a2018oppenheimerpresenta

Where Intelligence Meets Infrastructure OppenheimerF E B R U A R Y 2 013 1 7th Annual Industrial Growth Conference May 9, 2018 M U E L L E R W A T E R P R O D U C T S . C O M

NON-GAAP Financial Measures, Forward-Looking Statements and Reclassified Financials Non-GAAP Financial Measures In an effort to provide investors with additional information regarding its 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. The calculations of these non-GAAP measures and reconciliations to GAAP results are included as an attachment to this presentation and have been posted online at www.muellerwaterproducts.com. Forward-Looking Statements This presentation contains certain statements that may be deemed “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995All statements that address activities, events or developments that we intend, expect, plan, project, believe or anticipate will or may occur in the future are forward-looking statements, including statements regarding the strength of our conversion margin in the second half of the year, our consolidated net sales and conversion margin for full year 2018, acceleration of new product development, manufacturing productivity improvements, go-to-market strategies, returning cash to stockholders, growing our business through capital investments and acquisitions and the impact of new tax legislation. Forward-looking statements are based on certain assumptions and assessments made by us in light of our experience and perception of historical trends, current conditions and expected future developments. Actual results and the timing of events may differ materially from those contemplated by the forward-looking statements due to a number of factors, including regional, national or global political, economic, business, competitive, market or regulatory conditions, manufacturing and product performance, warranty assumptions (including the adequacy of our reserves related thereto), expectations regarding higher volumes, continued execution of our cost productivity initiatives and improved pricing, as well as other factors that are described in the section entitled “RISK FACTORS” in Item 1A of our most recently filed Annual Report on Form 10-K and our Quarterly Report on Form 10-Q for the quarter ended December 31, 2017. Undue reliance should not be placed on any forward-looking statements. We do not have any intention or obligation to update forward-looking statements, except as required by law. Reclassified Financial Information The Company sold its Anvil business in the 2017 second quarter. Amounts applicable to Anvil have been classified as discontinued operations. On October 1, 2017, we adopted Financial Accountings Standards Board Accounting Standards Update No. 2017-07, which requires us to exclude from operating income the components of net periodic benefit cost other than service cost. Accordingly, we have reclassified pension costs from selling, general and administrative expenses and cost of sales to pension costs other than service. M U E L L E R W A T E R P R O D U C T S . C O M M A Y 2018 2

Mueller Water Products at a Glance History LTM Financials . Founded 160 years ago as of March 31, 2018 ($ in Millions) . Spun off from Walter Industries in 2006 Net sales $ 870.6 . Listed on NYSE (MWA) June 1, 2006 Infrastructure $ 783.2 90.0% . Divested U.S. Pipe (2012) and Anvil (2017) Technologies $ 87.4 10.0% Adjusted operating income $ 131.6 15.1% Adjusted EBITDA $ 172.9 19.9% ≈10% Natural gas utilities ≈60% Repair and replacement of municipal water ≈30% systems Residential Fiscal Year 2017 Year Fiscal construction End Markets* End * End market data based on company estimates, rounded to 5%, and includes all sales for Infrastructure and Technologies segments. M U E L L E R W A T E R P R O D U C T S . C O M M A Y 2018 3

Focused Strategy and Execution Driving Results Where Intelligence Meets Infrastructure® Committed to delivering sustainable and efficient solutions for our customers and the work they do by bridging the gap between intelligence and infrastructure, helping our customers deliver the most important water resources to their communities and enabling smart cities of the future. Implement a Go- Deliver Integrated, Drive To-Market Strategy Accelerate Customer-Focused Manufacturing That Leverages Development of Support and Productivity Breadth of All Our New Products Alignment Improvements Products and Services We are a trusted partner for our customers with solutions and products that are recognized for their reliability, innovation and ability to deliver the lowest total cost of ownership. We help utilities increase operational efficiencies, improve service levels, prioritize capital spending, ensure access to water, and protect lives and property. OUR CORE PRINCIPLES Respect | Integrity | Trust M U E L L E R W A T E R P R O D U C T S . C O M M A Y 2018 4

Investment Highlights . . Leading brand and municipal market specification positions Strong Competitive . Large installed base of iron gate valves and fire hydrants Position . Comprehensive distribution network and strong end-user relationships Low-cost manufacturing operations using lost foam process . . Favorable market dynamics in municipal and residential end-markets Fundamentally Aging infrastructure with increasing public awareness driving need for Sound Long-term investment requiring a $1.7 trillion investment, according to the . American Water Works Association(1) Dynamics End-markets served by limited number of suppliers . Manufacturing Enhanced operational excellence initiatives delivering ongoing . productivity improvements Excellence Driving Capital investments and efficiencies driving margin expansion and Margin Improvement continued investment in product development . TM Leveraging Strengths Intelligent Water Technology solutions helping utilities actively . diagnose, monitor and control the delivery of drinking water to Invest in Emerging Proprietary fixed leak detection, pipe condition assessment and smart . metering offerings Growth Areas Flexible and scalable technology platform for smart water network . Strong balance sheet and free cash flow driving balanced and Strong Balance Sheet . disciplined capital allocation Enabling growth through acquisitions, new product development and and Free Cash Flow capital investments, while returning cash to shareholders through dividends and share repurchases (1) American Water Works Association, Buried No Longer: Confronting America’s Water Infrastructure Challenge 2012 M U E L L E R W A T E R P R O D U C T S . C O M M A Y 2018 5

Products and Markets

Our Leading Product Positions PRODUCT PRODUCT PRODUCT PRODUCT #1 POSITION #1 POSITION #1 POSITION #2 POSITION Company estimates based on internal analysis and information from trade associations and distributor networks, where available. M U E L L E R W A T E R P R O D U C T S . C O M M A Y 2018 7

Bringing Value to our Customers . Providing valued products and services to over 50,000 municipalities and utilities . Utilizing proprietary smart technologies to help our customers actively diagnose, monitor and control the delivery of drinking water . Developing new technology offerings which utilize fire hydrant base owned by municipalities M U E L L E R W A T E R P R O D U C T S . C O M M A Y 2018 8

U.S. Water Infrastructure Requires Substantial Long-Term Investment Future Drinking Water Infrastructure Repair & Replacement Market (4) . Expenditure Needs Restoring existing water systems and expanding them to serve a growing population through 2050 will require a $1.7 trillion investment (1) . ASCE graded drinking water infrastructure a D (2) . At least 40 cities under consent decrees: Atlanta, Baltimore, Washington, D.C., Suburban Washington, D.C. (WSSC), New Orleans . EPA analysis indicates the need to address aging transmission and distribution pipes is accelerating (see chart below); valves and hydrants are generally replaced along with pipe replacement and repair Accelerating (3) Need (1) American Water Works Association, Buried No Longer: Confronting America’s Water Infrastructure Challenge 2012 (2) ASCE: 2017 Report Card for America’s Infrastructure (3) The EPA Clean Water and Drinking Water Infrastructure Gap Analysis 2002 (4) EPA 2013 Drinking Water Needs Survey and Assessment M U E L L E R W A T E R P R O D U C T S . C O M M A Y 2018 9

Funding Water Infrastructure Repair Historical Water Rates Compared to Other Utilities(1) 600 CPI Utilities (NSA 1982-1984 = 100) 500 400 300 200 100 0 UTILITY SOURCES OF FUNDING . 1984 1957 1960 1963 1966 1969 1972 1975 1978 1981 1987 1990 1993 1996 1999 2002 2005 2008 2011 2014 2017 1954 Majority of utilities have service connection fees and/or capital recovery charges, with median fees of about $5,800(3) CPI Water CPI Nat Gas CPI Postage CPI Electricity CPI All Items . CPI for water and sewerage maintenance increased (1) (1) Bureau of Labor Statistics 3.5% for 12 months ended March 2018 with average 7% (2) 2016 Strategic Directions: U.S. Water Industry – Black & Veatch annual increase among 50 largest U.S. cities(4) (3) American Water Works Association 2014 Water and Wastewater Rate Survey . (4) Bluefield 2017 96% funded at state and local government level(5) (5) RAND Corporation 2017 Report titled “Not Everything is Broken” . Drinking Water State Revolving Fund: $863 million in FY 2017 M U E L L E R W A T E R P R O D U C T S . C O M M A Y 2018 10

Focus on Manufacturing Excellence Driving Organic Growth . Infrastructure has strong adjusted EBITDA margins (27.5% in FY2017) providing a manufacturing base for future growth . Enhanced operational initiatives driving ongoing productivity improvements to facilitate innovation, increase new product development, and strengthen product margins Capital New Product Investment Development Lean Manufacturing M U E L L E R W A T E R P R O D U C T S . C O M M A Y 2018 11

Strong Need for Intelligence in Water Infrastructure Black & Veatch 2016 Strategic Directions in the U.S. Water Industry “Smart metering is a highly successful way of accurately identifying water loss.” Water Conservation Non-Revenue Water Customer Service Focus . . . 43% of U.S. experiencing Up to 30% of treated water is Awareness/education drought or abnormally dry lost or unaccounted for in the . conditions(1) water system(3) Ongoing monitoring . . . 240,000 water main breaks Growing number of states Sustainability per year(2) requiring water loss audits(4) (1) U.S. Drought Monitor as of May 1, 2018 (includes contiguous 48 states) (2) EPA Aging Water Infrastructure Research Program (3) Navigant Research (4) National Resource Defense Council M U E L L E R W A T E R P R O D U C T S . C O M M A Y 2018 12

Technologies Bringing Intelligence to Water Infrastructure Intelligent Water TechnologyTM is Mueller’s full-line of innovative solutions, products and services that actively diagnose, monitor and control the delivery of safe, clean drinking water to consumers and businesses Smart Metering Leak Detection and . Pipe Condition Provide longer-range AMI systems Assessment . . Manage water service Detect leaks on remotely transmission and . distribution mains; ongoing Detect leaks monitoring . . Increase education and Assess condition of customer service with distribution and consumer portal transmission mains . Provide data analytics to manage water assets M U E L L E R W A T E R P R O D U C T S . C O M M A Y 2018 13

Financial Performance

Focused Execution Driving Results Pursued Strategic Generated Free Improved Productivity and Opportunities Cash Flow Reduced Costs . . . Leveraged Mueller brand to drive Produced strong record of free Reorganized the Company around organic growth cash flow generation driven by product value streams . improvements in operating results Acquired automatic control valves and management of working . capital Implemented cost savings to fund . investments in manufacturing and Acquired and investing in leak . detection and pipe condition Generated approximately $100 new product development assessment technologies million in free cash flow in last two . . years (FY2016 + FY2017) Divested Anvil and U.S. Pipe Acquired and investing in AMI . technology Reduced debt by more than $600 . . million since September 30, 2008 Implemented Lean manufacturing Enhanced Smart Water offering . and other productivity improvements: with remote disconnect meter, Amended term loan credit  integrated leak detection, and agreement and reduced applicable Increased production capacity longer-range communications interest rate spread by 75 basis within existing footprint capabilities points  Lowered labor costs  Reduced manufacturing footprint M U E L L E R W A T E R P R O D U C T S . C O M M A Y 2018 15

History of Strong Financial Performance . Delivered 13% cumulative net sales growth since fiscal 2013 years (3% CAGR) . Driven 60% cumulative adjusted EBITDA growth with 580 bps. improvement in adjusted EBITDA margin since fiscal 2013 (1) Consolidated Net Sales Consolidated Adjusted EBITDA and ($ in millions) Adjusted EBITDA Margin ($ in millions) $840 $826 $250 19.5% 19.8% $820 18.1% 20.0% $801 16.2% $793 $200 $800 14.0% $164 $783 $156 15.0% $780 $143 $150 $127 $760 $102 10.0% $740 $730 $100 $720 $50 5.0% $700 $680 $0 0.0% FY2013 FY2014 FY2015 FY2016 FY2017 FY2013 FY2014 FY2015 FY2016 FY2017 (1) Adjusted EBITDA excludes other charges of $1.4 million in 2013, $3.1 million in 2014, $7.9 million in 2015, $7.2 million in 2016 and $21.2 million in 2017 M U E L L E R W A T E R P R O D U C T S . C O M M A Y 2018 16

Q2 2018 Consolidated Financial Highlights . Increased consolidated net sales 16.8% with strong growth at both Infrastructure Second Quarter 2018 2017 (+16.2%) and Technologies (+22.1%) driven by higher volumes as well as higher pricing at Infrastructure Net sales $ 233.2 $ 199.7 . Grew adjusted operating income 34.7% to Adj. operating income $ 31.8 $ 23.6 $31.8 million, with consolidated conversion margin of 24.5%, as higher volumes, cost Adj. operating margin 13.6% 11.8% productivity improvements and higher pricing, were partially offset by higher Adj. net income per share $ 0.12 $ 0.09 material costs and higher SG&A expenses . Adjusted EBITDA increased 25.4% to $42.4 Adj. EBITDA $ 42.4 $ 33.8 million with Adjusted EBITDA margin of 18.2% improving 130 basis points Adj. EBITDA margin 18.2% 16.9% . Recorded provisional one-time income tax $ in millions except per share amounts expense of $7.5 million for transition tax on 2Q18 results exclude strategic reorganization and other charges of $1.9 million and previously-untaxed, undistributed foreign provisional one-time transition tax of $7.5 million earnings relating to new tax legislation 2Q17 results exclude income from discontinued operations of $68.6 million, discrete warranty charge of $9.8 million and other charges of $2.5 million . Adjusted net income per diluted share improved to $0.12 compared with $0.09 last year M U E L L E R W A T E R P R O D U C T S . C O M M A Y 2018 17

Strong Balance Sheet with Significant Flexibility ■ Net debt leverage less than 1x, down from a peak of more than 6x ■ Debt structure as of March 31, 2018 included $477 million Term Loan B with 4.6% weighted- average effective interest rate and $225 million ABL Agreement with no outstanding borrowings ■ No financial maintenance covenants with excess availability at the greater of $17.5 million or 10% of facility amount ■ About $134 million excess availability under our ABL Agreement at March 31, 2018 $1,800 $1,600 $1,549 $1,400 $1,200 $1,127 $1,101 $1,096 $1,000 $740 $800 $692 $678 $ in $ millions $623 $601 $546 $600 $489 $484 $480 $400 $200 $0 Mar-06 FY06 FY07 FY08 FY09 FY10 FY11 FY12 FY13 FY14 FY15 FY16 FY17 M U E L L E R W A T E R P R O D U C T S . C O M M A Y 2018 18

Balanced and Disciplined Capital Allocation Strategic Shareholders Balance Sheet Investments . . . Driving organic growth Increased dividend 25% in Reduced debt by more through capital investments February 2018 which is the than $1 billion since March and acquisitions fourth increase in the last 31, 2006 and $600 million . three years since September 30, 2008 Looking to accelerate . . capital expenditures Repurchased $75 million Net leverage position . worth of shares since provides flexibility to Building pipeline for January 2017 with $170 support acquisitions and acquisitions to expand million available in share shareholders product portfolio, leverage repurchase program existing relationships and capabilities, and grow geographic footprint . Acquired Singer Valve to expand product portfolio M U E L L E R W A T E R P R O D U C T S . C O M M A Y 2018 19

Supplemental Data

SEGMENT RESULTS AND RECONCILIATION OF NON-GAAP TO GAAP PERFORMANCE MEASURES Quarter ended March 31, 2018 Infrastructure Technologies Corporate Consolidated (dollars in millions, except per share amounts) Net sales $ 211.1 $ 22.1 $ — $ 233.2 Gross profit $ 71.4 $ 3.1 $ — $ 74.5 Selling, general and administrative expenses 26.4 7.0 9.3 42.7 Strategic reorganization and other charges 0.1 — 1.8 1.9 Operating income (loss) $ 44.9 $ (3.9) $ (11.1) $ 29.9 Operating margin 21.3% (17.6)% 12.8% Capital expenditures $ 6.3 $ 1.5 $ 0.2 $ 8.0 Reconciliation of non-GAAP performance measures to GAAP performance measures: Net income $ 10.2 One-time impacts from tax legislation 7.5 Strategic reorganization and other charges 1.9 Income tax benefit of adjusting items (0.5) Adjusted net income $ 19.1 Weighted average diluted shares outstanding 159.4 Adjusted net income per diluted share $ 0.12 M U E L L E R W A T E R P R O D U C T S . C O M M A Y 2018 22

SEGMENT RESULTS AND RECONCILIATION OF NON-GAAP TO GAAP PERFORMANCE MEASURES Quarter ended March 31, 2018 Infrastructure Technologies Corporate Consolidated (dollars in millions, except per share amounts) Net income $ 10.2 Income tax expense (1) 14.2 Interest expense, net (1) 5.2 Pension costs other than service 0.3 Operating income (loss) $ 44.9 $ (3.9) $ (11.1) 29.9 Strategic reorganization and other charges 0.1 — 1.8 1.9 Adjusted operating income (loss) 45.0 (3.9) (9.3) 31.8 Pension costs other than service 0.1 — (0.4) (0.3) Depreciation and amortization 9.4 1.5 — 10.9 Adjusted EBITDA $ 54.5 $ (2.4) $ (9.7) $ 42.4 Adjusted operating margin 21.3% (17.6)% 13.6% Adjusted EBITDA margin 25.8% (10.9)% 18.2% Adjusted EBITDA $ 54.5 $ (2.4) $ (9.7) $ 42.4 Three prior quarters’ adjusted EBITDA 160.3 (4.4) (25.4) 130.5 Trailing twelve months’ adjusted EBITDA $ 214.8 $ (6.8) $ (35.1) $ 172.9 Reconciliation of net debt to total debt (end of period): Current portion of long-term debt $ 5.6 Long-term debt 473.4 Total debt 479.0 Less cash and cash equivalents 323.9 Net debt $ 155.1 Net debt leverage (net debt divided by trailing twelve months’ adjusted EBITDA) 0.9x Reconciliation of free cash flow to net cash provided by operating activities: Net cash provided by operating activities of continuing operations $ 1.1 Less capital expenditures (8.0) Free cash flow $ (6.9) (1) We do not allocate interest or income taxes to our segments. M U E L L E R W A T E R P R O D U C T S . C O M M A Y 2018 23

SEGMENT RESULTS AND RECONCILIATION OF NON-GAAP TO GAAP PERFORMANCE MEASURES Quarter ended March 31, 2017 Infrastructure Technologies Corporate Consolidated (dollars in millions, except per share amounts) Net sales $ 181.6 $ 18.1 $ — $ 199.7 Gross profit $ 59.0 $ (6.5) $ — $ 52.5 Selling, general and administrative expenses 23.0 7.1 8.6 38.7 Other charges 1.6 0.1 0.8 2.5 Operating income (loss) $ 34.4 $ (13.7) $ (9.4) $ 11.3 Operating margin 18.9% (75.7)% 5.7% Capital expenditures $ 4.7 $ 5.2 $ — $ 9.9 Reconciliation of non-GAAP performance measures to GAAP performance measures: Net income $ 73.3 Income from discontinued operations (after tax) (68.6) Discrete warranty charge 9.8 Other charges 2.5 Income tax benefit of adjusting items (1.6) Adjusted net income $ 15.4 Weighted average diluted shares outstanding 162.5 Adjusted net income per diluted share $ 0.09 M U E L L E R W A T E R P R O D U C T S . C O M M A Y 2018 24

SEGMENT RESULTS AND RECONCILIATION OF NON-GAAP TO GAAP PERFORMANCE MEASURES Quarter ended March 31, 2017 Infrastructure Technologies Corporate Consolidated (dollars in millions, except per share amounts) Net income $ 73.3 Income from discontinued operations (after tax) (68.6) Income tax expense (1) 0.7 Interest expense, net (1) 5.5 Pension costs other than service 0.4 Operating income (loss) $ 34.4 $ (13.7) $ (9.4) 11.3 Discrete warranty charge — 9.8 — 9.8 Other charges 1.6 0.1 0.8 2.5 Adjusted operating income (loss) 36.0 (3.8) (8.6) 23.6 Pension costs other than service (0.1) — (0.3) (0.4) Depreciation and amortization 9.1 1.4 0.1 10.6 Adjusted EBITDA $ 45.0 $ (2.4) $ (8.8) $ 33.8 Adjusted operating margin 19.8% (21.0)% 11.8% Adjusted EBITDA margin 24.8% (13.3)% 16.9% Adjusted EBITDA $ 45.0 $ (2.4) $ (8.8) $ 33.8 Three prior quarters’ adjusted EBITDA 155.4 (0.5) (26.8) 128.1 Trailing twelve months’ adjusted EBITDA $ 200.4 $ (2.9) $ (35.6) $ 161.9 Reconciliation of net debt to total debt (end of period): Current portion of long-term debt $ 5.5 Long-term debt 476.3 Total debt 481.8 Less cash and cash equivalents 328.3 Net debt $ 153.5 Net debt leverage (net debt divided by trailing twelve months’ adjusted EBITDA) 0.9x Reconciliation of free cash flow to net cash provided by operating activities of continuing operations: Net cash used in operating activities of continuing operations $ 3.6 Less capital expenditures (9.9) Free cash flow $ (6.3) (1) We do not allocate interest or income taxes to our segments. M U E L L E R W A T E R P R O D U C T S . C O M M A Y 2018 25

SEGMENT RESULTS AND RECONCILIATION OF NON-GAAP TO GAAP PERFORMANCE MEASURES Six months ended March 31, 2018 Infrastructure Technologies Corporate Consolidated (dollars in millions, except per share amounts) Net sales $ 371.2 $ 40.3 $ — $ 411.5 Gross profit $ 123.9 $ 6.0 $ — $ 129.9 Selling, general and administrative expenses 50.8 14.5 17.2 82.5 Gain on sale of idle property — — (9.0) (9.0) Strategic reorganization and other charges 0.1 0.1 5.6 5.8 Operating income (loss) $ 73.0 $ (8.6) $ (13.8) $ 50.6 Operating margin 19.7% (21.3)% 12.3% Capital expenditures $ 11.1 $ 3.0 $ 0.3 $ 14.4 Reconciliation of non-GAAP performance measures to GAAP performance measures: Net income $ 65.3 One-time impacts from tax legislation (35.1) Gain on sale of idle property (9.0) Strategic reorganization and other charges 5.8 Income tax benefit of adjusting items 0.9 Adjusted net income $ 27.9 Weighted average diluted shares outstanding 159.6 Adjusted net income per diluted share $ 0.17 M U E L L E R W A T E R P R O D U C T S . C O M M A Y 2018 26

SEGMENT RESULTS AND RECONCILIATION OF NON-GAAP TO GAAP PERFORMANCE MEASURES Six months ended March 31, 2018 Infrastructure Technologies Corporate Consolidated (dollars in millions, except per share amounts) Net income $ 65.3 Income tax benefit (1) (25.6) Interest expense, net (1) 10.4 Pension costs other than service 0.5 Operating income (loss) $ 73.0 $ (8.6) $ (13.8) 50.6 Gain on sale of idle property — — (9.0) (9.0) Strategic reorganization and other charges 0.1 0.1 5.6 5.8 Adjusted operating income (loss) 73.1 (8.5) (17.2) 47.4 Pension costs other than service — — (0.5) (0.5) Depreciation and amortization 18.5 2.9 0.1 21.5 Adjusted EBITDA $ 91.6 $ (5.6) $ (17.6) $ 68.4 Adjusted operating margin 19.7% (21.1)% 11.5% Adjusted EBITDA margin 24.7% (13.9)% 16.6% Reconciliation of free cash flow to net cash provided by operating activities: Net cash provided by operating activities of continuing operations $ 1.6 Less capital expenditures (14.4) Free cash flow $ (12.8) (1) We do not allocate interest or income taxes to our segments. M U E L L E R W A T E R P R O D U C T S . C O M M A Y 2018 27

SEGMENT RESULTS AND RECONCILIATION OF NON-GAAP TO GAAP PERFORMANCE MEASURES Six months ended March 31, 2017 Infrastructure Technologies Corporate Consolidated (dollars in millions, except per share amounts) Net sales $ 327.9 $ 39.0 $ — $ 366.9 Gross profit $ 106.6 $ (2.3) $ — $ 104.3 Selling, general and administrative expenses 44.3 13.5 17.2 75.0 Other charges 1.7 0.1 2.0 3.8 Operating income (loss) $ 60.6 $ (15.9) $ (19.2) $ 25.5 Operating margin 18.5% (40.8)% 7.0% Capital expenditures $ 7.7 $ 6.3 $ 0.1 $ 14.1 Reconciliation of non-GAAP performance measures to GAAP performance measures: Net income $ 80.0 Income from discontinued operations (after tax) (69.9) Discrete warranty charge 9.8 Other charges 3.8 Income tax benefit of adjusting items (2.0) Adjusted net income $ 21.7 Weighted average diluted shares outstanding 163.2 Adjusted net income per diluted share $ 0.13 M U E L L E R W A T E R P R O D U C T S . C O M M A Y 2018 28

SEGMENT RESULTS AND RECONCILIATION OF NON-GAAP TO GAAP PERFORMANCE MEASURES Six months ended March 31, 2017 Infrastructure Technologies Corporate Consolidated (dollars in millions, except per share amounts) Net income $ 80.0 Income from discontinued operations (after tax) (69.9) Income tax expense (1) 2.8 Interest expense, net (1) 11.9 Pension costs other than service 0.7 Operating income (loss) $ 60.6 $ (15.9) $ (19.2) 25.5 Discrete warranty charge — 9.8 — 9.8 Other charges 1.7 0.1 2.0 3.8 Adjusted operating income (loss) 62.3 (6.0) (17.2) 39.1 Pension costs other than service (0.2) — (0.5) (0.7) Depreciation and amortization 18.1 2.6 0.2 20.9 Adjusted EBITDA $ 80.2 $ (3.4) $ (17.5) $ 59.3 Adjusted operating margin 19.0% (15.4)% 10.7% Adjusted EBITDA margin 24.5% (8.7)% 16.2% Reconciliation of free cash flow to net cash used in operating activities of continuing operations: Net cash used in operating activities of continuing operations $ (16.3) Less capital expenditures (14.1) Free cash flow $ (30.4) (1) We do not allocate interest or income taxes to our segments. M U E L L E R W A T E R P R O D U C T S . C O M M A Y 2018 29

Questions