Doug Baker, prominent chairman and CEO of Ecolab, shares the story of Ecolab and a provides a formula for Minnesota to achieve a successful environment for Businesses to thrive.

1. 1
Minnesota Chamber
of Commerce
Annual Meeting
DOUG BAKER,
CHAIRMAN AND CEO
October 3, 2013

2. What I’d Like to do Today
Introduce you to Ecolab
Share how we look at our business
Look at Minnesota through our lens
2

3. Ecolab By the Numbers
3
ASSOCIATES
SERVING CUSTOMERS IN
171 COUNTRIES
$30 Billion
Market Cap
6,300 Patents
$13 BILLION ANNUAL SALES
44,000 1.3 MILLION
CUSTOMERS

4. 90 Years Young
4

5. Ecolab Timeline
5
1923:
Ecolab Founded
1935:
Service Tradition Begins
1957:
Ecolab Goes Public
1987:
Ecolab Leaves
Consumer Market
1991:
Ecolab forms
Strategic Alliance with
Henkel KGaA
2011-2013:
Ecolab Acquires Nalco
and Champion

6. Macro Trends
Aging Population
Water Shortage
Energy Demand
Nature
Increasing middle
class globally
Technology
 Aging population in EMEA, Japan, and China will drive
healthcare
 Meal prep away from home continues in emerging markets
driving foodservice growth
 Food production accounts for nearly 75% of water consumption
 Demand for energy requires more geographically and technically
challenging sources, which are more difficult to reach and treat
as well as more water intensive
 Water scarcity is expected to be a dominant issue, particularly in
high growth emerging market economies
 Evolution presents new food safety and infection challenges
 Science & technology enables broader set of product and
process improvements
Population Growth
Diet Shifts
 More people: +50% by 2050. Most growth in emerging markets
 Diets move from grains to proteins in emerging markets
 Population growth plus diet shift means 75-100% more calories
needed to feed the world

7. Ecolab: Uniquely Positioned To Deliver
What Matters Most…
CLEAN
WATER
SAFE
FOOD
ABUNDANT
ENERGY
HEALTHY
ENVIRONMENTS

8. Ecolab Model Drives Value
8
Shared Operating Principles
Shared Model
Shared Technology
Foodservice/
Hospitality
Food & Beverage
Processing
Healthcare/
Infection
Prevention
Industrial Water
Services
Energy
Services
>90% Product Sales, >90% Recurring Revenue

9. Ecolab Business Model
INDUSTRY LEADER IN PRODUCT INNOVATION AND
SERVICE EXPERTISE
Ecolab’s core capabilities that drive value:
ServiceTechnology Training Information
9

10. Innovation Leader
 Major R&D investment
 Anchor Technologies
Drive Customer Decisions
 Food Safety
 Infection Prevention
 Energy
 Water Sustainability
 Cost Savings and
Sustainability
BEST IN CLASS SOLUTIONS FOR
CUSTOMER NEEDS
10
$0
$200
$400
$600
$800
$1,000
2008 2009 2010 2011 2012 2013
New/Modified Products As % Of Total Sales >30% Each Year
Innovation Pipeline
(Estimated 5th year new product sales)
*
*excludes Champion
($mlns)
Apex 2
Low Temperature
Corrosion Inhibitors
Encor for
Operating Room

11.  Leverage 3DTRASAR
Technology
 Extend Solids Franchise
 New Antimicrobial Solutions
Innovation Drives Margin &
Competitive Advantage
11
enVision
2013: CROSS-FERTILIZE ECOLAB, NALCO AND
CHAMPION TECHNOLOGIES
3D TRASAR
Apex 2
Solids for
Cooling Water
Aquanomic

12. 12
Ultimate Competitive Advantage
12,000
15,000
18,000
21,000
24,000
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
“Ecolab is among the top ten best U.S.
manufacturing companies to sell for.”
Selling Power Magazine
INDUSTRY-LEADING SALES AND SERVICE FORCE
25,000
Field Associates
Experience That Matters
 30% > 10 years
 40% > 8 years
SALES AND SERVICE FORCE
Combined Ecolab and Nalco

13. Balanced Business,
Big Opportunity
13

14. 34%
17%22%
27%
48%
26%
13%
8%
5%
31%
27%
6%
36%
14
Balanced Business
Sales by Region Sales by Segment
Asia Pacific
Canada
US
EMEA
Latin America
Abundant
Energy Safe Food
Healthier
Environments
Clean Water
Institutional
Industrial
Energy
Other
Sales by Strategy
Ecolab Pro Forma 2012
Sales $13B

15. $0
$2,000
$4,000
$6,000
$8,000
$10,000
$12,000
Strong Competitive Position
ECOLAB SHARE $13 BILLION
Ecolab Others
$100 BILLION
MARKET
13%
15
($ mlns.)

16. 16
Major Opportunities in Existing Markets
ESTIMATES BY MARKET
Ecolab Sales Remaining Market
$ MILLIONS
SEGMENT
$0 $5,000 $10,000 $15,000 $20,000
Janitorial
Food Retail
Ed./Government
Other
Lodging
Light Industry
Health Care
Paper
Heavy Industry/Mining
Food & Beverage
Energy
Food Service

17. Proven Strategy
17

18. 18
Outstanding Global Customer Relationships
Customers % of Sales
Largest <2%
Top 10 <10%
1,000,000+ CUSTOMERS

19. Proven Effective Strategy
CIRCLE THE CUSTOMER - CIRCLE THE GLOBE
19
Provide
customers
improved control
over results, costs
and quality
Leverage
strong Ecolab
relationships to
drive improved
growth
Increasing
the solutions and
services to better
meet our customers’
global needs

20. Strong Culture
20

21. Culture
 Service
We win when customers win
We get things done
 Caring
Ida C. Koran Foundation
Community: internal, external
 Performance
Strive to be the best
Aggressive objectives

22. $0
$500
$1,000
$1,500
$2,000
$2,500
2008 2009 2010 2011 2012
Financial Objectives
Growth
 15% EPS growth
Returns
 Improve ROIC 100 bp per year
Leverage
 Return to A range metrics by
year-end 2015
 Total debt-to-capital ratio in the 35% -
40% range
 < 2.0x total debt/EBITDA
22
$1.50
$2.00
$2.50
$3.00
2008 2009 2010 2011 2012
STRONG GROWTH, PRUDENT FINANCIAL MANAGEMENT
EPS (adjusted)
EBITDA (adjusted, $ - mlns)
2012 EPS and adjusted EBITDA data reflect Nalco merger

23. History of Performance
23

24. 2424
$0.50
$1.00
$1.50
$2.00
$2.50
$3.00
2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
Strong, Consistent Growth
$0
$2,000
$4,000
$6,000
$8,000
$10,000
$12,000
2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
2012 Sales and EPS data include Nalco merger
EPS CAGR
Adjusted EPS
Ecolab S&P 500
(Operating Earnings)
13% 12%
8%
4%
0%
5%
10%
15%
10year 5year
SALES
($ mlns.)
EPS (adjusted)

25. Delivering on Expectations
Forecast Actual
PREDICTABLE QUARTERLY EPS
$0.00
$0.10
$0.20
$0.30
$0.40
$0.50
$0.60
$0.70
$0.80
$0.90
1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013
ACTUAL > ECOLAB FORECAST
85 OF 86 QUARTERS
(EXCEPTION = 3Q 2001)
25
Adjusted EPS.

26. Performance that Outperforms the S&P 500
ECOLAB COMMON STOCK VS. S&P 500 SINCE
52 Years: Total Return Through 12/31/2012, Including Dividends
Cumulative Return: 201,484%
vs. S&P 500: 189,142%
-
25,000
50,000
75,000
100,000
125,000
150,000
175,000
200,000
1960 1965 1970 1975 1980 1985 1990 1995 2000 2005 2010
ECL S&P 500

27. 27
Financial Formula

28. Ecolab Success Formula
28

29. 29

30. Minnesota by the Numbers
30
5.1%
$38.4 Billion
Biennial Budget
(2014-2015)$253Billion
GDP
3.5%
GDP Growth (2012)
Unemployment

31. Minnesota by the Numbers
Education
#2 high school graduates
#1 ACT Scores
#11 bachelor’s degree or
higher
Health
#1 Least stressful metro
#1 Health care system
#3 Most people with health
insurance
#5 Healthiest state
Economics
#3 Labor force participation
#9 Invention patents (2008-
2012)
#2 Fortune 500 per capita
#13 GDP per capita
31

32. Minnesota by the Numbers
Generosity
#1 Philanthropy per capita
#1 Volunteering (Twin Cities)
#1 Most civically engaged
metro
#3 United Way campaign
(Twin Cities)
Quality of Life
#3 Quality of Life
#5 Standard of living
Lifestyle
#1 Most “playful” metro
#1 Golfers per capita
#1 Bike-friendly metro
#1 Metro for health and fitness
#2 Theater seats per capita
#7 “Most happening” rock
scene
32

33. Minnesota by the Numbers
#1 Business-to-Business Tax on warehouse
and storage services
#3 Corporate Tax Rate
#4 Personal Income tax top rate
#5 Business property tax rate (commercial business
property in Minneapolis over $1 million)
33

34. Minnesota by the Numbers
#46 for new business startups
#45 for business tax climate
#42 in highway rankings
#39 in attracting young talent to the metro
34

35. Growing Spending Imbalance
35
24
29
$10
$15
$20
$25
$30
2010 2015 2020 2025
Revenue Growth @ 3% Spending Growth @ 4.7% 5%
3%

36. Minnesota by the Numbers
36
#50 Hispanic students graduation rate (51%)
#49 Black students graduation rate (49%)
#49 Asian/Pacific students graduation rate (72%)
#48 Low-income students graduation rate (58%)
#29 White students graduation rate (84%)

37. Minnesota Success Formula
37

38. Minnesota Success Formula
38

39. Minnesota Strategies
39
World-class talent
Great infrastructure/ amenities
Sustainable growth culture

40. Minnesota Priorities
1. Tackle educational challenges – must remain #1
2. Invest in infrastructure for the future
3. Restructure Health & Human Services,
bend the curve
4. Rebalance the tax code:
Broaden consumer sales tax
Reduce income tax
Clean up business taxes – don’t punish those who HQ here
5. Change the conversation…growth, responsibility
and unity
40

41. “The future destiny of
Minnesota is to be
a glorious one.”
Girart Hewitt, St. Paul Attorney
and Author, Minnesota:
Its Advantages to Settlers,1868
41

42. 4242
Cleaner Safer Healthier