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Eversource Reiterates Its Proposal to Acquire Connecticut Water Service for $63.50 Per Share

 June 13, 2018 - 4:37 PM EDT

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Eversource Reiterates Its Proposal to Acquire Connecticut Water Service for $63.50 Per Share

HARTFORD, Conn.

Willing to Deliver Further Value to Connecticut Water Shareholders
Through Connecticut Water’s Receipt or Avoidance of Termination Fees

Urges Connecticut Water Shareholders to Vote “AGAINST” Inferior
San Jose Water Transaction

Eversource Energy (NYSE: ES) today reiterated its offer to acquire
Connecticut Water Service, Inc. (Nasdaq: CTWS) at $63.50 per share in
cash and/or Eversource shares. Eversource is not increasing its standing
proposal, but is providing a clear path for Connecticut Water
shareholders to receive incremental value above $63.50 per share.
Eversource’s superior proposal continues to be a highly attractive
option for Connecticut Water, with no financing contingency and no
Eversource shareholder vote required for approval.

Additional value would be available for Connecticut Water shareholders
if SJW Group (NYSE: SJW) (“San Jose Water”) terminates the pending
merger agreement and pays the San Jose Water termination fee of $42.5
million to Connecticut Water. This equates up to approximately $3.41 per
share of CTWS.

Additionally, if the pending merger agreement between Connecticut Water
and San Jose Water is terminated such that Connecticut Water does not
have to pay the $28.1 million termination fee to San Jose Water, that
equates up to approximately $2.25 per share of CTWS.

Connecticut Water shareholders should note that
San Jose Water and Connecticut Water can mutually agree to terminate
their merger agreement at any time with no termination fees being owed
by either party.

Importantly, both Connecticut Water and San Jose Water, as part of the
preclusive Connecticut Water “go-shop” process, refused to eliminate or
reduce the termination fees while simultaneously extending the tail
period applicable to the termination fee payable by Connecticut Water
from 12 to 15 months and providing San Jose Water with additional rights
to match competing proposals. These are highly preclusive actions that
are not in the best interest of Connecticut Water’s shareholders.

Eversource remains committed to delivering its compelling and superior
proposal to Connecticut Water shareholders and continues to urge
Connecticut Water shareholders to vote “AGAINST” the inferior San
Jose Water merger proposal by completing the BLUE proxy card once
Eversource files definitive proxy materials with the U.S. Securities and
Exchange Commission.

For more information on Eversource’s superior proposal for Connecticut
Water, please visit www.betterCTwater.com.

About Eversource:
Eversource (NYSE: ES) transmits
and delivers electricity and natural gas and supplies water to
approximately 4 million customers in Connecticut, Massachusetts and New
Hampshire. Recognized as the top U.S. utility for its energy efficiency
programs by the sustainability advocacy organization Ceres, Eversource
harnesses the commitment of its more than 8,000 employees across three
states to build a single, united company around the mission of safely
delivering reliable energy and water with superior customer service. For
more information, please visit our website (
www.eversource.com).
For more information on our water services, visit
www.aquarionwater.com.

Forward Looking Statements:
This news release
includes statements concerning Eversource Energy’s (“Eversource”)
expectations, beliefs, plans, objectives, goals, strategies, assumptions
of future events, future financial performance or growth and other
statements that are not historical facts. These statements are
“forward-looking statements” within the meaning of the Private
Securities Litigation Reform Act of 1995. In some cases, readers can
identify these forward-looking statements through the use of words or
phrases such as “estimate,” “expect,” “anticipate,” “intend,” “plan,”
“project,” “believe,” “forecast,” “should,” “could” and other similar
expressions. Forward-looking statements are based on current
expectations, estimates, assumptions or projections and are not
guarantees of future performance. These expectations, estimates,
assumptions or projections may vary materially from actual results.
Accordingly, any such statements are qualified in their entirety by
reference to, and are accompanied by important factors that could cause
our actual results to differ materially from those contained in our
forward-looking statements, including, but not limited to, in the case
of Eversource’s proposal to acquire Connecticut Water, the fact that we
may fail to reach agreement on terms of a potential transaction with
Connecticut Water, or fail to complete any such transaction on a timely
basis or on favorable terms; the negative effects on Connecticut Water’s
business resulting from the pendency of the merger proposals; that we
may not receive regulatory approvals within the expected timeframe; that
we may not be able to close the proposed transaction with Connecticut
Water promptly and effectively, or at all; cyber-attacks or breaches,
including those resulting in the compromise of the confidentiality of
our proprietary information and the personal information of our
customers; acts of war or terrorism or grid disturbances that may
disrupt our transmission and distribution systems; ability or inability
to commence and complete our major strategic development projects and
opportunities; actions or inactions of local, state and federal
regulatory, public policy and taxing bodies; substandard performance of
suppliers; climate change; disruption to our transmission and
distribution systems; new technology and conservation of energy;
contamination or failure of our water supplies; unauthorized access to
confidential and proprietary information; changes in laws, regulations
or regulatory policy; changes in economic conditions, including impact
on interest rates, tax policies, and customer demand and payment
ability; changes in business conditions, which could include disruptive
technology related to our current or future business model; changes in
weather patterns, including extreme weather and other effects of climate
change; reputational risk; changes in levels or timing of capital
expenditures; technological developments and alternative energy sources;
disruptions in the capital markets or other events that make
Eversource’s access to necessary capital more difficult or costly;
developments in legal or public policy doctrines; changes in accounting
standards and financial reporting regulations; actions of rating
agencies; and other presently unknown or unforeseen factors.

Other risk factors are detailed in Eversource’s reports filed with
the Securities and Exchange Commission (SEC) and updated as necessary,
and are available on the SEC’s website at
www.sec.gov.
All such factors are difficult to predict and contain uncertainties that
may materially affect Eversource’s actual results many of which are
beyond our control. You should not place undue reliance on the
forward-looking statements; each speaks only as of the date on which
such statement is made, and, except as required by federal securities
laws, Eversource undertakes no obligation to update any forward-looking
statement or statements to reflect events or circumstances after the
date on which such statement is made or to reflect the occurrence of
unanticipated events.

Certain Information Regarding Participants:
Eversource and
certain of its trustees, executive officers and employees may be deemed
participants in the solicitation of proxies from Connecticut Water
shareholders in connection with Connecticut Water’s Special Meeting of
Shareholders. Information about the interests in Connecticut Water of
Eversource and such trustees, executive officers and employees is set
forth in a preliminary proxy statement that was filed with the SEC on
April 27, 2018 (the “Eversource Proxy”).

Additional Information:
Investors are urged to
read in its entirety the Eversource Proxy, which is available now, and
the definitive proxy statement and any other relevant documents filed
with the SEC when they become available, because they contain (or will
contain) important information. The Eversource Proxy, and any other
documents filed by Eversource with the SEC, may be obtained free of
charge at the SEC web site at
www.sec.gov.
The Eversource Proxy and such other documents may also be obtained free
of charge by contacting D.F. King & Co., Inc. at: (800) 967-5071 or 48
Wall Street, 22nd Floor, New York, New York 10005.

This document shall not constitute an offer to sell or the
solicitation of an offer to buy any securities, nor shall there be any
sale of securities in any jurisdiction in which such offer, solicitation
or sale would be unlawful prior to registration or qualification under
the securities laws of any such jurisdiction. No offering of securities
shall be made except by means of a prospectus meeting the requirements
of Section 10 of the U.S. Securities Act of 1933, as amended. This
communication relates to a proposal that Eversource has made for a
business combination transaction with Connecticut Water. In furtherance
of this proposal and subject to future developments, if Eversource and
Connecticut Water agree on a negotiated transaction, Eversource and
Connecticut Water may file one or more registration statements, tender
offer statements, prospectuses, proxy statements or other documents with
the SEC. This communication is not a substitute for any registration
statement, tender offer statement, prospectus, proxy statement or other
document Eversource and/or Connecticut Water file with the SEC in
connection with the proposed transaction. Investors are urged to read
carefully the registration statement(s), tender offer statement(s),
prospectus(es), proxy statement(s) and other documents filed with the
SEC when they become available because they will contain important
information about Eversource, Connecticut Water and the proposed
transaction. Investors may obtain free copies of these documents (when
they are available) and other related documents filed with the SEC at
the SEC’s web site at 
www.sec.gov
or by directing a request to Eversource’s Investor Relations department
at (860) 665-5154 or by email to 
jeffrey.kotkin@eversource.com.

Eversource
Media Contacts:
Caroline Pretyman,
617-424-2460
caroline.pretyman@eversource.com
or
Investor
Contacts:

Jeffrey R. Kotkin, 860-665-5154
jeffrey.kotkin@eversource.com
or
Brunswick
Group
Jonathan Doorley / Darren McDermott, 212-333-3810
or
D.F.
King & Co., Inc.
Edward McCarthy / Michael Madalon, 212-269-5550

Source: Business Wire
(June 13, 2018 - 4:37 PM EDT)

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