The Bonds include terms and conditions similar to Cal Water's existing First Mortgage Bond indebtedness. Group capital investments during the 12-month period ended Dec. 31, 2024, increased to a record total of $471.0 million, up 23% over the same period last year. California Regulatory Activity 2024 General Rate Case and Infrastructure Improvement Plan On July 8, 2024, Cal Water submitted a GRC that included infrastructure improvement plans for 2025-2027. Cal Water proposes to invest more than $1.6 billion in its districts from 2025-2027 in order to support its ability to provide a reliable supply of high-quality water and enhance sustainability. In its application, Cal Water proposes to adjust rates to increase total revenue by $140.6 million, or 17.1%, in 2026; $74.2 million, or 7.7%, in 2027; and $83.6 million, or 8.1%, in 2028. Importantly, the application also proposes a Low-Use Water Equity Program that would decouple revenue from water sales to assist low-water-using, lower-income customers.