer of shares of common stock shall result in a requirement for us or any underwriter to publish a prospectus pursuant to section 85 of the FSMA or a supplemental prospectus pursuant
to Article 23 of the UK Prospectus Regulation and each person who initially acquires any shares of common stock or to whom any offer is made will be deemed to have represented, warranted and agreed to and with the underwriters</FONT><FONT
STYLE="font-family:arial" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex"> </SUP>&nbsp;</FONT><FONT STYLE="font-family:arial" SIZE="2">and us that it is a qualified investor within the meaning of Article 2(e) of the UK
Prospectus Regulation. We, the underwriters</FONT><FONT STYLE="font-family:arial" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex"> </SUP></FONT><FONT STYLE="font-family:arial" SIZE="2">and their affiliates will rely
upon the truth and accuracy of the foregoing representation, warranty and agreement. </FONT></P> <P STYLE="margin-top:8px;margin-bottom:0px"><FONT STYLE="font-family:arial" SIZE="2">For the purposes of this provision, the expression an &#147;offer
to the public&#148; in relation to any shares in the United Kingdom means the communication in any form and by any means of sufficient information on the terms of the offer and any shares of common stock to be offered so as to enable an investor to
decide to purchase or subscribe for any shares of common stock, and the expression &#147;UK Prospectus Regulation&#148; means Regulation (EU) 2017/1129 as it forms part of domestic law by virtue of the European Union (Withdrawal) Act 2018.
</FONT></P> <P STYLE="margin-top:16px;margin-bottom:0px"><FONT STYLE="font-family:arial" SIZE="2"><B><I>Additional notice to prospective investors in the United Kingdom </I></B></FONT></P> <P STYLE="margin-top:8px;margin-bottom:0px"><FONT
STYLE="font-family:arial" SIZE="2">In the United Kingdom, this prospectus supplement and any other material in relation to the shares of common stock described herein are being distributed only to, and are directed only at, persons who are
&#147;qualified investors&#148; (as defined in the UK Prospectus Regulation ) who are (i)&nbsp;persons having professional experience in matters relating to investments falling within Article 19(5) of the Financial Services and Markets Act 2000
(Financial Promotion) Order 2005 (as amended, the &#147;Order&#148;), or (ii)&nbsp;high net worth entities falling within Article&nbsp;49(2)(a) to (d)&nbsp;of the Order, or (iii)&nbsp;persons to whom it would otherwise be lawful to distribute them,
all such persons together being referred to as &#147;Relevant Persons.&#148; In the United Kingdom, the shares of common stock are only available to, and any invitation, offer or agreement to subscribe, purchase or otherwise acquire such shares of
common stock will be engaged in only with, Relevant Persons. This prospectus supplement and its contents are confidential and should not be distributed, published or reproduced (in whole or in part) or disclosed by any recipients to any other person
in the United Kingdom. Any person in the United Kingdom that is not a Relevant Person should not act or rely on this prospectus supplement or its contents. The shares of common stock are not being offered to the public in the United Kingdom.
</FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:arial" SIZE="2">S-19 </FONT></P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:arial" SIZE="2"><B><I>Notice to prospective investors in Canada </I></B></FONT></P> <P STYLE="margin-top:8px;margin-bottom:0px"><FONT
STYLE="font-family:arial" SIZE="2">The shares of common stock may be sold only to purchasers purchasing, or deemed to be purchasing, as principal that are accredited investors, as defined in National Instrument
<FONT STYLE="white-space:nowrap">45-106</FONT> Prospectus Exemptions or subsection 73.3(1) of the Securities Act (Ontario), and are permitted clients, as defined in National Instrument <FONT STYLE="white-space:nowrap">31-103</FONT> Registration
Requirements, Exemptions and Ongoing Registrant Obligations. Any resale of the shares of common stock must be made in accordance with an exemption from, or in a transaction not subject to, the prospectus requirements of applicable securities laws.
</FONT></P> <P STYLE="margin-top:8px;margin-bottom:0px"><FONT STYLE="font-family:arial" SIZE="2">Securities legislation in certain provinces or territories of Canada may provide a purchaser with remedies for rescission or damages if this prospectus
supplement (including any amendment thereto) contains a misrepresentation, provided that the remedies for rescission or damages are exercised by the purchaser within the time limit prescribed by the securities legislation of the purchaser&#146;s
province or territory. The purchaser should refer to any applicable provisions of the securities legislation of the purchaser&#146;s province or territory for particulars of these rights or consult with a legal advisor. </FONT></P>
<P STYLE="margin-top:8px;margin-bottom:0px"><FONT STYLE="font-family:arial" SIZE="2">Pursuant to section 3A.3 of National Instrument <FONT STYLE="white-space:nowrap">33-105</FONT> Underwriting Conflicts (NI
<FONT STYLE="white-space:nowrap">33-105),</FONT> the underwriters are not required to comply with the disclosure requirements of NI <FONT STYLE="white-space:nowrap">33-105</FONT> regarding underwriter conflicts of interest in connection with this
offering. </FONT></P> <P STYLE="margin-top:16px;margin-bottom:0px"><FONT STYLE="font-family:arial" SIZE="2"><B><I>Notice to prospective investors in Hong Kong </I></B></FONT></P> <P STYLE="margin-top:8px;margin-bottom:0px"><FONT
STYLE="font-family:arial" SIZE="2">The shares of common stock have not been offered or sold and will not be offered or sold in Hong Kong, by means of any document, other than: (1)&nbsp;to &#147;professional investors&#148; as defined in the
Securities and Futures Ordinance (Cap. 571) of Hong Kong and any rules made under that Ordinance; or (2)&nbsp;in other circumstances which do not result in the document being a &#147;prospectus&#148; as defined in the Companies (Winding Up and
Miscellaneous Provisions) Ordinance (Cap. 32) of Hong Kong or which do not constitute an offer to the public within the meaning of that Ordinance. No advertisement, invitation or document relating to the shares of the common stock has been or may be
issued or has been or may be in the possession of any person for the purposes of issue, whether in Hong Kong or elsewhere, which is directed at, or the contents of which are likely to be accessed or read by, the public of Hong Kong (except if
permitted to do so under the securities laws of Hong Kong) other than with respect to shares of common stock which are or are intended to be disposed of only to persons outside Hong Kong or only to &#147;professional investors&#148; as defined in
the Securities and Futures Ordinance and any rules made under that Ordinance. </FONT></P> <P STYLE="margin-top:16px;margin-bottom:0px"><FONT STYLE="font-family:arial" SIZE="2"><B><I>Notice to prospective investors in Japan </I></B></FONT></P>
<P STYLE="margin-top:8px;margin-bottom:0px"><FONT STYLE="font-family:arial" SIZE="2">The shares of common stock have not been and will not be registered under the Financial Instruments and Exchange Act of Japan (Law No.&nbsp;25 of 1948, as amended)
(the &#147;FIEA&#148;) and disclosure under the FIEA has not been and will not be made with respect to the shares of common stock. Accordingly, the shares of common stock thereof may not be offered or sold, directly or indirectly, in Japan, or to,
or for the benefit of, any Japanese Person or to others for <FONT STYLE="white-space:nowrap">re-offering</FONT> or resale, directly or indirectly, in Japan or to, or for the benefit of, any Japanese Person, except pursuant to an exemption from the
registration requirements of, and otherwise in compliance with, the FIEA and other relevant laws, regulations and ministerial guidelines promulgated by relevant Japanese governmental or regulatory authorities in effect at the relevant time. For the
purposes of this paragraph, &#147;Japanese Person&#148; shall mean any person resident in Japan, including any corporation or other entity organized under the laws of Japan. </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:arial" SIZE="2">S-20 </FONT></P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:arial" SIZE="2"><B><I>Notice to prospective investors in Singapore </I></B></FONT></P>
<P STYLE="margin-top:8px;margin-bottom:0px"><FONT STYLE="font-family:arial" SIZE="2">This prospectus supplement has not been registered as a prospectus with the Monetary Authority of Singapore. Accordingly, this prospectus supplement and any other
document or material in connection with the offer or sale, or invitation for subscription or purchase, of the shares of common stock have not been and may not be circulated or distributed, nor may the shares of common stock be offered or sold, or be
made the subject of an invitation for subscription or purchase, whether directly or indirectly, to persons in Singapore other than (i)&nbsp;to an institutional investor under Section&nbsp;274 of the Securities and Futures Act, Chapter 289, of
Singapore (the &#147;SFA&#148;), (ii) to a relevant person pursuant to Section&nbsp;275(1) of the SFA, or any person pursuant to Section&nbsp;275(1A) of the SFA, and in accordance with the conditions specified in Section&nbsp;275 of the SFA, or
(iii)&nbsp;otherwise pursuant to, and in accordance with the conditions of, any other applicable provision of the SFA. Where the securities are subscribed or purchased under Section&nbsp;275 of the SFA by a relevant person which is: (a)&nbsp;a
corporation (which is not an accredited investor (as defined in Section&nbsp;4A of the SFA)), the sole business of which is to hold investments and the entire share capital of which is owned by one or more individuals, each of whom is an accredited
investor; or (b)&nbsp;a trust (where the trustee is not an accredited investor) whose sole purpose is to hold investments and each beneficiary is an accredited investor; then securities (as defined in Section&nbsp;239(1) of the SFA) of that
corporation or the beneficiaries&#146; rights and interest in that trust will not be transferable for six months after that corporation or that trust has acquired the securities under Section&nbsp;275 of the SFA except: (i)&nbsp;to an institutional
investor under Section&nbsp;274 of the SFA, or to a relevant person under Section&nbsp;275(2) of the SFA, or any person arising from an offer referred to in Section&nbsp;275(1A) or Section&nbsp;276(4)(i)(B) of the SFA; (ii)&nbsp;where no
consideration is given for the transfer; (iii)&nbsp;by operation of law; or (iv)&nbsp;as specified in Section&nbsp;276(7) of the SFA. </FONT></P> <P STYLE="margin-top:8px;margin-bottom:0px"><FONT STYLE="font-family:arial" SIZE="2">Singapore
Securities and Futures Act Product Classification&#151;Solely for the purposes of its obligations pursuant to Sections 309B(1)(a) and 309B(1)(c) of the SFA, we have determined, and hereby notify all relevant persons (as defined in Section&nbsp;309A
of the SFA) that the shares of common stock are &#147;prescribed capital markets products&#148; (as defined in the Securities and Futures (Capital Markets Products) Regulations 2018) and &#147;Excluded Investment Products&#148; (as defined in MAS
Notice SFA <FONT STYLE="white-space:nowrap">04-N12:</FONT> Notice on the Sale of Investment Products and MAS Notice <FONT STYLE="white-space:nowrap">FAA-N16:</FONT> Notice on Recommendations on Investment Products). </FONT></P>
<P STYLE="margin-top:16px;margin-bottom:0px"><FONT STYLE="font-family:arial" SIZE="2"><B><I>Notice to prospective investors in Switzerland </I></B></FONT></P> <P STYLE="margin-top:8px;margin-bottom:0px"><FONT STYLE="font-family:arial" SIZE="2">The
shares of common stock may not be publicly offered in Switzerland and will not be listed on the SIX Swiss Exchange (&#147;SIX&#148;) or on any other stock exchange or regulated trading facility in Switzerland. This document does not constitute a
prospectus within the meaning of, and has been prepared without regard to the disclosure standards for issuance prospectuses under art. 652a or art. 1156 of the Swiss Code of Obligations or the disclosure standards for listing prospectuses under
art. 27 ff. of the SIX Listing Rules or the listing rules of any other stock exchange or regulated trading facility in Switzerland. Neither this document nor any other offering or marketing material relating to the shares of common stock or the
offering may be publicly distributed or otherwise made publicly available in Switzerland. </FONT></P> <P STYLE="margin-top:8px;margin-bottom:0px"><FONT STYLE="font-family:arial" SIZE="2">Neither this document nor any other offering or marketing
material relating to the offering, the Company, the shares of common stock have been or will be filed with or approved by any Swiss regulatory authority. In particular, this document will not be filed with, and the offer of shares of common stock
will not be supervised by, the Swiss Financial Market Supervisory Authority (&#147;FINMA&#148;), and the offer of shares of common stock has not been and will not be authorized under the Swiss Federal Act on Collective Investment Schemes
(&#147;CISA&#148;). The investor protection afforded to acquirers of interests in collective investment schemes under the CISA does not extend to acquirers of shares of common stock. </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:arial" SIZE="2">S-21 </FONT></P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:arial" SIZE="2"><B><I>Notice to prospective investors in the Dubai International Financial Centre (&#147;DIFC&#148;)
</I></B></FONT></P> <P STYLE="margin-top:8px;margin-bottom:0px"><FONT STYLE="font-family:arial" SIZE="2">This prospectus supplement relates to an Exempt Offer in accordance with the Markets Rules of 2012 of the Dubai Financial Services Authority
(&#147;DFSA&#148;). This prospectus supplement is intended for distribution only to persons of a type specified in the Markets Rules 2012 of the DFSA. It must not be delivered to, or relied on by, any other person. The DFSA has no responsibility for
reviewing or verifying any documents in connection with Exempt Offers. The DFSA has not approved this prospectus supplement nor taken steps to verify the information set forth herein and has no responsibility for this prospectus supplement. The
shares of common stock to which this prospectus supplement relate may be illiquid and/or subject to restrictions on their resale. Prospective purchasers of the securities offered should conduct their own due diligence on the securities. If you do
not understand the contents of this prospectus supplement you should consult an authorized financial advisor. </FONT></P> <P STYLE="margin-top:8px;margin-bottom:0px"><FONT STYLE="font-family:arial" SIZE="2">In relation to its use in the DIFC, this
prospectus supplement is strictly private and confidential and is being distributed to a limited number of investors and must not be provided to any person other than the original recipient, and may not be reproduced or used for any other purpose.
The interests in the securities may not be offered or sold directly or indirectly to the public in the DIFC. </FONT></P> <P STYLE="margin-top:16px;margin-bottom:0px"><FONT STYLE="font-family:arial" SIZE="2"><B><I>Notice to prospective investors in
Australia </I></B></FONT></P> <P STYLE="margin-top:8px;margin-bottom:0px"><FONT STYLE="font-family:arial" SIZE="2">This prospectus supplement: </FONT></P> <P STYLE="font-size:8px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:arial" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:arial" SIZE="2">does not constitute a product disclosure document or a prospectus under Chapter 6D.2 of the Corporations Act 2001 (Cth) (the &#147;Corporations Act&#148;);
</FONT></P></TD></TR></TABLE> <P STYLE="font-size:8px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:arial" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:arial" SIZE="2">has not been, and will not be, lodged with the Australian Securities and Investments Commission (&#147;ASIC&#148;), as a disclosure document for the purposes of
the Corporations Act and does not purport to include the information required of a disclosure document under Chapter 6D.2 of the Corporations Act; and </FONT></P></TD></TR></TABLE> <P STYLE="font-size:8px;margin-top:0px;margin-bottom:0px">&nbsp;</P>

<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:arial" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:arial" SIZE="2">may only be provided in Australia to select investors who are able to demonstrate that they fall within one or more of the categories of investors, available
under section 708 of the Corporations Act (&#147;Exempt Investors&#148;). </FONT></P></TD></TR></TABLE> <P STYLE="margin-top:8px;margin-bottom:0px"><FONT STYLE="font-family:arial" SIZE="2">The shares of common stock may not be directly or indirectly
offered for subscription or purchased or sold, and no invitations to subscribe for or buy the shares of common stock may be issued, and no draft or definitive offering memorandum, advertisement or other offering material relating to any shares of
common stock may be distributed in Australia, except where disclosure to investors is not required under Chapter 6D of the Corporations Act or is otherwise in compliance with all applicable Australian laws and regulations. By submitting an
application for the shares of common stock, you represent and warrant to us that you are an Exempt Investor. </FONT></P> <P STYLE="margin-top:8px;margin-bottom:0px"><FONT STYLE="font-family:arial" SIZE="2">As any offer of shares of common stock
under this document will be made without disclosure in Australia under Chapter 6D.2 of the Corporations Act, the offer of those securities for resale in Australia within 12 months may, under section 707 of the Corporations Act, require disclosure to
investors under Chapter 6D.2 if none of the exemptions in section 708 applies to that resale. By applying for the shares of common stock you undertake to us that you will not, for a period of 12 months from the date of issue of the shares of common
stock, offer, transfer, assign or otherwise alienate those securities to investors in Australia except in circumstances where disclosure to investors is not required under Chapter 6D.2 of the Corporations Act or where a compliant disclosure document
is prepared and lodged with ASIC. </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:arial" SIZE="2">S-22 </FONT></P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:arial" SIZE="3"><B>Certain relationships </B></FONT></P> <P STYLE="margin-top:8px;margin-bottom:0px"><FONT
STYLE="font-family:arial" SIZE="2">Certain of the underwriters and their respective affiliates have performed, and may in the future perform, various commercial and investment banking, financial advisory and other services for us, our affiliates and
our officers in the ordinary course of business, for which they received, and may receive, customary fees and reimbursement of expenses. In particular, JPMorgan Chase Bank, N.A., an affiliate of J.P. Morgan Securities LLC, acts as lender to San Jose
Water Company under the SJWC Credit Facility and as a lender to SJWTX under the Credit Agreement, dated June&nbsp;1, 2016, as amended on May&nbsp;7, 2020. See &#147;&#151;Conflicts of interest.&#148; </FONT></P>
<P STYLE="margin-top:8px;margin-bottom:0px"><FONT STYLE="font-family:arial" SIZE="2">In addition, in the ordinary course of their business activities, the underwriters and their affiliates may make or hold a broad array of investments and actively
trade debt and equity securities (or related derivative securities) and financial instruments (including bank loans) for their own account and for the accounts of their customers. Such investments and securities activities may involve securities
and/or instruments of ours or our affiliates. The underwriters and their affiliates may also make investment recommendations and/or publish or express independent research views in respect of such securities or financial instruments and may hold, or
recommend to clients that they acquire, long and/or short positions in such securities and instruments. </FONT></P> <P STYLE="margin-top:16px;margin-bottom:0px"><FONT STYLE="font-family:arial" SIZE="3"><B>Conflicts of interest </B></FONT></P>
<P STYLE="margin-top:8px;margin-bottom:0px"><FONT STYLE="font-family:arial" SIZE="2">We intend to use the net proceeds from this offering for general corporate purposes, including repayment of outstanding indebtedness, including amounts drawn under
our SJWC Credit Facility, as set forth in &#147;Use of proceeds.&#148; To the extent we use all or a portion of the net proceeds to repay outstanding borrowings under our SJWC Credit Facility, affiliates of J.P. Morgan Securities LLC, one of the
underwriters, may receive at least 5% of the net offering proceeds in connection with any such repayment. Accordingly, this offering is made in compliance with the requirements of FINRA Rule&nbsp;5121. Since the common stock offered hereby has a
bona fide public market, pursuant to FINRA Rule&nbsp;5121, the appointment of a qualified independent underwriter is not necessary. J.P. Morgan Securities LLC will not make sales to discretionary accounts without the prior written consent of the
customer. </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:arial" SIZE="2">S-23 </FONT></P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:arial" SIZE="5"><B><A NAME="supptoc152789_14"></A>Legal matters </B></FONT></P> <P STYLE="margin-top:8px;margin-bottom:0px"><FONT
STYLE="font-family:arial" SIZE="2">The validity of the shares of common stock offered by the Company in this prospectus supplement will be passed upon for us by Morgan, Lewis&nbsp;&amp; Bockius LLP, San Francisco, California. Certain legal matters
relating to this offering will be passed upon for the underwriters by Simpson Thacher&nbsp;
&amp; Bartlett LLP, New York, New York. </FONT></P> <P STYLE="margin-top:16px;margin-bottom:0px"><FONT STYLE="font-family:arial" SIZE="5"><B><A NAME="supptoc152789_15"></A>Experts </B></FONT></P> <P STYLE="margin-top:8px;margin-bottom:0px"><FONT
STYLE="font-family:arial" SIZE="2">The consolidated financial statements of SJW Group as of December&nbsp;31, 2019, and for each of the years in the <FONT STYLE="white-space:nowrap">two-year</FONT> period ended December&nbsp;31, 2019 have been
incorporated by reference herein in reliance upon the report of KPMG LLP, an independent registered public accounting firm, incorporated by reference herein, and upon the authority of said firm as experts in accounting and auditing. </FONT></P>
<P STYLE="margin-top:8px;margin-bottom:0px"><FONT STYLE="font-family:arial" SIZE="2">The consolidated financial statements, and the related financial statement schedules, incorporated in this prospectus supplement by reference from the
Company&#146;s Annual Report on <A HREF="http://www.sec.gov/Archives/edgar/data/0000766829/000076682921000047/sjw-20201231.htm">Form <FONT STYLE="white-space:nowrap">10-K</FONT></A> for the year ended December&nbsp;31, 2020, and the effectiveness of
SJW Group&#146;s internal control over financial reporting have been audited by Deloitte&nbsp;&amp; Touche LLP, an independent registered public accounting firm, as stated in their report, which is incorporated herein by reference. Such financial
statements and financial statement schedules have been so incorporated in reliance upon the report of such firm given upon their authority as experts in accounting and auditing. </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:arial" SIZE="2">S-24 </FONT></P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Prospectus </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt;margin-bottom:0pt" ALIGN="center">


<IMG SRC="g152789g18o02.jpg" ALT="LOGO">
 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:14pt; font-family:Times New Roman" ALIGN="center"><B>Common Stock </B></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="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">We may offer,
issue and sell, from time to time, in one or more offerings, shares of our common stock. We also refer to the shares of common stock as the &#147;securities&#148; in this prospectus. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">We will provide the specific prices and terms of these securities in one or more supplements to this prospectus at the time of offering. You
should read this prospectus and the accompanying prospectus supplement carefully before you make your investment decision. </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="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>This
prospectus may not be used to sell securities unless accompanied by a prospectus supplement. </B></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="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:12pt; font-family:Times New Roman"><B>Investing in
our securities involves a number of risks. See &#147;<A HREF="#toc152789_5">Risk Factors</A>&#148; on page&nbsp;4 before you make your investment decision. </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">We may offer securities through underwriting syndicates managed or <FONT STYLE="white-space:nowrap">co-managed</FONT> by one or more
underwriters or dealers, through agents or directly to purchasers. These securities also may be resold by selling securityholders. If required, the prospectus supplement for each offering of securities will describe the plan of distribution for that
offering. For general information about the distribution of securities offered, please see &#147;Plan of Distribution&#148; in this prospectus. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Our common stock is listed on the New York Stock Exchange under the trading symbol &#147;SJW.&#148; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>Neither the Securities and Exchange Commission nor any state securities commission has approved or disapproved of these securities or
determined if this prospectus or any accompanying prospectus supplement is truthful or complete. Any representation to the contrary is a criminal offense. </B></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="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>The date of
this prospectus is November&nbsp;26, 2018 </B></P>
</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>TABLE OF CONTENTS </B></P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>

<TD WIDTH="98%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><A HREF="#toc152789_1">ABOUT THIS PROSPECTUS</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">1</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><A HREF="#toc152789_2">WHERE YOU CAN FIND MORE INFORMATION</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">1</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><A HREF="#toc152789_3">CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">3</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><A HREF="#toc152789_4">THE COMPANY</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">3</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><A HREF="#toc152789_5">RISK FACTORS</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">4</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><A HREF="#toc152789_6">USE OF PROCEEDS</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">4</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><A HREF="#toc152789_7">DESCRIPTION OF CAPITAL STOCK</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">4</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><A HREF="#toc152789_8">SELLING SECURITYHOLDERS</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">7</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><A HREF="#toc152789_9">PLAN OF DISTRIBUTION</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">7</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><A HREF="#toc152789_10">LEGAL MATTERS</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">9</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><A HREF="#toc152789_11">EXPERTS</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">9</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
</TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">i </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><A NAME="toc152789_1"></A>ABOUT THIS PROSPECTUS </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">This prospectus is part of an &#147;automatic shelf&#148; registration statement that we filed with the Securities and Exchange Commission
(the &#147;SEC&#148;) as a &#147;well-known seasoned issuer&#148; as defined in Rule 405 under the Securities Act of 1933, as amended (the &#147;Securities Act&#148;), using a &#147;shelf&#148; registration process. Under this process, we may sell
from time to time the securities described in this prospectus. This prospectus only provides you with a general description of the securities that we may offer. Each time we sell securities, we will provide a supplement to this prospectus that
contains specific information about the terms of that offering, including the specific amounts, prices and terms of the securities offered. The prospectus supplement may also add, update or change information contained in this prospectus. You should
carefully read both this prospectus, any accompanying prospectus supplement and any free writing prospectus prepared by or on behalf of us, together with the additional information described under the heading &#147;Where You Can Find More
Information.&#148; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">We have not authorized anyone to provide you with any information other than that contained in or incorporated by
reference into this prospectus, any accompanying prospectus supplement and any free writing prospectus prepared by or on behalf of us. We take no responsibility for, and can provide no assurance as to the reliability of, any other information that
others may give you. We are not making offers to sell the securities in any jurisdiction in which an offer or solicitation is not authorized or in which the person making such offer or solicitation is not qualified to do so or to anyone to whom it
is unlawful to make an offer or solicitation. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The information in this prospectus is accurate as of the date on the front cover. You
should not assume that the information contained in this prospectus is accurate as of any other date. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">When used in this prospectus, the
terms &#147;SJW,&#148; the &#147;Company,&#148; &#147;we,&#148; &#147;our&#148; and &#147;us&#148; refer to SJW Group and its consolidated subsidiaries, unless otherwise specified or the context otherwise requires. </P>
<P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><A NAME="toc152789_2"></A>WHERE YOU CAN FIND MORE INFORMATION </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">We file annual, quarterly and current reports, proxy statements and other information with the SEC under the Securities Exchange Act of 1934,
as amended (the &#147;Exchange Act&#148;). Our SEC filings are available to the public at the SEC&#146;s website at www.sec.gov. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The SEC
allows us to &#147;incorporate by reference&#148; information into this prospectus and any accompanying prospectus supplement, which means that we can disclose important information to you by referring you to another document filed separately with
the SEC. The information incorporated by reference is deemed to be part of this prospectus and any accompanying prospectus supplement, except for any information superseded by information contained directly in this prospectus, any accompanying
prospectus supplement, any subsequently filed document deemed incorporated by reference or any free writing prospectus prepared by or on behalf of us. This prospectus and any accompanying prospectus supplement incorporate by reference the documents
set forth below that we have previously filed with the SEC (other than information deemed furnished and not filed in accordance with SEC rules, including Items 2.02 and 7.01 of Form <FONT STYLE="white-space:nowrap">8-K</FONT> and Item 9.01 related
thereto). </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">our Annual Report on <A HREF="http://www.sec.gov/Archives/edgar/data/0000766829/000076682918000058/sjw2017q410k.htm">Form
 <FONT STYLE="white-space:nowrap">10-K</FONT></A> for the fiscal year ended December&nbsp;31, 2017, filed with the SEC on February&nbsp;27, 2018; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">the information specifically incorporated by reference into our Annual Report on Form <FONT
STYLE="white-space:nowrap">10-K</FONT> for the fiscal year ended December&nbsp;31, 2017 from our <A HREF="http://www.sec.gov/Archives/edgar/data/0000766829/000076682918000085/sjw2018def14aproxy.htm">definitive proxy statement</A> on Schedule 14A,
filed with the SEC on March&nbsp;6, 2018; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">our Quarterly Reports on Form <FONT STYLE="white-space:nowrap">10-Q</FONT> for the fiscal quarters ended
March&nbsp;31, 2018, June&nbsp;30, 2018 and September&nbsp;30, 2018, filed with the SEC on <A HREF="http://www.sec.gov/Archives/edgar/data/0000766829/000076682918000109/sjw-33118x10q.htm">May&nbsp;
8, 2018</A>, <A HREF="http://www.sec.gov/Archives/edgar/data/0000766829/000076682918000115/sjw-63018x10q.htm">July&nbsp;27, 2018</A> and <A HREF="http://www.sec.gov/Archives/edgar/data/0000766829/000076682918000131/sjw-93018x10q.htm">October&nbsp;
26, 2018</A>; </P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">1 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">

<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">our Current Reports on Form <FONT STYLE="white-space:nowrap">8-K,</FONT> filed with the SEC on <A HREF="http://www.sec.gov/Archives/edgar/data/0000766829/000076682918000020/grc8-k.htm">January&nbsp;4,
 2018</A>, <A HREF="http://www.sec.gov/Archives/edgar/data/0000766829/000119312518083275/d517078d8k.htm">March&nbsp;
15, 2018</A> (Item 1.01 and Exhibits 10.1, 10.2 and 10.3 referenced in Item 9.01 therein only), <A HREF="http://www.sec.gov/Archives/edgar/data/0000766829/000076682918000087/a8-kcoc03x22x2018.htm">March&nbsp;
22, 2018</A>, <A HREF="http://www.sec.gov/Archives/edgar/data/0000766829/000076682918000090/sjw-8kx1qtr2018.htm">April&nbsp;
26, 2018</A> (Item 5.07 only), <A HREF="http://www.sec.gov/Archives/edgar/data/0000766829/000119312518179537/d586629d8k.htm">May&nbsp;
31, 2018</A> (other than Item 7.01), <A HREF="http://www.sec.gov/Archives/edgar/data/0000766829/000119312518239077/d526512d8k.htm">August&nbsp;
6, 2018</A> (Item 1.01 and Exhibit 2.1 referenced in Item 9.01 therein only) and <A HREF="http://www.sec.gov/Archives/edgar/data/0000766829/000119312518333896/d607871d8k.htm">November&nbsp;26, 2018</A>; and </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">the description of our common stock contained in our Registration Statement on <A HREF="http://www.sec.gov/Archives/edgar/data/0000766829/000076682916000108/a8-aareincorporation.htm">Form
 <FONT STYLE="white-space:nowrap">8-A/A</FONT></A>, filed with the SEC on November&nbsp;15, 2016, and any amendment or report filed for the purpose of updating such description. </P></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">All documents filed by us pursuant to Sections 13(a), 13(c), 14 or 15(d) of the Exchange Act after the date of this prospectus and before the
termination of the offering also shall be deemed to be incorporated herein by reference. We are not, however, incorporating by reference any documents or portions thereof that are not deemed &#147;filed&#148; with the SEC, including any information
furnished pursuant to Items 2.02 or 7.01 and any related Item 9.01 of Form <FONT STYLE="white-space:nowrap">8-K.</FONT> </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">If requested, we
will provide to each person, including any beneficial owner, to whom a prospectus is delivered, a copy of any or all of the information that has been incorporated by reference in the prospectus but not delivered with the prospectus. Exhibits to the
filings will not be sent, however, unless those exhibits have specifically been incorporated by reference into such documents. To obtain a copy of these filings at no cost, you may write or telephone us at the following address: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:13%; font-size:10pt; font-family:Times New Roman">SJW Group </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:13%; font-size:10pt; font-family:Times New Roman">110 West Taylor
Street </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:13%; font-size:10pt; font-family:Times New Roman">San Jose, California 95110 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:13%; font-size:10pt; font-family:Times New Roman">Attention: General Counsel and Corporate Secretary </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:13%; font-size:10pt; font-family:Times New Roman">Telephone: (408) <FONT STYLE="white-space:nowrap">279-7800</FONT> </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">2 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><A NAME="toc152789_3"></A>CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">This prospectus and any accompanying prospectus supplement or free writing prospectus and any documents incorporated by reference herein or
therein contain statements that are &#147;forward-looking&#148; within the meaning of the Private Securities Litigation Reform Act of 1995. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Forward-looking statements can often be identified by the use of forward-looking language such as &#147;may,&#148; &#147;should,&#148;
&#147;believes,&#148; &#147;expects,&#148; &#147;anticipates,&#148; &#147;plans,&#148; &#147;estimates,&#148; &#147;intends,&#148; &#147;projects,&#148; &#147;goals,&#148; &#147;objectives,&#148; or other similar expressions. Our actual results,
performance or achievements could be materially different from the results expressed in, or implied by, forward-looking statements. Forward-looking statements are subject to risks and uncertainties, including but not limited to the risks described
in this prospectus, any accompanying prospectus supplement or free writing prospectus and any documents incorporated by reference, including the &#147;Risk Factors&#148; sections of this prospectus, any accompanying prospectus supplement or free
writing prospectus and our reports and other documents filed with the SEC. When considering forward-looking statements, you should keep in mind the risks, uncertainties and other cautionary statements made in this prospectus, any accompanying
prospectus supplement and the documents incorporated by reference. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">There can be no assurance that other factors not currently anticipated
by us will not materially and adversely affect our business, financial condition and results of operations. You are cautioned not to place undue reliance on any forward-looking statements made by us or on our behalf. Please take into account that
forward-looking statements speak only as of the date of this prospectus or, in the case of any accompanying prospectus supplement or free writing prospectus or documents incorporated by reference, the date of any such document. Except as required by
applicable law, we do not undertake any obligation to publicly correct or update any forward-looking statement. </P>
<P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><A NAME="toc152789_4"></A>THE COMPANY </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">SJW is a holding company that conducts its business in the United States through three wholly owned subsidiaries, namely, San Jose Water
Company, SJWTX, Inc. (which does business as Canyon Lake Water Service Company) and SJW Land Company. San Jose Water Company and Canyon Lake Water Service Company are public utilities regulated by the California Public Utilities Commission and
Public Utilities Commission of Texas, respectively, and operate within a service area approved by the regulators. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">San Jose Water Company
is a public utility that provides water service to a population of approximately one million people in an area comprising approximately 138 square miles in the metropolitan San Jose, California area. SJWTX, Inc. is another public utility that
provides water service to approximately 48,000 people in an area comprising approximately 246 square miles in western Comal County and southern Blanco County in the growing region between San Antonio and Austin, Texas. In addition, SJWTX, Inc. has a
25% interest in Acequia Water Supply Corporation, which has been consolidated with SJWTX, Inc. in our consolidated financial statements. The principal business of these water utility services consists of the production, purchase, storage,
purification, distribution, wholesale, and retail sale of water. San Jose Water Company also provides <FONT STYLE="white-space:nowrap">non-tariffed</FONT> services under agreements with municipalities and other utilities. These <FONT
STYLE="white-space:nowrap">non-tariffed</FONT> services include water system operations, maintenance agreements and antenna site leases. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">SJW Land Company owns an undeveloped real estate property, commercial and warehouse properties in Tennessee. SJW Land Company also has a 70%
limited partnership interest in 444 West Santa Clara Street, L.P., which sold all of its interests in the commercial building and land the partnership owned and operated on April&nbsp;6, 2017. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The principal executive offices of SJW are located at 110 West Taylor Street, San Jose, California 95110. Its telephone number is (408) <FONT
STYLE="white-space:nowrap">279-7800,</FONT> and its Internet address is <I>www.sjwgroup.com</I>. The information on, </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">3 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
accessible from or hyperlinked to, our website (other than the SEC filings expressly incorporated herein under &#147;Where You Can Find More Information&#148;) is not incorporated by reference in
this prospectus or any accompanying prospectus supplement, and you should not consider it a part of this prospectus or any accompanying prospectus supplement. </P>
<P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><A NAME="toc152789_5"></A>RISK FACTORS </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Investing in the securities involves risk. See the risk factors described in our most recent Annual Report on
<FONT STYLE="white-space:nowrap">Form&nbsp;10-K</FONT> (together with any material changes thereto contained in subsequently filed Quarterly Reports on <FONT STYLE="white-space:nowrap">Form&nbsp;10-Q)</FONT> and those contained in our other filings
with the SEC that are incorporated by reference in this prospectus and any accompanying prospectus supplement or free writing prospectus. Before making an investment decision, you should carefully consider these risks as well as other information we
include or incorporate by reference in this prospectus and any accompanying prospectus supplement or free writing prospectus. These risks could materially affect our business, financial condition or results of operations and cause the value of our
securities to decline. You could lose all or part of your investment. </P> <P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><A NAME="toc152789_6"></A>USE OF PROCEEDS </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Except as otherwise set forth in any accompanying prospectus supplement, we expect to use the net proceeds from the sale of securities for
general corporate purposes, including the financing of our operations, the possible repayment of indebtedness, and possible business acquisitions. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Unless set forth in an accompanying prospectus supplement, we will not receive any proceeds in the event that securities are sold by a selling
securityholder. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The following summary description is not meant to be a complete description of our common stock. At the time of any
offering and sale, this prospectus together with the accompanying prospectus supplement will contain the material terms of the securities being offered. </P>
<P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><A NAME="toc152789_7"></A>DESCRIPTION OF CAPITAL STOCK </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>General </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The following summary
description of our capital stock is based on the provisions of the Delaware General Corporation Law (the &#147;DGCL&#148;), our certificate of incorporation, as amended, and our bylaws, as amended. This description does not purport to be complete
and is qualified in its entirety by reference to the full text of the DGCL, as it may be amended from time to time, and to the terms of our certificate of incorporation and bylaws, as each may be amended from time to time, which are incorporated by
reference as exhibits to the registration statement of which this prospectus is a part. See &#147;Where You Can Find More Information.&#148; As used in this &#147;Description of Capital Stock,&#148; the terms &#147;SJW,&#148; the
&#147;Company,&#148; &#147;we,&#148; &#147;our&#148; and &#147;us&#148; refer to SJW Group, a Delaware corporation, and do not, unless otherwise specified, include our subsidiaries. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Our authorized capital stock consists of 36,000,000 shares of common stock, par value $0.001 per share, and 1,000,000 shares of preferred
stock, par value $0.001 per share. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Common Stock </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Each holder of record of our common stock is entitled to one vote for each share held on every matter properly submitted to our stockholders
for their vote. Holders of our common stock do not have cumulative voting rights. After satisfaction of any dividend rights of holders of any outstanding preferred stock, holders of common stock are entitled ratably to any dividend declared by our
board of directors out of funds legally available for this purpose. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">4 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Upon our liquidation, dissolution or winding up, the holders of our common stock are
entitled to receive ratably our net assets available, if any, after the payment of all debts and other liabilities and subject to the prior rights of any outstanding preferred stock. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Our common stock is not subject to further calls or assessments by SJW, and holders of our common stock have no preemptive, subscription,
redemption, conversion or exchange rights and no sinking fund provisions. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The rights, preferences and privileges of holders of common
stock are subject to, and may be adversely affected by, the rights of the holders of shares of any series of preferred stock that we may designate and issue in the future. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">All outstanding shares of our common stock are fully paid and <FONT STYLE="white-space:nowrap">non-assessable.</FONT> </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Preferred Stock </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Our certificate of
incorporation permits us to issue up to 1,000,000 shares of preferred stock, par value $0.001 per share, in one or more series, subject to limitations prescribed by law, with such designations, powers, preferences and rights, and the qualifications,
limitations or restrictions thereof, of any wholly unissued series of preferred stock as our board of directors may determine, including without limitation, the dividend rights, dividend rate, conversion rights, voting rights, rights and terms of
redemption (including sinking fund provisions), redemption price or prices, and liquidation preferences of any such series, and the number of shares constituting any such series and the designation thereof, or any of the foregoing. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Our board of directors is further authorized to increase (but not above the total number of authorized shares of the class) or decrease (but
not below the number of shares of any such series then outstanding) the number of shares of any series, the number of which was fixed by it, subsequent to the issuance of shares of such series then outstanding, subject to the powers, preferences and
rights, and the qualifications, limitations and restrictions thereof stated in our certificate of incorporation or the resolution of our board of directors originally fixing the number of shares of such series. If the number of shares of any series
is so decreased, then the shares constituting such decrease shall resume the status which they had prior to the adoption of the resolution originally fixing the number of shares of such series. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Our common stock is subject to the express terms of any preferred stock. Our board of directors may issue preferred stock with voting,
dividend, liquidation and other rights that could adversely affect the relative rights of the holders of our common stock. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Anti-Takeover Effects of
Provisions of the Certificate of Incorporation, Bylaws and Other Agreements </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Some provisions of Delaware law and our certificate of
incorporation and bylaws may have an anti-takeover effect and may delay, defer or prevent a tender offer, proxy contest or other takeover attempt that a stockholder might consider in its best interest, including those attempts that might result in a
premium over the market price for the shares held by stockholders. In particular, these provisions may frustrate or prevent any attempts by stockholders of SJW to replace or remove our current management by making it more difficult for stockholders
to replace members of our board of directors, which is responsible for appointing the members of management. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">A description of these
provisions is set forth below. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>Blank Check Preferred </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">As described above, our board of directors is authorized to create and issue from time to time, without stockholder approval, up to an
aggregate of 1,000,000 shares of preferred stock in one or more series and to establish the number of shares of any series of preferred stock and to fix the designations, powers, preferences and rights of the shares of each series and any
qualifications, limitations or restrictions of the shares of each </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">5 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
series. The authority to designate preferred stock may be used to issue series of preferred stock, or rights to acquire preferred stock, that could dilute the interest of, or impair the voting
power of, holders of our common stock or could also be used as a method of determining, delaying or preventing a change of control. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>Meetings and
Elections of Directors </I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><I>Special Meetings of Stockholders. </I>Our certificate of incorporation and bylaws limit the ability of
stockholders to call a special meeting of stockholders to only stockholders holding not less than 20% of outstanding voting power. In particular, our certificate of incorporation and bylaws provide that special meetings of the stockholders may be
called at any time by the chairman of the board, by the president, by resolution of our board of directors adopted by a majority of the total number of authorized directors (regardless of any vacancy), or by stockholders holding 20% or more of our
voting power. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><I>Stockholder Action by Written Consent</I>. Our certificate of incorporation and bylaws provide that any action which may
be taken at any annual or special meeting of stockholders may be taken without a meeting and without prior notice, if a consent in writing, setting forth the action so taken, shall be signed by the holders of outstanding shares having not less than
the minimum number of votes that would be necessary to authorize or take such action at a meeting at which all shares entitled to vote thereon were present and voted. However, directors may not be elected by written consent except by unanimous
written consent of all shares entitled to vote for the election of directors. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><I>Vacancies</I>. Our certificate of incorporation and
bylaws provide that vacancies occurring on our board of directors for any reason and newly created directorships resulting from an increase in the authorized number of directors may be filled only by vote of a majority of the remaining members of
our board of directors, although less than a quorum, or by a sole remaining director, at any meeting of our board of directors. A person so elected by our board of directors to fill a vacancy or newly created directorship shall hold office until the
next succeeding annual meeting of stockholders and until his or her successor shall be duly elected and qualified or until his or her earlier resignation or removal. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>No Cumulative Voting </I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Our
certificate of incorporation prohibits cumulative voting in the election of directors. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>Interested Stockholder Transaction and Business Combination
</I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The provisions of Section&nbsp;203 of the DGCL govern SJW. Section&nbsp;203 of DGCL prohibits, subject to certain exceptions, a
Delaware corporation from engaging in a business combination with an interested stockholder (i.e., a stockholder acquiring 15% or more of the outstanding voting stock) for three years following the date that such stockholder becomes an interested
stockholder without approval of our board of directors. Section&nbsp;203 makes certain types of unfriendly or hostile corporate takeovers, or other <FONT STYLE="white-space:nowrap">non-board</FONT> approved transactions involving a corporation and
one or more of its significant stockholders, more difficult by prohibiting large stockholders, in particular those owning 15% or more of our outstanding voting stock, from merging or combining with us for a certain period of time without the consent
of our board of directors. Delaware companies may opt out of Section&nbsp;203 if the original certificate of incorporation expressly elects not to be governed by Section&nbsp;203. Our certificate of incorporation and bylaws do not &#147;opt
out&#148; of Section&nbsp;203. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>Exclusive Delaware Forum </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Our certificate of incorporation provides that unless SJW consents in writing to the selection of an alternative forum, the sole and exclusive
forum for (i)&nbsp;any derivative action or proceeding brought on behalf of SJW, (ii)&nbsp;any action asserting a claim of breach of a fiduciary duty owed by any director, officer or other employee of SJW to SJW or SJW&#146;s stockholders,
(iii)&nbsp;any action asserting a claim arising pursuant to any provision of the DGCL, or (iv)&nbsp;any action asserting a claim governed by the internal affairs doctrine shall be a </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">6 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
state or federal court located within the State of Delaware, in all cases subject to the court&#146;s having personal jurisdiction over the indispensable parties named as defendants. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>Advance Notice Bylaws </I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Our bylaws
contain an advance notice procedure for stockholder proposals to be brought before an annual meeting of stockholders, including proposed nominations of persons for election to our board of directors. Stockholders at an annual meeting will only be
able to consider proposals or nominations specified in the notice of meeting or brought before the meeting by or at the direction of our board of directors or by a stockholder who was a stockholder of record on the record date for the meeting, who
is entitled to vote at the meeting and who has given SJW&#146;s corporate secretary timely written notice, in proper form, of the stockholder&#146;s intention to bring that business before the annual meeting. Our bylaws may have the effect of
precluding the conduct of certain business at a meeting if the proper procedures are not followed or may discourage or deter a potential acquiror from conducting a solicitation of proxies to elect its own slate of directors or otherwise attempting
to obtain control of SJW. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Listing </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Our common stock is listed on the New York Stock Exchange under the symbol &#147;SJW.&#148; </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Transfer Agent and Registrar </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The
transfer agent and registrar for our common stock is American Stock Transfer&nbsp;&amp; Trust Company. </P>
<P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><A NAME="toc152789_8"></A>SELLING SECURITYHOLDERS </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Information about selling securityholders, where applicable, will be set forth in a prospectus supplement, in a post-effective amendment or in
filings we make with the SEC under the Exchange Act which are incorporated by reference into this prospectus. </P>
<P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><A NAME="toc152789_9"></A>PLAN OF DISTRIBUTION </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">We and any selling securityholder may offer and sell the securities covered by this prospectus from time to time, in one or more transactions,
at market prices prevailing at the time of sale, at prices related to market prices, at a fixed price or prices subject to change, at varying prices determined at the time of sale or at negotiated prices, by a variety of methods, including the
following: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">through agents; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">to or through underwriters; </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">in &#147;at the market offerings,&#148; within the meaning of Rule 415(a)(4) under the Securities Act, to or
through a market maker or into an existing trading market, on an exchange or otherwise; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">through brokers or dealers; </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">directly by us or any selling securityholders to purchasers, including through a specific bidding, auction or
other process; or </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">through a combination of any of these methods of sale. </P></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Registration of the securities covered by this prospectus does not mean that those securities necessarily will be offered or sold. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">7 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In effecting sales, brokers or dealers engaged by us may arrange for other brokers or
dealers to participate. Broker-dealer transactions may include: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">purchases of the securities by a broker-dealer as principal and resales of the securities by the broker-dealer
for its account pursuant to this prospectus; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">ordinary brokerage transactions; or </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">transactions in which the broker-dealer solicits purchasers. </P></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In addition, we and any selling securityholder may sell any securities covered by this prospectus in private transactions or under Rule 144 of
the Securities Act rather than pursuant to this prospectus. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">We may sell offered securities through agents designated by us from time to
time. Any agent in the offer or sale of the securities for which this prospectus is delivered will be named, and any commissions payable by us to that agent will be set forth, in the applicable prospectus supplement. Unless indicated in such
prospectus supplement, the agents will have agreed to use their reasonable best efforts to solicit purchases for the period of their appointment. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In connection with the sale of securities covered by this prospectus, broker-dealers may receive commissions or other compensation from us in
the form of commissions, discounts or concessions. Broker-dealers may also receive compensation from purchasers of the securities for whom they act as agents or to whom they sell as principals or both. Compensation as to a particular broker-dealer
may be in excess of customary commissions or in amounts to be negotiated. In connection with any underwritten offering, underwriters may receive compensation in the form of discounts, concessions or commissions from us or from purchasers of the
securities for whom they act as agents. Underwriters may sell the securities to or through dealers, and such dealers may receive compensation in the form of discounts, concessions or commissions from the underwriters and/or commissions from the
purchasers for whom they may act as agents. Any underwriters, broker-dealers agents or other persons acting on our behalf that participate in the distribution of the securities may be deemed to be &#147;underwriters&#148; within the meaning of the
Securities Act, and any profit on the sale of the securities by them and any discounts, commissions or concessions received by any of those underwriters, broker-dealers agents or other persons may be deemed to be underwriting discounts and
commissions under the Securities Act. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In connection with the distribution of the securities covered by this prospectus or otherwise, we
or any selling stockholder may enter into hedging transactions with broker-dealers or other financial institutions. In connection with such transactions, broker-dealers or other financial institutions may engage in short sales of our securities in
the course of hedging the positions they assume with us or any selling stockholder. We or any selling stockholder may also sell securities short and deliver the securities offered by this prospectus to close out our short positions. We or any
selling securityholder may also enter into option or other transactions with broker-dealers or other financial institutions, which require the delivery to such broker-dealer or other financial institution of securities offered by this prospectus,
which securities such broker-dealer or other financial institution may resell pursuant to this prospectus, as supplemented or amended to reflect such transaction. We or any selling securityholder may also from time to time pledge our securities
pursuant to the margin provisions of our customer agreements with our brokers. Upon our default, the broker may offer and sell such pledged securities from time to time pursuant to this prospectus, as supplemented or amended to reflect such
transaction. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">At any time a particular offer of the securities covered by this prospectus is made, a revised prospectus or prospectus
supplement, if required, will be distributed which will set forth the aggregate amount of securities covered by this prospectus being offered and the terms of the offering, including the name or names of any underwriters, dealers, brokers or agents,
any discounts, commissions, concessions and other items constituting compensation from us and any discounts, commissions or concessions allowed or reallowed or paid to dealers. Such prospectus supplement, and, if necessary, a post-effective
amendment to the registration statement of which this prospectus forms a part, will be filed with the SEC to reflect the disclosure of additional information with </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">8 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
respect to the distribution of the securities covered by this prospectus. In order to comply with the securities laws of certain states, if applicable, the securities sold under this prospectus
may only be sold through registered or licensed broker-dealers. In addition, in some states the securities may not be sold unless they have been registered or qualified for sale in the applicable state or an exemption from registration or
qualification requirements is available and is satisfied. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In connection with an underwritten offering, we and any selling stockholder
would execute an underwriting agreement with an underwriter or underwriters. Unless otherwise indicated in the revised prospectus or applicable prospectus supplement, such underwriting agreement would provide that the obligations of the underwriter
or underwriters are subject to certain conditions precedent, and that the underwriter or underwriters with respect to a sale of the covered securities will be obligated to purchase all of the covered securities, if any such securities are purchased.
We or any selling securityholder may grant to the underwriter or underwriters an option to purchase additional securities at the public offering price, less any underwriting discount, as may be set forth in the revised prospectus or applicable
prospectus supplement. If we or any selling securityholder grants any such option, the terms of that option will be set forth in the revised prospectus or applicable prospectus supplement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">To the extent that we make sales through one or more underwriters or agents in at the market offerings, we will do so pursuant to the terms of
a sales agency financing agreement or other at the market offering arrangement between us and the underwriters or agents. If we engage in at the market sales pursuant to any such agreement, we will issue and sell our securities through one or more
underwriters or agents, which may act on an agency basis or on a principal basis. During the term of any such agreement, we may sell securities on a daily basis in exchange transactions or otherwise as we agree with the underwriters or agents. The
agreement will provide that any securities sold will be sold at prices related to the then prevailing market prices for our securities. Therefore, exact figures regarding proceeds that will be raised or commissions to be paid cannot be determined as
of the date of this prospectus. Pursuant to the terms of the agreement, we may agree to sell, and the relevant underwriters or agents may agree to solicit offers to purchase, blocks of our common stock or other securities. The terms of each such
agreement will be set forth in more detail in a prospectus supplement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Underwriters, agents, brokers or dealers may be entitled, pursuant
to relevant agreements entered into with us, to indemnification by us or any selling securityholder against certain civil liabilities, including liabilities under the Securities Act that may arise from any untrue statement or alleged untrue
statement of a material fact, or any omission or alleged omission to state a material fact in this prospectus, any supplement or amendment hereto, or in the registration statement of which this prospectus forms a part, or to contribution with
respect to payments which the underwriters, agents, brokers or dealers may be required to make. </P> <P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><A NAME="toc152789_10"></A>LEGAL
MATTERS </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Unless otherwise indicated in any accompanying prospectus supplement, Skadden, Arps, Slate, Meagher&nbsp;&amp; Flom LLP will
provide opinions regarding the authorization and validity of the securities. Skadden, Arps, Slate, Meagher&nbsp;&amp; Flom LLP may also provide opinions regarding certain other matters. Any underwriters will be advised about legal matters by their
own counsel, which will be named in an accompanying prospectus supplement. </P> <P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><A NAME="toc152789_11"></A>EXPERTS </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The consolidated financial statements of SJW Group as of December&nbsp;
31, <A HREF="http://www.sec.gov/Archives/edgar/data/0000766829/000076682918000058/sjw2017q410k.htm">2017</A> and <A HREF="http://www.sec.gov/Archives/edgar/data/0000766829/000076682917000043/sjw2016q410k.htm">2016</A>, and for each of the years in
the three-year period ended December&nbsp;31, 2017, and management&#146;s assessment of the effectiveness of internal control over financial reporting as of December&nbsp;31, 2017 have been incorporated by reference herein in
</P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">9 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
reliance upon the report of KPMG LLP, an independent registered public accounting firm, incorporated by reference herein, and upon the authority of said firm as experts in accounting and
auditing. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The consolidated financial statements of Connecticut Water Service, Inc. as of December&nbsp;
31, <A HREF="http://www.sec.gov/Archives/edgar/data/0000276209/000027620918000007/ctws2017form10-k.htm">2017</A> and <A HREF="http://www.sec.gov/Archives/edgar/data/0000276209/000027620917000009/ctws2016form10-k.htm">2016</A>, and for each of the
years in the three-year period ended December&nbsp;31, 2017, financial statement schedule for the three-year period ending December&nbsp;31, 2017 and management&#146;s assessment of the effectiveness of internal control over financial reporting as
of December&nbsp;31, 2017 have been incorporated by reference herein from SJW Group&#146;s Current Report on <A HREF="http://www.sec.gov/Archives/edgar/data/0000766829/000119312518333896/d607871d8k.htm">Form 8-K</A> dated November 26, 2018 in
reliance upon the report of Baker Tilly Virchow Krause, LLP, an independent registered public accounting firm, incorporated by reference herein, and upon the authority of said firm as experts in accounting and auditing. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">10 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:arial" SIZE="5"><B><I>1,030,000 shares </I></B></FONT></P>
<P STYLE="font-size:24px;margin-top:0px;margin-bottom:0px">&nbsp;</P> <P STYLE="font-size:96px;margin-top:0px;margin-bottom:0px">&nbsp;</P> <P STYLE="font-size:36px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<P STYLE="font-size:0px;margin-top:0px;margin-bottom:0px">&nbsp;</P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center">


<IMG SRC="g152789g18o02.jpg" ALT="LOGO">
 </P> <P STYLE="margin-top:24px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:arial" SIZE="5"><B><I>Common stock </I></B></FONT></P> <P STYLE="margin-top:24px;margin-bottom:0px" ALIGN="center"><FONT
STYLE="font-family:arial" SIZE="6"><B>Prospectus supplement </B></FONT></P> <P STYLE="font-size:24px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<P STYLE="margin-top:8px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:arial" SIZE="3"><I>Joint book-running managers </I></FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">


<TR>

<TD WIDTH="50%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="49%"></TD></TR>


<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="top"><FONT STYLE="font-family:arial" SIZE="5"><B>J.P.&nbsp;Morgan</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:arial" SIZE="5"><B>RBC Capital Markets</B></FONT></TD></TR>
</TABLE> <P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:arial" SIZE="3"><I>Co-managers </I></FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">


<TR>

<TD WIDTH="50%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="49%"></TD></TR>


<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="top"><FONT STYLE="font-family:arial" SIZE="4"><B>Janney Montgomery Scott</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:arial" SIZE="4"><B>Loop Capital Markets</B></FONT></TD></TR>
</TABLE> <P STYLE="font-size:72px;margin-top:0px;margin-bottom:0px">&nbsp;</P> <P STYLE="font-size:72px;margin-top:0px;margin-bottom:0px">&nbsp;</P> <P STYLE="margin-top:24px;margin-bottom:0px"><FONT
STYLE="font-family:arial" SIZE="2">March 8, 2021 </FONT></P>
</DIV></Center>

</BODY></HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>2
<FILENAME>g152789g18o02.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 g152789g18o02.jpg
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MV/7L>JE]:FE)J^^TN1N4ZT>Q(8=F477<;$'8"J$)^/V@'R1TO7X'>>SNG^U
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M(60JL\DUR;BH!+.\D[;*!\EF8[ ?))VZLZMQAI0<F"I%5BY,QV"JD2[L2?@
M#<D_;I>+P?5F1Z%Z;[V\CT\&0B/VELFPZVU<\8TM+J*_)V(>\3X*</8PO#4%
M7P]4P8KZ/E\LL28KBTN#O(R[_5NPF$T_HW0L+*7QU""_D I!!GC@:I"_CQO-
M.^2F8';YC8#9@>E3Z<0ME<SJ?5TJL%NVYJ=(L-CV7F6S*OD?$42T8E(W_*ZG
MRIZ9;](3IP=0C\A79%<X8Y>O>\95L.1M#:&ZKJZL&.92BU;*GF"DUV-=0AQI
MUR,C6QCK+8<,NM$8KL'*_BN?F9&0O6:)TO/J_4-/$1EDKDFQD+"CS7H0E3/(
M#L0)'Y)!!N"O?FBY#CR(SFJM00Z:PUG)2!7F&T-*!CMW[DH/:0[$$H@#32[$
M'LQ2<3RVZ26\:&B;9Y(/(M!RVZ3I"_Q;4Y+[]W[,S7^U?XAB8"1#);A)!'P2
M,F.M=K/KE2<BAOQ60JT<:U%,L#1K3+59:^S%;0FAIHL2B4I##%A<-%#[>Q)/
M&ZF9#Y;N5ZR3V1(W(O81#(2TA8SIH_&3ZNU9&^19[2"23*9223W=U(G4B-_M
MPGG>& HNP6%F" *@ T0TI2A*4(2E"$)PE*4XPE*4IQ[)2E./;"4IQC&,8QC&
M,8Q[8]1#U5W4/ZES5)([3VMUW=Y.*D##=24K06E8,#\ETFI:ZBY$F[7V3G'"
M&&14S]QV#(J2(Q&_D) K,#'J)DGBIHN+A]/9ST9TICM,U(Y$1,G;S65F?B%L
MWI(UJ4XX0I+=FK2C!8OQYV)GVC"Q+)+P(,0XU#>SUET=FH5L7CHUW)@J([6;
M3R$@#NV+;^T)OQAB3DY,A2.G'S5],7^W<?;=L.J-E3VN=0U;>D!SN)(58A,?
M(="7L3,]G;D5_76LID!=8T)<))U/#$,0,NZ7.NWD684]5H*-1.M'THP%*MJ?
M&0Y&A#>R=G#SYQDL*73"4V[(QDG9/L:_=[L=GE*K"K5GIM$!8FD,. ]1,Q:G
MP%^:C<EJ4(,G%B5>!N#96R.Y]>G=&SBG5,;U^,;#ZFQ#963>").[7YXD^W-R
MZ0X3Z-UYK6.FMH[DG-RT+7/(>ML(<G'/^TO:M7M!EC*% )<4R)3Z5$TM[84\
MR\L2ML&-O9ER8M%B,DL[3U*TEB\OK#!W;\D6/Q<.*N7M37]Q#_9^.L5U@5G4
M<GM6Y+0I0E0]@J5[:R=A8^LMH74>0QNF<M5J))=R$F0JT\#3\R_OEZ"9I2%)
MV6O72L;4H)6$,#S9.ZS]6O<4:PFO%1S;TQV%Y$;\U+[LVO:HN?NTPQ9E7VTR
ML;$QRVZ-KR*D2U#M3-XG+1.6?[(^(-57V!513CLDQ"0!,B$N=69"+U&SV TQ
MH>DT6)QM>2&I$:XIUXWED!N7I(UW,5.&O%7V>5>^6[@$9FF6-]OIRE)HC#YC
M/:KM!\C>G26S()C:G=(T(K5$=MA)9DFDF]L;=H INXCB++7+H7HKLCSB=92-
M%*O%OY^XKUTEJT[)I&IK!(UXDFI/&/#UZFV:ZQGX,O;;EL @5T9S\YT6M1,9
M%V"?@ZTP9$)8D-SF<'I;TCTU'<6I5S6J[Q->A;R4"3JMD(K3VJ]23G%6JT@P
M8<0UB222&&6PRR;IDL9EM0>I&=>L;-C%:=J;37*U&5X6: L1%7FL)Q>>Q:(X
MGD5AC1)98X0T8#VD]1SM/\>W6OC4CM"P,9K/7.^=A6GG;;6OJRA8%9O$+/$:
M\A*3;[)'_8MN4NM$L]G_ *JW?3?R+=(!'247,3)\<<^.I>:>AM:VTWKV3,S2
M7[^'HULYC;M@\[%26!;LMNK!)L#'4N5Z_:--=JR.D<D422(&ZVN:E@TKG-(+
MC(DIU,G;FQ-ZK#NL-F.4U(ZT\R;[/9JS3<Q:8&PZ,\<DC(W'KMGD+WWLDK07
M8,;SYL9_5:N<-2SDYLK<44&T=+M;#>K*++7M(T QTAEB%MA<&9#RUYN:,$25
M*CK73HVL"NVBP%S%(Y.B<-07-:8DS5%<B,[DH8:&+E<I$:(L=B?+74"DS5EF
M26*G4/&.W)6M26&%>!(KG1U5D[;8O/IBK;4CB*,LMO(1J&D%OL]Z+'56+ 1S
M-$T<EFQY>ND\"0J9I6>O09^G/VKT)=^QMH0LSLK8-KUOG2EFM%YB[3:IZPPK
MUF7<*:%7)C+,N:8PU:77SY7#,BC"#R8O,XTXZXUEQ.'-ZY8W"5-+X^6*A2K7
M_P 6KUZ<E>O#!**XJVGGBWB12:P"1[H=T63LD ';I7^DU[*V=07(I+EJ>G^'
M3364GFEEC,WU%=89-I&8"<EGV<>YD[H)(WVFO^HS[-OVGH+0O/>G]C7#7ENM
MQ<WM6]RM#M4U4+!BH1+9-3J4,5)0!P$@_!V2:-M1I8"W\"/&4^/==;=6PWEK
M)^ANE:64FS.;RE&K>K5EAQM..Y7BM0?4RE;-F58YD=!-!$E95<#D$M. 0"=]
M'ZM:AM8^/%XK'V[%2Q.TEZR]6>6O+].@,$$;/$R,T4TC3LRD\2U=20=AM]]^
MG1J^W+)I#<O1VW=B;'O2]A78&@T%F]W.S6A@*OT$-9=BG(AN<DCF6TSUCL.(
M4DAO&'ONI:V<90W\_M]+UQL8ROE\7@L91H4Q2J-=NFG5KUV:>XW&"&4PQH3V
M8(>ZJD[;6P?GX]KTFAOS8W(9:_;N6?JK*U:HLV9IE6*JO*:6,2.RCNS3=LL/
M.]<CP-]ZCO/%U9M-CR%7&CZUVUL:FPFKM=:WI<A&4N]V:N1#\Z;$/WX\MT*$
ME @WI!#5X$CC"5-J(PJ/0(\Y_LB6VV7Z.Z<QK:)JW+^,HVYLC>OVDDMTZ\\J
MPI(M)%#S1NPCWJ-(J@\?>6 ]Q)PGJ9G+PU58K4[]NO'2J5*[)6M30QF5HS:=
MBL3JI?:RJ,VQ/L"D^W86H^(38'2\YQ'!:\UG<3;;OS=%TONU)[;VY)"P[!K'
M.NJ%',:MK<U*QDC*XD+5:[3,:ULYFK-7M2T3'RSC<[<K(?'UD/Z[$N_4VE@(
M=6S7;]5:V&Q52GCH<9BHX*4^<R7 Y">*.1(^W6KUXK]=<CD#%(\8[-6!'L-O
M!MM!VLQ+IR.K3L-/E,A8M79+^0>6U#B:/):4,DB/)SFFFDJ3-2I!T20]RQ*R
M0K^U7C[ WYW1SIVAMBJ6;LK<EUV-J/8A0 E]B+U9H*(D$,9&E8U\&DC3)%:K
ML:4"6-B2HPHQ5> <6;!K:/";6I]W:8PND,YI7&V:^EL74HY.BKM3EIUYI8R>
M4<@>VT2V)Y%=6[=QF6=P$F!1B JHSV4U+B=0WH9M09"Q<HVR@M)9FBC<#BZ%
M:PD,,4;*5YUE5H5):/9UW+6)_P#B+NR?_:>E?_1&^L/_ )C=+_\ S*U_QD_]
M>M9_G9S_ /\ !5_^$W_KTZ):*S!72LV*G6B-'F:S;(*7K-BB"TY4)*P4]'D1
M<O&E)QE.5#G1Y1 KR<*QG+;JL8SC/[^I5KV)JEB"U7D:*Q6FBL02J=FCFA=9
M(I%/V9'56!_4=4--#%8AEKS()(9XY(98V_*\4JE)$/\ )E8J?Y'K,S[TY$M?
M$?3NP]$V)!A,-&'*G=<60IOX)N&M)M\EZIV!"TH0RX9@9IZ&GT#XRP'9XB;C
MVEN($2XN^M&ZFK:MT_1S$!599$[-^!3_ *+?B519@())"\B)82WEZ\L3G8ML
M([U/@9].9FWC)@QC1N[4F8?Z13D+&"7<  ML#'+MX6:.1!^7IC3].[Y"'9R-
M(X,VG,?9)0(<O:.>I:0(^3YT&RI^6M^L?L<5\W7H-*C+?5F_\U>(3-G RZ.#
M!PPF49ZWZ)$,BZQQT6T<S15\W&B[!)CM%5R&P\ 3;)6L'Q^V^G?9GFE;IM>E
M&JNZATQ=D]\2R38IV/EXP3)8I^?):+=IX1Y_9=Y?:L4:EJH\X.+!,DY$I@&/
MCA"#CS2G$LC"!B,K(**(>7G"&F!V&UNNN+SA*&T*4K.,8SGU.B(TCK&BEW=E
M1$4;LS,0JJH'DEB0 !\D].QF5%9W8*B*69F.P55&[,2?   ))^PZS".F=I67
MLWL?:>R(88N5F]Z;D+&HL4O"OS514O-,5C6M=]E_R^X&O-5V#1C.,9]QT_P3
M_NX^@6G\=7TKI;'4)66*+$8M6N2#\@DBB:Q?G\?9YS/,?]KJ-<S=FU#J"]<C
M5GDR60854V]Q2200TXMC_$L0BC_UC[=:4^A-2PVAM(ZETM7_ *U1&K->5&BB
MOMH^O\[-;A HLF4=Q[8RHJ6+'?DS'%_S>*+>=<]UK5GU!N9R4N9RV2RL^_=R
M-ZS<8$[\._,\BQC^F-6$:@> J@#P.J^QE&/&8ZCCHO[NE4@JJ?CEV8U0N?ZG
M8%V/R68D]9LWD#;RSWAVDWG_ $ZNZ$5C_P#%>V;8M.?^J58SZO#11WT=I0_]
MG,)_RQM8=2'JD;:FU$/^O,J?_K>G/_[Z<_\ *5O:X(Y,TEREI9>3>@.]T5'3
M=-"8=6V]'4.8B(5>T;0>MI+BA(-$))BUJ7,=1AL**LTE+X5AN&(4W*OIYAZO
M^4F6U'E1PPNC?J<I:<C<27(I91CJZ [<IC-&UB)!Y>2O'%MO*N]"ZTR5@8+'
M83'GEE=3]C'UU!V*UI$C-V=MORQ"-UAD;;94F9_B,[(U]'ZM%T=T+O72X$D1
M,@:CW#LO6@,P8TVP7+!4:Y3-9$DR6&O=ID@\>,;+>::SEMMQU2$9^.,>J[P6
M1;+X3#Y5XUB?)XNA?>)22L;W*L5AHU)\E4:0J"?) !/4V9>D,;E<GCE<R+0R
M%RFLC !I%K6)(5<@> 75 Q \ GI[/R==#36L_'-6Z3KQLF4W-UO7M=<ZZE@(
MM7RF9:3VI @ V1T!E"DOI6BI/2L8&<VIM(=@FJ_A3S:R&?G'WI_A(K^N;%N\
M5CQ6F9[V<R4T@VBC3'3.]<.3[=C9$<C(=^4,4W@@'JE]9962GI*&O5#/D,[%
M4Q-&*,[R.]V)5F*;>?$'<17&W&62+R"PWGAQ3S1!\@\O:?Y^A<C$/T2JCHM$
ML*C*6[!>IEUV<N\\E2TX>4/)6>0DW8Y!&5NB1. (_P">6Q&\8Q^J\_-J?4.4
MS4O)1<L,:\3'<P4X@(:D/SMRCKI&)"NP:7F^V['K3Z=P\6!PU#%1\2:T([TB
MCQ+9D)DLR^?)#S.Y3EY6/@GPHZE-ZSO7:Z1I_47=3%;6ZS@^=8224Y2N<*X*
MB6$8=SD4W:-] C[!/&.Y;5ADG,-5W*I!CI=PX]%R2;,PA;:C"FL5UZ&Z=7':
M;FSDR;6L[88Q,1[DQ])W@A4;^5[MD69B1L)(S =CQ4]3;ZLYMKV=CQ,;_N^(
MA4.H/M:[:1)96.WANW"8(UWW*/W@".3#JSC]-%H)BJ<Z[CZ(D@<(FMN["8I$
M 2\W[N?X*UF!A;I(3V<>[;$I;K-.A'-HSC#SU7#4[\LL-81@/7O,FSG,7@XW
MWBQE$VYE!\?5WW\*P^YCJP0NA^PL.!\GK9>CV,$&)R&5==I+]L5HF/S]/33<
ME3]@\\\JL!\F%2=]AM?!T1U+H#D^HQMZZ%V7#:SJ\S,8K\1(2HDS)/2DSD$R
M3R!'Q=>C)B7,>0" 40YD<!QMI*$I<6EQYA#B=PFGLUJ2R]/"4)<A8BB[TB1M
M$@CBYK'S>2:2*)!S=5')P3OX&P)#,RV:Q>#@2SE;D=.&23M1LZR.7DXL_%$B
M221CQ4D[*0/N=R-^$<Y^0OFOMZ7V71.5KY/VV;I%1_JDG<2M>W"N5:!+G'28
MJMY6]<(F!,,.)-9+.%CTQ^/R0H>2<RXC#.$K[.<T3GM)14+FHJ<-:*W9[<=5
M;M6>Q,L(62?Q5EG145"J,_/VM+&-COUS,3JK#ZCDN5L):EGDK0<WL&I8A@B:
M4E(?-B.)F9F#,J</<L;G?QTLMYXY:-T1J+A'@"NGH)QJ;66=F["=;>61F=M<
MBRNGQEG,=7A*W):=GP]LV*4?(0E\LBR?EY;9P_\ YC]]'(I,QD]8:TG3C^)9
M#Z"D-@HAKH1:DKH!N!'#"V-@C"DA5@X[G;PG?4V1,90TUI:%N7T-/ZRT02>[
M.P-=)F)V)DEE6],Y8<F,W+QN=YN?IMN6FXK3]XZNMPJB9"T6RP4?4 YC25L0
M=? 'A1-AVR)]TY3@ZW3D9'U-XSW_ "@@Z*>&,MH6:DFR\GZ[ZA,F4IZ<K,%2
MO6@N9-D)#33NTS4:TO\ 15AD>R%_*[7$=@6AC*Z/TBPO;Q]G.3KNT\\M:@&'
MB.%!&MN>/^J>5%@+?F5:K*NRR/RJ^\_/;<ET)U.;SU59AU6HN9SRZV\&*_G\
M&Q;@4W]%[GC&T*2E]VK.9S0HQLE#BXTB+LY(3J6;"2E3!]&-)1X33J9NS$!D
M\^BSAF7WP8S?>G"I(W46!^^2%2!(LE<."8%VQGJCJ-\KFVQ4$A^@P[&$J#[9
M;^VUF5A]S!O]*@8'@4F93M*>F1_"'RP+S3P?KB5D8Y(NP-^M,[LNI+C7Q,P#
M:0V%:_AEK7C!#8\51$0I:X]WXX"G9BP*2VAPI[*T1ZM:B;/ZQOQQR<J6&)Q-
M10=UYUV/ULHV/$F2X9E#C\\,4/GVCIN>G&$7#Z9J.Z<;64 R-@D>[C,H^EC.
M_D!*PC8H=N,LDOC<GJ%?E#.(W1Y=O%5SI"YR83KJT ;NG!6/=SZ8PB_1EIET
MDX1G^#K-8T-(&*2O.%L"%((]DMD)4O5^GJ+BO3/U%SDOL6]7?$PL?&\BTI*\
M7'?Y!L9E%\>"RE=]P=L]K1SD-=Z(Q,?N:I.F1D4>?8;232!OTVAQCL?N%;?X
M/GBGFBV>WQYPIK/AT"T,67<_1=BE=J= VP-+C!%EP]<'K]L*T$-NN9D1!K]M
MTP<*KM%//_13JG*5IS.1@6D)ZWI5CSJC6%_5SUS7Q6#@BQV%K-L5@(JBE1KJ
M0.VS4L8C/8*@;VK,5@>YR3SO4.[^ :9IZ;6<39'+S/=RLZ[AI@9S:M3'<\U6
MU?94A#$[5H'A.ZJ-I-_IQ^9U:NY*MO0$X!^/9>CKBI<*Z\UE+Z=:ZV>DJ[ Y
M3AS&'6/ZE;2KN<KX82T=')@R\9=0EA>,_P"NF?&0U+6PL+\H,%5VE /CZ^^(
MYYOCPW;K+43SY23O+X.^_8])</\ 18*?*R+M-E[![9(\_1TR\,7@^1SG-EOL
M&3ML-QL>EFO+)O\ *ZE\@N]+-"O/S$!7;8WIO78XGS+0_!:Z<S5&W(A+?S<?
M&LUG9GK.&A&,J=78<X0C'R2C#]]-L*NG=%8>O*!%-/6.5O,VR%9KP^I(EWV
M:O7,-=R?@0>3TGM<91LWJK)S1DR113C'U N[ Q5#V 8_N1-,))E ^3+X'3ZO
M'&D(?D7D#2FG#5A1;>K-7QSEV/RMML%-J)%?M.R)I;N,Y0@0FV25AD_L4M?U
MCN8^3B_A\\QOJC+2ZFU/E<H@:0Y'(.*B;$O].&%>C$!\\EK)#'MXW8? ^.J<
MT_C8\#@<=CV*H*5-38;P%[[ SVY#MXV,[RO\G8?<_/6;[TAM68Z5Z6W%MQL<
MXZ1W!MFUV6$BT,N$'I"L=B*55X 8=O"WG7 (IV+A@AT8<=4D9EE/S7_>Z\%C
MHL!@,7C"R)'B\;6@FD)"IR@@7ZB9F)V >022L=]AR)^.I'R]Z3,9C(7]F9[]
MZ>:- "6XRRGL1*/D\(RD:CR? 'SUHD\#\SP?#W'NO=<SQ(H]DA*@-<MSV@EY
M"TE7-4"&[9'23\?L]#4Z+C@Z? .^R4M5:KQ6,HPYAU2XAUGGY=7:GNWH59J\
MMIJN*KJ".-7O.( J'\LMJ21[4P^]FQ+]M@*OTOAX]-X"K4E91-' +&0F8[@V
M.TIF);[QUT1:\1^T,*>-]^L[O<=TL/5'4>Q[U&"D%V+?N[K',P$8Y[Y>P5L.
MZ$KKL*A*<+RE(B),"*';3A?UM,MMI^7QQ[V[BZD&G-/4:<C!8,+B8(II!\<:
M55>_+]MRQC>0GQN23U*.0L2YO-6[* M-E,E-)$A^>5NP>U']]@H=4 \[  =/
M<_\ <_: _P"9O_ZUO_\ KZC[_.=FOU;_ (G_ //5,?Y!XW]1_N]3:T=TE$;X
MV9TK3ZI%?^5N=-D16FS+;DO[<639(=='L.Q(T41+24B!4QZ:@JXM3CJR29IB
M;4IML-L%Q_)9? RX?'X&U9D_>,Y0DRBUN.W8H-.T%&1FW]S6Q%-.-@%6)H?)
M8N!H\;EX\G<S%>!/V.)MICVGY;]ZXL0EMHJ[>U:YDBA.Y+&02> H4FM+SQ<4
MQO2O(TUN.NQK6=N<QQTQ?XHUEK&"IO6C+*"]E5@IQ./FZR%$!_XSBL+2\XS(
M5UX +#&)\]QS>^CNJY,#J:+%SR'\-U!)%2D0GVQ7R2M"PH^ SRO]+)ML&2<.
MV_90#'^ING4S&!DR$2#Z_#)):1@!RDI@<KD+'Y(6-?J(QY(>(HNW=8E&K1VU
M['HK<>L-RU(EX6Q:RO59ND8MAQ3>7W("5&/>CW_CG&'0I05I^-D!G/DR6"60
M*^A;+SB%5WE\;!F,7D,594-!D*=BI)N-]A-&R!U_1XV(D1AL5=58$$ ]39C;
MTV,R%/(0,5EIV8;"$';<Q.&*']5=04=3X96*G<$]: _F:Z,1SSX\MT3$:=D*
MT;:C1-)4S^>1R'#=EM$A6)P=>,X>8+CM>C7&6%=:Q]K)8#'LII7LZB+?2S!'
M-ZVQ43ISKXV1LM;\<E"4&5X P^"KW6JQL#X*N?GX-2^H.7_"=*Y"1&XSWD7'
M5_.QY7 RRD?<,E46'4CR&4?'R%(O!GH#.]_(AJ<TX'\RLZ1$F-Y6'*V_DVT3
M3<#!TE>%JQEM+[.Q9NHG(1GW6XP$5EM.,MJ<;I7U>S7X/HC)(C\+&6:+$0;'
MR5M<GMC8>>)HQ64)^ 74'Y **]-L7^)ZKHLR\H<:LF2E\;@&OLM;S\ BW) W
MZD*VWQN-#+U$O55]9DODB#R#W_V:PK'ME?2VXS/;V]OVD;S,R"<__LDG"O?_
M %]_?U?FA'YZ+TJ?TP.+3_ATXD_\O4<ZN7CJG4(_7,9!O]^S(_\ YNFV?%O7
M)?L7>$UY$[Y'&(H>L=;UOE?C^*EF7&\-0M.@1XG;FU V'DHRV19[*]/0T6?A
M""D!R]JKTBW\X412)K]0IX]+XB'0]-U^LR%^?4>IY(R#O+:F:3&8YV'RM>N(
M99$_+SBK3Q^)7W>FBX9-09*35EE&^EIU(L+@(Y!\15XA'>O*#\-/,98T;8,%
M>:%_[L=*.>19C(_?/:#><9QE74&\7_W_ .!.QK"1C/\ \9P[C./^.,^_[_W]
M4OH<\M&:5/\ V>Q _P!VC I_YCI%:L&VJ-0C_KG)'_>MRD?\CTVEP4$_Y >A
M]4]5SPSY7/7#>E*+I?08IS3F +CT=,4"M/;KV0.,^E3;X])RX-3P24I<$,DH
MZN3L42V?#'-(FO63#16$R.G(65<WJ[+7,KF60CG5P45V=<309E\AK>S6G7PR
MQO/#(I25#T\],*=4Y:EFY06Q6F\=6QV+5A[+&6DJPG(W "-B*VZUU8;JSI#+
M&P:-ATPEZ2G34Z\9SA.,J5G&$IQG.<YS[8QC&/?.<Y_TQC'[YSZ.CK*UZ*V@
M;NS?NZ=OGON$$;,VE>[OA;BLJ^L:R6:2E A6_E_N#A!$CABLX]D,#,-,MX2A
MM.,?1/!X],3AL5C$4*M#'4ZFP^[001QNQ_5G=69B?)8DGR>HGRUULEE,C?8[
MFY=M6?\ 4LTSNJC]%52%4?90 / ZT2?%9K5C5'CNY&JS+"1UR&G:]?S&_C\5
M_P!1VJHG9Q_W?^K+R2K<ZVO"OY(^&&_V2A*<1!ZBWSDM;ZFLEN03*3TU/VX8
M[CCTV_EQK C]?G[[]5?HFF*.E,% !Q+8^*TP^_.[O<??^?*<@[^1\?;I6?\
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MX-8LO$L(8"0KPGLRE5;@#Q ;NUUHX8B&A=>:2SKJ(D$_%,T;(;.L$51+)<I
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EDA="BSJ49GCY$,R*Z!]@K$H65G[/49]5!T>CHZ/1T='HZ.O_V0$!

end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
