ECOLAB INC

Ticker: ECL CUSIP: 278865100 Class: COM

STATE OF MICHIGAN RETIREMENT SYSTEM's Holding History (CIK: 0000762152)

Note: Option positions (PUT/CALL) are excluded.

Q4 2025

Shares 66,740 Value ($000) $17,521 Avg Close $265.71 Range $251.04 - $281.41

Q3 2025

Shares 71,340 Value ($000) $19,537 Avg Close $270.32 Range $253.71 - $284.56

Q2 2025

Shares 70,940 Value ($000) $19,114 Avg Close $252.35 Range $219.93 - $269.19

Q1 2025

Shares 70,640 Value ($000) $17,909 Avg Close $249.61 Range $225.31 - $270.90

Q4 2024

Shares 70,740 Value ($000) $16,576 Avg Close $245.53 Range $230.70 - $259.26

Q3 2024

Shares 68,940 Value ($000) $17,602 Avg Close $241.07 Range $217.65 - $253.31

Q2 2024

Shares 69,640 Value ($000) $16,574 Avg Close $227.14 Range $213.29 - $242.24

Q1 2024

Shares 69,540 Value ($000) $16,057 Avg Close $207.94 Range $189.63 - $227.85

Q4 2023

Shares 69,440 Value ($000) $13,773 Avg Close $175.85 Range $153.18 - $197.06

Q3 2023

Shares 69,540 Value ($000) $11,780 Avg Close $177.30 Range $163.22 - $186.52

Q2 2023

Shares 68,140 Value ($000) $12,721 Avg Close $167.31 Range $156.95 - $182.94

Q1 2023

Shares 68,040 Value ($000) $11,263 Avg Close $150.99 Range $139.35 - $161.29

Q4 2022

Shares 67,340 Value ($000) $9,802 Avg Close $141.81 Range $126.42 - $153.48

Q3 2022

Shares 67,140 Value ($000) $9,696 Avg Close $156.07 Range $138.29 - $171.23

Q2 2022

Shares 67,040 Value ($000) $10,308 Avg Close $158.99 Range $137.82 - $177.76

Q1 2022

Shares 62,840 Value ($000) $11,095 Avg Close $179.54 Range $147.91 - $226.74

Q4 2021

Shares 142,395 Value ($000) $33,404 Avg Close $215.53 Range $199.33 - $227.72

Q3 2021

Shares 62,495 Value ($000) $13,038 Avg Close $208.54 Range $195.25 - $219.93

Q2 2021

Shares 62,495 Value ($000) $12,872 Avg Close $206.33 Range $194.28 - $218.25

Q1 2021

Shares 65,295 Value ($000) $13,978 Avg Close $201.55 Range $190.45 - $215.84

Q4 2020

Shares 65,395 Value ($000) $14,149 Avg Close $197.47 Range $171.24 - $214.73

Q3 2020

Shares 66,395 Value ($000) $13,268 Avg Close $188.44 Range $172.53 - $201.15

Q2 2020

Shares 63,195 Value ($000) $12,573 Avg Close $182.16 Range $136.65 - $217.57

Q1 2020

Shares 57,429 Value ($000) $8,949 Avg Close $176.33 Range $117.17 - $198.13

Q4 2019

Shares 60,629 Value ($000) $11,701 Avg Close $177.67 Range $169.74 - $186.58

Q3 2019

Shares 60,229 Value ($000) $11,928 Avg Close $187.16 Range $179.22 - $195.89

Q2 2019

Shares 60,729 Value ($000) $11,990 Avg Close $173.21 Range $164.99 - $187.12

Q1 2019

Shares 73,029 Value ($000) $12,893 Avg Close $150.92 Range $131.24 - $169.66

Q4 2018

Shares 72,829 Value ($000) $10,731 Avg Close $141.48 Range $126.10 - $150.86

Q3 2018

Shares 75,729 Value ($000) $11,873 Avg Close $137.00 Range $128.06 - $148.09

Q2 2018

Shares 76,929 Value ($000) $10,795 Avg Close $132.91 Range $122.30 - $138.58

Q1 2018

Shares 76,529 Value ($000) $10,490 Avg Close $123.54 Range $115.47 - $129.02

Q4 2017

Shares 76,229 Value ($000) $10,228 Avg Close $121.85 Range $117.53 - $126.30

Q3 2017

Shares 79,029 Value ($000) $10,164 Avg Close $120.10 Range $116.11 - $122.59

Q2 2017

Shares 85,829 Value ($000) $11,394 Avg Close $117.68 Range $113.27 - $123.01

Q1 2017

Shares 86,229 Value ($000) $10,808 Avg Close $111.04 Range $106.47 - $114.69

Q4 2016

Shares 85,829 Value ($000) $10,061 Avg Close $105.98 Range $100.13 - $110.74

Q3 2016

Shares 91,553 Value ($000) $11,144 Avg Close $108.98 Range $105.46 - $112.42

Q2 2016

Shares 91,653 Value ($000) $10,870 Avg Close $104.92 Range $98.81 - $109.58

Q1 2016

Shares 91,753 Value ($000) $10,232 Avg Close $95.34 Range $88.43 - $102.02

Q4 2015

Shares 90,953 Value ($000) $10,403 Avg Close $105.21 Range $98.01 - $109.49

Q3 2015

Shares 95,953 Value ($000) $10,528 Avg Close $99.79 Range $91.88 - $104.89

Q2 2015

Shares 103,953 Value ($000) $11,754 Avg Close $102.25 Range $97.79 - $105.41

Q1 2015

Shares 103,853 Value ($000) $11,879 Avg Close $97.19 Range $86.65 - $103.73

Q4 2014

Shares 111,253 Value ($000) $11,628 Avg Close $96.70 Range $89.74 - $101.94

Q3 2014

Shares 110,553 Value ($000) $12,695 Avg Close $99.26 Range $94.57 - $104.65

Q2 2014

Shares 110,753 Value ($000) $12,331 Avg Close $94.25 Range $89.51 - $98.33

Q1 2014

Shares 110,453 Value ($000) $11,928 Avg Close $91.92 Range $85.62 - $98.30

Q4 2013

Shares 110,253 Value ($000) $11,496 Avg Close $90.95 Range $84.34 - $94.74

Q3 2013

Shares 110,353 Value ($000) $10,898 Avg Close $81.20 Range $74.57 - $86.97

Q2 2013

Shares 108,253 Value ($000) $9,222 Avg Close $73.48 Range $68.51 - $77.84

Period	Shares	Value ($000)	Average Close	Price Range
Q4 2025	66,740	$17,521	$265.71	$251.04 - $281.41
Q3 2025	71,340	$19,537	$270.32	$253.71 - $284.56
Q2 2025	70,940	$19,114	$252.35	$219.93 - $269.19
Q1 2025	70,640	$17,909	$249.61	$225.31 - $270.90
Q4 2024	70,740	$16,576	$245.53	$230.70 - $259.26
Q3 2024	68,940	$17,602	$241.07	$217.65 - $253.31
Q2 2024	69,640	$16,574	$227.14	$213.29 - $242.24
Q1 2024	69,540	$16,057	$207.94	$189.63 - $227.85
Q4 2023	69,440	$13,773	$175.85	$153.18 - $197.06
Q3 2023	69,540	$11,780	$177.30	$163.22 - $186.52
Q2 2023	68,140	$12,721	$167.31	$156.95 - $182.94
Q1 2023	68,040	$11,263	$150.99	$139.35 - $161.29
Q4 2022	67,340	$9,802	$141.81	$126.42 - $153.48
Q3 2022	67,140	$9,696	$156.07	$138.29 - $171.23
Q2 2022	67,040	$10,308	$158.99	$137.82 - $177.76
Q1 2022	62,840	$11,095	$179.54	$147.91 - $226.74
Q4 2021	142,395	$33,404	$215.53	$199.33 - $227.72
Q3 2021	62,495	$13,038	$208.54	$195.25 - $219.93
Q2 2021	62,495	$12,872	$206.33	$194.28 - $218.25
Q1 2021	65,295	$13,978	$201.55	$190.45 - $215.84
Q4 2020	65,395	$14,149	$197.47	$171.24 - $214.73
Q3 2020	66,395	$13,268	$188.44	$172.53 - $201.15
Q2 2020	63,195	$12,573	$182.16	$136.65 - $217.57
Q1 2020	57,429	$8,949	$176.33	$117.17 - $198.13
Q4 2019	60,629	$11,701	$177.67	$169.74 - $186.58
Q3 2019	60,229	$11,928	$187.16	$179.22 - $195.89
Q2 2019	60,729	$11,990	$173.21	$164.99 - $187.12
Q1 2019	73,029	$12,893	$150.92	$131.24 - $169.66
Q4 2018	72,829	$10,731	$141.48	$126.10 - $150.86
Q3 2018	75,729	$11,873	$137.00	$128.06 - $148.09
Q2 2018	76,929	$10,795	$132.91	$122.30 - $138.58
Q1 2018	76,529	$10,490	$123.54	$115.47 - $129.02
Q4 2017	76,229	$10,228	$121.85	$117.53 - $126.30
Q3 2017	79,029	$10,164	$120.10	$116.11 - $122.59
Q2 2017	85,829	$11,394	$117.68	$113.27 - $123.01
Q1 2017	86,229	$10,808	$111.04	$106.47 - $114.69
Q4 2016	85,829	$10,061	$105.98	$100.13 - $110.74
Q3 2016	91,553	$11,144	$108.98	$105.46 - $112.42
Q2 2016	91,653	$10,870	$104.92	$98.81 - $109.58
Q1 2016	91,753	$10,232	$95.34	$88.43 - $102.02
Q4 2015	90,953	$10,403	$105.21	$98.01 - $109.49
Q3 2015	95,953	$10,528	$99.79	$91.88 - $104.89
Q2 2015	103,953	$11,754	$102.25	$97.79 - $105.41
Q1 2015	103,853	$11,879	$97.19	$86.65 - $103.73
Q4 2014	111,253	$11,628	$96.70	$89.74 - $101.94
Q3 2014	110,553	$12,695	$99.26	$94.57 - $104.65
Q2 2014	110,753	$12,331	$94.25	$89.51 - $98.33
Q1 2014	110,453	$11,928	$91.92	$85.62 - $98.30
Q4 2013	110,253	$11,496	$90.95	$84.34 - $94.74
Q3 2013	110,353	$10,898	$81.20	$74.57 - $86.97
Q2 2013	108,253	$9,222	$73.48	$68.51 - $77.84