Investor Presentaiton

Military Services Group Provides Strategic Value Currently Serving 18 Military Installations T AMERICAN WATER 70 Additional Installation Opportunities Military Services Group Regulated-like earnings Favorable ROI opportunity Capital light/cash flow positive Positive branding B 12 Army 5 Air Force 1 Navy 15 Army 23 Air Force 19 Navy Leverage core competencies Dual wins for AWK & U.S. ESG values i O Marine Corps 13 Marine Corps 17 Case No. 2022-00432 Bluegrass Water's Response to PSC 3-25 Exhibit PSC 3-25(b) - Part 1 of 2 Page 17 of 39

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