Second Quarter 2018

Investor Presentation

For additional information contact:

Michael J. Monahan

Senior Vice President External Relations

Telephone: 651-250-2809

Mike.Monahan@ecolab.com

Andy Hedberg

Director Investor Relations

Telephone: 651.250-2185

Andrew.Hedberg@ecolab.com

Ecolab Inc.

1 Ecolab Place

St. Paul, MN 55102

www.ecolab.com

CAUTIONARY STATEMENT

Forward-Looking Information This communication contains forward looking statements as that term is defined in the Private

Securities Litigation Reform Act of 1995. These forward-looking statements include, but are not limited to, statements regarding our

future financial and business performance and prospects, including sales, operating income and return on invested capital growth,

margins, impact of oil prices, macro trends and long-term potential of our business, new business, innovation, targeted credit rating

metrics, dividends, and share repurchase and acquisition activity. These statements are based on the current expectations of

management of the Company. There are a number of risks and uncertainties that could cause actual results to differ materially from

the forward-looking statements. These risks and uncertainties are set forth in our most recent Form 10-K, Form 10-Q and other public

filings with the Securities and Exchange Commission (the “SEC”) and include the vitality of the markets we serve, including the

markets served by our Global Energy segment; the impact of worldwide economic factors such as the worldwide economy, credit

markets, interest rates and foreign currency risk; exposure to economic, political and legal risks related to our international operations;

the costs and effects of complying with laws and regulations relating to our operations; the occurrence of litigation or claims; and other

uncertainties or risks reported from time to time in our reports to the SEC. In light of these risks, uncertainties and factors, the forward-

looking events discussed in this communication may not occur. We caution that undue reliance should not be placed on forward-

looking statements, which speak only as of the date made. Ecolab does not undertake, and expressly disclaims, any duty to update

any forward-looking statement except as required by law.

Non-GAAP Financial Information This communication includes Company information that does not conform to generally accepted

accounting principles (GAAP). Management believes that a presentation of this information is meaningful to investors because it

provides insight with respect to ongoing operating results of the Company and allows investors to better evaluate the financial results

of the Company. These measures should not be viewed as an alternative to GAAP measures of performance. Furthermore, these

measures may not be consistent with similar measures provided by other companies. Reconciliations of non-GAAP measures to

GAAP results are available in our most recent Form 10-K, Form 10-Q and other of our SEC filings.

Market Share Information Market share data points presented today are merely current estimates of the relevant immediately

addressable market.

2

SAFE

FOOD

CLEAN

WATER

ABUNDANT

ENERGY

HEALTHY

ENVIRONMENTS

ECOLAB: UNIQUELY POSITIONED

TO DELIVER WHAT MATTERS MOST

3

EVERY YEAR, ECOLAB HELPS:

550 MILLION

Fuel

cars

45 BILLION

Serve

meals42%Produce

of the global processedmilk supply

Generate

22%of the world’spower

1 BILLION+Clean

hotel rooms

Clean

billion

hands34 Make

of the world’s processed food safe

25%

Meet 45%of the global demand for petroleum products

Manage

1 TRILLION+ gallons of

water

4

HOW OUR PLATFORM DRIVES VALUE 5

Shared Business Model

Shared Technology

90%+ recurring revenue

Shared Digital Platforms

FOODSERVICE/HOSPITALITY

FOOD & BEVERAGE PROCESSING

HEALTHCARE/INFECTION

PREVENTION

INDUSTRIAL WATER

SERVICES

ENERGY SERVICES

$0.00

$0.50

$1.00

$1.50

$2.00

$2.50

$3.00

$3.50

$4.00

$4.50

$5.00

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017

6

STRONG, CONSISTENT GROWTH

2012 EPS include the Nalco merger2013 EPS include the Champion acquisition

EPS (adjusted)

EPS CAGR

Adjusted Earnings

Two decades of consistent,

double digit EPS growth

12%11% 11%

10%

6%7%

4%

5%

20 yrs 15 yrs 10 yrs 5 yrs

ECL S&P 500

Predictable Quarterly EPS

Adjusted EPS

DELIVERING ON EXPECTATIONS7

$0.00

$0.20

$0.40

$0.60

$0.80

$1.00

$1.20

$1.40

$1.60

1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018

FORECAST+/- DELIVERY

VS. FORECAST

ACTUAL > ECOLAB FORECAST

103 OF 104 QUARTERS (EXCEPTION = 3Q 2001)

FOCUSED ON SHAREHOLDER VALUE CREATION

8

Building Top-Line

Momentum

Delivering

Sustainable, Profitable

Growth

Strategically Deploying

Cash to Drive

Shareholder Returns

Extending leadership in fragmented and growing market

High recurring revenue stream

Low capital intensity

Investing in R&D

Leveraging digital platforms

Industry leading sales and service force with deep customer relationships

Significant margin initiatives underway

Double digit EPS growth over the last 5, 10, 15 and 20 year periods, well above S&P 500 average

Targeting 15% annual EPS growth

Targeting 20% ROIC

$8 billion returned to shareholders in dividends and share repurchases over last decade

Repurchased $2 billion+ shares 2015-2017

Increased dividend 26 consecutive years

Strategic, value-enhancing acquisitions to broaden capabilities

9

BALANCED BUSINESSBIG OPPORTUNITY

®

SALES BY REGION

2017 Sales $14 Billion

BALANCED BUSINESS

37%

18%

28%

17%

Safe food

Healthy

environments

Abundant energy

Industrial clean

water

SALES BY STRATEGY

SALES BY SEGMENT

Institutional

Industrial

Energy

Other

10

35%Institutional

36%Industrial

23%Energy

6%Other

58%North America

24%Europe,

Middle East + Africa

12%Asia Pacific

6%

Latin America

OUR CORE CAPABILITIES

CHEMISTRY &

DISPENSING

ON-SITE

SERVICE

TRAININGDATA-DRIVEN

INSIGHTS

INTEGRATED DELIVERY MODEL

Core capabilities that drive the best results/lowest total costs for customers

11

LEADING INNOVATION12

Driving core technologies

▪ Antimicrobials

▪ Hygiene

▪ Clean-in-Place

▪ Solids Chemistry

▪ Digital Solutions

▪ Scale, deposit, & corrosion control

▪ Polymers

▪ Dispensing & Monitoring

Better outcomes, savings, sustainably

▪ Save water, energy, labor & waste

▪ Improve efficiency with automation tools **

* Estimated 5th year product sales

** 30% sales from products introduced in prior 5 years

Best Solutions For Customer Needs

13

SALES AND SERVICE FORCE

12,000

15,000

18,000

21,000

24,000

27,000

30,000

2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017

Customer Driven Insights Lead to Superior Solutions

Increasing Sales and Service Force

Experienced and Close to Customers

“Ecolab is among the best U.S.

companies to sell for.” Selling Power Magazine

2003 2017

26,500+ field associates

• 30% > 10 years

• 50% > 5 years

• Providing critical customer intimacy,

yielding better customer solutions

DIGITAL INNOVATIONDelivering Data-Driven, Real-time Actionable Insights and Smarter Customer Solutions

14

Big Payoffs

Domain and customer expertise

Scale and customer reach

Experienced – 3DT (20+ years; 36,000 installs)

◄ Predictivity driving risk avoidance – food safety,

HAI risk

◄ Compliance

◄ Lower costs and optimal operating performance

◄ Real time monitoring and data analytics

“Stickiness” – 95% retention experience

Margin/price expansion

New business / further customer penetration

Productivity – lower total cost-to-serve

Future upside potential driven by continuous innovation

Ecolab Digital Scale Nearly 3 million customer sites

4 million+ devices

12 million service reports/audits

26,500 strong sales/service team –

already digital

Global monitoring center

Material advantages

Enabling better customer outcomes

$0

$2,000

$4,000

$6,000

$8,000

$10,000

$12,000

$14,000

LEADER IN HIGHLY FRAGMENTED, LARGE AND

GROWING MARKET

ECOLAB’S

SHARE in 2017:

$14 BILLION

Ecolab Competitors

Market share data are current estimates of the

relevant immediately addressable market

15

0

20

40

60

80

100

120

140

1995 2000 2005 2010 2017

MARKET GROWTH SINCE 1995

$125B

$57B

$39B$32B$18B

Ecolab

11%

$0 $5,000 $10,000 $15,000 $20,000 $25,000

Other

Building Services

Pharma

Ed./Government

Food Retail

Lodging

Paper

Health Care

Light Industry

Heavy Industry/Mining

Energy

Food & Beverage

Food Service

Estimates by market

MAJOR OPPORTUNITIES IN EXISTING MARKETS16

$ MILLIONS Ecolab Remaining Market

Market share data are current estimates of the

relevant immediately addressable market

DIVERSIFIED GLOBAL CUSTOMER BASENearly 3 Million Customer Locations

Largest customer is less than 2% of sales

Top 10 customers are less than 15% of sales

17

SAFE, SUSTAINABLE OPERATIONS18

We innovate to help our customers meet environmental and social challenges,

and we reflect that capability in our own operations.

RESOURCE

EFFICIENCY

ENVIRONMENTAL

SAFETY

EMPLOYEE

SAFETY

GOVERNANCE OF

ENVIRONMENTAL AND

SOCIAL

PERFORMANCE

2020 targets established (Intensity reduction from 2015 baseline):

Reduce water intensity by 25%

Reduce greenhouse gas emissions intensity by 10%

Goal – zero environmental releases

ISO14001 environmental management certification at 60% of facilities

Product safety team screens raw materials for chemical safety compliance

Goal – zero accidents and incidents

8% drop in total recordable injury rate from 2016 to 2017

Board level Safety, Health and Environmental Committee with responsibility for SHE policies, programs and risks

Human rights commitments aligned with UN Global Compact principles (signatory since 2012)

SMART INVESTMENT IN SUSTAINABILITY OPERATIONS HAS EARNED FAVORABLE THIRD PARTY RECOGNITION

✓

12th Consecutive

YearRanked #3 in

Chemicals Industry

Ranked #2 U.S.

500 List

100 Most Sustainable

Companies (2017)

Ranked #29

ESG RATINGS

AAAMSCI ESG

(scale AAA to CCC)

✓ ✓ ✓

PROVENSTRATEGY

19

®

Circle the Customer – Circle the Globe

20

Custom program design

tailored at customer HQ

Increasing the solutions

and services to better

meet our customers

global needs

PROVEN STRATEGY

Sell

Program design

delivered unit by

unit around the world

Service

Penetrate

IN A RESTAURANT…

Water

Filtration

Drain Treatment

Restroom

Cleaning

Specialty

Items

Food Safety

Consulting

Pest

Elimination

Surface

Cleaners

Employee

Safety

Food Safety

Auditing

Grease

Management

Food

Treatment

Field

Data

Food

Preparation

Machine

Warewashing

Manual

Warewashing

Health Dept.

Intelligence

Warewashing

Equipment

Water

Treatment

Hand Hygiene

Floor Care

Carpet

Care

Food Contact

Sanitization

Food

Rotation

Time and

Temperature

Beverage

Quality

Data-driven

Insights

21

IN A HOTEL…

Warewashing

Food Safety

TrainingStone Care

Carpet Care

Pool & Spa

Pest

EliminationHand Hygiene

Surface Cleaners

& Disinfection

Floor Care

Restroom

Cleaning

Water Filtration

Employee Safety

Laundry Training

Quality

Assurance

Stain

Management

Food Contact

SanitizationHousekeeping

Training

Housekeeping

Tools

Food Safety

Solutions

Cooling WaterTreatment

Boiler Water Treatment

On Premise

Laundry

Warewashing

Equipment

22

Data-driven

Insights

IN A FOOD & BEVERAGE PLANT…CIP

Conveyor Lubrication

Environmental Drain Sanitation Pest

Elimination

MembraneCleaning

Effluent Treatment

Hygiene Testing

Sterilants for Aseptic Packaging

Antimicrobial Treatments Energy Recovery

Boiler Water Treatment

Filtration Solutions

Process WaterTreatment

Janitorial Products

23

Surface Cleaning

Cooling Water Treatment

Dispensing & Control Systems

Sanitizers Hand Cleaners/ Sanitizers

Doorway System

Floor Care

24

IN A REFINERY…Foam Control

Raw & Waste

Water TreatmentCooling Tower

Water Treatment

Desalting and

Emulsion Breaking

Fouling Control

Boiler Water

Treatment

Inventory

Management

On-Site Service

Challenged

Crude

Processing

Cold Flow

ImproversCorrosion Control

Refinery Information

Management

Fuel Stabilizers

Correlated Data and

Actionable Insights

Fuel Additives

H2S Scavengers

Leading Scale and Global Footprint Enables Us To Grow

With Customers Around The World

25

BUILD SHARE WITH LARGEST PLAYERS

UNSOLD CUSTOMERS CIRCLE THE

CUSTOMER

$42B$69B

$14B2017 SALES

Focus where the growth is

Leveraging innovation

Circle the Globe

Market share

New technologies and services

Circle the Customer

Growth synergies

Market share data are current estimates of the

relevant immediately addressable market

26

RIGHT DRIVERSFOR GROWTH

®

MACRO TRENDS IN OUR FAVOR

Growing demand in:

▪ Population + 50% by 2050

▪ Growing middle class

▪ Aging population

Population dynamics

▪ Food processing

▪ Foodservice

▪ Healthcare

▪Diet shifts: protein vs grain

▪ Increase in food industry regulation

▪ Increase healthcare needs

▪ Food

▪ Water

▪ Energy

Resource shortage

▪ Globalization

▪ Internet

▪ Social Media

Interconnected world

Vital solutions for:

▪ Protecting food supply

▪ Water reduction, reuse, recycle

▪ Harder to reach, treat energy sources

Customers looking for

innovations to:

▪ Protect reputation

▪ Minimize risk

▪ Global travel and trade:new food safety + health risks

▪ Technology to monitor + improve efficiency

▪ Instant consumer feedback

▪ 25% more Energy

▪ 35% more Food

▪ 40% more Water

Opportunities…Trends… Impacts…

27

Labor

Asset ProtectionWater &

Energy

Maint./Other

STRONG CUSTOMER VALUE PROPOSITIONBest results, lowest use cost

Ecolab’s customer value proposition

The best results and consistent

improvement in customer satisfaction

Lower total operating costs

Improved sustainability

Specific customer application cost

28

Ecolab Innovation Advantage: Food ServiceDIGITALLY ENABLED WAREWASH PROGRAM: BEST RESULTS, LOWEST TOTAL COSTS

29

Powerful chemistry – best results regardless of

water or soil conditions

Digital monitoring – key metrics visibility drives

wash process optimization

On-site service and training – preventive

maintenance avoids unexpected shutdown,

sustainably superior results

Reduces rewash

by 60% and hand

polishing by 30%

Annual Customer Value

50 Unit Chain / 30% rack reduction

Metric Cost Before Cost After Value Created

Water $197,000 $138,000 $59,000

Energy $153,000 $107,000 $46,000

Labor $1,825,000 $1,277,000 $548,000

Total Value Created $653,000

Next generation digital and chemical technology

Ecolab Innovation Advantage: Food and BeverageNEXT GENERATION MEMBRANE CLEANING PROGRAM FOR DAIRY PRODUCERS

Annual Customer Value

Whey Protein Manufacturer

MetricBefore UMC 2.0

Program

After UMC 2.0

ProgramValue Created

Plant Capacity $5,139,00 $5,566,000 $427,000

CIP Time 205 Minutes/Cycle 170 Minutes/Cycle $166,000

Water and Energy $153,000 $122,000 $31,000

Membrane Cost $42,000 $38,000 $4,000

Total Value Created $628,000

Reduces CIP cycle

times and water/

energy use by 15%

Increases membrane

life and plant capacity

by 10%

UltrasilTM MembraneCARE 2.0

30

▪ Increases productivity and asset life

▪ Reduces cycle time, energy and water use

▪ Significantly reduces residue risks,

improves productivity

▪ Environmentally friendly chemistry

OMNI FOR CHEMICAL PLANT WATER COOLING SYSTEMS

INNOVATION: TOTAL COST SOLUTIONS

Combines chemistry, 3DT digital technology, sensors & data analytics to:

▪ Predict performance of critical heat exchangers

▪ Prevent unscheduled downtime and lost production

▪ Prolong asset life & production runtime with the optimized mix of chemistry & tech intervention at the right time

OMNI For Heat Exchangers

An unplanned critical

heat exchanger

outage costs our

customers up to

$500K/day in production

losses and costs

Annual Customer ValueVinyl Chloride Monomer (raw material for PVC) Plant

MetricBefore OMNI

HX Program

After OMNI HX

ProgramValue Created

Production

Improvement$35,000,000 $35,700,000 $700,000

3rd Party Heat

Exchanger

Cleaning Costs

$150,000 $75,000 $75,000

Energy Costs $1,400,000 $1,150,000 $250,000

Total Value Created $1,025,000

31

3232

STRONGFINANCIALS

®

FINANCIAL OBJECTIVES Positioned to Drive Sustainable, Profitable Growth

EPS GROWTH

~2x net debt / adjusted

EBITDA

RETURNS: IMPROVE

ROIC ANNUALLY

LEVERAGE

1. Grow dividend in line with

EPS growth

2. Acquisitions

3. Share repurchase

CASH PRIORITIES

15% +100

bps

33

$8 BILLION IN CASH RETURNED TO SHAREHOLDERS SINCE 2007

34

$0.1 $0.2 $0.4 $0.5 $0.7 $1.0 $1.2

$1.6 $2.0

$2.4 $2.8

$0.4 $0.7

$0.8 $1.1

$1.8

$2.0

$2.3

$2.8

$3.5

$4.3

$4.9

$0.5

$1.0 $1.2

$1.6

$2.5

$3.0

$3.5

$4.3

$5.5

$6.6

$7.7

$-

$1.0

$2.0

$3.0

$4.0

$5.0

$6.0

$7.0

$8.0

2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017

Common Dividends Paid Shares Repurchased

Cumulative Annual Cash Returned 2007-2017Increased cash

dividend for

26 consecutive

years

Total Returns

2007-2017

$5B SHARES REPURCHASED

$3B DIVIDENDS TO

SHAREHOLDERS

($ Billions)

35

SUMMARY®

36

ECOLAB SUMMARY

GLOBAL LEADER WITH SMALL SHARE OF $125+B, GROWING MARKET

$110+ Billion Remains to be Sold

SERVING FUNDAMENTAL, GLOBAL AND INCREASINGLY COMPLEX LONG-TERM NEEDS

Water, Food Safety, Energy, HAI Prevention, Sustainability

POWERFUL, PROVEN STRATEGY TO DRIVE TOP-LINE GROWTH

Circle the Customer – Circle the Globe, High Recurring Revenue

MULTIPLE OPPORTUNITIES FOR NEW GROWTH

Geographic and Market Expansion, Emerging Businesses, Bolt-on M&A

SIGNIFICANT MARGIN IMPROVEMENT WORK UNDERWAY

Simplification, Scale, Leverage, Process Efficiency

SUBSTANTIAL COMPETITIVE ADVANTAGE

Scale, Global Reach, Product Technology, Corporate Accounts, Sales/Service Force, Field Technology, Brand Name, Data and Actionable Insights

STRONG AND CONSISTENT FINANCIALS, FREE CASH FLOW, RETURNS

Strong Business Model For Consistent, Superior Growth

Market share data are current estimates of the

relevant immediately addressable market