Investor Presentaiton

State Legislation & Regulation Enable Growth AMERICAN WATER Fair Market Value 11 Consolidated Tariffs 11 Forward Looking Test 9 Year Infrastructure Mechanisms 10 CA MO ΙΑ IL IN KY WV { ≤ N N N MD MD Z ₁ = = = ₤ WV MO > N B N Z CA J = HI ΙΑ TN IL WANN KY ΙΑ NJ PA IL PA IN TN VA KY VA IN MO WV Water Quality Accountability Legislation IN, MO, NJ 3 31 Case No. 2022-00432 Bluegrass Water's Response to PSC 3-25 Exhibit PSC 3-25(b) - Part 1 of 2 Page 31 of 39

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