Company: AWK
Filing Date: 2025-12-17
Form Type: S-4
Source: 0001193125-25-321389
Chunk: 158

Company: American Water Works Company, Inc.
Filing Date: 2025-12-17
Form: S-4
Chunk 158
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 ranged from
$43.00 to $56.00 per share. This range of share price targets was compared to the closing trading price of the Essential common stock of $41.30 per share on October 23, 2025.

Moelis reviewed publicly available consensus estimate share price targets for American Water common stock published as of October 23, 2025, which ranged
from $114.00 to $159.00 per share. This range of share price targets was compared to the closing trading price of the American Water common stock of $142.58 per share on October 23, 2025.

Miscellaneous

This summary of the analyses is not
a complete description of Moelis’ opinion or the analyses underlying, and factors considered in connection with, Moelis’ opinion. The preparation of a fairness opinion is a complex analytical process and is not necessarily susceptible to
partial analysis or summary description. Selecting portions of the analyses or summary set forth above, without considering the analyses as a whole, could create an incomplete view of the processes underlying Moelis’ opinion. In arriving at
its fairness determination, Moelis considered the results of all of its analyses and did not attribute any particular weight to any factor or analysis. Rather, Moelis made its fairness determination on the basis of its professional judgment and
experience after considering the results of all of its analyses.

No company used in the analyses described above is identical to Essential or American
Water. In addition, such analyses do not purport to be appraisals, nor do they necessarily reflect the prices at which businesses or

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securities actually may be sold. Analyses based upon forecasts of future results are not necessarily indicative of actual future results, which may be significantly more or less favorable than suggested by such analyses. Because the analyses described above (including much of the information used therein) are inherently subject to uncertainty, being based upon numerous factors or events beyond the control of the parties or their respective advisors, neither Essential nor Moelis or any other person assumes responsibility if future results are materially different from those forecast. Except as described in this summary, Essential and the Essential board imposed no other instructions or limitations on Moelis with respect to the investigations made or procedures followed by Moelis in rendering its opinion. The exchange ratio was determined through arms’ length negotiations between Essential, on the one hand, and American Water, on the other, and was approved as a term of the merger agreement by the Essential board and the American