ECOLAB INC. — Director's Dealing 2018

Mar 10, 2018

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: ECOLAB INC. (ECL)
CIK: 0000031462
Period of Report: 2018-03-07

Reporting Person: GATES WILLIAM H III (10% Owner)
Reporting Person: CASCADE INVESTMENT, L.L.C. (10% Owner)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2018-03-07	Common Stock	P	242743.0000	$132.4900	Acquired	28738636.0000	Indirect
2018-03-07	Common Stock	P	230000.0000	$132.7086	Acquired	28968636.0000	Indirect
2018-03-07	Common Stock	P	221600.0000	$131.0343	Acquired	29190236.0000	Indirect
2018-03-08	Common Stock	P	168873.0000	$133.4417	Acquired	29359109.0000	Indirect
2018-03-08	Common Stock	P	23427.0000	$134.1763	Acquired	29382536.0000	Indirect
2018-03-09	Common Stock	P	259876.0000	$134.4945	Acquired	29642412.0000	Indirect
2018-03-09	Common Stock	P	182643.0000	$134.7503	Acquired	29825055.0000	Indirect

Footnotes

F1: This transaction was executed in multiple trades at prices ranging from $131.7700 to $132.5000. 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: This transaction was executed in multiple trades at prices ranging from $132.6500 to $132.8000. 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.

F3: This transaction was executed in multiple trades at prices ranging from $130.5600 to $131.0750. 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.

F4: This transaction was executed in multiple trades at prices ranging from $133.1000 to $134.0900. 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.

F5: This transaction was executed in multiple trades at prices ranging from $134.1000 to $134.2500. 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.

F6: This transaction was executed in multiple trades at prices ranging from $133.6300 to $134.6250. 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.

F7: This transaction was executed in multiple trades at prices ranging from $134.6300 to $134.8350. 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.