The presentation written and delivered by myself and a team of Marquette AIM Seniors at the America\'s Regional of the CFA Global Investment Research Challange in March, 2009

1. Badger Meter, Inc. CFA Global Investment Research Challenge 2009 Marquette University

2. Recommendation SELL Target Price $2 5 Per Share Current Price $ 29 Per Share Source: Bloomberg, Team Projections Market Cap (Mil): $428.17 52 WK H-L: $62.74-17.58 FY Dec 2008A 2009E 2010E Shares Out (Mil): 14.81 Institutional Holdings 72.99% Revenue (Mil) $279.55 $258.19 $259.28 Float (Mil): 13.84 Insider Holdings 5.28% Net Income (Mil) $25.08 $19.18 $19.76 Avg. Daily Volume: 239,884 Return On Equity 24.71% EPS $1.72 $1.32 $1.36 TTM Dividend: $0.40 Debt To Common Equity 22.67% P/E 17x 22x 21x Dividend Yield: 1.38%

7. Increased Funding Costs Source: Bloomberg Revenue Assumptions AA 5yr Municipal Bonds Over 5yr Treasury Bonds

11. Margin Analysis Spot Copper Price Per Metric Ton vs. Company Margins Source: Bloomberg, BMI Data Copper Price Margin As % Of Revenue

12. Discounted Cash Flow Model Valuation Methodology Valuation $ In Millions Terminal EBITDA Multiple 7.5x Projected EBITDA, 2013 $59,771 Terminal Value $448,279 Discounted Terminal Value $302,702 Sum Of PV FCF $80,902 Net Debt $18,957 Value Of Equity $364,472 Target Price Per Share $24.61

13. Conclusion Q&A Reiterate SELL Rating For BMI Price Target: $25 Per Share