Mueller Water Products Investor Presentation — May 2020

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Meets Infrastructure®

Earnings Conference Call For The Second Quarter

Ended March 31, 2020

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 Company presents free cash flow because management believes it is commonly used by the investment community to measure the Company’s ability to create liquidity.