Company: AWK
Filing Date: 2025-12-29
Form Type: S-4/A
Source: 0001193125-25-332292
Chunk: 408

Company: American Water Works Company, Inc.
Filing Date: 2025-12-29
Form: S-4/A
Chunk 408
---
 the Transaction, or class of such persons, relative to the Exchange Ratio.
Furthermore, no opinion or view is expressed as to the relative merits of the Transaction in comparison to other strategies or transactions that might be available to American Water or in which American Water might engage or as to the underlying
business decision of American Water to proceed with or effect the Transaction. In addition, we are not expressing any view or opinion with respect to, and have relied, with the consent of American Water, upon the assessments of representatives of
American Water regarding legal, regulatory, accounting, tax and similar matters relating to American Water or Essential and the Transaction (including the contemplated benefits thereof) as to which we understand that American Water obtained such
advice as it deemed necessary from qualified professionals. We are not expressing any opinion as to what the value of American Water Common Stock actually will be when issued or the prices at which American Water Common Stock or Essential Common
Stock will trade at any time, including following announcement or consummation of the Transaction. In addition, we express no opinion or recommendation as to how any stockholder should vote or act in connection with the Transaction or any related
matter.

We have acted as financial advisor to American Water in connection with the Transaction and will receive a fee for our services, a portion of
which is payable upon the rendering of this opinion and a significant portion of which is contingent upon consummation of the Transaction. In addition, American Water has agreed to reimburse our expenses and indemnify us against certain liabilities
arising out of our engagement.

We and our affiliates comprise a full service securities firm and commercial bank engaged in securities, commodities and
derivatives trading, foreign exchange and other brokerage activities, and principal investing as well as providing investment, corporate and private banking, asset and investment management, financing and financial advisory services and other
commercial services and products to a wide range of companies, governments and individuals. In the ordinary course of our businesses, we and our affiliates may invest on a principal basis or on behalf of customers or manage funds that invest, make
or hold long or short positions, finance positions or trade or otherwise effect transactions in equity, debt or other securities or financial instruments (including derivatives, bank loans or other obligations) of American Water, Essential and
certain of their respective affiliates.

We and our affiliates in the past have provided, currently are providing, and in the future may provide,
investment banking, commercial banking and other financial services to American Water and certain of its affiliates and have received or in the future