NYSE: AWK
Delran Regional Water Plant Tour
Investor Presentation
May 1, 2014
Walter Lynch, President Regulated Operations
Jim Jenkins, VP Rates & Regulation
Steve Schmitt, VP Operations, NJ American
Don Shields, VP Engineering, NJ American
Cautionary Statement Concerning Forward-Looking
Statements
Certain statements in this presentation are forward-looking statements within the meaning of the safe harbor provisions of the
Private Securities Litigation Reform Act of 1995. These forward-looking statements are predictions based on American Water’s
current expectations and assumptions regarding future events and may relate to, among other things, its future financial
performance, including earnings, growth and portfolio optimization strategies, its ability to finance current operations and growth
initiatives, trends in its industry, regulatory or legal developments or rate adjustments. Actual results could differ materially
because of factors such as the decisions of governmental and regulatory bodies, including decisions to raise or lower rates; the
timeliness of regulatory commissions’ actions concerning rates; changes in laws, governmental regulations and policies,
including environmental, health and water quality, and public utility regulations and policies; the outcome of litigation and
government action related to the Freedom Industries chemical spill in West Virginia; weather conditions, patterns or events,
including drought or abnormally high rainfall, strong winds and coastal and intercoastal flooding; changes in customer demand
for, and patterns of use of, water, such as may result from conservation efforts; its ability to appropriately maintain current
infrastructure and manage the expansion of its business; its ability to obtain permits and other approvals for projects; changes in
its capital requirements; its ability to control operating expenses and to achieve efficiencies in its operations; its ability to obtain
adequate and cost-effective supplies of chemicals, electricity, fuel, water and other raw materials that are needed for its
operations; its ability to successfully acquire and integrate water and wastewater systems that are complementary to its
operations and the growth of its business, including, among other core growth opportunities, concession arrangements and
agreements for the provision of water services in the unregulated shale arena; cost overruns relating to improvements or the
expansion of its operations; changes in general economic, business and financial market conditions; access to sufficient capital
on satisfactory terms; fluctuations in interest rates; restrictive covenants in or changes to the credit ratings on the company’s
current or future debt that could increase its financing costs or affect its ability to borrow, make payments on debt or pay
dividends; fluctuations in the value of benefit plan assets and liabilities that could increase its cost and funding requirements;
migration of customers into or out of its service territories; difficulty in obtaining insurance at acceptable rates and on acceptable
terms and conditions; its ability to retain and attract qualified employees; the incurrence of impairment charges; labor actions
including work stoppages and strikes; and civil disturbance, terrorist threats or acts, or public apprehension about future
disturbances or terrorist threats or acts.
For further information regarding risks and uncertainties associated with American Water’s business, please refer to American
Water’s annual, quarterly and current SEC filings. The company undertakes no duty to update any forward-looking statement.
May 2014
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NYSE: AWK
American Water Overview
Walter Lynch
American Water: The Premier Water Services Provider
in North America
Market
Statistics*

$13.9 Billion Total Enterprise Value

800,000 Average Trading Volume

$8.2 Billion Market Capitalization

$2.9 Billion in 2013 Revenues
 89% Regulated, 11% Market Based

12.6% Total Shareholder Return for Last 12
Months

2.5% Current Dividend Yield

0.7 Beta

14 Million People Served

47,000 Miles of Pipeline

6,600 Employees

1,500 Communities

3.2 Million Regulated Customers
Assets
* Market data as of April 9, 2014, Source : Thomson Reuters
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4
Why American Water is the right investment for you
Our Mission: Safe, Clean, Affordable and Reliable Water
and Water Services to Highly Satisfied Customers
Industry Leading 7-10%
Long Term EPS Growth
• Regulated Presence in 16 states (FY 2013: 89% Revenues)
• Market Based Businesses (FY 2013: 11% Revenues)
Capex Of $5.8 Bn Over The
Next 5 Years
• Regulated Capex of $5.5 Bn from 2014 - 2018
Operational Excellence
Minimizes Customer Bill
Increases
• Operational Efficiency less than 35% by 2018
• Average 2% annual increase in customer bills
Market Based Businesses
Build Adjacencies And Provide
Higher Growth Opportunities
Transparent
Dividend Practice
No Need For Equity
Offerings In Foreseable
Future
• Homeowner Services Group (FY2013: 3% Revenues)
• Military Services Group (FY 2013: 4% Revenues)
• Dividend growth correlated with EPS growth
• Target payout ratio of 50% - 60%
• Free cash flow positive by 2017
May 2014
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5
Our Regulated Business
States Where We Operate
(approximate population served by state )*
2.5 million
New Jersey
2.1 million
Pennsylvania
1.5 million
Missouri
1.2 million
1.2 million
Illinois
Indiana
California
West Virginia
Kentucky
Tennessee
Virginia
New York
Iowa
All Other
644,865
549,892
483,876
378,635
369,892
361,864
195,824
57,566
FY 2013
Revenues
($ mm)
State
New Jersey
% of
Total
$638.0
24.6%
Pennsylvania
571.2
22.0%
Missouri
264.8
10.2%
Illinois
261.7
10.1%
California
209.5
8.1%
Indiana
199.2
7.7%
West Virginia
124.2
4.8%
Other
325.3
12.5%
$2,593.9
100%
Total Regulated Business
* Population data for FY 2013
May 2014
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Cost containment and timely return on our
investments will drive added capital expenditures
O&M Efficiency Ratio
Pipe Replacement Life
50%
(in years)
300
44.2
42.4
40%
40.1
250
38.7
35.0
200
30%
National
average
150
20%
100
10%
50
0
0%
2010
2011
2012
2013
2018 Stretch
Target
O&M stretch target of 35% by 2018
2010
2011
2012
2013
2014E
Pipe Replacement life at AWK is shortening
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Disciplined approach to O&M cost controls enables more
efficient use of our Capital
Incremental Revenue Requirement
– Increases Attributable to Opex vs. Capex –
Opex
100%
90%
80%
70%
60%
50%
40%
30%
20%
10%
0%
Capex
95%
87%
71%
56%
44%
29%
13%
5%
2010 Effective
2011 Effective
2012 Effective
2013 Effective
Note:
• Approximation in states where we received black box award
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How O&M Efficiency Translates to Earnings
Conceptual
Revenue Requirement
$0.90 of
O&M Expense
$0.90
$6 (1) (2) of
Invested Capital
$0.90
Expenses
O&M
Depreciation
Interest Expense
Prop & Gen Taxes
Total Expenses
-
Operating Income
-
$0.49
Federal Taxes
-
$0.19 (6)
Net Income to Shareholder
-
$0.30
$0.82
$0.08 (3)
$0.90
Same Revenue Requirement.
Rates do not change.
$0.00
$0.15
$0.18 (4) (5)
$0.08
$0.41
Notes:
(1) Assumes 12.5% WACC and 2.5% Depreciation
(2) $6 in Capital x (12.5% WACC + 2.5% Depreciation) = $0.90 cents Revenue Requirement
(3) Assumes Property & General Taxes are 8% of Revenue
(4) Assumes $6 in Capital financed 50% Equity and 50% Debt
(5) Assumes cost of debt of 6%
(6) Assumes effective tax rate of 39%
Saving $0.90 in costs vs investing $6 in Capital at allowed ROE, keeps Customer
Rates neutral and can create $0.30 in Sustainable Earnings
May 2014
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Earnings Growth through Prudent Capital Investment and
average rate increases of approximately 2%
Total Capital Expenditure Plan

2009 Actual – 2013
Actual: $4.4 Bn
MBB
$30M
2014 - 2018
Full Opportunity: $6.4 Bn
2014 - 2018
Five-Year Plan: $5.8 Bn
Regulated
Acquisitions
$100M
Regulated
Acquisitions
MBB
$40M
Additional Regulated Cap Ex
$600M
Strategic
$300M
Strategic
$300M
Regulated
Acquisitions
$400M
$400M
MBB
$40M
Regulated & Services
$4.3B
Regulated & Services
$5.1B
Projected Price Increase on
customer bill
2%
Regulated & Services
$5.1B
vs.
4%
Note:
* Net of declining usage
May 2014
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NYSE: AWK
Regulatory Overview
Jim Jenkins
The Rate of Return Regulation in the United States
Prudent Investment Drives Need for Rate Cases
Step 1
Establish
Rate
Base
Step 2
Allowed
Return
x
+
WACC
Operating
Expenses
+
Allowed
Return
=
Taxes, Depr &
Amortization
=
Revenue
Requirement
American Water has experience in securing appropriate rates of return and promoting
constructive regulatory frameworks
May 2014
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AWK: Ratemaking Policies and Practices Summary
Recent Awarded ROE’s
11%
11%
10.8%
10.3%
10%
10%
Test Year By State
9.7%
9.9%
10.2%
10.2%
10.0%
10.0%
9.7%
9.7%
9.3%
10.0%
9.8%
9.4%
Future
Partially
Forecasted
9%
9%
Historic
Revenue Stabilization
Decoupling
California, New York
Declining Usage Adjustment Approved
Pennsylvania, New Jersey, Missouri,
Illinois, California, Tennessee
No Decoupling or Declining usage Adjustment
Indiana, West Virginia, Kentucky,
Virginia, Iowa, Maryland
• Pennsylvania, Illinois, Indiana, California
• Kentucky, New York, Tennessee, Virginia, Hawaii
• New Jersey
• Missouri, West Virginia, Iowa, Maryland
Infrastructure Recovery Mechanisms Across AWK
- PA
- NJ
- MO
- IL
- IN
- WV
- NY
- TN
No Recovery
14%
Infrastructure
Recovery
86%*
* % Recovery based on customer count
May 2014
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Pursuing Constructive Regulatory Frameworks
Pennsylvania American – Base Rate Case
• Forward looking Test Year
• Combined Water & Wastewater Revenue Requirement
• Declining Usage Adjustment
Tennessee American – Rider Mechanisms
• Qualified Infrastructure Investment Program (QIIP)
• Safety and Environmental Compliance (SEC)
• Economic Development Investment (EDI)
• Production Cost and Other Pass-Through (PCOP)
May 2014
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Regulatory Highlights: Rate Cases Update
Rate Cases Awaiting Final Order
A. Rate Cases Filed
Company
California
Indiana
B. Infrastructure Charges Filed
Missouri (ISRS)
C. Step Increases
California
Docket / Case Number
Case No. A.13-07-002
Cause No. 44450
Case No. WO-2014-0237
Case No. A.10-07-007 Date Filed
7/1/2013
1/24/2014
2/25/2014
1/1/2014
Revenue
ROE
Increase Filed
Requested
$32.4
(a)
N/A
19.6
10.80%
Rate Base
Filed
542.8
867.4
$52.0
$1,410.2
3.1
26.8
$3.1
$26.8
$2.3
(b)
Final Step
$2.3
Rates Effective in 2014
D. Step Increases
New York
Date Effective
Revenue
Increase
Comments
4/1/2014
$1.2
Final Step
$1.2
E. Infrastructure Charges
New York (SIC)
New Jersey (DSIC)
Illinois (QIP)
New York (SIC)
New York (SIC)
Tennessee (see note)
1/1/2014
1/1/2014
1/1/2014
3/3/2014
4/1/2014
4/15/2014
$0.9
10.1
2.1
0.7
0.2
0.5
(c)
$14.5
F. Rate Cases
Pennsylvania
Iowa
1/1/2014
4/18/2014
$26.0
3.8
(d)
(e)
$29.8
(a) On May 1, 2013 a proposed application was filed in California, on July 1, 2013 we filed an update to that filing and submitted the final application requesting additional
annualized revenue of $33.5 million which includes a test year 2015 revenue requirement of $18.5 million. It also includes increases in the escalation year 2016
and the attrition year 2017 of $8.3 million and $6.7 million, respectively. The rate base amount listed as filed is the average rate base for 2017.
On October 9, 2013, the Company filed an update to our final general rate case application adjusting the request to $32.4 million of additional annualized revenues
which includes a test year 2015 revenue requirement of $18.1 million. It also includes increases in the escalation year 2016 and the attrition year 2017 of $8.0 million
and $6.3 million, respectively.
(b) Final step increase for the attrition year 2014 from the 2010 California GRC waiting for approval.
(c) On April 15, 2015 TN received approval for a Qualified Infrastructure Investment Program Rider (QIIP) for $373K, an Economic Development Investment Rider ("EDI") for $85K
and a Safety and Environmental Compliance Rider ("SEC") for $53K, totaling $511K. TN also received approval of a Production Costs and Other Pass-Throughs ("PCOP") mechanism
which cover over or under collection of authorized expenses for purchased power, chemicals, waste disposal, purchased water including wheeling charges, and the TRA inspection fee.
This tracker will be trued up on an annual basis and will provide a projected refund to customers of $542k. The average total impact for a residential customer in Chattanooga of all
three riders and the expense tracker combined would be a decrease of two cents per month.
(d) The revenue increase from the PA GRC of $26M does not include $19.8K DSIC revenues that were effective in 2013
(e) The annual revenue increase of $3.8 M from the IA GRC includes $2.7 M for interim rates that were effective May 10, 2013. New rates approved by the IUB 4/18/14.
May 2014
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CTA & DSIC Update New Jersey American
CTA Update
• A CTA seizes a portion of the tax benefits generated
by non-regulated affiliate companies and
appropriates those benefits to the ratepayers of the
regulated utility
Age of New Jersey
American Water’s Pipes
• CTAs are currently only applied on a systematic
basis in New Jersey, Pennsylvania, and West Virginia
• CTA generic proceeding in NJ that began in January
2013. The Company has responded to all requests
for information, the board has not yet made a
decision
DSIC Update
• Distribution System Improvement Charge, approved
Oct 2012
• Invested approximately $120M million, as of Oct 31,
2013. Recovering $ 14 million in annualized surcharge
revenue.
May 2014
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Market Based Business generate complementary opportunities
for growth
Regulated Like
Lines of Business
Except not as Capital Intensive
• Modest competition
• Homeowner Services (HOS)
• Strong/consistent margins
• Contract Operations
• Military Services Group (MSG)
• Controllable risk
• Growing market
• Municipal/Industrial (CSG)
• Biosolids / Terratec
• Capitalizes on AW strengths
Note: MBB segment also includes two non-regulated contracts for NJ concessions which are not included in this presentation
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Innovation at American Water: NPXpress – Patented
Wastewater Technology
THE CHALLENGE
THE
RESULTS
THE
RESULTS
• Increasing costs of energy and chemicals and stringent
environmental regulations are drivers for utilities to
explore alternative solutions for the operation of
treatment plants
• Approximately half of the total energy consumed in a
typical wastewater treatment plant is used to maintain a
high level of dissolved oxygen in the aeration tank to
remove the organic matter and ammonia
• In a cooperative effort between NJ American Water and
researchers in our Innovation and Environmental
Stewardship group, a new process was developed that
reduced aeration energy by up to 50 percent and
chemicals by 100 percent
• NPXpress produces high quality treated effluent while using
less oxygen and minimal or no additional carbon supplement
• NPXpress promotes growth of microorganisms that remove
nitrogen and phosphorus while requiring less oxygen and
carbon compared to conventional bacteria
• The new NPXpress technology was patented by
American Water in 2011
American Water and Abengoa Sign Worldwide Licensing Agreement for NPXpress
Technology, April 25, 2014
May 2014
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18
American Water 2014 Expectations
You Can Hold Us Accountable For:
 Optimize Capital Spend
 Efficient use of our regulated capex spend
 Prudent deployment of strategic capital
 Pursue Constructive Regulatory Frameworks
 Continue to reduce regulatory lag through constructive mechanisms
 Pursue completion of three rate cases
 Continue evaluation of appropriate timing for any additional rate case filings, pass-through mechanisms
and forward-looking adjustments
 Continue O&M Efficiency Improvement
 Achieve Operations and Maintenance Efficiency Ratio equal to or below 35% by 2018
 Continue cost controls and expense management
 Execute Regulated Acquisition Strategy
 Continue growth in Market Based Business
 Homeowner Services and Military Services Group
 Shale
May 2014
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NYSE: AWK
New Jersey American Overview
Steve Schmitt
New Jersey American Water
Customers
645,000
Population Served
2.5 Million
Municipalities Served
Water Sales
188
82 BGY (225 mgd*)
Water & Sewer Mains
Current
Operations
Water Systems
32
Sewer Systems
21
Geographically Based Operations Leadership
Provides Local Accountability for:
• Safety (employees, community & facility)
• Customer Service
• Relationships w/ Local Government
• Support of Growth
• Business Performance
*mgd = millions of gallons per day
NYSE: AWK
8,700 miles
May 2014
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21
New Jersey American Production by District
District
Connections
System Delivery
(TG)
System Sales
(TG)
Essex Passaic
Hunterdon Warren
Raritan
Monmouth
Ocean (Lakewood)
Atlantic Cape May
Burlington Camden
Statewide Sewer
83,000
7,000
211,000
93,000
48,000
75,000
123,000
5,000
14,056,776
672,535
44,376,231
12,628,204
3,253,707
5,841,583
17,005,724
10,328,986
472,806
35,651,915
11,399,778
2,903,740
4,861,298
16,100,408
Total
645,000
97,834,760
81,718,931
May 2014
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Capital Investment History: More than $1Billion in
Capital Invested Since 2004

Water Treatment Plant
Improvements

Water and Sewer Mains

Cleaning and Lining Mains

Wells, Pumps, Chemical
Facilities

Hydrants, Meters, Valves &
Services

Water Storage Tanks
May 2014
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Hurricane Sandy
May 2014
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24
Hurricane Sandy : Our Commitment to Excellence
• Stress test of utility service reliability standards & emergency
response planning and capacity
• 100% of NJAW systems on standby power (65 generators)
• Service maintained to all customers with no boil water advisories
• Ocean County/Barrier Island Hardest Hit – 10,000 Customers
• NJAW EOC operated 24/7 to manage response & recovery
• Coordination with Federal, State, County and Local OEM’s
• Direct coordination with electric utility leadership for power
restoration
• Leveraged AW national agreements for fuel, equipment and
materials
• Continuous customer communications via multiple channels
including social media
May 2014
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25
NYSE: AWK
Preview to the Plant Tour: History
(Delaware River Regional Water Treatment Plant)
Don Shields
Delaware River Regional Water Treatment Plant
Facts:
New Jersey American Water Tri-County Water Supply Project: In Service
- April 1996
Public Water Systems Served: 24
Counties Served: Burlington, Camden and Gloucester
Water Treatment Plant Total Capacity 40 MGD
Regional Transmission: Over 64 Miles
May 2014
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Aerial View of Delran Treatment Plant
May 2014
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Aerial View of Delran Treatment Plant
May 2014
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Plant History
• Reason for Regional System
• Potomac Raritan Magothy (PRM) Aquifer
 Primary Source of Supply for the Region
• Regional groundwater withdrawals exceeded natural
replenishment as demands for water increased.
 Supported by USGS Studies (Foundation in Science).
 Well yield decline, contamination, advance of the “salt front”.
• 1981 - Over pumping of Potomac Raritan Magothy (PRM)
Aquifer recognized as major water supply issue by:
 NJDEP - New Jersey Statewide Water Supply Master Plan
 DRBC - Delaware River Basin “Level B” Study
May 2014
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Aquifer Levels (Camden County)
May 2014
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Project Overview
• Reduce Annual Withdrawals from the PRM
 NJDEP Regulation
Critical Water Supply Area No. 2
• Detailed Evaluation of Alternative Source of Supply
 1984 NJDEP Camden Metro Area Water Study
• Obtain Stakeholder Input
 Tri-County Water Quality Management Board
 County Local Government Participation
 Public Hearings
May 2014
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32
Constraining
Boundaries
•
Resource limitations in
critical areas
•
Impacts from agencies
that protect other
resources
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33
Project Summary
•
1986 - TCWQMB Recommends
Delaware River Supply
 Recommends New Jersey American
Water (NJAW) to finance and operate
the new Regional Water System
•
1988 - NJDEP Selects NJAW to
finance, build and operate the
Regional Water System
 40 MGD intake and state-of-the-art
Water Treatment Plant in Burlington
County.
 Over 40 miles of Regional
Transmission Mains in Burlington,
Camden and Gloucester Counties.
 Cost of over $200 Million
•
1993 - NJDEP Implements Critical
Area No. 2 regulations
•
1996 - NJAW Regional Water System
goes into service
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NYSE: AWK
Appendix
Marcellus Shale – the Opportunity
May 2014
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36
Marcellus Shale – our Regulated Strategy
In the future, when businesses open
close to gas supplies, we will have
water & wastewater infrastructure
needed to supply factories
At present, we lay pipe and
extensions to serve existing homes
and also new homes to be built due
to fracking activity
In 2013, we supplied water to approximately 70% of all wells
drilled in Butler County. For the entire state, we supplied
water to 8% of any fracked wells that were drilled in 2013.
May 2014
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37
We work with State Commissions to Lower Impact of
Regulatory Lag to Increase Investments
Positive Policies to reduce Regulatory Lag
Infrastructure
Surcharge
Programs
NJ
PA
MO
IL
IN
WV
CA
KY
NY**
TN
VA
IA
Forward
Looking
Test Years
x
x
x
x
x
Surcharges for
Changes
In Opt Expenses
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
Full or
Partial
Single
Tariff
x
x
x
x
Rates recovery on
Plant not yet in
service*
x
x
x
x
x
x
x
*As opposed to capitalizing an allowance for funds used during construction
** NY Rates recovery on Plant not yet in service, only applicable to non interest bearing projects
NYSE: AWK
May 2014
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38
Regulated Utilities – Rate Base and Allowed Return on Equity
Last Rate Case Awarded - Largest Regulated Subsidiaries
Authorized Rate Base*
Authorized ROE
Authorized Equity
Effective Date of Rate Case
Authorized Rate Base*
Authorized ROE
Authorized Equity
Effective Date of Rate Case
$374,404
9.99% (a)
53.00% (a)
7/12/2012 (a)
$1,920,300
10.15%
52.00%
5/1/2012
$706,386
9.34%
48.10%
10/1/2012
$128,882
9.65%
42.00%
4/1/2012
(f)
(f)
(f)
(f)
$741,151 (b)
9.70%
42.02% (c)
6/15/2012
$384,729
9.70%
44.70%
10/25/2013 (d)
$831,375 (b)
10.00%
50.57% (e)
4/1/2012
$2,425,711 (b)
10.25% (g)
51.69% (e)
1/1/2014
$119,254 (b)
9.75%
42.67% (e)
12/12/2012 (h)
$448,841 (b)
9.90% (g)
45.23% (e)
10/11/2013
*Rate Base stated in $000s
Notes:
a) CA has a separate Cost of Capital case, A11-05-003, which sets the rate of return outside of a general rate proceeding.
b) The Rate Base listed is the Company's view of the Rate Base allowed in the case, the Rate Base was not disclosed in the Order or the applicable settlement agreement.
c) Regulatory capital structure includes cost-free items or tax credit balances at the overall rate of return which lowers the equity percentage as an alternative to the
common practice of deducting such items from rate base
d) Rates Under Bond were effective July 27, 2013 and received final Order October 25, 2013.
e) The equity ratio listed is the Company's view of the equity ratio allowed in the case, the actual equity ratio was not disclosed in the Order or the applicable settlement agreement.
f) Information pertains only to the former company of Long Island American Water.
g) The ROE listed is the Company's view of the ROE allowed in the case, the ROE was not disclosed in the Order or the applicable settlement agreement.
h) Rates Under Bond were effective July 12, 2012 and received final Order December 12, 2012.
May 2014
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