PENTAIR plc — Director's Dealing 2003

Sep 4, 2003

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: PENTAIR INC (PNR)
CIK: 0000077360
Period of Report: 2003-09-03

Reporting Person: AINSWORTH LOUIS L (Sr. Vice President, Secretary)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2003-09-03	Common Stock	M	1200	$22.75	Acquired	37269.05	Direct
2003-09-03	Common Stock	F	814	$43.53	Disposed	36455.05	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2003-09-03	Employee Stock Option (right to buy)	$22.75	M	1200	Disposed	2011-01-02	Common Stock (1200)	Direct
2003-09-03	Employee Stock Option (right to buy)	$43.53	A	627	Acquired	2011-01-02	Common Stock (627)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	1256.726	Indirect
Common Stock - ESOP	677.6455	Indirect

Footnotes

F1: Securities held directly and indirectly include shares acquired under the Pentair, Inc. Dividend Reinvestment Plan in exempt transactions not required to be reported pursuant to Section 16(a). The reporting person disclaims beneficial ownership of securities held indirectly by spouse, and this report shall not be deemed an admission that the reporting person is the beneficial owner of such securities for purposes of Section 16 or for any other purpose.

F2: Employee reload stock option granted pursuant to the Pentair, Inc. Omnibus Stock Incentive Plan.

F3: Reload stock option becomes exercisable upon grant and expires on the same date as the original option grant.