Corporate Overview

For additional information contact:

Michael J. Monahan

Senior Vice President External Relations

Telephone: 651-250-2809

Mike.Monahan@ecolab.com

Andy Hedberg

Director Investor Relations

Telephone: 651-250-2185

Andrew.Hedberg@ecolab.com

Ecolab Inc.

1 Ecolab Place

St. Paul, MN 55102

www.ecolab.com

CAUTIONARY STATEMENT

Forward-Looking Information: This communication contains forward looking statements as that term is defined in the Private

Securities Litigation Reform Act of 1995. These forward-looking statements include, but are not limited to, statements regarding our

future financial and business performance and prospects, including sales, operating income and return on invested capital growth,

margins, impact of oil prices, macro trends and long-term potential of our business, new business, innovation, targeted credit rating

metrics, dividends, and share repurchase and acquisition activity. These statements are based on the current expectations of

management of the Company. There are a number of risks and uncertainties that could cause actual results to differ materially from

the forward-looking statements. These risks and uncertainties are set forth in our most recent Form 10-K, Form 10-Q and other public

filings with the Securities and Exchange Commission (the “SEC”) and include the vitality of the markets we serve, including the

markets served by our Global Energy segment; the impact of worldwide economic factors such as the worldwide economy, credit

markets, interest rates and foreign currency risk; exposure to economic, political and legal risks related to our international operations;

the costs and effects of complying with laws and regulations relating to our operations; the occurrence of litigation or claims; and other

uncertainties or risks reported from time to time in our reports to the SEC. In light of these risks, uncertainties and factors, the forward-

looking events discussed in this communication may not occur. We caution that undue reliance should not be placed on forward-

looking statements, which speak only as of the date made. Ecolab does not undertake, and expressly disclaims, any duty to update

any forward-looking statement except as required by law.

Non-GAAP Financial Information: This communication includes Company information that does not conform to generally accepted

accounting principles (GAAP). Management believes that a presentation of this information is meaningful to investors because it

provides insight with respect to ongoing operating results of the Company and allows investors to better evaluate the financial results

of the Company. These measures should not be viewed as an alternative to GAAP measures of performance. Furthermore, these

measures may not be consistent with similar measures provided by other companies. Reconciliations of non-GAAP measures to

GAAP results are available in our most recent Form 10-K, Form 10-Q and other of our SEC filings.

Industry and Market Information: Industry and market information, including market data, contained in this communication are

based on management’s current estimates of potential opportunities of Ecolab. These estimates have been made in good faith based

on management’s knowledge and, in some cases, upon industry surveys and other publicly available information. You are cautioned

not to give undue weight to such estimates, and we have not verified the accuracy or completeness of these estimates and

information through independent sources.

Presentation Format: Unless otherwise noted, the data shown is for consolidated Ecolab and does not reflect the planned spin off of

the ChampionX business.

1

ECOLAB: UNIQUELY POSITIONED

TO DELIVER WHAT MATTERS MOST

SAFE

FOOD

CLEAN

WATER

HEALTHY

ENVIRONMENTS

2

33

COVID-19 UPDATE®

Our View

4

Ecolab is healthy and positioned to help

Ecolab is doing its part

COVID represents an unprecedented event:

▪2020: manage through the crisis and protect key drivers

▪2021: return to fundamental performance

Our Goals in 2020

Continue to be a company people can count on…do our part:

▪Communities

▪Customers

▪Our team

▪ Investors

Emerge even stronger:

▪As a team

▪As a business and company

5

COVID-19: Meeting Demand

Increased supply

▪ Partnered with public health authorities to develop guidelines on virucidal products and programs to fight COVID-19

▪ Accelerated new disinfectant and sanitizer product development

▪ Fast-tracking registration globally of new disinfection solutions across industries and geographies

▪ Maximizing sanitizer production:

- 5X production – and driving for more, adding copackers

- Temporarily converting related production lines to make sanitizers

- Shipping drum-size sanitizers to very large and critical users (healthcare)

- Leveraging alternate alcohol sources (distillers, brewers) to expand sanitizer production

▪ Ramped up Bioquell decontamination unit production

Accelerated digital transformation

▪ Drive incremental value: digital programs, digital field platforms

▪ Leveraging 3DT, Refined Knowledge, assurance center and other digital systems to enhance remote monitoring and assure reliable operation of critical assets

6

COVID-19: Supporting our Customers

Strong support for emergency healthcare facilities

▪ Supporting rapid implementation of safe/sanitized temporary hospital facilities and medical worker housing, along with training to maintain sanitized environments in high risk areas

▪ Providing hospitals with digital devices to identify and track hospital room personnel traffic and their hygiene compliance

Rapid response to emerging needs

▪ Laundry viricidal programs set up in 3 days

▪ Expediting cleaners/sanitizers to critical locations

COVID-19 stress reduction for Foodservice and Hospitality

▪ Utilizing field and strong financial position to help

▪ Temporarily reducing fixed payments while extending agreements

Planning for recovery

▪ Developing re-open packages for foodservice and hospitality

▪ Field teams planning new business generation, increased solutions per account

7

Support our Essential Customers in the Safest Way Possible

Protect our People

▪ Social Distancing / Facility Hygiene

▪ Admin: Work from home (90%+ working from home)

▪ Production: shift, line separation

▪ Field: no group settings, modified customer service protocol

▪ Pay Protect Plan

Protect our Customers

▪ Protection maintained

▪ Field and tech support provided globally

Protect our Company

▪ P&L / Cash: capital, hiring, and spending controls

▪ Positive Free Cash Flow even in all modeled scenarios

8

Ecolab Customer Markets

9

= 33%

= 23%

= 13%

= 31%

Excludes Upstream Energy

Ecolab Customer Market % of Ecolab Sales

Food and Beverage 20%

Healthcare 8%

Food Retail 3%

Long Term Care 2%

Paper, Power, Electronics 11%

Quick Service Restaurants 6%

Life Sciences 2%

All Other 4%

Refineries 5%

Chemicals 4%

Education 4%

Full Service Restaurants 14%

Lodging 8%

Mining, Primary Metals, Transportation 5%

Textile Care 2%

Cruise, Gaming, and Recreation 2%

Demand

Plus

Demand

Same

Demand

Down

Demand

Depressed

COVID Summary

Ecolab well positioned to help

▪ Financially

▪ Strategically

Our team is focused on customers

This will pass … a new normal will emerge

10

Cleaner, Safer, Healthier Positioning Even More Right

Hygiene, Antimicrobial & ESG Know-How Will Matter Even More

1111

ROBUST LONG-TERM OPPORTUNITY

®

Robust Long-Term Opportunity

Ecolab’s long-term opportunities remain strong

While COVID will present the world with a very challenging

2020, we expect to emerge stronger:

▪ Increased global focus on cleaning and sanitizing

▪ Our continuing investment in strategic drivers increases our

technology and people advantages

▪ Our strong financial position benefits us versus weaker competitors

12

Leader in Highly Fragmented, Large and

Growing Market

ECOLAB SALES

2019:

$13 BILLIONExcludes ChampionX

Ecolab Competitors

Market data reflects current estimates of

potential opportunities and excludes ChampionX

13

0

20

40

60

80

100

120

140

1995 2000 2005 2010 2015 2020

MARKET OPPORTUNITY GROWTH SINCE 1995

$130B

$57B$39B

$32B$18B

Ecolab

$106B

10%

$0

$2,000

$4,000

$6,000

$8,000

$10,000

$12,000

$14,000

$16,000

Estimates by category

Major Opportunities in Existing Markets14

$ MILLIONS Ecolab Remaining Opportunity

$0 $5,000 $10,000 $15,000 $20,000 $25,000

Building Services

Other

Mining

Refining

Food Retail

Ed./Government

Life Sciences

Lodging

Light Industry

Paper

Heavy Industry

Food & Beverage

Health Care

Food Service

Market data reflects current estimates of

potential opportunities and excludes ChampionX

DIVERSIFIED GLOBAL CUSTOMER BASENearly 3 Million Customer Locations

Largest customer <2% of sales

Top 10 customers 10% of sales

15

UNSOLD CUSTOMERS

CIRCLE THE CUSTOMER

$45B$72B

$13B

Leading Scale and Global Footprint Enables Us To Grow

With Customers Around The World

16

Build Share With Largest Players

2019 SALES

Focus where the growth is

Leveraging innovation

Circle the Globe

Market share

New technologies and services

Circle the Customer

Growth synergies

2019 sales exclude ChampionX. Market data

reflects current estimates of potential opportunities

Labor

Asset ProtectionWater &

Energy

Maint./Other

Strong Customer Value PropositionBest results, lowest use cost

Ecolab’s customer value proposition

The best results and consistent

improvement in customer satisfaction

Lower total operating costs

Improved sustainability

Specific customer application cost

17

Innovation: Digital Food Safety18

Drives food safety excellence & compliance, while improving

labor efficiency

Mobile customer App digitizes food safety tasks and

temperature monitoring, improves food safety compliance, saves

time and replaces paper logs

Remote monitoring of operational and sanitation compliance;

helps predict Health Department inspection audit violations

Dynamic dashboard reporting consolidates food safety audits,

pest reports, health department inspections, mobile app logs &

sanitation compliance into dashboards & critical metric alerts

Supported by in-unit service and training

Hygiene and Food

Safety compliance

improves to more

than 90% from less

than 50%

Annual Customer Value (1000 Unit Chain)

Metric Before After Value Created

Labor Savings $5,140,000 $2,570,000 $2,570,000

CONNCECTED DISPENSING, CHEMISTRY, MONITORING AND PREDICTIVE ANALYTICS

Innovation: Legionella ProtectionDIGITALLY ENABLED WATER SAFETY PROGRAM: PROTECTING BRAND & CUSTOMERS

19

Enterprise-wide legionella risk mitigation solution

Proactive analytics and digital monitoring – real time

monitoring and predictive analytics to treat legionella risk

Risk mitigation – critical part of operator water

management compliance system to reduce risk of costly

pathogen outbreaks

Reduced remediation costs – proactive treatment

reduces brand risk and outbreak remediation costs

Brand Protection

$8 MILLION average revenue loss per outbreak

from business interruption and

brand reputation harm

Cost Avoidance

$2.6 MILLION in estimated legionella

outbreak litigation cost

avoidance

Improved Risk

Management

8xUp to 8x better at

detecting legionella than

using traditional methods

Innovation: Food ServiceMULTI-USE, NO-RINSE FOOD CONTACT CLEANING AND SANITIZING SOLUTION

20

▪ Concentrated formula for food contact surfaces and 3rd sink

sanitization streamlines operations & improves compliance

▪ Kills Norovirus (#1 cause of foodborne illness)

▪ Foodborne pathogen protection E.coli, Staph, Salmonella,

Listeria

▪ Visual indication of concentration, “at a glance”

SINK & SURFACE CLEANER SANITIZER

Annual Customer Value

100 Unit Chain

Metric Before After Value Created

Labor Cost2 step process

$152,000

2 step process

$152,000

Labor savings

$152,000

Packaging

Waste

Competitor’s 2 product,

diluted solution

218,000 lbs

Ecolab’s concentrated

solution

1,100 lbs

Reduced packaging

waste

216,900 lbs

50% reduction in

table turn time and

99% reduction in

packaging waste

LAST YEAR, ECOLAB HELPED:

45%

Produce

of the global processed

milk supply

Generate

20%of the world’spower 45 BILLION

Serve

meals

1 BILLION+Clean

hotel rooms

Clean

BILLIONhands40

Make

of the world’s processed food safe

16%

Conserve

28 TRILLIONBTUs of energy

21

206 BILLION

Save

gallons of water

Reduce

3.3 BILLION pounds

Preventmore than

1 MILLION foodborne

illnesses

greenhouse gas emissions

2222

STRONG FINANCIAL POSITION

®

23

$1,662

1,020

400

750 750

458

250

250

500 500

700 627 627

-

250

500

750

1,000

1,250

1,500

2021 2022 2023 2024 2025 2026 2027 … 2030 … 2041 … 2046 2047

$M

Pre-Nalco

Transaction

* * * *

Resilient Free Cash Flow Cash on Hand and Term Debt Maturities

Solid Cash Position and Priorities

▪ Interest / Debt

▪ Remain committed to our dividend

▪ CapEx reduced by 50%

▪ Ample liquidity

* Excludes voluntary pension contributions

vTerm Debt

WAC: 3.47%

WAM: 9.2 years

~90% Fixed

Cash

Strong Financial Position

23

Liquidity

▪ Confident in delivering positive FCF in all modeled scenarios

▪ Revolver capacity $2.0B, $1B commercial paper outstanding

▪ Covenant: 3.5x EBITDA/Interest, ~16.3x at 03/31/20

▪ Additional A/R write-off risk in prior downturns ~0.3% of sales

▪ ~$1.7B cash on hand

Ecolab: A Cash and Return Machine

$9B Cumulative Cash Returned 2009-2019Increased cash

dividend for

28 consecutive

years

Total Returns

2009-2019

$5B SHARES REPURCHASED

$4BDIVIDENDS TO

SHAREHOLDERS

($ Billions)

$0.3 $0.4 $0.6 $0.9 $1.1

$1.5 $1.9

$2.3 $2.7

$3.2 $3.8

$0.4 $0.7

$1.4

$1.6

$1.9

$2.4

$3.1

$3.9

$4.5

$5.0

$5.3

$0.7

$1.1

$2.0

$2.5 $3.0

$3.8

$5.0

$6.1

$7.2

$8.2

$-

$1.0

$2.0

$3.0

$4.0

$5.0

$6.0

$7.0

$8.0

$9.0

2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019

Common Dividends Paid Shares Repurchased

24

24

$9.1

25

SUMMARY®

26

ECOLAB SUMMARY

GLOBAL LEADER WITH SMALL SHARE OF $130+B, GROWING MARKET

$117+ Billion Remains to be Sold

SERVING FUNDAMENTAL, GLOBAL AND INCREASINGLY COMPLEX LONG-TERM NEEDS

Water, Food Safety, Energy, HAI Prevention, Sustainability

POWERFUL, PROVEN STRATEGY TO DRIVE TOP-LINE GROWTH

Circle the Customer – Circle the Globe, High Recurring Revenue

MULTIPLE OPPORTUNITIES FOR NEW GROWTH

Geographic and Market Expansion, Emerging Businesses, Bolt-on M&A

SIGNIFICANT MARGIN IMPROVEMENT WORK UNDERWAY

Simplification, Scale, Leverage, Process Efficiency

SUBSTANTIAL COMPETITIVE ADVANTAGE

Scale, Global Reach, Product Technology, Corporate Accounts, Sales/Service Force, Field Technology, Brand Name, Data and Actionable Insights

STRONG AND CONSISTENT FINANCIALS, FREE CASH FLOW, RETURNS

Strong Business Model For Consistent, Superior Growth

Market data reflects current estimates of

potential opportunities