Summary of MUELLER WATER PRODUCTS, INC.

Item 1.01 Entry Into a Material Definitive Agreement.

On September 17, 2009, Mueller Water Products, Inc. (the "Company") entered into an underwriting agreement (the "Underwriting Agreement") with Merrill Lynch, Pierce, Fenner & Smith Incorporated and Goldman, Sachs & Co., as representatives of the several underwriters named therein (the "Underwriters"), to issue and sell 32,280,000 shares of the Company's Series A common stock, $.01 par value per share, in a public offering pursuant to a registration statement on Form S-3 (File No. 333-159845) and a related prospectus supplement, dated September 17, 2009, which were both filed with the Securities and Exchange Commission. In addition, the Company granted the Underwriters an option, exercisable for 30 days from the date of the Underwriting Agreement, to purchase up to an additional 4,842,000 shares of the Company's Series A common stock to cover over-allotments.

On September 18, 2009 the Underwriters exercised their option to purchase the additional 4,842,000 shares of the Company's Series A common stock to cover over-allotments, and the offering of 37,122,000 shares of the Company's Series A common stock is expected to close on September 23, 2009, subject to satisfaction of customary closing conditions. The Company expects to receive net proceeds from the offering of approximately $165.9 million, after deducting the underwriting discounts and commissions and estimated offering expenses.

The foregoing description of the Underwriting Agreement does not purport to be complete and is qualified in its entirety by reference to the Underwriting Agreement, which is filed as Exhibit 1.1 hereto and incorporated by reference herein.