Investor Presentaiton

Need for Digital Water Solutions Expected to Accelerate Aging Infrastructure and Non-Revenue Water Average age of water pipes has increased to 45 years in 2020 from 25 years in 1970 (2) 240,000 water main breaks per year with 27% increase in break rates since 2012 (3,4) Estimated that U.S. water utilities lose 5.5B gallons of drinking water per day due to pipe leakage and main breaks (5) Growing number of states requiring water loss audits (6) Climate Change, Population Growth and Water Scarcity Increased frequency of extreme climate events elevating importance of infrastructure resiliency and water management with 50% of U.S. experiencing drought or abnormally dry conditions (7) • Population growth and migration trends leading to increased demand in suburban/rural areas (1) Water scarcity awareness has increased conservation and use of low-flow appliances pressuring utility budgets, however additional resources will be needed to meet demand Aging Workforce, Consumer Awareness and Digitization Aging workforce and anticipated retirements rated as one of the top challenges facing utilities projected to see significant retirements over the next ten years (8) Increasing consumer awareness and demand for water quality and usage information Double-digit growth expected for emerging loT and analytics solutions in areas like optimization, data integration, and strategic asset management (1) (1) Bluefield Research, June 2022, "The Digital Water Revolution: Global Digital Water Market Forecast, 2022 - 2030." (2) Bluefield Research, 2019, Water Industry 4.0 Focus Report. (3) EPA Aging Water Infrastructure Research Program. "Bluefield projects that total global digital water spend will scale at an 8.8% CAGR through 2030 with approximately 25% of total global digital water spend in the U.S." (1) Bluefield Research, June 2022 (4) "Water Main Break Rates in the USA and Canada: A Comprehensive Study," March 2018, Steven Folkman at Utah State University. "Between 2012 and 2018, overall water main break rates increased by 27% from 11.0 to 14.0 breaks/(100 miles)/year. (5) Bluefield Research, February 2022, "U.S. Water & Sewer Pipe Network Infrastructure: Market Trends and Forecasts, 2022 - 2030." (6) National Resource Defense Council. (7) U.S. Drought Monitor as of August 22, 2023 (includes contiguous 48 states). (8) American Water Works Association, "2022 State of the Water Industry Report." MUELLER 15

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