News Release Details

• Company provides full year 2014 EPS outlook of $3.85 to $4.00 

• Reaffirms 2013 adjusted EPS outlook of $3.19 to $3.21 

• Updates 2015 synergies target to $310 million 

SCHAFFHAUSEN, Switzerland - December 17, 2013 - Pentair Ltd. (NYSE: PNR) today provided its outlook for 2014 and reaffirmed its fourth quarter and full year 2013 sales and earnings outlook.

For full year 2014, the company is providing an earnings per diluted share (EPS) outlook of $3.85 to $4.00, which represents an increase of 20 to 25 percent from the mid-point of the 2013 adjusted EPS outlook. The company anticipates full year 2014 sales to be approximately $7.7 billion, or up 3 to 5 percent compared to estimated 2013 sales. The company expects to continue generating free cash flow in excess of net income in 2014.

"2013 has been a successful year from an integration standpoint and our productivity initiatives continue to gain momentum," said Randall J. Hogan, Chairman and Chief Executive Officer. "We have seen a number of top line headwinds moderate throughout 2013 and we expect to benefit in 2014 from stabilization in our five key verticals."

Pentair expects fourth quarter 2013 EPS to be in the range of $0.83 to $0.85, up approximately 60 percent versus the same quarter last year's pro forma adjusted EPS. The company expects full year 2013 adjusted EPS to be in the range of $3.19 to $3.21, which represents an increase of 26 percent over 2012 adjusted pro forma EPS of $2.54.

The company also stated that it remains committed to its long term growth strategies and its 2015 EPS goal of $5.00 while also raising its synergies target for 2015 to $310 million from $230 million.

CONFERENCE CALL
Pentair Chairman and CEO Randall J. Hogan and Chief Financial Officer John L. Stauch will discuss the company's outlook on a two-way conference call with investors at 8:30 a.m. Eastern today. A live audio webcast of the call, along with the related presentation, can be accessed in the Investors section of the company's website, www.pentair.com, shortly before the call begins. Reconciliations of non-GAAP financial measures are set forth in the attachments to this release and in the presentation, both of which can be found on Pentair's website. The webcast and presentation will be archived at the company's website following the conclusion of the event.

CAUTION CONCERNING FORWARD-LOOKING STATEMENTS
This press release 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," "outlook," "opportunity" 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 complete Pentair's change in place of incorporation and realize the expected benefits from such change and change in tax residency; the ability to successfully integrate the Flow Control business and achieve expected benefits from such combination; 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.

ABOUT PENTAIR LTD.
Pentair Ltd. (www.pentair.com) delivers industry-leading products, services and solutions for its customers' diverse needs in water and other fluids, thermal management and equipment protection. With pro forma revenues of approximately $8 billion, Pentair employs more than 30,000 people worldwide.

PENTAIR CONTACTS:
Jim Lucas
Vice President, Investor Relations
Direct: 763-656-5575
Email: jim.lucas@pentair.com

Rebecca Osborn
Senior Manager, External Communications
Direct: 763-656-5589
Email: rebecca.osborn@pentair.com

Note: "Other" adjustments represent changes in corporate allocation assumptions.

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.

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