PENTAIR plc — Director's Dealing 2007

May 15, 2007

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: PENTAIR INC (PNR)
CIK: 0000077360
Period of Report: 2007-05-11

Reporting Person: MONAHAN WILLIAM T (Director)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2007-05-11	Common Stock	M	11.738	—	Acquired	13659	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2007-05-11	Phantom Stock Units - Deferred Compensation	$1	A	161.37	Acquired		Common Stock (161.37)	Indirect
2007-05-11	Phantom Stock Units - Deferred Compensation	$1	M	11.738	Disposed		Common Stock (11.738)	Indirect

Footnotes

F2: Phantom stock units convert into common stock on a one-for-one basis.

F3: Represents phantom stock units credited under a deferred compensation plan for non-employee directors over which the reporting person has no current dispositive or voting power.

F1: Upon exercise of phantom stock units, underlying securities held directly by reporting person. End-of-period holdings include automatic cash-out of fractional share interests pursuant to the terms of a dividend reinvestment plan.

F6: End-of-period holdings include shares acquired under a dividend reinvestment plan in exempt transaction not required to be reported pursuant to Section 16(a).

F5: Shares acquired under this Plan are purchased over a three-day trading period. The price shown is the average purchase price over the trading period.

F4: Settlement of phantom stock units will be in Pentair common stock in accordance with reporting person's irrevocable election.