Company: AWK
Filing Date: 2025-12-29
Form Type: S-4/A
Source: 0001193125-25-332292
Chunk: 409

Company: American Water Works Company, Inc.
Filing Date: 2025-12-29
Form: S-4/A
Chunk 409
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 may receive compensation for the rendering of these services, including (i) having acted or
acting as financial advisor to American Water in connection with a sale transaction, (ii) having acted or acting as a book-running manager, bookrunner and/or underwriter for certain debt and equity offerings of American Water and/or an
affiliate thereof, (iii) having acted or acting as a dealer for a commercial paper program of American Water and/or an affiliate thereof, (iv) having acted or acting as a bookrunner, arranger and/or document agent for, and/or as a lender
under, certain letters of credit, credit facilities and other credit arrangements of American Water and/or certain of its affiliates, (v) having provided or providing certain derivatives and other trading services to American Water and/or
certain of its affiliates, and (vi) having provided or providing certain treasury management products and services to American Water and/or certain of its affiliates.

The Board of Directors

American Water Works Company, Inc.

Page 3

B-4

In addition, we and our affiliates in the past have provided, currently are providing, and in the future may
provide, investment banking, commercial banking and other financial services to Essential and certain of its affiliates and have received or in the future may receive compensation for the rendering of these services, including (i) having acted
or acting as a manager, bookrunner, sales agent, forward seller, forward purchaser and/or underwriter for certain debt and equity offerings of Essential, (ii) having acted or acting as a dealer for a commercial paper program of Essential, and
(iii) having acted or acting as a bookrunner, arranger and/or syndication agent for, and/or as a lender under, certain term loans, letters of credit, credit facilities and other credit arrangements of Essential and/or certain of its affiliates.

It is understood that this letter is for the benefit and use of the Board of Directors of American Water (in its capacity as such) in connection with and
for purposes of its evaluation of the Transaction.

Our opinion is necessarily based on financial, economic, monetary, market and other conditions and
circumstances as in effect on, and the information made available to us as of, the date hereof. As you are aware, the credit, financial and stock markets have been experiencing unusual volatility and we express no opinion or view as to any potential
effects of such volatility on American Water, Essential or the Transaction. It should be understood that subsequent developments may affect this opinion, and