On February 6, 2017, Mueller Water Products, Inc. (the “Company”) entered into an accelerated share repurchase agreement with Bank of America, N.A. (“BofA”) to repurchase $50 million of the Company’s outstanding common stock. On February 7, 2017, the Company will make a payment of $50 million to BofA, for which we are expected to receive an initial delivery of 2,919,708 shares of the Company’s outstanding common stock. These shares will be retired as soon as practical after receipt. The total aggregate number of shares of Company common stock repurchased to the agreement will be based generally on the average of the daily volume-weighted average prices of the Company’s common stock, less a fixed discount, over the term of the agreement. At final settlement, BofA may be required to deliver additional shares of common stock to the Company, or under certain circumstances, the Company may be required to deliver shares of common stock or to make a cash payment, at its election, to BofA. The terms of the accelerated share repurchase agreement are subject to certain customary adjustments if the Company were to enter into or announce certain types of transactions or to take certain corporate actions.

The accelerated share repurchase is part of the board authorized program announced on January 9, 2017 to repurchase up to an aggregate $250 million of the Company’s outstanding common stock. Additional purchases by the Company under the remaining repurchase authority will depend on a number of factors, including prevailing market conditions, and may be made from time to time in open market purchases, privately negotiated transactions, additional accelerated share repurchase programs, issuer self-tender offers or otherwise, as determined by the Company’s management. The repurchases will be made in compliance with, and at such times as permitted by, federal securities law and may be suspended or discontinued at any time.

About MUELLER WATER PRODUCTS, INC. (NYSE:MWA)

Mueller Water Products, Inc. is a manufacturer and marketer of products and services used in the transmission, distribution and measurement of water in North America. The Company operates through three segments: Mueller Co., Anvil and Mueller Technologies. The Mueller Co. segment manufactures valves for water and gas systems, and dry-barrel and wet-barrel fire hydrants. The Anvil segment manufactures and sources a range of products, including a range of fittings, couplings, hangers and related products. The Mueller Technologies segment offers metering systems, leak detection, pipe condition assessment and other products and services for the water infrastructure industry. The Mueller Technologies segment includes Mueller Systems and Echologics businesses. The Company offers a range of water infrastructure, flow control and piping component system products and services in the United States and Canada.

MUELLER WATER PRODUCTS, INC. (NYSE:MWA) Recent Trading Information

MUELLER WATER PRODUCTS, INC. (NYSE:MWA) closed its last trading session up +0.17 at 13.70 with 1,972,925 shares trading hands.