Mueller Water Products Investor Presentation — May 2019

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Meets Infrastructure®

Earnings Conference Call For The Second Quarter

Ended March 31, 2019

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

but are for use in conjunction with the earnings call2NON -GAAP Financial Measures

In an effort to provide investors with additional information regarding the Company’s results as determined under GAAP, the

Company also provides non- GAAP information that management believes is useful to investors. These non -GAAP measures

have limitations as analytical tools, and securities analysts, 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 evaluating the Company’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 Company’s recurring performance.

The Company presents net debt and net debt leverage as performance measures because management uses them in

evaluating its capital management, and the investment community commonly uses them as measures of indebtedness. The