AMERICAN STATES WATER Business Summary

American States Water Company (AWR) operates a diversified utility business model primarily generating revenue through regulated rate-based tariffs and long-term federal privatization contracts. The company’s operations are divided into three core segments: Water, which provides retail water services to over 264,000 customer connections in California via Golden State Water Company; Electric, distributing power to approximately 25,000 customers in San Bernardino County through Bear Valley Electric Service; and Contracted Services, managed by American States Utility Services (ASUS). This third segment is a key differentiator, providing operations, maintenance, and construction management for water and wastewater systems at 12 U.S. military bases under 50-year fixed-fee contracts. AWR competes directly with other investor-owned utilities such as California Water Service Group, American Water Works Company, and SJW Group. Within this landscape, AWR distinguishes itself as a premier "Dividend King" with over 71 consecutive years of dividend increases and a unique niche in military base utility privatization, positioning it as a highly stable, low-beta defensive play compared to larger, more geographically dispersed peers. Founded in 1929, the company is currently led by a veteran executive team with deep regulatory and financial expertise. Robert J. Sprowls serves as President and CEO, a role he has held since 2009 following his tenure as the company’s CFO; his background includes over 35 years in the utility sector, including 21 years at CILCORP Inc. Eva G. Tang serves as Senior Vice President of Finance, CFO, and Corporate Secretary, having been with the company since 1996 and in the CFO role since 2008. Other key leadership includes Paul J. Rowley, overseeing regulated water utilities, and Christopher H. Connor, who leads the ASUS segment. The company’s Board of Directors is chaired by Anne M. Holloway and includes notable members such as Dr. Diana M. Bontá, former Director of the California Department of Health Services, and Mary Ann Hopkins, a former executive at Parsons Corporation. The firm maintains high institutional backing, with approximately 75% of shares held by major investment entities, reflecting its status as a core holding for utility-focused institutional portfolios.