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). 15 February 2018 Full Year 2017 Results The world leader in gases, technologies and services for Industry and Health 47