Spinoff from Walter Industries
. (NYSE: WLT), $2.67 billion market cap
. Which intends to "completely divest its ownership through a tax-free spin-off following
the expiration of, or release from, the 180-day lock-up agreement"
. Will than have $1.191bb in debt post IPO
Business
. A leading North American manufacturer of a broad range of water infrastructure and
flow control products for use in water distribution networks, water and wastewater
treatment facilities, gas distribution systems and fire protection piping systems.
. MWA believes it has the most comprehensive water infrastructure and flow control
product line in the industry and enjoys a leading market positions based on the estimated
market share of key products, broad brand recognition and a strong reputation for quality
and service within the markets we serve.
. Maintains one of the largest installed bases of products in the United States, including,
as of March 31, 2006, three million fire hydrants and nine million iron gate valves.
. Products are specified for use in all of the top fifty metropolitan areas in the United
States
Acquisition rollup
. On October 3, 2005, Walter Industries acquired the Predecessor Mueller and
contributed U.S. Pipe
. Anvil was acquired in 2004 from Star Pipe

Business segments & % of sales for six months ended March 31, 2006
. Mueller (40%)
Sales of Mueller segment products are driven principally by spending on water and
wastewater infrastructure upgrade, repair and replacement and new water and
wastewater infrastructure. Mueller segment sales of hydrants and iron gate valves are
estimated to be 50% for new infrastructure, with the remainder for upgrade, repair and
replacement.

. U.S. Pipe (32%)
U.S. Pipe products are sold primarily to water works distributors, contractors,
municipalities, private utilities and other governmental agencies. A substantial percentage
of ductile iron pressure pipe orders result from contracts that are bid by contractors or
directly issued by municipalities or private utilities.

. Anvil (28%)
Anvil products are sold to a wide variety of end-users, which are primarily commercial
construction contractors. These products are typically sold to our distributors through
Anvil's four regional distribution centers located in Illinois, Nevada, Pennsylvania and
Texas and through Anvil's Canadian distribution and sales division. A significant portion
of Anvil products are used in the fire protection industry and in HVAC applications.

Competition
Hydrants & valves
Mueller hydrants and valves enjoy strong competitive positions based largely on their
quality and dependability. The principle competitors for Mueller segment hydrants and
iron gate valves are McWane, Inc. and American Flow Control. The primary competitors
for Mueller's brass products are A.Y. McDonald, Ford Meter Box and Cambridge Brass.

Ductile iron pressure pipe industry
. U.S. Pipe competes with a small number of manufacturers of ductile iron pressure pipe
and fittings. Major competitors of U.S. Pipe include McWane, Inc., Griffin Ductile Iron
Pipe Company and American Cast Iron Pipe
. Additional competition for ductile iron pressure pipe comes from pipe composed of other
materials, such as polyvinylchoride (PVC), high density polyethylene (HDPE), concrete,
fiberglass, reinforced plastic and steel. Although ductile iron pressure pipe is typically
more expensive than competing forms of pipe, customers chose ductile iron for its
quality, longevity, strength, ease of installation and lack of maintenance problems.

Anvil segment products
. For domestic manufacturing and sales, Anvil's primary competitor for malleable and cast
iron fittings is Ward Manufacturing;
. For ductile and grooved fittings, Anvil's significant competitors are Victaulic and Tyco
Engineered Products;
. For pipe hangers, Anvil's principle competitors are ERICO, Tolco/Nibco and Michigan
Hanger Company.

Applications
. Anvil products have mechanical and industrial applications, such as HVAC systems,
and fire protection applications, such as sprinkler systems. MWA estimates that 72% of
these products are used in mechanical applications and the remainder in fire protection
systems.
. While the mechanical market has generally resisted acceptance of foreign products, the
fire protection market has broadly accepted foreign products as a substitute for domestic
piping system products. Fire protection products are sold primarily on price and are sold
at lower prices by foreign manufacturers.

Use of $374mm in IPO proceeds
. $60.2 million to redeem a portion of senior discount notes due 2014;
. Contribute $123.1 million to the subsidiary, Mueller Group, LLC, which will use such
proceeds to redeem a portion of its 10% senior subordinated notes due 2012 and pay
accrued interest; and (3) contribute $190.7 million to Mueller Group, which will use such
proceeds to optionally prepay a portion of the term loan outstanding under the 2005
Mueller Credit Agreement.
. Any remaining proceeds for general corporate and other purposes.