Mueller Water Products Investor Presentation — August 2022

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Meets Infrastructure®

Earnings Conference Call For The Third Quarter

These slides are not intended to be a stand -alone presentation,

but are for use in conjunction with the earnings call2

NON -GAAP Financial Measures

In an effort to provide investors with additional information regarding the Company’s results as determined by accounting pri nciples generally

accepted in the United States (“GAAP”), the Company also provides non -GAAP information that management believes is useful to inv estors. These

non-GAAP measures have limitations as analytical tools, and securities analysts, investors and other interested parties should n ot consider any of

these non -GAAP measures in isolation or as a substitute for analysis of the Company’s results as reported under GAAP. These non -GAAP measures

may not be comparable to similarly titled measures used by other companies.

The Company presents adjusted net income, adjusted net income per diluted share, adjusted operating income, adjusted operatin g margin,

adjusted EBITDA and adjusted EBITDA margin as performance measures because management uses these measures in evaluating the C ompany’s

underlying performance on a consistent basis across periods and in making decisions about operational strategies. Management also believes

these measures are frequently used by securities analysts, investors and other interested parties in the evaluation of the Co mpany’s recurring

The Company presents net debt and net debt leverage as performance measures because management uses them in evaluating its ca pital