ECOLAB INC. — Director's Dealing 2017

Aug 7, 2017

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: ECOLAB INC. (ECL)
CIK: 0000031462
Period of Report: 2017-08-03

Reporting Person: GATES WILLIAM H III (10% Owner)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2017-08-03	Common Stock	P	75500.0000	$132.5712	Acquired	28495893.0000	Indirect

Footnotes

F1: This transaction was executed in multiple trades at prices ranging from $132.2400 to $132.9900. The price set forth above reflects the weighted-average price per share. The reporting person hereby undertakes to provide upon request to the SEC staff, the issuer or a security holder of the issuer full information regarding the number of shares and prices at which the transactions were effected.

F2: For purposes of Section 13(d) of the Securities Exchange Act of 1934, as amended (the "Act"), Mr. Gates, as the sole member of Cascade Investment, L.L.C. ("Cascade"), and co-trustee of Bill & Melinda Gates Foundation Trust (the "Trust"), may be deemed to beneficially own more than 10% of the common stock of the Issuer. Mr. Gates has no pecuniary interest in the shares held by the Trust. Neither the filing of this Form 4 nor any of its contents shall be deemed an admission that Mr. Gates and any other person or persons constitute a "group" under Section 13(d) and Mr. Gates expressly disclaims membership in a group.