Company: AWK
Filing Date: 2025-12-29
Form Type: S-4/A
Source: 0001193125-25-332292
Chunk: 122

Company: American Water Works Company, Inc.
Filing Date: 2025-12-29
Form: S-4/A
Chunk 122
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 the past and current         |

80

| business, operations, financial condition, and prospects of American Water with members of senior management of American Water; |

| (7) | reviewed the potential pro forma financial impact of the merger on the future financial performance of American 
 Water, including the potential effect on American Water’s estimated earnings per share;                         |

| (8) | reviewed the trading histories for Essential common stock and American Water common stock and a comparison of             
 such trading histories with each other and with the trading histories of other companies BofA Securities deemed relevant; |

| (9) | compared certain financial and stock market information of Essential and American Water with similar 
 information of other companies BofA Securities deemed relevant;                                      |

| (10) | compared certain financial terms of the merger to financial terms, to the extent publicly available, of other 
 transactions BofA Securities deemed relevant;                                                                 |

| (11) | reviewed the relative financial contributions of Essential and American Water to the future financial 
 performance of the combined company on a pro forma basis;                                             |

| (12) | reviewed a draft, dated October 21, 2025, of the merger agreement; and |

| (13) | performed such other analyses and studies and considered such other information and factors as BofA Securities 
 deemed appropriate.                                                                                            |

In arriving at its opinion, BofA Securities assumed and relied upon, without independent verification, the accuracy and completeness of the financial and other information and data publicly available or provided to or otherwise reviewed by or discussed with BofA Securities and relied upon the assurances of the managements of American Water and Essential that they were not aware of any facts or circumstances that would make such information or data inaccurate or misleading in any material respect. With respect to the Essential forecasts, BofA Securities was advised by Essential, and assumed that they were reasonably prepared on bases reflecting the best then-currently available estimates and good faith judgments of the management of Essential as to the future financial performance of Essential. With respect to the American Water forecasts, the efficiencies and the NOLs, BofA Securities assumed, at the direction of American Water, that they were reasonably prepared on bases reflecting the best currently available estimates and good faith judgments of the management of American Water as to the future financial performance of Essential and American Water and the other matters covered thereby. BofA Securities relied, at the direction of American Water, on the assessments of the management of American Water as to American Water’s ability to achieve the efficiencies and was