Company: AWK
Filing Date: 2025-12-29
Form Type: S-4/A
Source: 0001193125-25-332292
Chunk: 411

Company: American Water Works Company, Inc.
Filing Date: 2025-12-29
Form: S-4/A
Chunk 411
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 the Company and Parent, respectively; (v) conducted discussions with members of the senior management and representatives of the Company and Parent concerning the information described in clauses (i) through (iv) of this paragraph, as well as the businesses and prospects of the Company and Parent generally; (vi) reviewed the reported prices and trading activity for the Company Common Stock and Parent Common Stock; (vii) reviewed publicly available financial and stock market data of certain other companies in lines of business that we deemed relevant; (viii) reviewed the financial terms of certain other transactions that we deemed relevant; (ix) reviewed the execution version of the Agreement; (x) participated in certain discussions and negotiations among representatives of the Company and Parent and their advisors; and (xi) conducted such other financial studies and analyses and took into account such other information as we deemed appropriate. In connection with our analysis and opinion, we have, at your direction, relied on the information supplied to, discussed with or reviewed by us for purposes of this opinion being complete and accurate in all material respects. We have not independently verified any such information (or assumed any responsibility for the independent verification of any such information). We have also relied on the representation of the Company’s management that they are not aware of any facts or circumstances that would make any such information inaccurate or misleading. We have relied upon, without independent verification, the assessment of the Company 399 Park Avenue | 4 thFloor | New York, NY 10022 Moelis & Company LLC doing business as Moelis C-1

and its legal, tax, regulatory and accounting advisors with respect to legal, tax, regulatory and accounting matters. With respect to the financial forecasts
and other information relating to the Company and Parent referred to above, we have assumed, at your direction, that they have been reasonably prepared on a basis reflecting the best currently available estimates and judgments of the management of
the Company or Parent, as the case may be, as to the future performance of the Company and Parent. We also have assumed, at your direction, that the future financial results reflected in such forecasts and other information will be achieved at the
times and in the amounts projected. In addition, we have relied on the assessments of the managements of the Company and Parent as to Parent’s ability to retain key employees of the Company and to integrate the businesses of the Company and
Parent. We express no views as to the reasonableness of any financial forecasts or the assumptions on which they are based. In addition, we