Company: AWK
Filing Date: 2025-12-17
Form Type: S-4
Source: 0001193125-25-321389
Chunk: 418

Company: American Water Works Company, Inc.
Filing Date: 2025-12-17
Form: S-4
Chunk 418
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 shareholders of the Transaction and (iv) the principal portion of which is contingent
upon the consummation of the Transaction. Our affiliates, employees, officers and partners may at any time own securities (long or short) of the Company and Parent. In the past two years prior to the date hereof, we have not been engaged by (and
have not received any fees from) the Company or Parent. We may in the future provide investment banking and other services to the Company or Parent, for which we would expect to receive compensation for such services.

This opinion is for the use and benefit of the Board of Directors of the Company (solely in its capacity as such) in its evaluation of the
Transaction. This opinion does not constitute a recommendation as to how any

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holder of securities should vote or act with respect to the Transaction or any other matter. This opinion does not address the fairness of the Transaction or any aspect or implication thereof to, or any other consideration of or relating to, the holders of any class of securities, creditors or other constituencies of the Company, other than the fairness of the Exchange Ratio from a financial point of view to the holders of Company Common Stock. In addition, we do not express any opinion as to the fairness of the amount or nature of any compensation to be received by any officers, directors or employees of any parties to the Transaction, or any class of such persons, relative to the Exchange Ratio or otherwise. This opinion was approved by a Moelis & Company LLC fairness opinion committee. Based upon and subject to the foregoing, it is our opinion that, as of the date hereof, the Exchange Ratio in the Transaction is fair, from a financial point of view, to the holders of Company Common Stock.

| Very truly yours, |     |                          |
|                   |     | /s/ MOELIS & COMPANY LLC |
|                   |     | MOELIS & COMPANY LLC     |

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PART II

INFORMATION NOT REQUIRED IN PROSPECTUS

Item 20. Indemnification of Directors and Officers

Below is a description of the general effect of arrangements under which any director or officer of American Water is insured or indemnified in
any manner against liability which he or she may incur in his or her capacity as such. American Water has obtained officers’ and directors’ liability insurance that insures against liabilities that officers and directors of American
Water and its subsidiaries may, in such capacities, incur.

Pursuant to the authority conferred