Q1 2019 Activity Continued sustained growth Very active business - PowerPoint PPT Presentation

Q1 2019 Activity Continued sustained growth Very active business development Fabienne Lecorvaisier, Executive VP Michael Graff, Executive VP Paris, 26 April 2019

Q1 Well Aligned with NEOS Objectives  Continued sustained sales growth: +9%, comparable + 5 %  Action plans launched for increased efficiencies > € 400 m/year  Strong cash flow  Pursued active business development 2 26 April 2019 Q1 2019 Activity A world leader in gases, technologies and services for Industry and Health

FX Tailwind, Solid Markets Outlook Markets Q2 19 Forex Impact (1)  Chemicals + 2.9 %   LI Oil & gas  Steel  Metal Fab.  Energy impact (1) Construction IM  Energy  Food & Pharma + 0.7 %  Techno & Research EL Integrated Circuit   (1) On Group Q1 2019 sales 3 26 April 2019 Q1 2019 Activity A world leader in gases, technologies and services for Industry and Health

High G&S Growth, Recovering E&C and Strong GM&T 4 26 April 2019 Q1 2019 Activity A world leader in gases, technologies and services for Industry and Health

Very Active Quarter M&A Performance Focus Launch of accelerated Acquisition of Tech Air efficiency plans in the U.S. Long-Term Contracts Technologies and Innovation Grand opening of Tokyo € 50 m ASU contract in Russia Innovation Center with Electronics WBL customers Investment to build the world largest electrolyzer in Canada Equity stake in Hydrogenics, electrolysis H 2 production Contributing to Climate objectives 5 26 April 2019 Q1 2019 Activity A world leader in gases, technologies and services for Industry and Health

Solid Growth Levers G&S comparable sales growth WBLs Main Geographies contributing Industrial + 3 % Asia, Europe, Africa & Middle East Merchant Large + 5 % Developing Economies Industries + 5 % Healthcare Europe, Americas + 14 % Electronics Asia, Americas 6 26 April 2019 Q1 2019 Activity A world leader in gases, technologies and services for Industry and Health

Solid Base Business G&S quarterly growth analysis Unfavorable Working Day Impact (1) Comparable growth based on 2016 adjusted sales 7 26 April 2019 Q1 2019 Activity A world leader in gases, technologies and services for Industry and Health

Q1 - Solid Americas and Europe G&S comparable sales growth Americas - Strong activity in EL and HC  LI: high comparison basis; strong H 2 volumes  IM : solid cylinder volumes in most markets; Sales Q1 2019 One fewer working days €2,069m  Dynamic HC in the U.S. and South America  EL : very strong in all segments Europe - Continued strength in IM and HC  LI : Strong H 2 for refining in Benelux; low Cogen; Sales Q1 2019 Ramp-Ups in Turkey and Kazakhstan  IM : solid cylinder volumes, higher pricing €1,829m  HC : consistent organic growth across Europe; strong HHC , diabetes therapy in Nordics 8 26 April 2019 Q1 2019 Activity A world leader in gases, technologies and services for Industry and Health

Q1 - Strong Momentum in Asia, Robust Growth in AME G&S comparable sales growth Asia - Very Dynamic  LI : Ramp-Ups in China, high H 2 volumes in Singapore Sales  IM : China with high bulk and cylinder volumes, Q1 2019 sales >+ 15 %; positive Japan €1,194m  EL : Start-Ups in Carrier Gases, very strong Advanced Materials, buoyant E&I AME - Softening Effect of Major LI Start-Up  LI : solid performance post impact of Dec’17 Sales Q1 2019 Start-Up in South Africa  IM : continuous high growth in Middle-East €145m and India 9 26 April 2019 Q1 2019 Activity A world leader in gases, technologies and services for Industry and Health

Q1 - Robust IM, Start-Ups in LI G&S comparable sales growth Industrial Merchant - Solid Growth  One fewer working days Sales  Cylinder volume growth Q1 2019  Pursued strong pricing at +3.3% €2,365m Large Industries - Strong Activity  High contribution from Start-Ups and Sales Ramp-Ups Q1 2019  Very strong H 2 volumes and solid air €1,490m gases  High comparison basis in Americas 10 26 April 2019 Q1 2019 Activity A world leader in gases, technologies and services for Industry and Health

Q1 - Consistent HC, Continued Very High Growth in EL G&S comparable sales growth Healthcare - Steady Organic Growth  High single-digit growth in HHC, Sales limited impact from bolt-on Q1 2019 acquisitions €897m  Very strong Medical Gases in Americas with Proximity care and success of innovative cylinders Electronics - Strong Growth in All Segments  Dynamic demand Sales  Double-digit growth in Carrier Gases; Q1 2019 3 Start-Ups €485m  Strong Advanced Materials, success of enScribe TM  Buoyant E&I 11 26 April 2019 Q1 2019 Activity A world leader in gases, technologies and services for Industry and Health

EL - Differentiation through High Value Products Carrier Gases and Advanced Materials key growth drivers €1,750m  Global leader, #1 in Asia , #1 in China Services  Partnership approach enabling Equipment & Installation customer technology advancement Specialty Materials €830m Advanced Materials  Balanced exposure in the Integrated Key Circuit market: logic, memory and Growth analog Drivers Carrier Gases  Record signing, very strong sales backlog Electronics Sales (€m) 12 26 April 2019 Q1 2019 Activity A world leader in gases, technologies and services for Industry and Health

EL - Stronger Margin Mix OIR versus Sales -  Innovation-driven growth enhancing Base 100 in 2003 margin mix  New Offers in Standard Plant to meet 500 evolving needs of industry 400 - Continuous drive for efficiencies in Opex and Capex 300  Bringing value through new Advanced 200 Materials - R&D innovation co-development 100 2003 2005 2007 2009 2011 2013 2015 2017 - High value molecules enabling Sales OIR customer technology 13 26 April 2019 Q1 2019 Activity A world leader in gases, technologies and services for Industry and Health

EL - Capturing Growth in an Expanding Industry FROM TO  “Chips” will be in everything enabling 5G enabler IoT, AI and Automotive Internet of Things - IoT  Key market drivers are all connected Big Data Personal Computer- Automotive PC  5G connectivity enables enhanced Artificial Intelligence - AI Cellphones development of market drivers Virtual and Augmented Reality  Air Liquide growth driven by Smart Communication Semiconductor production volumes and industry Capex Previous drivers Current drivers 14 26 April 2019 Q1 2019 Activity A world leader in gases, technologies and services for Industry and Health

Strengthened Efficiency Program Launched 2019 Cumulated efficiencies efficiencies  Energy optimization: Target in 2020 China, Germany, India >€ 1.5 bn € 77 m  Routing optimization: U.S., China, France New program launched:  Airgas efficiencies  Helium losses reduction additional in cylinders in China  Organization agility >€ 400 m yearly - mutualization Q1 2019 € 100m  ~ 30 % linked to climate  Leverage on digital objectives Cash Flow 20.3 % (1) (1) Operating Cash Flow before change in Working Capital Requirements/Group Revenue 15 26 April 2019 Q1 2019 Activity A world leader in gases, technologies and services for Industry and Health

Decisions and Opportunities at High Level Q1 2019 Investment Q1 2019 Investment Start-up/Ramp-up Opportunities (1) Decisions (1) Sales Growth Contribution 12-month portfolio € 2.7 bn € 0.9 bn € 103 m Q1 2018 Q1 2019 Q1 2018 Q1 2019 Q1 2018 Q1 2019 • Well-balanced by geography • High level of signings • 7 Start-Ups, out of which 3 for EL • ~€20m average project size - Equity stake in Hydrogenics • 1 CO 2 purification - Largest electrolyzer, Canada • 38 % linked to climate plant in the U.S., - Biomethane project, Norway objectives circular economy • Acquisition of a major Industrial Merchant distributor in the U.S. (1) See definitions in appendix 16 26 April 2019 Q1 2019 Activity A world leader in gases, technologies and services for Industry and Health

Confirmed Start-Ups Forecast Major Start-Ups 2019 Q1 Q2 Q3 Q4 EL Pemex EL LI LI Steel EL LI Projects T/O Projects T/O Projects Projects Projects Project Asia Mexico Asia Middle- Europe Asia Argentina China East Sales growth contribution - FY 2019 > € 300 m Note: T/O = Take Over 17 26 April 2019 Q1 2019 Activity A world leader in gases, technologies and services for Industry and Health

2019 Outlook Q1 2019 2019  Continued sustained “Assuming a comparable growth in G&S environment, Air Liquide is  Action plans deployed for confident in its ability increased efficiencies to deliver net profit growth  Strong cash flow in 2019, calculated at  Expanding investment opportunities constant exchange rate” 18 26 April 2019 Q1 2019 Activity A world leader in gases, technologies and services for Industry and Health

Q1 2019 Appendix 19 26 April 2019 Q1 2019 Activity A world leader in gases, technologies and services for Industry and Health

Q1 2019 G&S Revenue Breakdown by Region Europe €1.8bn Asia- Americas Pacific €2.1bn €1.2bn €5,237m Industrial Merchant Electronics Large Industries Healthcare 20 26 April 2019 Q1 2019 Activity A world leader in gases, technologies and services for Industry and Health