Investor Presentaiton

Timely Recovery of Capital and Operating Costs AMERICAN WATER 2 1 American Water's Jurisdictions As of 2010 As of 2022 11 11 10 10 5 5 7 1 6 9 Revenue Stabilization Infrastructure Mechanisms Expense Mechanisms Consolidated Tariffs Fair Market Forward Looking Value Test Year Capital Recovery (2023-2027 Plan) Infrastructure Surcharge Mechanisms =45% Forward Test Years ≈30% Traditional Recovery =25% 10 Case No. 2022-00432 Bluegrass Water's Response to PSC 3-25 Exhibit PSC 3-25(b) - Part 1 of 2 Page 10 of 39

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