Investor Presentaiton

U.S. Water Infrastructure Requires Substantial Long-term Investment • Repair & Replacement Market Restoring existing water systems and expanding them to serve a growing population through 2050 will require a $1.7 trillion investment (1) ASCE grade for drinking water infrastructure is C- and grade for wastewater infrastructure is D+ (2) EPA analysis indicates the need to address aging transmission and distribution pipes is accelerating (see chart below); valves and hydrants are generally replaced along with pipe replacement and repair (3) U.S. Water Infrastructure CAPEX and Investment Gap • Spending on Water & Wastewater CAPEX in U.S. is >$50B (4) ASCE estimates that the current annual investment gap expected to increase from $81B to $136B in 2039 (5) Percentage of Replacement Need 2.5% 2.0% Accelerating Need Funding Gap $136B 1.5% Funding Gap 1.0% 0.5% $81B 0.0% CAPEX CAPEX 2000 2010 2020 2030 2040 2050 2060 2070 Year 2019 2039 (1) American Water Works Association, Buried No Longer: Confronting America's Water Infrastructure Challenge 2012 (2) ASCE: 2021 Report Card for America's Infrastructure (3) The EPA Clean Water and Drinking Water Infrastructure Gap Analysis 2002 (4) Bluefield Research 2019, U.S. Municipal Water Infrastructure Forecast Report (5) American Society of Engineers (ASCE): The Economic Benefits of Investing in Water Infrastructure MUELLER 12

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