Jax 150 is correct.
Incidentally when I install my exhaust systems I intentionally add a "bleeder" hole at the lowest point of the muffler to allow the system to purge condensation. The condensation also includes carbonic acid and other acidic compounds that eat or rust out the muffler and pipes from the insides. Most quality exhaust tips include a small "weep" or "bleeder" hole at the base tip to allow condensation to run out. 
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SAE, Society of Automotive Engineers
AES, Audio Engineering Society
MACS, Mobile Air Conditioning Society
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