Nalco Operations

NORTH AMERICA:Nalco Company 1601 West Diehl Road Naperville, Illinois 60563-1198 USA Tel: 1.630.305.1000

EUROPE:Nalco Europe B.V. Ir.G.Tjalmaweg 1 2342 BV Oegstgeest The Netherlands Tel: 31.71.524.1100

PACIFIC:Nalco Pacific PTE. LTD. 2 International Business Park #02-20 The Strategy Tower 2Singapore 609930 Tel: 65.6861.4011

LATIN AMERICA:Nalco Brasil LTDA Av. das Nações Unidas 17.891 6° Andar 04795-100—Sao Paulo SP Brazil Tel: 55.11.5644.6500

ENERGY SERVICES:Nalco Energy Services, L.P. 7705 Highway 90-A Sugar Land, Texas 77478 Tel: 1.281.263.7000

© Nalco Company

Delivering Results

FORWARD-LOOKING STATEMENTIf you are interested in Nalco Holding Company stock, management recommends that, at a minimum, you read the Company’s current annual report and 10-K, 10-Q, 8-K and Initial Public Offering Prospectus reports to the Securities and Exchange Commission (SEC) over the past year. The Company’s recent proxy statement for the annual meeting of shareholders also contains important information. These and other materials that have been fi led with the SEC are accessible through the Company’s Web site at www.nalco.com and are also available at the SEC’s Web site at www.sec.gov.

Investors are cautioned that all statements in this document that relate to the future are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities and Exchange Act of 1934 and involve risks and uncertainties, and are based on assumptions that the Company believes in good faith are reasonable but which may be materially different from actual results. Forward-looking statements give the investor our expectations or forecasts of future events. You can identify these statements by the fact that they do not relate only to historical or current facts. They may use the words “anticipate,” “estimate,” “expect,” “project,” “intend,” “plan,” “believe,” and other words of similar meaning in connection with future events or future operating or fi nancial performance.

Forward-looking statements may involve known and unknown risks, uncertainties and other factors which may cause the actual results to differ materially from those projected, stated or implied depending on many factors, including, without limitation those risk factors identifi ed in the Management Discussion and Analysis section of our current 10-K. Other factors besides those listed in the 10-K may also adversely affect the Company and may be material to the Company. Accordingly, there can be no assurance that the Company will meet future results, performance or achievements expressed or implied by such forward-looking statements. This statement is included to provide safe harbor for forward-looking statements, which are not generally required to be publicly revised as circumstances change, and which the Company does not intend to update.

2004 ANNUAL REPORT

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Nalco Holding Company (NYSE: NLC) is the leading global provider of integrated

water treatment and process improvement services, chemicals and equipment

programs for a variety of industrial and institutional customers. Our products and

services are used in water treatment applications to prevent corrosion, contamination

and the buildup of harmful deposits, or in production processes to enhance

process efficiency and improve our customers’ end products.

Through our sales, research and marketing team of more than 6,500 technically

trained professionals, we serve more than 60,000 customer locations. We focus

on providing our customers with technologically advanced, engineered solutions

and services. These solutions and services enable our customers to improve their

business by increasing production yields, lowering manufacturing costs, extending

asset life and maintaining environmental standards. We offer the broadest product

portfolio in our industry.

Our Commitment to Safety, Health and the Environment

Nalco Holding Company manages its global operations with concern for the

health and safety of individuals, the environment and with a commitment to global

sustainable development. Our Safety, Health and Environmental Sustainability

Principles commit us to conduct business in a safe, secure and environmentally sound

manner, consistent with Responsible Care®, the chemical industry’s commitment

to ensuring a chemical product’s safe evolution from concept through customer

use, to disposal, recycle or reuse.

Responsible Care is a registered service mark of the American Chemistry Council.

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9

Nalco Holding Company (NYSE: NLC) is the leading global provider of integrated

water treatment and process improvement services, chemicals and equipment

programs for a variety of industrial and institutional customers. Our products and

services are used in water treatment applications to prevent corrosion, contamination

and the buildup of harmful deposits, or in production processes to enhance

process efficiency and improve our customers’ end products.

Through our sales, research and marketing team of more than 6,500 technically

trained professionals, we serve more than 60,000 customer locations. We focus

on providing our customers with technologically advanced, engineered solutions

and services. These solutions and services enable our customers to improve their

business by increasing production yields, lowering manufacturing costs, extending

asset life and maintaining environmental standards. We offer the broadest product

portfolio in our industry.

Our Commitment to Safety, Health and the Environment

Nalco Holding Company manages its global operations with concern for the

health and safety of individuals, the environment and with a commitment to global

sustainable development. Our Safety, Health and Environmental Sustainability

Principles commit us to conduct business in a safe, secure and environmentally sound

manner, consistent with Responsible Care®, the chemical industry’s commitment

to ensuring a chemical product’s safe evolution from concept through customer

use, to disposal, recycle or reuse.

Responsible Care is a registered service mark of the American Chemistry Council.

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Nalco Operations

NORTH AMERICA:Nalco Company 1601 West Diehl Road Naperville, Illinois 60563-1198 USA Tel: 1.630.305.1000

EUROPE:Nalco Europe B.V. Ir.G.Tjalmaweg 1 2342 BV Oegstgeest The Netherlands Tel: 31.71.524.1100

PACIFIC:Nalco Pacific PTE. LTD. 2 International Business Park #02-20 The Strategy Tower 2Singapore 609930 Tel: 65.6861.4011

LATIN AMERICA:Nalco Brasil LTDA Av. das Nações Unidas 17.891 6° Andar 04795-100—Sao Paulo SP Brazil Tel: 55.11.5644.6500

ENERGY SERVICES:Nalco Energy Services, L.P. 7705 Highway 90-A Sugar Land, Texas 77478 Tel: 1.281.263.7000

© Nalco Company

Delivering Results

FORWARD-LOOKING STATEMENTIf you are interested in Nalco Holding Company stock, management recommends that, at a minimum, you read the Company’s current annual report and 10-K, 10-Q, 8-K and Initial Public Offering Prospectus reports to the Securities and Exchange Commission (SEC) over the past year. The Company’s recent proxy statement for the annual meeting of shareholders also contains important information. These and other materials that have been fi led with the SEC are accessible through the Company’s Web site at www.nalco.com and are also available at the SEC’s Web site at www.sec.gov.

Investors are cautioned that all statements in this document that relate to the future are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities and Exchange Act of 1934 and involve risks and uncertainties, and are based on assumptions that the Company believes in good faith are reasonable but which may be materially different from actual results. Forward-looking statements give the investor our expectations or forecasts of future events. You can identify these statements by the fact that they do not relate only to historical or current facts. They may use the words “anticipate,” “estimate,” “expect,” “project,” “intend,” “plan,” “believe,” and other words of similar meaning in connection with future events or future operating or fi nancial performance.

Forward-looking statements may involve known and unknown risks, uncertainties and other factors which may cause the actual results to differ materially from those projected, stated or implied depending on many factors, including, without limitation those risk factors identifi ed in the Management Discussion and Analysis section of our current 10-K. Other factors besides those listed in the 10-K may also adversely affect the Company and may be material to the Company. Accordingly, there can be no assurance that the Company will meet future results, performance or achievements expressed or implied by such forward-looking statements. This statement is included to provide safe harbor for forward-looking statements, which are not generally required to be publicly revised as circumstances change, and which the Company does not intend to update.

2004 ANNUAL REPORT

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