1. description of business
Ecolab is the global leader in cleaning, sanitizing, food safety and infection prevention products and services.
Founded in 1923 and headquartered in St. Paul, Minn., Ecolab has been partnering with customers for more than
85 years. Ecolab serves customers in more than 160 countries across North America, Europe, Asia Pacific, Latin
America, the Middle East and Africa, and employs more than 26,000 associates. Ecolab delivers comprehensive
programs and services to the foodservice, food and beverage processing, hospitality, healthcare, government and
education, retail, textile care, commercial facilities and vehicle wash industries.
Ecolab is committed to assisting customers worldwide with their unique needs by providing them with
comprehensive, value-added solutions and professional, personal service. With more than 14,000 sales-and-
service experts, Ecolab employs the industry’s largest and best-trained direct sales-and-service force, which
advises and assists customers in meeting a full range of cleaning, sanitation and service needs. For more
information, visit www.ecolab.com or call 1.800.2.ECOLAB.
Ecolab common stock is traded on the New York Stock Exchange under the symbol ECL. Ecolab news releases and
other selected investor information are available at www.ecolab.com.
Forward-Looking Statements and Risk Factors
We refer readers to the company’s disclosure, entitled “Forward-Looking Statements and Risk Factors,”
which is located on page 30 of this Annual Report.
CUSTOMER SEGMENTS BUSINESS MIX 2008
Full service restaurants PERCENT OF TOTAL SALES
Quick service restaurants UNITED STATES 51% International 49%
Hotels ¢ Institutional 25% ¢ Europe/Middle East/Africa 34%
Food retail ¢ Food & Beverage 9% ¢ Asia Pacific 8%
Schools ¢ Pest Elimination 5% ¢ Latin America 4%
Colleges and universities ¢ Kay 5% ¢ Canada 3%
Laundries and textile rental ¢ Healthcare 3%
Hospitals ¢ GCS Service 2%
Nursing homes ¢ Vehicle Care 1%
Other healthcare facilities ¢ Textile Care 1%
Dairy farms and plants
Food, beverage and brewery plants
Pharmaceutical facilities
Office buildings
Shopping malls
Movie theaters Sales-and-Service Associates
Convenience stores DECEMBER 31 2006 2007 2008
Recreational facilities Institutional 3,490 3,500 3,580
Health clubs Kay 355 405 440
Government facilities Pest Elimination 1,900 2,025 2,075
Amusement parks Healthcare 80 125 120
Building service contractors GCS Service 465 495 450
Cruise lines Textile Care 80 90 80
Airlines Food & Beverage 550 560 585
Light manufacturing industries Vehicle Care 105 105 95
Vehicle care and car washes Europe/Middle East/Africa* 4,225 4,005 4,010
Asia Pacific 1,070 1,570 1,725
Markets SERVED Canada 395 390 405
United States
Latin America 715 840 880
Europe/Middle East/Africa
TOTAL 13,430 14,110 14,445
Asia Pacific
Canada
Latin America The 2007 decrease is due to the sale of a property service provider
*
in the United Kingdom.

2. NET SALES NET INCOME DILUTED NET INCOME DIVIDENDS DECLARED
DOLLARS IN MILLIONS DOLLARS IN MILLIONS PER SHARE PER SHARE
DOLLARS DOLLARS
$1.80
$0.5300
$448
$6,138
$5,470
$0.4750
$427
$1.70
$4,896
$369
$4,535
$0.4150
$1.43
$0.3625
$4,185
$319
$1.23
$283
$0.3275
$1.09
04 05 06 07 08 04 05 06 07 08 04 05 06 07 08 04 05 06 07 08
Financial Highlights PERCENT CHANGE
millions, EXCEPT PER SHARE 2008 2007 2006 2008 2007
Net Sales $6,137.5 $5,469.6 $4,895.8 12% 12%
Net Income 448.1 427.2 368.6 5 16
Percent of Sales 7.3 % 7.8 % 7.5 %
Diluted Net Income Per Common Share 1.80 1.70 1.43 6 19
Diluted Weighted-Average Common Shares Outstanding 249.3 251.8 257.1 (1) (2)
Dividends Declared Per Common Share 0.5300 0.4750 0.4150 12 14
Cash Provided by Operating Activities 753.2 797.6 627.6 (6) 27
Capital Expenditures 326.7 306.5 287.9 7 6
Shareholders’ Equity 1,571.6 1,935.7 1,680.2 (19) 15
Return on Beginning Equity 23.1 % 25.4 % 22.4 %
Total Debt 1,138.2 1,003.4 1,066.1 13 (6)
Total Debt to Capitalization 42.0 % 34.1 % 38.8 %
Total Assets $4,756.9 $4,722.8 $4,419.4 1% 7%
Ecolab Stock Performance Ecolab Stock Performance comparison
2006 2007 2008 $55
• Ecolab Stock Price Index 1.60
QUARTER LOW HIGH LOW HIGH LOW HIGH
• Ecolab Stock Price
ECOLAB, S&P 500 INDICES
• S&P 500 Index
ECOLAB STOCK PRICE
$50 1.50
First $33.64 $40.50 $37.01 $45.37 $42.52 $52.35
1.40
Second 37.00 41.20 41.12 44.79 42.89 48.91 $45
1.30
Third 39.57 45.44 39.01 47.59 42.00 52.16
$40 1.20
Fourth 42.17 46.40 44.82 52.78 29.56 49.99
1.10
$35
1.00
0.90
$30
0.80
$25 0.70
4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q
2005 2006 2007 2008