This investor presentation summarizes Watts Water Technologies, Inc.'s business and strategy. It discusses Watts' transformation to strengthen its foundation through restructuring efforts in the Americas, Asia, and Europe. Watts has a global water products portfolio serving residential and commercial markets. It is aligned with favorable macro trends in safety/regulation, energy efficiency, and water conservation. The presentation outlines Watts' goals to expand operating margins through self-help initiatives, reinvest in innovation, complete accretive acquisitions, and generate strong free cash flow conversion.

1. Investor Presentation
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2. Forward Looking Statements
2/28/2017 2© 2017 Watts Water Technologies, Inc.
Certain statements in this presentation constitute forward-looking statements within
the meaning of the Private Securities Litigation Reform Act of 1995.
These statements are related to forecasts of sales, market dynamics and 2017
outlook update, capital expenditures, costs and savings associated with realignment
activities, lead free developments and management goals and objectives.
Watts cautions investors that any such forward-looking statements made by Watts
are not guarantees of future performance. All forward-looking statements are
subject to known and unknown risks, uncertainties and contingencies, many that are
beyond the control of Watts, which may cause actual results, performance or
achievements to differ materially from anticipated future results, performance or
achievements expressed or implied by the forward-looking statements.
Factors that might affect forward-looking statements include overall economic and
business conditions, competitive factors, changes in laws affecting Watts, future
acquisitions of material assets or businesses by Watts, the demand for Watts’
products and services and other factors identified in Watts’ most recent Annual
Report on Form 10-K and subsequent reports filed with the SEC.
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3. Who We Are
Asia
Pacific
4%
Canada
5%
EMEA
32%
US
59%
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Global Leader / Driving Margin Expansion
REVENUE SOURCES
Leader in Commercial / Residential
Water Products
• $1.4B Global Company
− Domestic / international revenue split fairly balanced
− Strong presence in commercial / residential markets
− Exposure to replacement markets & new construction
• Leveraging Leading Brands and Key Market Drivers
− Safety & Regulation
− Energy Efficiency
− Water Conservation
• Multi-Year Transformation Underway
− Delivering enhanced margin expansion
• Strong Cash Generator Drives Capital Deployment
• Codes drive ~ 65% of worldwide sales
Residential
40%
Non-Residential
60%
Repair/Retrofit
65% New
Construction
35%
Geographic
End Markets
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4. Commercial Applications
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One of the Broadest Product Offerings…
WASTEWATER (DRAINAGE) SYSTEM
• Roof Drains
• Floor Drains
• Trench Drains
• Fixture Carriers
• Hydrants
• Acid Waste Systems
• Double Containment Piping Systems
• Rainwater Harvesting Systems
• Interceptors
• Cleanouts
ALTERNATIVE ENERGY
• Solar Control Packages
HVAC SYSTEM
• Commercial Boilers
• Water Heaters
• Expansion Tanks
• Gauges & Thermometers
• Balancing Valves
• Safety Relief Valves
• Anti-Scale Systems
• Electronic Temperature Controls
• Tempering Valves
• Backflow Preventers
• Radiant Snow Melting Systems
• Hydro-control Panels
• Steam Traps
• Strainers
• Feed Water Regulators
• Manifolds
FOOD SERVICE APPLICATIONS
• Movable Gas Connectors
• Water Filtration Systems
• Anti-Scale Systems
• Gas and Water Shutoff Valves
• Commercial Faucets
• Gas Regulators
• Thermostatic Mixing Valves
• Grease Interceptors
• Stainless Steel Piping and Drains
• Anti-Scale Systems
• T&P Relief Valves
• Tempering Valves
• Monitoring and Turbidity Monitors
• Strainers
• Butterfly Valves
• Water Hammer Arrestors
• UL / FM Fire Service Strainers
• Automatic Control Valves
• Pre-Engineered Valve Stations
• Gate Valves
FIRE PROTECTION SYSTEM
• Backflow Preventers
• Transition Risers
• Relief Valves
• Check Valves
IRRIGATION SYSTEM
• Backflow Preventers
• Backflow Enclosures
• Automatic Control Valves
• Shutoff Valves
• Butterfly Valves
• Relief Valves
• Water Pressure Reducing Valves
POTABLE WATER SYSTEM
• Water Heaters
• Gas Connectors
• Reverse Osmosis Water Filtration System
• Water Softeners
• Backflow Preventers
• Water Pressure Reducing Valves
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5. Residential Applications
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…Unmatched in the Industry
BATHROOM
• Tempering Valves for Tubs, Showers and Sinks
• Electric Tile Warming
• Hot Water On Demand Recirculation Systems
KITCHEN
• Undersink Guardian Thermostatic Mixing Valves
• Reverse Osmosis Water Filtration Systems
• Ice Maker Filtration Systems
• Electric Tile Warming
LAUNDRY ROOM
• Automatic Washing Machine Shutoff Valves
• Water Hammer Arrestors
• Anti-Scale Systems
• Gas Ball Valves
• Gas Connectors
BOILER
• Temperature & Pressure Gauges
• Tempering Valves
• Safety Relief Valves
• Fill Valves
• Backflow Preventers
• Boiler Drains
• Air Separators
• Flow Control Valves
• Float Vents
• Anti-Scale Systems
• Water Softeners
• UV Disinfection Systems
• Whole House Filtration Systems
WATER QUALITY
RADIANT HEAT PRODUCTS
• Radiant Underfloor Heating Systems
• Snowmelting
• Electronic Temperature Controls
• Quick Connect Fittings
• Hydrocontrol Panels
• PEX Tubing
• Manifolds
• Backflow Preventers
• Ball Valves
• Drain Tubes
• Floor Drains
• Gas Connectors
• T&P Relief Valves
• Tempering Valves
• Pressure Reducing Valves
• Expansion Tanks
• Anti-Scale Systems
• Water Detector Shutoffs
ALTERNATIVE ENERGY
• Geothermal Control Packages
WATER HEATER
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6. Investment Thesis
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Winning With Commercial, Operational and Innovation Excellence
Strengthening the
Foundation
Multi-year transformation underway  Enhanced portfolio and
more efficient organization; ongoing tailwind
Aligned to
Favorable Macros
and Markets
Leading market positions in residential and commercial water,
addressing global secular macro themes
Focus On
Innovation and
Profitable Growth
Leveraging components to broaden application solutions
offering  Investment continues, fueling growth
Accretive Capital
Deployment
Strong cash flow and efficient capital structure enables more
deployment upside; disciplined acquirer
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7. Multi-Year Transition Underway
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Multi-Year Restructuring Tailwind Helping to Offset Macro Challenges
Continue to Drive Productivity;
Reinvest for Growth
Americas / Asia Transformation • One Watts
• Innovation / Application
Solutions
European Restructuring • Exited Non-core Products
• Footprint Optimization
• Sourcing Excellence
• Realigned Cost Structure
to Demand
• Footprint Optimization
• Sourcing Excellence
2013 – 2014
2015 – 2016
2017 & Beyond
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8. Attractive End Markets
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Balanced Portfolio Providing Tailwind For Growth
Specialty Products and Systems that Conserve and Safeguard the Flow of Fluid and Energy
Verticals
End
Markets
Residential Multi Family /
Commercial
Light / General
Industrial
Healthcare Hospitality Institutional /
Educational
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9. Aligned to Favorable Macro Trends
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Addressing Global Secular Macro Themes
• Code & specification driven
• Extensive certification process
• Emerging need globally
SAFETY & REGULATION ENERGY EFFICIENCY WATER CONSERVATION
• Environmental & emotional drivers
• Code & specification driven
• Emerging global demand
• Economic & environmental value
proposition
• Application & engineering
competencies critical
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10. “Self Help” Story Drives Earnings Growth
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Significant Margin Improvement
Operating Margin Opportunity Next 5 Years
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11. Disciplined Capital Deployment
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Strong Cash Generation Drives Deployment Upside
Strong Cash Generation Deployment Priorities
• Investing in high ROI CAPEX
- Reinvestment ratio 80-100%
• Strategic M&A
- Selective acquirer; disciplined valuation
and screening process
• Pay a competitive dividend
- Consistent double-digit increases
• Stable share buyback
- Offset option dilution at minimum
2015E 2019T
>100% FCF
Conversion
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12. Summary
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Stronger Foundation Delivering Long-term Value Creation
Who We Are
• $1.4B enhanced water portfolio
• Global leading brands in highly
fragmented industry
• Broad solutions across balanced
geographies & end markets
• Strong presence in repair/replace &
new construction
• Strong financial position & cash flow
generation
• Disciplined capital allocation
Our Commitments
• Expand operating margins – mid teens
• Earnings growth through commercial
and operational excellence
• Re-investment in innovation to drive
growth and margin upside
• >100% free cash flow generation
• Accelerate growth through disciplined
acquisitions
• Return excess cash to shareholders
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