Company: AWK
Filing Date: 2025-12-29
Form Type: S-4/A
Source: 0001193125-25-332292
Chunk: 123

Company: American Water Works Company, Inc.
Filing Date: 2025-12-29
Form: S-4/A
Chunk 123
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 advised by American Water, and assumed, that the efficiencies will be realized in the amounts and at the times projected. BofA Securities relied, at the direction of American Water, on the assessments of the management of American Water as to the ability of Essential to utilize the NOLs, and has been advised by American Water, and has assumed, at the direction of American Water, that such NOLs will be utilized in the amounts and at the times projected. BofA Securities was not made aware of or provided with any independent evaluation or appraisal of the assets or liabilities (contingent or otherwise) of Essential, American Water, or any other entity, nor did it make any physical inspection of the properties or assets of Essential, American Water, or any other entity. BofA Securities did not evaluate the solvency or fair value of Essential, American Water, or any other entity under any state, federal, or other laws relating to bankruptcy, insolvency, or similar matters. BofA Securities assumed, at the direction of American Water, that the merger will be consummated in accordance with the terms set forth in the merger agreement, without waiver, modification, or amendment of any material term, condition, or agreement contemplated therein or thereby and that, in the course of obtaining the necessary governmental, regulatory, and other approvals, consents, releases, and waivers for the merger, no delay, limitation, restriction, or condition, including any divestiture requirements or amendments or modifications, will be imposed that would have an adverse effect on Essential, American Water, any other entity, or the merger (including the contemplated benefits thereof). BofA Securities also assumed, at the direction of American Water, that the final executed merger agreement would not differ in any material respect from the draft merger agreement reviewed by it. 81

BofA Securities expressed no view or opinion as to any terms or other aspects or implications of the merger (other than the exchange ratio to the extent expressly specified herein), including, without limitation, the form or structure of the merger, or any terms, aspects or implications of any other agreement, arrangement or understanding entered into in connection with or related to the merger or otherwise. BofA Securities’ opinion is limited to the fairness, from a financial point of view, to American Water of the exchange ratio provided for in the merger and no opinion or view was expressed with respect to any consideration received in connection with the merger by the holders of any class of securities, creditors or other constituencies of any