ECOLAB INC

Ticker: ECL CUSIP: 278865100 Class: COM

Municipal Employees' Retirement System of Michigan's Holding History (CIK: 0001588873)

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

Q1 2020

Shares 3,590 Value ($000) $559 Avg Close $176.33 Range $117.17 - $198.13

Q4 2019

Shares 3,560 Value ($000) $687 Avg Close $177.67 Range $169.74 - $186.58

Q3 2019

Shares 3,560 Value ($000) $705 Avg Close $187.16 Range $179.22 - $195.89

Q2 2019

Shares 3,510 Value ($000) $693 Avg Close $173.21 Range $164.99 - $187.12

Q1 2019

Shares 3,440 Value ($000) $607 Avg Close $150.92 Range $131.24 - $169.66

Q4 2018

Shares 6,880 Value ($000) $1,014 Avg Close $141.48 Range $126.10 - $150.86

Q2 2018

Shares 21,580 Value ($000) $3,028 Avg Close $132.91 Range $122.30 - $138.58

Q1 2018

Shares 6,730 Value ($000) $922 Avg Close $123.54 Range $115.47 - $129.02

Q4 2017

Shares 6,730 Value ($000) $903 Avg Close $121.85 Range $117.53 - $126.30

Q3 2017

Shares 24,180 Value ($000) $3,110 Avg Close $120.10 Range $116.11 - $122.59

Q2 2017

Shares 25,920 Value ($000) $3,440 Avg Close $117.68 Range $113.27 - $123.01

Q1 2017

Shares 15,590 Value ($000) $1,954 Avg Close $111.04 Range $106.47 - $114.69

Q4 2016

Shares 15,480 Value ($000) $1,815 Avg Close $105.98 Range $100.13 - $110.74

Q3 2016

Shares 8,350 Value ($000) $1,016 Avg Close $108.98 Range $105.46 - $112.42

Q2 2016

Shares 8,330 Value ($000) $991 Avg Close $104.92 Range $98.81 - $109.58

Q1 2016

Shares 8,180 Value ($000) $915 Avg Close $95.34 Range $88.43 - $102.02

Q4 2015

Shares 8,010 Value ($000) $919 Avg Close $105.21 Range $98.01 - $109.49

Q3 2015

Shares 7,970 Value ($000) $877 Avg Close $99.79 Range $91.88 - $104.89

Q2 2015

Shares 8,000 Value ($000) $905 Avg Close $102.25 Range $97.79 - $105.41

Q1 2015

Shares 8,000 Value ($000) $918 Avg Close $97.19 Range $86.65 - $103.73

Q4 2014

Shares 9,300 Value ($000) $975 Avg Close $96.70 Range $89.74 - $101.94

Q3 2014

Shares 9,300 Value ($000) $1,070 Avg Close $99.26 Range $94.57 - $104.65

Q2 2014

Shares 9,200 Value ($000) $1,027 Avg Close $94.25 Range $89.51 - $98.33

Q1 2014

Shares 9,200 Value ($000) $994 Avg Close $91.92 Range $85.62 - $98.30

Q4 2013

Shares 8,900 Value ($000) $928 Avg Close $90.95 Range $84.34 - $94.74

Q3 2013

Shares 8,900 Value ($000) $879 Avg Close $81.20 Range $74.57 - $86.97

Period	Shares	Value ($000)	Average Close	Price Range
Q1 2020	3,590	$559	$176.33	$117.17 - $198.13
Q4 2019	3,560	$687	$177.67	$169.74 - $186.58
Q3 2019	3,560	$705	$187.16	$179.22 - $195.89
Q2 2019	3,510	$693	$173.21	$164.99 - $187.12
Q1 2019	3,440	$607	$150.92	$131.24 - $169.66
Q4 2018	6,880	$1,014	$141.48	$126.10 - $150.86
Q2 2018	21,580	$3,028	$132.91	$122.30 - $138.58
Q1 2018	6,730	$922	$123.54	$115.47 - $129.02
Q4 2017	6,730	$903	$121.85	$117.53 - $126.30
Q3 2017	24,180	$3,110	$120.10	$116.11 - $122.59
Q2 2017	25,920	$3,440	$117.68	$113.27 - $123.01
Q1 2017	15,590	$1,954	$111.04	$106.47 - $114.69
Q4 2016	15,480	$1,815	$105.98	$100.13 - $110.74
Q3 2016	8,350	$1,016	$108.98	$105.46 - $112.42
Q2 2016	8,330	$991	$104.92	$98.81 - $109.58
Q1 2016	8,180	$915	$95.34	$88.43 - $102.02
Q4 2015	8,010	$919	$105.21	$98.01 - $109.49
Q3 2015	7,970	$877	$99.79	$91.88 - $104.89
Q2 2015	8,000	$905	$102.25	$97.79 - $105.41
Q1 2015	8,000	$918	$97.19	$86.65 - $103.73
Q4 2014	9,300	$975	$96.70	$89.74 - $101.94
Q3 2014	9,300	$1,070	$99.26	$94.57 - $104.65
Q2 2014	9,200	$1,027	$94.25	$89.51 - $98.33
Q1 2014	9,200	$994	$91.92	$85.62 - $98.30
Q4 2013	8,900	$928	$90.95	$84.34 - $94.74
Q3 2013	8,900	$879	$81.20	$74.57 - $86.97