ECOLAB INC. — Director's Dealing 2018

May 4, 2018

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: ECOLAB INC. (ECL)
CIK: 0000031462
Period of Report: 2018-05-02

Reporting Person: Mulhere Timothy P (EVP & Pres - Global Ent Eff)

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2018-05-02	Restricted Stock Units	$	A	14400	Acquired		Common Stock (14400)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	19682.393	Direct
Common Stock	1832.396	Indirect

Footnotes

F1: Number of UNITS in the Ecolab Stock Fund of the Ecolab Savings Plan (401(k) Plan) as of March 31, 2018. Includes 7.857 UNITS acquired since the reporting person's last report.(The 1,832.396 UNITS are the equivalent of approximately 3,384 SHARES of the issuer's Common Stock.)

F2: Each restricted stock unit represents a contingent right to receive one share of Ecolab Inc. common stock. The units will vest, subject to continued employment, as to 100% of the grant amount on the fourth anniversary of the date of grant.