Mueller Water Products Investor Presentation — December 2018

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Meets Infrastructure®

Bank of America Merrill Lynch

Leveraged Finance Conference

December 4, 20182NON -GAAP Financial Measures

Non-GAAP Financial Measures

In an effort to provide investors with additional information regarding the Company’s results as determined under GAAP, the Comp any also provides non -GAAP information that

management believes is useful to investors. These non-GAAP measures have limitations as analytical tools, and securities analys ts, investors and other interested parties should not

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 operating

margin, adjusted EBITDA and adjusted EBITDA margin as performance measures because management uses these measures in evaluati ng the Company’s underlying performance on a

consistent basis across periods and in making decisions about operational strategies. Management also believes these measure s are frequently used by securities analysts, investors and

other interested parties in the evaluation of the Company’s recurring performance. The Company presents net debt and net deb t leverage as performance measures because

management uses them in evaluating its capital management, and the investment community commonly uses them as measures of ind ebtedness. The Company presents free cash flow

because management believes it is commonly used by the investment community to measure the Company’s ability to create liquid ity. The calculations of these non -GAAP measures and