Company: AWK
Filing Date: 2025-12-17
Form Type: S-4
Source: 0001193125-25-321389
Chunk: 140

Company: American Water Works Company, Inc.
Filing Date: 2025-12-17
Form: S-4
Chunk 140
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 and American Water and 
 their advisors; and                                                                                            |

| • |     | conducted such other financial studies and analyses and took into account such other information as Moelis deemed 
 appropriate.                                                                                                      |

In connection with its analysis and opinion, Moelis, at the direction of the Essential board, relied on the information supplied to, discussed with or reviewed by it for purposes of its opinion being complete and accurate in all material respects. Moelis did not independently verify any such information (or assume any responsibility for the independent verification of any such information). Moelis also relied on the representation of Essential’s management that they were not aware of any facts or circumstances that would make any such information inaccurate or misleading. Moelis relied upon, without independent verification, the assessment of Essential 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 Essential and American Water referred to above, Moelis assumed, at the direction of the Essential board, that they were reasonably prepared on a basis reflecting the best then available estimates and judgments of the management of Essential or American Water, as the case may be, as to the future performance of Essential and American Water. Moelis also assumed, at the direction of the Essential board, that the future financial results reflected in such forecasts and other information would be achieved at the times and in the amounts projected. In addition, Moelis relied on the assessments of the managements of Essential and American Water as to American Water’s ability to retain key employees of Essential and to integrate the businesses of Essential and American Water. Moelis did not express any views as to the reasonableness of any financial forecasts or the assumptions on which they were based. In addition, Moelis did not make any independent evaluation or appraisal of any of the assets or liabilities (contingent, derivative, off-balance-sheet,or otherwise) of Essential or American Water, nor was it furnished with any such evaluation or appraisal. Moelis’ opinion did not address Essential’s underlying business decision to effect the merger or the relative merits of the merger as compared to any alternative business strategies or transactions that might be available to Essential. Moelis’ opinion did not address any legal, regulatory, tax or accounting matters. Moelis was not asked to, and Moelis did not, offer any opinion as to any terms of the merger agreement or any aspect or implication of the merger, except for the fairness of