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WE KEEP LIFE FLOWING 2017 Annual Repo Rt WE KEEP LIFE FLOWING 2017 Annual Repo rt 2017 ANNUAL REPORT DEAR FELLOW STOCKHOLDER, Creating value for customers, communities, employees and stockholders is a driving force at American Water. This is reflected in the positive results that the company delivered in 2017. American Water’s 2017 financial performance, detailed in this report, gives the Board confidence that the company is well-positioned to achieve its stated target of a 7 to 10% long-term diluted earnings per share (EPS) compound annual growth rate. Additionally, in recognition of this financial performance, our Board increased the quarterly dividend by 10.7% in the second quarter of 2017, from 37.5 cents to 41.5 cents per share. This is consistent with our goal to achieve our target payout ratio in a range of 50 to 60%. As an owner of American Water, you enjoyed a total shareholder return (TSR) of 29% during 2017—well above the total shareholder return for the S&P 500 Index, which for 2017 was 21.8%. These results are an outcome of the sound execution by American Water employees of our business strategy, which allowed the company to continue to provide safe, clean, reliable and affordable water and wastewater services. By focusing on customers, communities, employee development and environmental leadership, American Water has established a pathway to sustainable and profitable growth. On behalf of American Water and the Board, we want to thank you for your continued support and investment. We look forward to seeing you at our Annual Meeting of Stockholders on May 11. Sincerely, George MacKenzie Chairman of the Board AMERICAN WATER 2017 ANNUAL REPORT 1 DEAR FELLOW STOCKHOLDER, American Water is pleased to provide you another year of strong financial performance. But none of our 2017 results matter if we don’t operate in the right way. For us, the “how’s” are just as important as the “what’s.” We know this matters to you as well, because companies do well by doing good. This means a commitment to preserving our environment and ensuring that we leave our children and grandchildren the planet and the natural resources we enjoy today—in the same or better condition as we found it. It means protecting our watersheds and water sources, and reducing the amount of greenhouse gases we produce. It means holding ourselves to the highest ethical standards and keeping our employees and our customers safe from harm. It’s providing a workplace where every employee is respected and has an opportunity to develop to his or her full potential. And it means building stronger communities and meeting and exceeding the expectations of our customers, communities and those who choose to invest in us. Our People. It starts with our people. In this report, you will see examples of how our employees make our customers’ lives and the communities we serve better. Our folks don’t consider what they do to be a job—they consider it a calling. These are the people standing in icy water in the middle of the night to fix a main break so that our customers have water the next day. They are the folks working to keep our plants running and our pipes working before, during and after major events, such as last year’s hurricanes, the devastating California fires and January’s subzero temperatures. They are our scientists collaborating with the Environmental Protection Agency and addressing critical issues, such as emerging contaminants, to help determine the best ways to keep water as clean and safe as possible. They are our tax professionals, accountants and regulatory experts who worked throughout the holidays and January to translate the impacts of the new Tax Cuts and Jobs Act to our financial statements. Most importantly, they are also the ones working around the clock to ensure that our customers indeed have Clean Water for Life. Our Customers. Customer experience is a key differentiator among utilities, and our goal is to treat our customers so well that if they were given a choice of a water or wastewater service provider, they would choose us. It’s not something you hear every day from a regulated utility. In 2017, we began a three-year plan to deliver an “Amazon-like” experience to our customers. This means leveraging secure artificial intelligence to predict customers’ needs before they ask. It’s using online customer communities to get immediate input before rolling out programs. It’s mapping our most frequent customer interactions and reworking our internal processes to give customers the services they want, the way they want them—not what we think they want. And it means bringing real water solutions to communities across the United States. We added 15,000 customers through organic growth in our existing service areas in 2017. Through pending and closed acquisitions, we have added or will add approximately 63,000 customers in our regulated businesses, and we are making a real difference in the communities we serve. For example, in Ransom, Illinois, residents had to drink bottled water due to contaminated wells until Illinois American Water acquired the water system. Now Ransom residents can rely on and drink clean and safe water from their taps when they want or need it. And with the operational efficiencies that resulted from this acquisition, customer bills declined by approximately 15% on average. In Scranton, our Pennsylvania subsidiary is bringing the wastewater system into environmental compliance, and our purchase of the system enabled the sewer authority to pay off its existing debt. 2 AMERICAN WATER 2017 ANNUAL REPORT Within our existing footprint, in 2017, we invested nearly $1.4 billion in our water and wastewater systems to ensure our services remain reliable. From miles of water mains to pumps to treatment plants, we plan and execute a disciplined asset management program to ensure our systems remain resilient. Our Communities. Our dedicated team of 6,900 professionals really shines when it comes to delivering life-sustaining services every day. Last year, we achieved record levels in safety, capital investment, and operation and management (O&M) efficiency. At the same time, we increased our community giving to United Way and dozens of other health, education and human services organizations. We were also a leader in global clean water efforts through Water For People. Over the last decade, we have donated more than $1.7 million to support this organization’s life-changing work to bring needed water to rural communities around the world. Every September we encourage our people to spend a full day volunteering in their local communities as part of our companywide AmerICANs in Action! Month of Service. They respond with increasing participation each year. In 2017, more than 1,300 American Water personnel took part, providing approximately 4,300 hours of service to 90 different projects. And the American Water Charitable Foundation has donated over $2.5 million through our Employee Volunteer and Matching Gift Program, and our Disaster Relief Program—as well as through our signature program: Building Better Communities. Our Planet. Being responsible for water and wastewater services also means that we have to ensure the sustainability of these critical services. That includes everything from helping support water security and quality to focusing on energy efficiency that has a positive environmental impact and reduces our carbon footprint. Some of our efforts include recycling more than 2 billion gallons of water annually, reducing annual water use through conservation and a plan to invest $7.2 billion in the next five years in regulated capital to address infrastructure. And by 2025, our goal is to reduce our greenhouse gas emissions by 40% from the 2007 baseline year (after reducing emissions 25% from 2007 to 2017). Our Shareholders. All of the above efforts drive our financial performance. Our adjusted earnings per share from 2016 to 2017 increased almost 7%. Our total shareholder return was 29% in 2017, and in 2017 we increased our dividend 10.2%, for a five-year dividend growth CAGR of 11%. We are glad you have chosen to invest in American Water, and we don’t ever take it—or you—for granted. On behalf of the company and our employees, I want to thank you for your continued support. We are proud of what our people achieved in 2017—and are even more excited about our future. We hope that you are too. Sincerely, Susan Story President and Chief Executive Officer AMERICAN WATER 2017 ANNUAL REPORT 3 OUR PEOPLE Our employees don’t just work for us. They work for their families, neighbors and friends. Their communities, cities and states. What they provide is an essential human need, so they work for everyone, everywhere, who depends on us to keep water safe, healthy and flowing every single day. With 10 PhDs and four master’s-level professionals on our R&D team, we have some of the best minds in the country focused solely on water quality and technology. We also have skilled teams of engineers, operators, technicians and environmental specialists throughout the company. We know that our critical core competency is water—that’s why it’s all we focus on. 4 AMERICAN WATER 2017 ANNUAL REPORT A year of epic challenges. Because our operations are so widespread, we must prepare for catastrophic events of every kind. From floods to fires, the past year’s series of unprecedented disasters emphasized the importance of our foresight and planning. In August, Hurricane Harvey became the first major hurricane in more than 12 years to make landfall in the United States. Although Texas took the brunt of the storm, a significant impact was felt in Louisiana, where we provide water and wastewater services to the military community of Fort Polk.
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