Davenport Infrastructure

and Basic Industry

Conference

March 6, 2008

1

Exhibit 99.1

Except for historical information contained herein, information in this presentation is forward-looking

and made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of

1995. Forward-looking statements involve known and unknown risks and uncertainties that may cause

the actual results in future periods of Mueller Water Products, Inc. to differ materially from

forecasted results. Those risks include, among others, changes in customer orders and demand for our

products; changes in raw material pricing, labor, equipment and transportation costs; pricing actions

by the Company's competitors; changes in law; the current or future state of the water infrastructure

industry, the ability to attract and retain management and employees; the inability to  successfully

execute management strategies with respect to cost containment, production decreases, inventory

control, the integration of acquired businesses, and the construction of a new manufacturing plant;

and general changes in economic conditions.  Risks associated with forward-looking statements are

more fully described in our filings with the Securities and Exchange Commission. Mueller Water

Products assumes no duty to update its forward-looking statements as of any future date.

Within this presentation, the Company makes reference to certain

non-GAAP financial measures,

which have directly comparable GAAP financial measures as identified in this presentation. These non-

GAAP measures are provided so that investors have the same financial data that management uses

with the belief that it will assist the investment community in properly assessing the underlying

performance of the Company. A reconciliation between GAAP and non-GAAP performance measures is

included in the Supplemental Information and is presented in compliance with the provisions of the

rules under Regulation G.

Safe Harbor

2

Key Attributes of Mueller Water Products

Leading water infrastructure products provider

Strong brands highly recognized for quality

Low-cost manufacturing operations

Attractive and growing water infrastructure industry

3

Leading Water Infrastructure Products Provider

Large installed base of products in U.S.

Leading specifications position, including top 50

metropolitan U.S. markets

LTM Net Sales: $1,849 MM

LTM Adjusted EBITDA: $294 MM

LTM Adjusted EBITDA Margin: 15.9%

4

(a) Before corporate expenses

Broad and Profitable Product Portfolio

$756MM

$144MM

$52MM

$196MM

SEGMENT NET SALES

PRODUCT

PORTFOLIO

ADJUSTED OPERATING

INCOME

(a)

$531MM

$27MM

$24MM

$51MM

$562MM

$60MM

$23MM

$83MM

Iron Gate

Valves

Butterfly, Ball

and Plug

Valves

Fittings &

Couplings

Cast Iron

Fittings

Hangers &

Supports

Gas Products /

Tapping

Machines

Pipe Nipples

Hydrants

DEPRECIATION AND

AMORTIZATION

(b)

Est. 1857

Est. 1899

Est. 1999 (1850)

HISTORICAL ROOTS

Note: All statistics are actuals for LTM, ended December 31, 2007.

(a)

Segment operating income excludes corporate expenses of $38 million. U.S. Pipe operating income excludes $16.2 million of closure costs related to the Burlington facility.

(b)

Segment  depreciation and amortization excludes corporate depreciation of $2 million.

EBITDA

(a) (b)

5

Restrained Joint

Pipe

Ductile Iron

Pipe

Joint Restraint          Joint Fitting

Primary End Markets

70% of our FY2007 net sales was water infrastructure related

50% was residential construction

50% was repair and replacement (public sector)

30% of our FY2007 net sales was commercial construction related

Source: Management Estimates

6

2007 Net Sales

Complete Water Transmission Solutions

7

The Water

Infrastructure Industry

8

An Aging Water Infrastructure Industry

Water leakage rates as high as 20%

Water systems are serving 2 to 3 times more people than

originally intended

(1)

American Society of Civil Engineers graded water

infrastructure a “D-”

Existing and future legislation could lead to increased

infrastructure investment

A National Issue with Local Ownership

Source:

(1)

American Water Works Association

9

An Aging Water Infrastructure

10

Source: The EPA Clean Water and Drinking Water Infrastructure Gap Analysis

%

An Aging Water Infrastructure

Source: The EPA Clean Water and Drinking Water Infrastructure Gap Analysis

11

An Aging Water Infrastructure

Aging water pipes need to

be rehabilitated or replaced

When pipes are replaced,

typically valves and hydrants

are also replaced

Source: EPA 2003 Drinking Water Needs Survey and Assessment

12

Water Infrastructure Market Opportunity

Repair and replace market growing

-

Public

spending

on

water

infrastructure

expected

to

increase

17%

in

2008

(Oct.

2007

AWWA survey)

-

55% of Mueller Co.’s net sales in 2007

-

45% of U.S. Pipe’s net sales in 2007

Rate Increases

-

Average annual rate increase between

1996 and 2006: 4.1%

(1)

-

29% of water systems charge less than cost

(4)

Spending

-

90% funded at local level

(2)

Source: (1) American Water Works Association 2006 Water and Wastewater Rate Survey

(2) EPA Clean Water and Drinking Water Infrastructure Gap Analysis

(3) AWWA State of the Industry Report 2007

(4) Government Accountability Office 2004 report on water infrastructure

13

75% of revenue comes from products that are #1 or #2

14

Comprehensive Distribution Network

15

Installed

base

and

specified

products

drive

demand

Technical and Product Innovation

Manufacturing excellence

-

Commitment to being low-cost producer

Lost foam manufacturing process

-

Only manufacturer utilizing process for valves

and hydrants

-

Reduced production costs by 15%

Automating ductile iron pipe manufacturing

-

Cuts labor costs in half

-

Expected completion early FY2009

-

Leverages existing melting capacity

Lost foam casting

Ductile iron pipe

Source: Management Estimates

16

Technical and Product Innovation

Product innovation

-

150 years of market leadership

-

Half of all hydrants in the U.S. are Mueller

-

3 million hydrants installed

-

Added security features

-

Mueller Super Centurion

-

Mueller Nozzle Check Valve

17

Business Update

18

Management Actions

Completed synergy plan

-

At high end of range of $40 -

$50 million

Implemented inventory reduction plan

-

Generated free cash flow

Refinanced debt

-

Obtained terms and rates not available in today’s credit markets

Continue to reduce fixed costs

-

Closed Burlington facility

-

Expected to generate $15 -

$17 million in annualized savings

Constructing automated ductile iron pipe manufacturing

-

Bessemer, Alabama

-

Cuts labor costs in half

-

Leverages existing melting capacity

Initiating price increases

-

With key product lines in a tough market

19

1

2008 adjusted to exclude $16.2 million, $9.5 million net of tax ($0.08 per share), of restructuring charges related to the closure of Burlington manufacturing

operations. See supplemental information for reconciliation of GAAP to non-GAAP performance measures

Consolidated Results

Net sales increased slightly versus prior year

Higher pricing at Mueller Co. and Anvil, Canadian currency exchange rates and Fast Fabricators net sales offset

demand declines associated with residential construction

Lower operating income, EBITDA and margins

Higher raw material costs and under-absorption of overhead associated with reduced production

20

$ in millions

2008

2007

Net sales

$412.3

$411.9

Income from operations

1

$32.6

$49.0

Operating income margin

1

7.9%

11.9%

EPS

1

$0.07

$0.15

EBITDA

1

$56.2

$73.4

EBITDA margin

1

13.6%

17.8%

First Quarter Fiscal

Key Drivers

Residential Construction

Repair and Replace

Commercial Construction

Water Infrastructure Distributors

Raw Materials

Pricing

Housing starts down 38% Dec. 2007 over Dec. 2006

Public spending on water infrastructure expected to

continue to increase long term

Commercial construction currently remaining steady

but is expected to soften

Distributors are delaying purchases.  Slower market

and/or tighter inventory management?

Cost of raw materials (scrap iron, brass ingot, etc.)

continues to increase

Initiating price increases.  Too early to assess

realization

21

Second Quarter 2008 Outlook Update

Since our first-quarter conference call

-

Residential construction continues to trend downward

-

Seasonal uptick in revenue is minimal

-

Distributors are making fewer purchases

-

Cost

of

raw

materials

(scrap

iron,

brass

ingot,

coke

and

alloys)

continues

to

increase

-

Still too early to assess realization from announced price increases

22

Potential Uses of Cash

Reinvesting in the business

Paying dividends

Repaying debt

Repurchasing stock

Making strategic acquisitions

23

Strategy and Objectives

Maintain market leadership positions

Expand internationally

Continue to enhance operational excellence

Broaden breadth and depth of products and services

Capitalize on the large, attractive and growing

water infrastructure markets worldwide

24

Investment Highlights

Attractive long-term water industry dynamics

-

Driven by new and upgraded infrastructure

-

Limited number of suppliers to end markets

Strong competitive position

-

Leading brand position with large installed base

-

Leading municipal specification positions

-

Comprehensive distribution network

-

Low-cost manufacturing operations

Growth opportunities

-

Organic growth

-

Strategic acquisitions (including international expansion)

Successful synergy implementation plan

25

Supplemental Data

26

27

Segment Results & Reconciliation of GAAP to Non-

GAAP Performance Measures

$ in Millions

Q1 '07

Q2 '07

Q3 '07

Q4 '07

FY 07

Q1 '08

LTM

Net sales:

Mueller Co.

162.1

195.9

203.1

195.0

756.1

161.6

755.6

U.S. Pipe

116.4

129.7

153.3

137.7

537.1

110.7

531.4

Anvil

133.4

134.1

146.1

142.2

555.8

140.0

562.4

411.9

459.7

502.5

474.9

1,849.0

412.3

1,849.4

Reported income (loss) from operations:

Mueller Co.

35.7

42.8

41.5

34.7

154.7

24.8

143.8

U.S. Pipe

7.2

6.8

8.9

10.4

33.3

(15.3)

10.8

Anvil

13.0

13.6

17.4

13.4

57.4

15.9

60.3

Corporate

(6.9)

(10.3)

(10.4)

(7.8)

(35.4)

(9.0)

(37.5)

49.0

52.9

57.4

50.7

210.0

16.4

177.4

Depreciation:

Mueller Co.

6.5

6.7

6.9

6.7

26.8

6.3

26.6

U.S. Pipe

5.5

5.9

6.1

5.8

23.3

5.7

23.5

Anvil

5.0

4.9

4.9

5.6

20.4

4.1

19.5

Corporate

0.3

0.2

0.5

0.8

1.8

0.1

1.6

17.3

17.7

18.4

18.9

72.3

16.2

71.2

Amortization of intangible assets:

Mueller Co.

6.2

6.3

6.3

6.2

25.0

6.3

25.1

U.S. Pipe

-

0.3

0.2

0.2

0.7

0.2

0.9

Anvil

0.9

0.8

0.9

0.8

3.4

0.9

3.4

7.1

7.4

7.4

7.2

29.1

7.4

29.4

Unusual adjustments:

Burlington Plant Closure Costs

-

-

-

-

-

16.2

16.2

-

-

-

-

-

16.2

16.2

Adjusted EBITDA:

Mueller Co.

48.4

55.8

54.7

47.6

206.5

37.4

195.5

U.S. Pipe

12.7

13.0

15.2

16.4

57.3

6.8

51.4

Anvil

18.9

19.3

23.2

19.8

81.2

20.9

83.2

Corporate

(6.6)

(10.1)

(9.9)

(7.0)

(33.6)

(8.9)

(35.9)

73.4

78.0

83.2

76.8

311.4

56.2

294.2

Capital expenditures:

Mueller Co.

6.7

5.7

4.3

5.0

21.7

4.4

19.4

U.S. Pipe

7.8

12.1

14.3

13.3

47.5

9.1

48.8

Anvil

5.1

3.7

3.4

2.8

15.0

3.3

13.2

Corporate

0.4

1.0

1.6

1.1

4.1

-

3.7

20.0

22.5

23.6

22.2

88.3

16.8

85.1

Reported income (loss) from operations

49.0

52.9

57.4

50.7

210.0

16.4

177.4

Interest expense, net

20.4

21.1

23.3

22.0

86.8

19.2

85.6

Loss on early extinguishment of debt

-

-

36.4

0.1

36.5

-

36.5

Income tax expense (benefit)

11.6

13.9

(1.0)

14.0

38.5

(1.7)

25.2

Net income (loss)

17.0

17.9

(1.3)

14.6

48.2

(1.1)

30.1

Diluted earnings per share:

Net income (loss)

0.15

0.16

(0.01)

0.13

0.42

(0.01)

0.27

Net income (loss), adjusted for unusual items

0.15

0.16

0.17

0.13

0.60

0.07

0.53

NET

SALES

OPERATING

INCOME

(b)

(a)

(a)

($ in millions)

Operating

Margin

28

$509

$536

$618

$664

$804

$775

$492

$465

$551

$598

$595

$543

$393

$387

$431

$485

$535

$557

$0

$200

$400

$600

$800

$1,000

2002

2003

2004

2005

2006

2007

2002

2003

2004

2005

2006

2007

2002

2003

2004

2005

2006

2007

$107

$114

$142

$168

$20

($9)

$31

$8

$14

$27

$45

($1)

(50)

0

50

100

$150

200

2002

2003

2004

2005

2002

2003

2004

2005

2002

2003

2004

2005

$107

$114

$142

$168

$179

$20

($9)

$4

$24

$33

$34

$8

$14

$27

$45

$51

$59

$222

($50)

$0

$50

$100

$150

$200

$250

2002

2003

2004

2005

2006

2007

2002

2003

2004

2005

2006

2007

2002

2003

2004

2005

2006

2007

Questions

29

30