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Credit Investor Presentation Strong growth reinforced throughout - - PowerPoint PPT Presentation

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Credit Investor Presentation Strong growth reinforced throughout the year and solid performance Significant debt and gearing reduction Full Year 2018 Agenda 1 Business Model 2 FY 2018 Activity 3 Business Development 4 Group Credit

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Credit Investor Presentation

Strong growth reinforced throughout the year and solid performance

Significant debt and gearing reduction Full Year 2018

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SLIDE 2

Agenda

1 Business Model 2 FY 2018 Activity 3 Business Development 4 Group Credit Profile 5 2019 Outlook

Full Year 2018 Credit Investor A world leader in gases, technologies and services for Industry and Health 2

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SLIDE 3

3

Business Model

Full Year 2018 Credit Investor A world leader in gases, technologies and services for Industry and Health

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SLIDE 4

Full Year 2018 Credit Investor A world leader in gases, technologies and services for Industry and Health

A New Dimension and Strong Fundamentals

80

Countries

65,000

Employees

>3.5 m

Customers and Patients

>€21 bn

  • f Sales in 2018

>€2 bn >€4 bn >€46 bn

Net Profit in 2018 Cash Flow in 2018 Market Capitalization*

* on December 31, 2018

4

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SLIDE 5

Full Year 2018 Credit Investor A world leader in gases, technologies and services for Industry and Health

A Strong Business Model

Electricity Natural gas Water ESG(d) Healthcare Large Industries Industrial Merchant Electronics

Air Liquide Activities

Home healthcare Patient Filling center SMR(a) ASU(b) Filling center On-site (c) customer Hospital Bulk and Cylinder Customer Metal Producer Refinery Chemical Producer ESG(d) Filling center Electronics Customer ASU(b)

Mutualize assets Liquefaction piggyback Distributors, bolt-on acquisitions 1 2 3

(a) SMR: Hydrogen and carbon monoxide production unit (Steam Methane Reformer) (b) ASU: Air gases production unit (Air Separation Unit) (c) On-site: Small local production unit (d) ESG: Electronic Specialty Gases

5

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Full Year 2018 Credit Investor A world leader in gases, technologies and services for Industry and Health

0,0 0,5 1,0 1,5 2,0 2,5 1988 1990 1992 1994 1996 1998 2000 2002 2004 2006 2008 2010 2012 2014 2016 2018 0,0 1,0 2,0 3,0 4,0 5,0 1988 1990 1992 1994 1996 1998 2000 2002 2004 2006 2008 2010 2012 2014 2016 2018

Regular and Sustained Performance - 2018

4 000 8 000 12 000 16 000 20 000 1988 1990 1992 1994 1996 1998 2000 2002 2004 2006 2008 2010 2012 2014 2016 2018 1 000 2 000 3 000 4 000 1988 1990 1992 1994 1996 1998 2000 2002 2004 2006 2008 2010 2012 2014 2016 2018

Revenue (in €m) EPS(1) (in €) Cashflow (in €m)

(1) Adjusted for the 2-for-1 share split in 2007, for attributions of free shares and for a factor of 0.974 reflecting the value of the rights of the capital increase completed in October 2016. (2) Calculated according to prevailing accounting rules over 30 years.

Dividend(1) (in € per share)

CAGR

  • ver 30 years(2)

+5.8%

CAGR

  • ver 30

years(2)

+6.9%

CAGR

  • ver 30 years(2)

+6.5%

CAGR

  • ver 30

years(2)

+8.3%

6

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7

FY 2018 Activity

Full Year 2018 Credit Investor A world leader in gases, technologies and services for Industry and Health

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Full Year 2018 Credit Investor A world leader in gases, technologies and services for Industry and Health

FY 2018 Highlights

+6.1% +60bps +30bps +22%

Strong sales growth in all markets and geographies ROCE ramping up Improved G&S Operational margin Record level of investment decisions

(1) Group comparable sales growth (2) Excluding energy impact (2) (1) (3) (3) Excluding FX impact and positive impact on 2017 net profit of non-cash one-off items

8

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Growth at the Top of NEOS Range

Full Year 2018 Credit Investor A world leader in gases, technologies and services for Industry and Health

Note: NEOS sales growth objective between +6% and +8% CAGR 2016-2020, including Airgas scope effect in 2017 contributing +2% to the CAGR (1) Comparable sales growth: excluding currency, energy and significant scope impacts

(1) (1)

9

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Full Year 2018 Credit Investor A world leader in gases, technologies and services for Industry and Health

High Sales Growth, Markets Well Oriented

Group Gas & Services Comparable sales growth

  • 1%

0% 1% 2% 3% 4% 5% 6% 7% H1 16 H2 16 H1 17 H2 17 H1 18 H2 18

Sales growth Markets

Chemicals Oil & gas Steel Metal Fab. Construction Energy Food & Pharma Integrated Circuit Outlook H1 19

         

IM LI EL

FY +6.1%

10

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Full Year 2018 Credit Investor A world leader in gases, technologies and services for Industry and Health

FY 2018 – All Performance Indicators Further Improving

ROCE G&S OIR/sales

+30bps

Net profit Net debt

+4.2% <€836m>

69%

  • Excl. energy

Gearing

(1) (1) Compared to recurring 2017 net profit, excluding non cash non recurring items and taxes

8.0%

+8.7%

  • Excl. FX

8.3%

11

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Full Year 2018 Credit Investor A world leader in gases, technologies and services for Industry and Health

Dividend Proposal, 1 Free Share for 10 in 2019

(1) Excluding non-cash non-recurring items & taxes (2) Historical data adjusted for attribution of free shares and for a factor 0.974 reflecting the value of the rights of the capital increase completed in October 2016 (3) Subject to approval at the combined shareholders’ meeting scheduled for 7 May 2019

Dividend Growth

0,0 0,4 0,8 1,2 1,6 2,0 2,4 2,8 1998 2000 2002 2004 2006 2008 2010 2012 2014 2016 2018

20 yrs CAGR

+8.8%

Dividend(2)

in € per share

€2.65

Net Profit

€2.1bn

(3)

As published

+ 4.2%

Compared to 2017 Recurring Net Profit(1)

12

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Positive Environment, Softening FX Headwind

World IP at High Level in 2018

Full Year 2018 Credit Investor A world leader in gases, technologies and services for Industry and Health

Neutral Forex Impact in Q4 2018(2)

Q4 2018

  • 0.1%

FY 2018

  • 3.6%

Higher Positive Energy impact(2) +2.4% +1.3%

Q4 2018 FY 2018

Industrial Production growth in % YTD 2018(1)

+4.0% +3.0%

U.S. World

+4.5% +1.2%

Developing Economies Euro zone

(1) End of Nov. 2018, except U.S. end of Dec. 2018 (2) On Group sales

13

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Q4 - Strong Growth Drivers Across Geographies and WBLs

Comparable G&S sales growth

ASIA INDUSTRIAL MERCHANT AMERICAS HEALTHCARE

+5%

+9%

Full Year 2018 Credit Investor A world leader in gases, technologies and services for Industry and Health

+13%

DEVELOPING ECONOMIES

+6%

ELECTRONICS

+5%

LARGE INDUSTRIES

+3% +18%

14

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Base Business Operating at Highest Level

Full Year 2018 Credit Investor A world leader in gases, technologies and services for Industry and Health

G&S Quarterly Sales Growth Analysis

(1) Comparable growth based on 2016 adjusted sales

+29% +31% +14%

15

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Q4 – Strong Momentum in Americas, Solid Europe

AMERICAS

FY 2018

€7,982m

EUROPE

FY 2018

€7,111m

Dynamic activity in all WBLs

  • LI: high H2, start-ups in air gases
  • IM: high growth with increased pricing; most markets well-
  • riented, very strong Metal Fabrication
  • Dynamic HC in the U.S. and South America
  • EL: high Advanced Materials, buoyant E&I
  • LI: HyCO turnarounds, start-up in Turkey
  • IM: growth in all countries; high bulk and cylinders;

stronger pricing

  • HC: HHC driving growth especially

diabetes in Nordics

High IM and HC

G&S Comparable Sales Growth

16 Full Year 2018 Credit Investor A world leader in gases, technologies and services for Industry and Health

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Q4 – Very Dynamic Asia, Major Start-Up in South Africa

IM boosted by China, buoyant EL

  • LI: 3 start-ups including Fujian but major

H2 turnaround in Singapore

  • IM: China driving growth with high cylinder volumes,

softer pricing; dynamic SEA

  • EL: buoyant activity with double-digit growth

in CG and AM, very dynamic E&I

Full impact of major start-up in LI

  • LI: Sasol start-up in South Africa in Dec. 17
  • IM: high growth in Egypt and India
  • HC: major contribution from acquisition in

Saudi Arabia

ASIA-PACIF I C

FY 2018

€4,359m

MIDDLE-EAST & AFRICA

FY 2018

€655m

G&S Comparable Sales Growth

Full Year 2018 Credit Investor A world leader in gases, technologies and services for Industry and Health

FY 18 : +15.5%

17

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Continued Recovery in E&C, High Growth in GM&T

Full Year 2018 Credit Investor A world leader in gases, technologies and services for Industry and Health

E&C - Strong Improvement

Sales FY 2018*

+31%

Order Intake FY 2018

+11% GM&T - Strong Sales and Order Intake +30% +31%

Sales FY 2018* Order Intake FY 2018

€807m €460m €430m €474m

* Comparable sales growth

18

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Full Year 2018 Credit Investor A world leader in gases, technologies and services for Industry and Health

Improved OIR Margin in line with NEOS

19

Note: Group FY 18 OIR Margin as published at 16.4%

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Full Year 2018 Credit Investor A world leader in gases, technologies and services for Industry and Health

$300m Airgas Synergies Fully Delivered Beginning 2019

$290m

  • Costs

~$230m

  • Revenue ~$60m
  • $300m synergies expected in Q1 2019, one year ahead initial target
  • Airgas fully integrated
  • From 2019, future Airgas contribution to the efficiency program

Cumulated synergies End of 2018

20

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Efficiencies Outpaced NEOS Target of €300m per Year

€351m

Full Year 2018 Credit Investor A world leader in gases, technologies and services for Industry and Health

FY 2018 Efficiencies NEOS Cumulated Efficiencies as defined in initial target

2020 2019 2018 2017

>€1,200m >€900m

€674m

as of 31/12/2018

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Strengthened Efficiency Program Starting in 2019

Full Year 2018 Credit Investor A world leader in gases, technologies and services for Industry and Health

100 200 300 400 Initial target New target

  • 50% Airgas

efficiencies

  • 50%
  • Organization

agility – Mutualization

  • Leverage on

digital

>€300m

>€400m

Annual target Cumulated NEOS forecast in 2020

Update

>€1.2bn

>€1.5bn

Update

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Net Profit Recurring Excluding Currency +8.7%

Full Year 2018 Credit Investor A world leader in gases, technologies and services for Industry and Health

(1) Excluding non-cash one-off items in 2017 net profit

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Dynamic Business Development

Full Year 2018 A world leader in gases, technologies and services for Industry and Health Credit Investor

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Very High Decisions & Increasing Opportunities

Investment Opportunities(1)

12-month portfolio

2018 Investment Decisions(1) 2018 Start-up/Ramp-up Sales Growth Contribution

€270m €2.6bn

  • Selectivity in thriving

bidding activity

  • Medium-size opportunities
  • Record level
  • Very high in LI, EL and GM&T
  • 1/3 of decisions in the U.S.
  • 17 start-ups

(1) See definitions in appendix

Full Year 2018 Credit Investor A world leader in gases, technologies and services for Industry and Health

€3.1bn

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Record Level for Investment Decisions, >€3bn

Full Year 2018 Credit Investor A world leader in gases, technologies and services for Industry and Health

  • Reinforcing presence

in key basins

  • Strategic positions

in growing markets

  • Opening innovative

new markets

~40%

2018 investment decisions

~40% ~20%

Large Industries Industrial Merchant Electronics Global Markets & Technologies

26

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Strong Backlog

(1) See definitions in appendix

Full Year 2018 Credit Investor A world leader in gases, technologies and services for Industry and Health

Dec 2015 Dec 2016 Dec 2017 Decisions Start-ups Dec 2018

Start-ups Decisions

Yearly Sales Backlog(1) after full Ramp-ups

€2.3bn €2.1bn €2.1bn €2.2bn € 0.9bn

in €bn

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28 Full Year 2018 Credit Investor A world leader in gases, technologies and services for Industry and Health

Start-Ups Outlook for 2019

Major start-ups Sales growth contribution €270m

>€300m

FY 2019 FY 2018

Note: TO = Take Over LI TO

China

Fujian Shenyuan

China

Pemex TO

Mexico

2018 2019

Q1 Q2 Q3 Q4

Yanchang

China

LI Projects

Middle- East

EL Projects

Asia

EL Projects

Asia

Steel Projects

Europe

LI Project

Argentina

EL Projects

Asia

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Group Credit Profile

Full Year 2018 Credit Investor A world leader in gases, technologies and services for Industry and Health 29

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Full Year 2018 Credit Investor A world leader in gases, technologies and services for Industry and Health

1,61 1,59 1,63 1,70 3,30 2,60 2,40 0,00 0,20 0,40 0,60 0,80 1,00 1,20 1,40 1,60 1,80 2,00 2,20 2,40 2,60 2,80 3,00 3,20 3,40 3,60 3,80 4,00 4,20 4,40 4,60 4,80 5,00 5,20 5,40 5,60 5,80 6,00 6,20 6,40 6,60 6,80 7,00 7,20 7,40 7,60 7,80 8,00 8,20 8,40 8,60 8,80 9,00 9,20 9,40 9,60 9,80 10,00 2 000 4 000 6 000 8 000 10 000 12 000 14 000 16 000 2012 2013 2014 2015 2016 2017 2018 Net Debt Net Debt / EBITDA

Net Debt ratios under control

DEBT / EQUITY

58%

DEBT / EQUITY

56%

DEBT / EQUITY

53%

DEBT / EQUITY

57%

DEBT / EQUITY

80%

In €m

DEBT / EQUITY

90% Following the acquisition of

13,371 12,535 2,40x

DEBT / EQUITY

69%

30

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Significant Debt and Gearing Reduction

Full Year 2018 Credit Investor A world leader in gases, technologies and services for Industry and Health

CASH FLOW

+10.9%

(1) Including acquisitions, transactions with minority shareholders, net of divestitures. (2) Including share purchases and capital increases.

GEARING

80%

GEARING

69%

Net Debt 31 Dec. 2017 Net Debt 31 Dec. 2018

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A Well-diversified Financing Structure

As of December 31, 2018

(1)Others: finance leases and put options granted to minority shareholders

Full Year 2018 Credit Investor A world leader in gases, technologies and services for Industry and Health

BANK DEBT

7%

PRIVATE PLACEMENTS OTHERS(1) COMMERCIAL PAPER BONDS

MARKET DEBT

93%

75% 12% 5% 1%

Sources Currencies - Net debt

RMB

3%

EUR

45%

USD

37%

OTHERS

12%

JPY

3%

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Visibility of Financing costs

Full Year 2018 Credit Investor A world leader in gases, technologies and services for Industry and Health

Average cost of net debt

2,00% 3,00% 4,00% 5,00% 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018

  • 20bps*

3% 3,2%

*Excluding a non-recurring gain of around €55mn generated by the unwinding of hedging instruments relating to the debt reorganization in the US

Fixed/variable rates

(gross debt)

FIXED RATE

90%

VARIABLE RATE

10%

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Diversified Market Debt Well Spread over Time

As of December 31, 2018

Full Year 2018 Credit Investor A world leader in gases, technologies and services for Industry and Health

2038 2046

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Enhanced Liquidity Profile

As of December 31, 2018

Full Year 2018 Credit Investor A world leader in gases, technologies and services for Industry and Health

< 1 year > 5 years Between 1 and 5 years

Group gross debt maturity profile €5,3bn Available liquidity

CONFIRMED CREDIT LINES

68%

  • Holdings’ Confirmed Credit Lines are a mix of bilateral

facilities for €1.6bn and a €2bn Revolving Credit Facility

  • “Adequate” liquidity profile (S&P)
  • 1 syndicated credit line : €2bn

CASH AND CASH EQUIVALENT

32%

  • 12 bilateral facilities : €1,6bn
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“A” Long Term Credit Rating Commitment

Full Year 2018 Credit Investor A world leader in gases, technologies and services for Industry and Health

■ Long-term rating: A- ■ Short-term rating: A-2 ■ Outlook: Stable on 11 October 2018 ■ Rationale:

○ Excellent Business Risk as well as adequate Liquidity and a significant Financial Risk. “S&P places a strong emphasis

  • n Air Liquide's earnings resilience and stable cash flow

generation when analyzing its profitability and financial

  • metrics. Consequently, S&P views Air Liquide's profitability

as less volatile than that of most rating peers in the chemicals sector.” ○ The stable outlook reflects S&P‘s expectation that the company will report overall resilient performance and strong free operating cash flow generation that should allow FFO to debt to remain at about 25% in 2018 and exceedthat levelin 2019.

■ Long-term rating: A3 ■ Short-term rating: P-2 ■ Outlook: Stable on 18 June 2018 ■ Rationale:

○ “As a result of the acquisition Air Liquide's business profile is now stronger and, with higher revenue and stable profitability, the company was free cash flow positive in

  • 2017. […] The rating also incorporates the high resilience of

revenue and profits from long-term energy-indexed take-or- pay contracts, a well-balanced geographic diversification, and customers fromvarious uncorrelatedend markets.” ○ “Air Liquide managed to maintain its Moody's adjusted EBITDA margin at 26% in 2017, despite integrating less profitable Airgas and energy price headwinds, by realizing higher-thanexpectedsynergies andcosts savings.”

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2019 Outlook

Full Year 2018 Credit Investor A world leader in gases, technologies and services for Industry and Health

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2019 Outlook

  • Profitable, consistent and

responsible growth

  • Solid performance with

continued margin improvement and strong cash flow

  • Dynamic business

development 2019

2018

Full Year 2018 Credit Investor A world leader in gases, technologies and services for Industry and Health

“Assuming a comparable environment, Air Liquide is confident in its ability to deliver net profit growth in 2019, calculated at constant exchange rate.”

  • Continue to focus on

growth and operational excellence

  • Strengthening efficiency

program

  • Continue to seize strategic
  • pportunities
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2019 - Focus On NEOS Objectives

Full Year 2018

  • Strategic investments to support growth
  • Strengthening efficiencies
  • Focus on ROCE

Profitable growth Consistent growth Responsible growth

  • Solid and resilient Business Model
  • Innovation and digital
  • Operational excellence
  • Climate objectives, 2015-2025
  • Reduce carbon intensity by 30%
  • Develop new low carbon solutions

for customers and ecosystems

A world leader in gases, technologies and services for Industry and Health Credit Investor

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Appendix

Full Year 2018 Credit Investor A world leader in gases, technologies and services for Industry and Health

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FY 2018 G&S Revenue Breakdown by Region

AMERICAS

€8.0bn

EUROPE

€7.1bn

ASIA- PACIFIC

€4.4bn

Large Industries Electronics Healthcare Industrial Merchant

Full Year 2018 Credit Investor A world leader in gases, technologies and services for Industry and Health

€20,107m

41

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Americas

Q4 Gas & Services Sales: €2,091m

INDUSTRIAL MERCHANT LARGE INDUSTRIES HEALTHCARE ELECTRONICS

  • Very solid activity for all products:

bulk, cylinders and hardgoods

  • Very strong pricing +4.2%
  • Well-oriented end-markets,

particularly Manufacturing, Metal Fabrication and Construction in the U.S.

  • Strong volumes of hydrogen

in the U.S. andhigh cogen in Canada

  • Ramp-upsin Argentina and

the U.S.

  • Limited customer turnarounds
  • Solid growth in the U.S. and

Canada for medical gases

  • Limited contributionfrom

bolt-on acquisitions

  • Strong momentum in

medical gases and HHC in Brazil

  • Double-digit sales growth

in Advanced and Specialty Materials

  • Buoyant E&I sales

Full Year 2018 Credit Investor A world leader in gases, technologies and services for Industry and Health

(1) Excluding energy impact

(1)

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43

Europe

Q4 Gas & Services Sales: €1,868m

INDUSTRIAL MERCHANT LARGE INDUSTRIES HEALTHCARE

  • High number of customer

turnarounds in HyCO

  • Softer volumes from steel

customers

  • Start-up in Turkey
  • Growth in all countries
  • ~+1 working day
  • All markets positive; high

Manufacturing and Craftsmen

  • Strengthened pricing at +2.6%
  • Very strong HHC, particularly in

Air Liquide’s largest markets: sleep apnea and diabetes

  • Limited bolt-on acquisitions
  • Increased number of patients,

especially in Northern Europe

Full Year 2018 Credit Investor A world leader in gases, technologies and services for Industry and Health

(1)

(1) Excluding energy impact

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44

Asia-Pacific

Q4 Gas & Services Sales: €1,153m

INDUSTRIAL MERCHANT LARGE INDUSTRIES ELECTRONICS

  • 3 SUs in China
  • H2 customer turnarounds
  • Double-digit growth in China :

very strong volumes in cylinders ; high demand for small on-site generators ; softer pricing

  • Slight decrease in Japan
  • High Fabrication and Craftsmen markets
  • Double-digit growth in Carrier Gases

and Advanced Materials in all countries

  • Multiple Ramp-ups
  • Buoyant E&I sales

Full Year 2018 Credit Investor A world leader in gases, technologies and services for Industry and Health

(1) (1)

(1) Excluding energy impact

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Q4 – Strong IM, Solid LI

LARGE INDUSTRIES

FY 2018

€5,685m

INDUSTRIAL MERCHANT

FY 2018

€9,181m

Robust growth, several start-ups

  • 5 SUs, contribution only

end of Q4

  • Strong H2 in Americas
  • HyCO turnarounds in Europe

and Asia

Favorable environment with price hikes

All end markets positive Very strong fabrication market Strong bulk, cylinders catching up Increased pricing at +3.3%

G&S Comparable Sales Growth

Credit Investor A world leader in gases, technologies and services for Industry and Health

FY 18 : +4.5%

Full Year 2018

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46

Q4 – Steady HC Growth, Buoyant EL

Very solid organic activity

  • Double-digit growth in HHC,

low level of bolt-on acquisitions

  • Solid business model
  • High Medical Gases in Americas

driven by Proximity Care

Record sales growth

  • Strong demand from

IC market

  • Very high growth of

CG and AM

  • Very dynamic E&I

HEALTHCARE

FY 2018

ELECTRONICS

FY 2018

€1,755m €3,486m

G&S Comparable Sales Growth

Full Year 2018 Credit Investor A world leader in gases, technologies and services for Industry and Health

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47

Industrial Merchant Pricing

Full Year 2018 Credit Investor A world leader in gases, technologies and services for Industry and Health

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Progressive Improvement in E&C, Dynamic GM&T

48

Sales and Order intake(1) – in €m

Full Year 2018 Credit Investor A world leader in gases, technologies and services for Industry and Health

100 200 Q1-17 Q2-17 Q3-17 Q4-17 Q1-18 Q2-18 Q3-18 Q4-18 Sales Order intake 100 200 Q1-17 Q2-17 Q3-17 Q4-17 Q1-18 Q2-18 Q3-18 Q4-18 Sales Order intake (1) Group and third-party order intake

E&C GM&T

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Consolidated P&L

Full Year 2018 Credit Investor A world leader in gases, technologies and services for Industry and Health 49

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50

Consolidated Balance Sheet Simplified - In €m

* Including fair value of derivatives Full Year 2018 Credit Investor A world leader in gases, technologies and services for Industry and Health

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51

Cash Flow Statement

* PPE: Property, plant and equipment

Full Year 2018 Credit Investor A world leader in gases, technologies and services for Industry and Health

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52

Investment Cycle – Definitions

  • Investment opportunities at end of the period

– Investment opportunities under consideration by the Group for decision within 12 months. – Industrial projects with investment value > €5m for Large Industries and > €3m for other business lines. – Includes asset replacements or efficiency projects. Excludes maintenance and safety.

  • Investment backlog at end of the period

– Cumulated industrial investment value of projects decided but not yet started. – Industrial projects with value > €10m, including asset replacements or efficiency projects, excluding maintenance and safety.

  • Sales backlog

– Cumulated expected sales per year generated by the current investment backlog after full ramp-up.

  • Decisions of the period

– Cumulated value of industrial and financial investment decisions. – Industrial, growth and non-growth projects including asset replacements, efficiency, maintenance and safety. – Financial decisions (acquisitions).

Full Year 2018 Credit Investor A world leader in gases, technologies and services for Industry and Health

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For further information, please contact:

Investor Relations Aude Rodriguez  + 33 (0)1 40 62 57 08 Louis Laffont  + 33 (0)1 40 62 57 18 Ludmilla Binet  + 33 (0)1 40 62 57 37 Muriel Légeron  + 33 (0)1 40 62 50 18 Jérôme Zaman  + 33 (0)1 40 62 59 38 Joseph Marczely  + 1 610 263 8277 Group Financing and Rating Jacques Molgo  + 33 (0)1 40 62 57 75 Aude Revel  + 33 (0)1 40 62 56 64 Aurélien de Chomereau  + 33 (0)1 40 62 53 74

www.airliquide.com Follow us on Twitter @AirLiquideGroup

L’Air Liquide S.A. Corporation for the study and application of processes developed by Georges Claude with registered capital of 2,361,264,235 euros Corporate Headquarters: 75, Quai d’Orsay 75321 Paris Cedex 07 Tel : +33 (0)1 40 62 55 55 RCS Paris 552 096 281

A world leader in gases, technologies and services for Industry and Health Full Year 2018 Credit Investor 53