Q3 2013 EARNINGS RELEASE · • Third Quarter Orders Down 7% Y-o-Y • 2012: Revenue ~17% • Third...

PENTAIR

Q3 2013 EARNINGS RELEASEOctober 22, 2013

PENTAIR 2

CAUTION CONCERNING FORWARD-LOOKING STATEMENTS

This communication contains statements that we believe to be “forward-looking statements” within the meaning of the

Private Securities Litigation Reform Act of 1995. All statements, other than statements of historical fact are forward-looking

statements. Without limitation, any statements preceded or followed by or that include the words "targets,” "plans,”

"believes,” "expects,” "intends,” "will,” "likely,” "may,” "anticipates,” "estimates,” "projects,” "should,” "would,”

"positioned,” "strategy,” "future" or words, phrases or terms of similar substance or the negative thereof, are forward-

looking statements. These forward-looking statements are not guarantees of future performance and are subject to risks,

uncertainties, assumptions and other factors, some of which are beyond our control, which could cause actual results to

differ materially from those expressed or implied by such forward-looking statements. These factors include the ability to

successfully integrate Pentair, Inc. and the Flow Control business and achieve expected benefits from the Merger; overall

global economic and business conditions; competition and pricing pressures in the markets we serve; the strength of

housing and related markets; volatility in currency exchange rates and commodity prices; inability to generate savings from

excellence in operations initiatives consisting of lean enterprise, supply management and cash flow practices; increased

risks associated with operating foreign businesses; the ability to deliver backlog and win future project work; failure of

markets to accept new product introductions and enhancements; the impact of changes in laws and regulations, including

those that limit U.S. tax benefits; the outcome of litigation and governmental proceedings; and the ability to achieve our

long-term strategic operating goals. Additional information concerning these and other factors is contained in our filings

with the U.S. Securities and Exchange Commission, including in our Quarterly Report on Form 10-Q for the quarter ended

September 28, 2013 and our 2012 Annual Report on Form 10-K. All forward-looking statements speak only as of the date of

this communication. Pentair Ltd. assumes no obligation, and disclaims any obligation, to update the information contained

in this communication.

FORWARD-LOOKING STATEMENTS

PENTAIR 3

Adj. Op Income Up 15%

Adj. Op Margins 13.6% … Up 210 bps• Volume (incl. Acq. and FX) +10 pts.

• Price/Productivity/Mix +370 pts.

• Inflation -170 pts.

Adj. EPS Up 25%• Adj. Effective Tax Rate of 24.4% … In Line

• Net Interest of $17.2M; Share Count 202.8M

Q3 Free Cash Flow of $206M• YTD FCF is >$500M … Expect to Deliver

~$650M of FCF for 2013

FINANCIAL HIGHLIGHTS

SUMMARY

Sales Down 2% YOY• Volume/Price -1%

• FX -1%

Water & Fluid Solutions Up 1% YOY

Valves & Controls Down 1% YOY

Technical Solutions Down 8% YOY

Strong Operating Performance Drives Better EPS Performance

Q3'13 PENTAIR RESULTS*Q3'13 Q3'12

Sales $1.82B $1.87B

Op Income (Rpt.) $240M $55M

Op Income (Adj.) $249M $216M

ROS (Adj.) 13.6% 11.5%

EPS (Rpt.) $0.85 $0.31

EPS (Adj.) $0.86 $0.69

* All year-over-year comparisons against 2012 adjusted results on a pro forma basis for the Flow Control acquisition. See Appendix for reconciliation of non GAAP measures.

• Top Line Impacted by Australia and Offset byContinued Strength in Residentialand Food & Beverage

• Robust Margin Expansion Resulting fromProductivity, Synergies, and Mix

• “Below the Line” … In Line

• Share Buyback on Track for Full Year

• YTD Free Cash Flow Exceeds 100% of Net Income

PENTAIR 4

Operating Margins / Productivity Highlights

Sales Highlights (by Vertical)

Favorable Mix Led by NA Residential Recovery and Strong Food & Beverage

SALES OPERATING INCOME

Q3'13 WATER & FLUID SOLUTIONS PERFORMANCE*


** The decline in Australia-based sales reduced Water & Fluid Solutions sales by 8% in the quarter.

Q3'12Adjusted

Prod./Price

Infl.Growth Q3'13Adjusted

$0M

$40M

$86M ($17M)

+28%YoY

ROS(2.0%)0.0% 4.8%10.6%

$109M

13.4%ROS

$808M $814M($21M)

Q3'12 Price FX Q3'13

$7M

+1%YoY

1 pts (3 pts) 1pts

Volume

3 pts

$20M

FlowControl

Adjusted Operating Margins 13.4%• Strong Productivity and Synergies

• Cost-Out and Standardization Savings

• Price Remains Positive

• Strong Operating Leverage and Favorable Mix

Sales Up 1% … Up 9% excluding Australia**

• Residential/Commercial Up 12% on ContinuedNA Residential Recovery

• Infrastructure Down 22%; NA Up, EuropeStabilization, and Australia Weak

• Food & Beverage Up 20% Led by Beverage andFood Service

Fast Growth Regions Down 8%

AU Down($30M)

AUD Down($23M)

PENTAIR 5

Operating Margins / Productivity HighlightsSales Highlights (by Vertical)

Robust Margin Expansion Highlights Execution Capabilities


Q3'13 VALVES & CONTROLS PERFORMANCE*

$620M$612M($7M)

Q3'12 Price FX Q3'13

$2M

(1%)YoY

0 pts (1 pts) (1 pts)

Volume

(0 pts)

($3M)

Q3'12Adjusted

Prod./Price

Infl.GrowthQ3'13

Adjusted

($1M)$80M$20M

$70M ($9M)

ROS(1.5%)(0.0%) 3.4%11.2%

ROS

13.1%ROS

+15%YoY

Backlog Down 1% Sequentially at $1.4B…Orders of $562M

Sales Down 1% … Up 1% Excluding Australia**

• Energy - Oil & Gas Flat• Energy - Mining Up 2%• Energy - Power Down 10%• Industrial - Process Up 5%

Adjusted Operating Margins 13.1%• Integration/Standardization Savings Helped

Drive Productivity in Excess of Inflation

• Streamlined Service Organization SeeingEarly Benefits

• PIMS Adoption Ahead of Expectations

• More Disciplined Bidding

AU Down($6M)

AUD Down($5M)


** The decline in Australia-based sales reduced Valves & Controls sales by 2% in the quarter.

PENTAIR

299340

447493 518 517 540

583 552 559 543

0

100

200

300

400

500

600

Q1'11 Q2'11 Q3'11 Q4'11 Q1'12 Q2'12 Q3'12 Q4'12 Q1'13 Q2'13 Q3'13

72 58 46 53 76 72 82 83 89 101 77

0

100

200

300

400

500

600

Q1'11 Q2'11 Q3'11 Q4'11 Q1'12 Q2'12 Q3'12 Q4'12 Q1'13 Q2'13 Q3'13

423 426 393 397 390 409 379 374 394 387 387

0

100

200

300

400

500

600

Q1'11Q2'11Q3'11Q4'11Q1'12Q2'12Q3'12Q4'12Q1'13Q2'13Q3'13

354 354 355 366 359 360 369 359 391 376 356

0

100

200

300

400

500

600

Q1'11Q2'11Q3'11Q4'11Q1'12Q2'12Q3'12Q4'12Q1'13Q2'13Q3'13

66

VALVES & CONTROLS BACKLOG*

Total Backlog Remains Solid

INDUSTRIAL - Process ENERGY - Oil & Gas

ENERGY - Power ENERGY - Mining

• 2012: Revenue ~40%

• Third Quarter Orders Down 7% Y-o-Y

• 2012: Revenue ~17%

• Third Quarter Orders Up 1% Y-o-Y

• 2012: Revenue ~34%


• 2012: Revenue ~9%


* All year-over-year comparisons against 2012 adjusted results on a pro forma basis for the Flow Control acquisition.

Backlog ($ Millions)

Backlog ($ Millions)Backlog ($ Millions)

Backlog ($ Millions)

PENTAIR 7

Fast Growth Regions Down 13%

Q3'13 TECHNICAL SOLUTIONS PERFORMANCE*

Favorable Mix and Strong Execution Lead Further Margin Expansion


Operating Margins / Productivity HighlightsSales Highlights (by Vertical)

Q3'12Adjusted

Prod./Price

Infl.GrowthQ3'13

Adjusted

($7M) $84M$18M$80M($7M)

+4%YoY

ROS(1.5%)(0.0%) 3.9%18.2% 20.6%

ROS


$442M

$406M$2M

Q3'12 Volume Price FX Q3'13

$5M

($43M)

(10 pts) 1 pts 1 pts (8 pts)

FlowControl

(8%)YoY

Sales Down (8%)• Industrial Down 6% Led by Decline in Europe

• Energy Down 25% Driven by Canadian Oil SandsProject Delays

• Residential/Commercial Up 6%

• Infrastructure Up 4%

Adjusted Operating Margins 20.6%• Price and Productivity Lead the Way

• PIMS Adoption in Legacy Flow Control andStrong Execution in Legacy Pentair

• Standardization and Cost-Out EffortsGaining Momentum

• Mix Remains Favorable

PENTAIR

Food & Bev~9% of Sales** • Continued Beverage Strength

• Food Service Global Expansion

Q3: +14% YTD: +17% FY Fcst: >+15%

8

TOTAL PENTAIR GROWTH PROFILE*

Growth Continues in Residential/Commercial and Food & Beverage

KEY VERTICALSKEY GEOGRAPHIES

• US/CANADA ~42% of Sales**

– NA Residential RecoveryLeading the Way

– Canada Slower with ContinuedDelayed Energy Projects

• WESTERN EUROPE ~18% of Sales**

– Mixed Signals, but Stabilizing Overall

– Electronics Markets Recovering

– Resi Showing Signs of Stabilization

• FAST GROWTH ~25% of Sales**

– Overall Up 2% YTD

– China

– Middle East

– Africa

– SE Asia

*All year-over-year comparisons against 2012 adjusted results on a pro forma basis for the Flow Control acquisition. See Appendix for reconciliation of non GAAP measures.**2012 adjusted pro forma sales

Vertical Commentary / Growth Rates (Y-o-Y)

Energy~28% of Sales** • Continued Delays in Large Projects

• Backlog Stable

Q3: -11% YTD: -3% FY Fcst: ~0%

Industrial~26% of Sales** • NA Stabilization

• Process Market Quoting Activity Solid

Q3: -1% YTD: -3% FY Fcst: ~-2%

Residential/Commercial~24% of Sales**

• NA Recovery Continues• Seeing Signs of Europe Flattening

Q3: +11% YTD: +9% FY Fcst: ~+7-9%

Infrastructure~13% of Sales** • NA “Break & Fix” Market Strong

• Recent Desal Wins, but Still Weak

Q3: -16% YTD: -10% FY Fcst: ~-10%

PENTAIR 9

Q3 YTD

YTD ASSESSMENT AND FULL YEAR OUTLOOK*

FY 2013Outlook

Adj. Op Margin

Bps Chg from PY

Revenue

% Chg from PY

Q4 Assumptions Australia Economy and FX

Remain Headwinds

Price Continues to Offset Inflation

NA Residential and Food &Beverage Remain Strong

Europe Stabilization Continues

Industrial Turns Slightly Positive

$5.6B

+0%

12.5%

+120 bps

$2.36

+18%

~$7.4B

~+1%

~12.7%

~+180 bps

$3.19 to $3.21

~+26%

Adj. EPS

% Chg from PY

To

pL

ine

Price Plus Productivity More ThanOffsetting Inflation

Strong Execution Driving Synergies

Valves & Controls and TechnicalSolutions Seasonal Strength

$875M of $1.2B of ShareRepurchases Completed

Strong Execution and Growth in Higher Margin Businesses* All year-over-year comparisons against 2012 adjusted results on a pro forma basis for the Flow Control acquisition. See Appendix for reconciliation of non GAAP measures.

Op

.M

arg

ins

PENTAIR 10

Adj. Op Income Up ~45%

Adj. Op Margins ~13.4% … Up ~390 bps YoY

• Water & Fluid Solutions Margins, ~12.5%

• Valves & Controls Margins, ~13%

• Technical Solutions Margins, ~21%

Adj. EPS Up ~60%

• Tax Rate ~24.5%

• Net Interest ~$17.0M; Shares ~202M

Q4’13 FINANCIAL OUTLOOK

KEY HIGHLIGHTS

Sales Up ~3-4%

• Water & Fluid Solutions Up ~2-4%

• Valves & Controls Up ~6%

• Technical Solutions Up ~2-3%

Q4’13 Q4'12

Sales ~$1.8B $1.74B

Op Income (Rpt.) ~$242M ($304M)

Op Income (Adj.) ~$242M $166M

ROS (Adj.) ~13.4% 9.5%

EPS (Rpt.) $0.83-$0.85 ($1.31)

EPS (Adj.) $0.83-$0.85 $0.53

Strong EPS Growth Expected as Top Line Challenges Persist

Q4’13 PENTAIR OUTLOOK*

• Australia Economy and FX Remain Headwinds

• Delayed Projects Begin Shipping

• Productivity and Synergies Driving RobustMargin Expansion

• Tax Rate and Share Buyback Help Below the Line

• Free Cash Flow Continues to Build Momentum

Q4 Free Cash Flow Likely to Be Strong


PENTAIR

$-

$10

$20

$30

$40

$50

Q1 Q2 Q3 Q4

11

TIMING & SEGMENTATION OF 2013 IST BENEFIT STATUS

INTEGRATION & STANDARDIZATION UPDATE

Expecting $120M of Synergies …Slightly Better than Previous Expectations$M

• $90M of Full Year Repositioning Benefit Expected• Lean Savings Expected at $15M+• Sourcing Benefit Expected to be $15M+

Sourcing

Lean/Ops

Repositioning

• Repositioning ActionsCompleted in Q2 … >$90MExpected

• Lean & Sourcing BenefitAccelerating as TeamsIdentify More Opportunities(Momentum, Enthusiasm and MoreImportantly … Funnel Building)

• Still IdentifyingMore Opportunities

• Accelerating Actions andPipeline to Help Ensure 2014and 2015 Performance

~$120M of Expected 2013 Benefit … On Track for >$230M by 2015

$10M

$29M

$39M$42M

PENTAIR 12

BALANCE SHEET AND CASH FLOW

Full Year Free Cash Flow on Track

DEBT ROLLFORWARD

CASH FLOW DEBT SUMMARY

*Does Not Include $238M of Cash on Hand

Maturity Avg. Rate

Variable

$2.6B*

Q3'13 Avg. Rate ~2.6%~79% Fixed …

$2.0B

$0.6B 0.5%‘17

3.2%Fixed ’14 – ‘30

Other FY Key Financial Metrics:

• Cap Ex ~$200M or ~125% of Depreciation

• Total D&A ~$290M + ~$30M of Non-CashStock Compensation

• Share Buyback $50M in Q3 (~$875M of$1.2B Cumulative Completed);~205M Share Count for FY and ~202M by Q4

($M) Q3 '13 Q3 '12 YOY Chg

Net Income attributable toPentair Ltd. $ 173 $ 30 $ 143

Non-Cash Items $ 77 $ 44 $ 33

Subtotal $ 250 $ 74 $ 176

Working Capital $ (16) $ 18 $ (34)

Capital Expenditures $ (38) $ (19) $ (19)

Asset Sales $ - $ - $ -

Other Accruals/Other $ 10 $ (11) $ 21

Free Cash Flow $ 206 $ 62 $ 144

Use of Cash: ($M) Q3 '13 Q3 '12 YOY Chg

Beginning Debt $ 2,740 $ 1,235 $ (1,505)

Generated Cash $ (206) $ (62) $ 144

Share Repurchase $ 57 $ - $ (57)

Dividends $ 50 $ 22 $ (28)

Borrowings/Merger $ - $ 915 $ 915

Other $ (66) $ (113) $ (47)

Ending Debt $ 2,574 $ 1,997 $ (577)

PENTAIR 13

Adj. Op Income Up ~19%

Adj. Op Margins ~12.7% ... Up ~180 bps YoY

• Water & Fluid Solutions Margins, ~13%

• Valves & Controls Margins, ~12.5%

• Technical Solutions Margins, ~19%

FY Adj. EPS Up ~26%

• Adj. Tax Rate ~24.5%

• Adj. Net Interest ~($66-$68M); Shares ~205M

FY’13 FINANCIAL OUTLOOK

KEY HIGHLIGHTS

Sales Up ~1%

• Water & Fluid Solutions Up ~3-4%

• Valves & Controls Up ~1-2%

• Technical Solutions Down ~2-3%

FY’13 FY'12

Sales ~$7.4B $7.3B

Op Income/(Loss) (Rpt.) ~$782M ($43M)Op Income (Adj.) ~$940M $791M

ROS (Adj.) ~12.7% 10.9%

EPS/(Loss) (Rpt.) $2.68-$2.70 ($0.84)EPS (Adj.) $3.19-$3.21 $2.54

• Large Project Delays and Australia CreateHeadwinds; Strong Residential andFood & Beverage

• PIMS Acceleration Across all GBU’s

• Margins Expected to Increase by >180 bpsto ~12.7% … All Segments Increasing

• $120M of IST Benefits in 2013 Forecast

• Efficient Capital Allocation Deployment

Growing in a Mixed Environment and Delivering Strong EPS Growth

FY’13 Free Cash Flow >100% of Net Income


FULL YEAR 2013 PENTAIR OUTLOOK*

PENTAIR

SUMMARY

14

Remain Well Positioned to Control our Destiny in 2013 and Beyond

• Top Line Has Been a Challenge, but Mix Remains Favorable

• Continue to Over Deliver on Synergies

• Building Action Plans to Drive Additional Productivity in 2014-15

• One Pentair Culture is Progressing

• Australia Weakness has Impacted Top Line, but Continue to SeeStrength in Residential and Food & Beverage

• Capital Allocation Remains Disciplined

PENTAIR 15

APPENDIXGAAP to Non-GAAP Measurements & Reconciliations

PENTAIR 16

REPORTED TO ADJUSTED 2013 RECONCILIATION

Pentair Ltd. and Subsidiaries

Reconciliation of the GAAP “As Reported” year ended December 31, 2013 to the “Adjusted” non-GAAP

excluding the effect of 2013 adjustments (Unaudited)

Actual

In millions, except per-share data

FirstQuarter

SecondQuarter

ThirdQuarter

FullYear

Total PentairNet sales $ 1,774.5 $ 1,963.7 $ 1,824.8 approx $ 7,400

Operating income—as reported 74.3 225.9 240.0 approx 782% of net sales 4.2% 11.5% 13.2% approx 10.6%

Adjustments:Inventory step-up and customer backlog 76.8 10.1 — approx 88Restructuring and other 27.4 32.4 8.7 approx 70

Operating income—as adjusted 178.5 268.4 248.7 approx 940% of net sales 10.1% 13.7% 13.6% approx 12.7%

Net income attributable to Pentair Ltd.—as reported 51.7 154.1 172.8 approx 549

Gain on sale of business, net of tax (12.5) — — approx (13)Interest expense, net of tax — 1.6 — approx 2Adjustments, net of tax 80.8 33.5 1.1 approx 115

Net income attributable to Pentair Ltd.—as adjusted 120.0 189.2 173.9 approx 653

Earnings per common share attributable toPentair Ltd.—dilutedDiluted earnings per common share—as reported $ 0.25 $ 0.75 $ 0.85 approx $2.68 - $2.70Adjustments 0.33 0.17 0.01 approx 0.51

Diluted earnings per common share—as adjusted $ 0.58 $ 0.92 $ 0.86 approx $3.19 - $3.21

PENTAIR 17

REPORTED TO ADJUSTED 2013 RECONCILIATIONPentair Ltd. and Subsidiaries

Reconciliation of the GAAP “As Reported” year ended December 31, 2013 to the “Adjusted” non-GAAP


Actual

In millions

FirstQuarter

SecondQuarter

ThirdQuarter

FullYear

Water & Fluid Solutions

Net sales $ 782.0 $ 949.8 $ 814.3 approx $ 3,345

Operating income—as reported 74.8 136.1 105.9 approx 411-416

% of net sales 9.6% 14.3% 13.0% approx 12.4%

Adjustments:

Restructuring and other 7.5 6.6 3.5 approx 18

Inventory step-up and customer backlog 0.6 0.2 — approx 1

Operating income—as adjusted 82.9 142.9 109.4 approx 430-435


Valves & Controls

Net sales $ 585.8 $ 619.9 $ 611.5 approx $ 2,400

Operating income (loss)—as reported (18.6) 56.9 76.6 approx 187-192

% of net sales (3.2)% 9.2% 12.5% approx 7.9%

Adjustments:


Inventory step-up and customer backlog 70.6 10.0 — approx 81



Technical Solutions

Net sales $ 410.0 $ 397.4 $ 405.9 approx $ 1,655

Operating income—as reported 53.3 65.1 82.2 approx 292-297


Adjustments:


Inventory step-up and customer backlog 5.7 — — approx 6



PENTAIR 18


Reconciliation of the GAAP "As Reported" year ended December 31, 2012 to the "Adjusted" non-GAAPexcluding the effect of 2012 adjustments (Unaudited)

First Quarter Second Quarter Third Quarter Fourth Quarter YearIn millions, except per-share data 2012 2012 2012 2012 2012

Total Pentair

Net sales 858.2$ 941.5$ 865.5$ 1,750.9$ 4,416.1$

Operating income (loss) - as reported 86.5 119.3 55.2 (304.1) (43.1)

% of net sales 10.1% 12.7% 6.4% (17.4%) (1.0%)

Adjustments:

Deal related costs and expenses 11.8 6.3 52.7 12.0 82.8

Inventory step-up and customer backlog — — — 179.6 179.6

Restructuring — 10.4 1.1 55.3 66.8

Trade name impairment — — — 60.7 60.7

Change in accounting method - pension and post-retirement (1.5) (1.5) (1.5) 146.2 141.7

Operating income - as adjusted 96.8 134.5 107.5 149.7 488.5

% of net sales 11.3% 14.3% 12.4% 8.5% 11.1%

Net income (loss) attributable to Pentair Ltd. - as reported 61.8 72.8 31.4 (273.1) (107.1)

Bond redemption and interest expense (0.8) — 1.8 51.9 52.9

Other adjustments net of tax 3.0 10.9 32.3 320.9 367.1

Net income from continuing operations attributable

to Pentair Ltd. - as adjusted 64.0 83.7 65.5 99.7 312.9

Continuing earnings per common share attributable to Pentair Ltd. - diluted

Diluted earnings (loss) per common share - as reported 0.62$ 0.72$ 0.31$ (1.31)$ (0.84)$

Adjustments 0.02 0.11 0.33 1.78 3.23

Diluted earnings per common share - as adjusted 0.64$ 0.83$ 0.64$ 0.47$ 2.39$

PENTAIR 19Note: Inventory step-up and customer backlog reflect amortization of fair market value step-up associated with inventory and in process customer contracts.


Reconciliation of the GAAP "As Reported" year ended December 31, 2012 to the "Adjusted" non-GAAP


First Quarter Second Quarter Third Quarter Fourth Quarter YearIn millions 2012 2012 2012 2012 2012

Water & Fluid Solutions

Net sales 587.1$ 675.4$ 605.5$ 771.2$ 2,639.2$

Operating income (loss) - as reported 63.7 92.0 69.2 (56.9) 168.0% of net sales 10.8% 13.6% 11.4% (7.4%) 6.4%

Adjustments:

Restructuring — 6.9 1.1 42.5 50.5



Operating income - as adjusted 63.7 98.9 70.3 58.1 291.0% of net sales 10.8% 14.6% 11.6% 7.5% 11.0%

Valves & Controls

Net sales —$ —$ —$ 548.6$ 548.6$

Operating income (loss) - as reported — — — (76.8) (76.8)% of net sales 0.0% 0.0% 0.0% (14.0%) (14.0%)

Adjustments:

Restructuring — — — 5.1 5.1


Operating income - as adjusted — — — 41.8 41.8% of net sales 0.0% 0.0% 0.0% 7.6% 7.6%

Technical Solutions

Net sales 272.6$ 267.5$ 261.5$ 434.8$ 1,236.4$

Operating income - as reported 50.5 50.6 52.3 11.6 165.0% of net sales 18.5% 18.9% 20.0% 2.7% 13.3%

Adjustments:

Restructuring — 3.1 — 9.7 12.8



Operating income - as adjusted 50.5 53.7 52.3 75.6 232.1% of net sales 18.5% 20.1% 20.0% 17.4% 18.8%

PENTAIR 20

2012 PRO FORMA ADJUSTMENTS – TOTAL PENTAIR

Note: “Other” adjustments represent the elimination of certain large projects and sales to sanctioned countries (which were terminated prior to the completion of the Flow Control acquisition),changes in corporate allocation assumptions, income taxes and share count.

Pro Forma Adjustments

2012 Total Pentair(in millions, except

EPS )

Historical

Adjusted

Results

Historical Flow

Control

Acquisition

Depreciation &

Amortization

Other

Adjustments

Adjusted Pro

Forma Results

First Quarter

Sales 858.2$ 995.9$ -$ (74.0)$ 1,780.1$

Operating Income 96.8$ 124.9$ (17.1)$ (32.2)$ 172.4$

Net Income 64.0$ 93.7$ (12.8)$ (28.1)$ 116.8$

Diluted EPS 0.64$ 0.44$ (0.06)$ (0.48)$ 0.54$

Second Quarter

Sales 941.5$ 980.8$ -$ (33.2)$ 1,889.1$


Net Income 83.7$ 107.6$ (12.9)$ (14.0)$ 164.4$

Diluted EPS 0.83$ 0.50$ (0.06)$ (0.50)$ 0.77$

Third Quarter

Sales 865.5$ 1,019.8$ -$ (16.0)$ 1,869.3$

Operating Income 107.5$ 119.9$ (17.3)$ 5.5$ 215.6$

Net Income 65.5$ 89.9$ (13.0)$ 6.3$ 148.8$

Diluted EPS 0.64$ 0.42$ (0.06)$ (0.31)$ 0.69$

Fourth Quarter

Sales 1,750.9$ -$ -$ (7.1)$ 1,743.8$

Operating Income 149.7$ -$ -$ 16.6$ 166.3$

Net Income 99.7$ -$ -$ 12.7$ 112.4$

Diluted EPS 0.47$ -$ -$ 0.06$ 0.53$

Full Year

Sales 4,416.1$ 2,996.5$ -$ (130.3)$ 7,282.3$


Net Income 312.9$ 291.3$ (38.7)$ (23.1)$ 542.4$

Diluted EPS 2.39$ 1.36$ (0.18)$ (1.03)$ 2.54$

PENTAIR 21

2012 PRO FORMA ADJUSTMENTS – WATER & FLUID SOLUTIONS

Note: “Other” adjustments represent changes in corporate allocation assumptions

PENTAIR 22

2012 PRO FORMA ADJUSTMENTS – VALVES & CONTROLS

Note: “Other” adjustments represent the elimination of sales to sanctioned countries (which were terminated prior to the completion of the Flow Control acquisition),and changes in corporate allocation assumptions

PENTAIR 23

2012 PRO FORMA ADJUSTMENTS – TECHNICAL SOLUTIONS

Note: “Other” adjustments represent the elimination of certain large projects and changes in corporate allocation assumptions.

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