AWK Growth Outlook and Military Services Strategic Value

Investment in Rate Base is the Foundation of Our Growth ($ in billions) Long-Term Target =8-9% CAGR for Rate Base $16.3 $15.0 $13.7 $12.5 $11.6 $10.7 $10.0 2015 2016 2017 2018 2019 2020 2021* Estimated Rate Base* AMERICAN WATER As of 12/31/2021 $21.5 Net Utility Plant Less Advances for Construction $0.3 - CIAC Contributions in Aid of Construction $1.4 Net Deferred Income Taxes $3.5 $5.2 Total Estimated Rate Base $16.3 *An approximation of rate base, which includes Net Utility Plant not yet included in rate base pending rate case filings/outcomes. Includes New York American Water. 8

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