pnr 2014 outlook call presentation revisedsubsequently revised on december 18, 2013 to reflect...

PENTAIR

2014 OutlookDecember 17, 2013

PENTAIR

These materials were originally posted to Pentair’s website on December 17, 2013 and

subsequently revised on December 18, 2013 to reflect revisions on slide 12. Specifically,

the 2014 forecasted margins for our Valves & Controls and our Technical Solutions

segments were initially indicated as 14.0% and 19.5%, respectively. The 2014 forecasted

margins for those segments have been corrected herein to 13.5% and 21.5%, respectively.

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,” "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.

FORWARD-LOOKING STATEMENTS

PENTAIR 3

KEY DEFINITIONS

• All References to 2015 Represent Our Long Term Strategic Goals

• All References to 2014 Represent Our Full Year Expected Results

• All References to 2013 Represent Our Full Year Expected Results,Presented on an Adjusted Basis

• All References to 2012 are Presented on an Adjusted, Pro FormaBasis to Include the Results of Flow Control for the Full Year

PENTAIR 4

KEY HIGHLIGHTS

Re-Confirming Q4 and FY Guidance

UPDATED 2013 OUTLOOK

• Sales Up ~3-4%:Water & Fluid Solutions Up ~3%, Valves & ControlsUp ~6%, Technical Solutions Up ~2%

• Adj. Op Income Up ~45%and Adj. Op Margins Up ~390 bps to ~13.4%

• Adj. EPS Up ~60%

• Strong Finish on Free Cash Flow

KEY HIGHLIGHTS

• Sales Up ~1%:Water & Fluid Solutions Up ~3%, Valves & ControlsUp ~2%, Technical Solutions Down ~3%

• Adj. Op Income Up ~19%and Adj. Op Margins Up ~180bps to ~12.7%

• Adj. EPS Up ~26%

• Free Cash Flow >100% of Net Income

Sales

Op Income (Rpt.)

Op Income (Adj.)

ROS (Adj.)

EPS (Rpt.)

EPS (Adj.)

Q4’13 Q4’12

~$1.8B

~$242M~$242M~13.4%

$0.83-$0.85$0.83-$0.85

$1.7B

($304M)$166M9.5%

($1.31)$0.53

Sales

Op Income (Rpt.)

Op Income (Adj.)

ROS (Adj.)

EPS (Rpt.)

EPS (Adj.)

FY’13 FY’12

~$7.4B

~$782M~$940M~12.7%

$2.68-$2.70$3.19-$3.21

$7.3B

($43M)$791M10.9%

($0.84)$2.54

PENTAIR

BUILDING MOMENTUM IN 2013

5

Believe Remain Well Positioned to Control our Destiny in 2014 and Beyond

• Increased Sales ~1% as Markets Stabilized in Second Half Led byContinued Strength in the Residential & Commercial and Food &Beverage Verticals

• Delivered on Synergies and Continued to Build Momentum

• Expanded Adjusted Margins ~180 bps and Expect >150 bps ofMargin Expansion in Each of 2014 and 2015

• Obtained Deeper Understanding of the Business After First Yearof Combined Entity

• Remained Disciplined in Capital Allocation Strategy with 37th

Consecutive Annual Dividend Increase and Recently ExpandedShare Repurchase Authorization

PENTAIR

2014 GROWTH PROFILE

6

Signs of Stabilization and More Consistent Top Line Growth

FOOD &BEVERAGE

RESI &COMMERCIAL

ENERGY

INDUSTRIAL

INFRA-STRUCTURE

% of PNR(2013e)

2014 ExpectedGrowth

ExpectedContribution

Assumptions

~27%

~25%

~24%

~14%

~10%

~1%

~1%

~1%

~0%

~1%

3-5%

4-6%

1-3%

0%

5-7%

• Increasing Oil & GasGlobal Cap Ex Spend

• Growing PowerBacklog and Orders

• North America ProcessCap Ex Increase

• Improving Cap ExBudgets Globally

• North AmericaResidential Recovery

• Commercial Stabilized

• North America“Break & Fix”Spend Continues

• Desalination Bottoming

• Beverage and FoodService Strength

• Moderating Agriculture

Key Vertical

PENTAIR

2012 2013 2014 20152012 2013 2014 20152012 2013 2014 2015

FINANCIAL TARGETS

7

Continued Progress Toward Becoming A Great Industrial Company

Revenue ($B) Op Income EPS

$7.3

~$7.7~$8.1

+4%

~4%CAGR

+16%

~19%CAGR

$791M~$940M

~$1.3B

ROS 10.9% ~12.7% ~14% ~16%

$2.54~$3.20

~$5.00

+23%

~25%CAGR

• Revenue Growth Accelerating

– Prioritizing Platform, Verticals, and Geographic Opportunities

• Op Income Growth & EPS Driven by Base and Synergies

– Balance Between Base (+11%) and Synergies (+8%) While Investing inV&C Simplification/Standardization (-3%) and Sustainable Tax Benefits

Guidance Goal Guidance Guidance GoalGoal

~$7.4~$1.1B $3.85

to $4.00

GuidanceGuidance Guidance

PENTAIR

2012 Pro Forma 2013 Estimate Performance Capital Allocation 2015 Goal

VALUE CREATION … 2012 to 2015 EPS

8

Goal to $5.00 Still in Tact … “Tweaking” Components

~$3.20*

~$1.40+19% CAGR

~$0.40+ 6% CAGR ~$5.00

* Represents mid-point of $3.19-$3.21 adjusted EPS guidance

$2.54 +26%YOY

+ 8%Net Synergies

+11% BasePerformance

• 4% Tax Benefits• 2% Shares/Other

+25%CAGR

2013 to2015

PENTAIR

2015 SALES GROWTH OPPORTUNITY

9

Focused on Profitable Growth … Tweaking Revenue Outlook

2015 Original Target Likely Divestitures Large Projects/FX Core Growth Revised 2015 Goal

$8.4B

($105M)Australia Only

4-5%OrganicCAGR

2012 to2015

($140M)

• Aspen (Sold-2013)• Foam Pro (Sold-2013)• Water Dynamics

(2013 & 2014)

($55M)Primarily

Industrial CAGR

$8.1B

PENTAIR

2015 OPERATING INCOME OPPORTUNITY

10

Absorbed Some Change in Assumptions … Driving More Synergies

2015 OriginalTarget

Divest / Projects /FX

Flow Control /OMT

Core Growth Synergies Revised 2015 Goal

$1.3B

($45M)15.7%ROS

($20M)

• Divestitures ($9M)• Large Projects ($5M)• FX ($6M)

($15M)

$1.3B

16.3%ROS• Flow Control

Starting ProfitAssumptions ($25M)

• OMT Investment inValves & Control ($20M)

$80M

• Lean +$20M• Sourcing +$20M• G&A + $40M

PENTAIR

SUMMARY

11

Accelerating Momentum Entering 2014

• Exiting 2013 with Strong Momentum on Cost / Synergies,PIMS Adoption, and Growth Processes

• Investing in Faster Growing Businesses with Prioritization on KeyVerticals and Faster Growing Geographies

• Expect Modest Market Growth Globally with Faster Penetrationand Contribution from Growth Actions

• Successful First Year Integration and an Exciting Long-Term Future

• Disciplined and Value Creating Capital Allocation Strategy

PENTAIR 12

FY’14 FINANCIAL OUTLOOK

KEY HIGHLIGHTS

• New Organizational Alignment and Focus onPlatforms Allows for Prioritized Growth

• Strong Momentum on Synergies and Productivitywith Top Line Stabilization … Includes $20M ofV&C OMT Investment

• Robust Margin Expansion and EPS Growth

• Strong Cash Flow & Efficient Capital Deployment

Anticipate Delivering Strong EPS Growth on Realistic Organic Expectations

FY’14 Free Cash Flow ~$850M; >105% of NI

FULL YEAR 2014 PENTAIR OUTLOOK

Sales

Op Income (Rpt.)

Op Income (Adj.)

ROS (Adj.)

EPS (Rpt.)

EPS (Adj.)

FY’14 FY’13

~$7.7B

~$1.1B~$1.1B~14.2%

$3.85-$4.00$3.85-$4.00

~$7.4B

~$782M~$940M~12.7%

$2.68-$2.70$3.19-$3.21

Adj. Op Income Up ~16% (Includes $20M of OMT Investment)

Adj. Op Margins ~14.2% ... Up ~150 bps YoY

• Water & Fluid Solutions Margins, ~14.5%

• Valves & Controls Margins, ~13.5% ($20M of OMT)

• Technical Solutions Margins, ~21.5%

FY Adj. EPS Up ~23%

• Tax Rate ~23.5%

• Net Interest ~($70M); Shares ~198.5M

Sales Up ~3-5%

• Water & Fluid Solutions Up ~3-5%

• Valves & Controls Up ~2-3%

• Technical Solutions Up ~3-5%

PENTAIR 13

FY 2014 PENTAIR OUTLOOK

Expect Top Line Growth and ~150 bps of Margin Expansion

SALES OPERATING INCOME

Operating Margins / Productivity HighlightsSales Highlights

FY'13Adjusted

Prod./Price

Infl.Growth FY'14

$80M~$1.1B$190M

~$940M($120M)

~16%YoY

ROS(1.8%)0.8% 2.5%12.7% 14.2%

ROS

~$7.4B

~$7.7B($55M)

FY'13 Volume Price FX FY'14

$75M$275M

4 pts 1 pts (1 pts) 4 pts

~4%YoY

Sales Up ~3-5%• Valves & Controls and Technical Solutions Expect

Solid Growth; Water & Fluid Solutions ContinuedAustralian Headwinds

• Stabilization in Western Europe and Fast GrowthRegions Resuming High Single Digit Growth

• Pricing Environment Remains Positive

Operating Margins of 14.2%• Price, Productivity Offset Inflation

• Base Performance (+11%)

• Synergies (+8%)

• $20M OMT Spend in Valves & Controls (-3%)

• Standardization Benefits

PENTAIR 14

Organic Growth

• Highest ROIC from Funding OrganicOpportunities (Distribution Channel, R&D,Sales / Marketing, Capital, etc.)

Debt Management

• Maintain Investment Grade Rating

ALLOCATION PRIORITIESFREE CASH FLOW GENERATION

Dividends

• 37 Straight Years of Increases

• Competitive Dividend

Efficient Capital Allocation Deployment

CASH SUMMARY OUTLOOK

Acquisitions or Share Repurchases

• ~$875M of $1.2B Share Buyback Completedat End of Q3 2013

• Recent $1B Additional Share RepurchaseAuthorization

• Still $2B of Incremental Capacity by 2015

2012 2013e 2014e

$318M

~$650M

~$850M

Depreciation & AmortizationCapital ExpendituresInv. Capital

ROIC**

**Defined as FCF/Invested Capital

$290M$190M$8.5B

7.7%

$270M$185M$8.5B

10.0%

PENTAIR

DISCIPLINED CAPITAL ALLOCATION

15

Flexibility in Balance Sheet Allows for Contingency or Greater Value

~$2.4B ~$1.9B

~$1.8B

~$3.8B

~$0.xx

ExpectedYE, 2013Net Debt

Expected2014-2015

Generated Cash(FCF)

ExpectedDividend

ExpectedShare

Buyback

ExpectedYE, 2015

Net Debt Levelat 2.3x Leverage

ExpectedYE, 2015Net Debt

Assumes FCF>100% NI

(~$0.5B)

(~$0.8B)

~2.0xEBITDA ~1.1x

EBITDA

~$2B inIncrementalOpportunity

PENTAIR 16

APPENDIXGAAP to Non-GAAP Measurements & Reconciliations

PENTAIR 17

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 Forecast

In millions, except per-share dataFirst

QuarterSecondQuarter

ThirdQuarter

FullYear

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


Net income attributable to Pentair Ltd.—as reported 51.7 154.1 172.8 approx 549Gain 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 to Pentair 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 0.51Diluted earnings per common share—as adjusted $ 0.58 $ 0.92 $ 0.86 approx $3.19 - $3.21

PENTAIR 18

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 Forecast

In millionsFirst

QuarterSecond

QuarterThird

QuarterFullYear

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


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 19


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 Note: Inventory step-up and customer backlog reflect amortization of fair market value step-up associated with inventory and in process customer contracts. 20


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 21

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 Note: “Other” adjustments represent changes in corporate allocation assumptions 22

2012 PRO FORMA ADJUSTMENTS – WATER & FLUID SOLUTIONS

Pro Forma Adjustments2012 Water & Fluid SolutionsSegment(in millions)

HistoricalAdjustedResults

HistoricalFlow ControlAcquisition

Depreciation&

AmortizationOther

Adjustments

AdjustedPro Forma

Results

First Quarter

Sales $ 587.1 $ 163.4 $ — $ (0.1) $ 750.4

Operating Income 63.7 11.1 (0.1) (1.8) 72.9

Second Quarter

Sales 675.4 202.3 — 0.1 877.8


Third Quarter

Sales 605.5 202.1 — (0.1) 807.5

Operating Income 70.3 14.9 (0.1) 0.6 85.7

Fourth Quarter

Sales 771.2 — — (0.7) 770.5

Operating Income 58.1 — — 14.2 72.3

Full Year

Sales 2,639.2 567.8 — (0.8) 3,206.2

Operating Income 291.0 50.3 (0.3) 11.2 352.2

PENTAIRNote: “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 23

2012 PRO FORMA ADJUSTMENTS – VALVES & CONTROLS


2012 Valves & Controls Segment(in millions)



Depreciation&

AmortizationOther

Adjustments

AdjustedPro Forma

Results

First Quarter

Sales $ — $ 621.3 $ — $ (12.7) $ 608.6

Operating Income — 83.7 (12.3) (10.6) 60.8

Second Quarter

Sales — 602.4 — (5.0) 597.4

Operating Income — 93.1 (12.4) (9.8) 70.9

Third Quarter

Sales — 629.6 — (9.5) 620.1

Operating Income — 70.9 (12.5) 11.3 69.7

Fourth Quarter

Sales 548.6 — — (1.9) 546.7


Full Year

Sales 548.6 1,853.3 — (29.1) 2,372.8


PENTAIR Note: “Other” adjustments represent the elimination of certain large projects and changes in corporate allocation assumptions. 24

2012 PRO FORMA ADJUSTMENTS – TECHNICAL SOLUTIONS


2012 Technical Solutions Segment(in millions)



Depreciation&

AmortizationOther

Adjustments

AdjustedPro Forma

Results

First Quarter

Sales $ 272.6 $ 211.2 $ — $ (62.7) $ 421.1


Second Quarter

Sales 267.5 176.1 — (29.8) 413.8


Third Quarter

Sales 261.5 188.1 — (7.9) 441.7


Fourth Quarter

Sales 434.8 — — (8.3) 426.5


Full Year

Sales 1,236.4 575.4 — (108.6) 1,703.2


PENTAIR 25

2012 ADJUSTED FREE CASH FLOW

Pentair Ltd. and Subsidiaries

Reconciliation of Net Cash Provided By (Used For) Operating Activities

to Adjusted Free Cash Flow

For the Year Ended December 31, 2012(in millions)

Net cash provided by (used for) operating activities 68.0$

Capital expenditures (94.5)

Proceeds from sale of property and equipment 5.5

Free cash flow (21.0)

Adjustments:

Accelerated pension funding 193.0

Acquisition related payments 126.0

Repositioning 20.0

Adjusted Free Cash Flow 318.0$

pnr 2014 outlook call presentation revisedsubsequently revised on december 18, 2013 to reflect...

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