Q1 2018 Performance – Air Liquide Investment cycle The upturn in activity witnessed in investment projects in recent months was reflected in the increase in the st 1 quarter of 2018 of the main indicators described below. PORTFOLIO OF OPPORTUNITIES The 12-month portfolio of opportunities totaled 2.3 billion euros at the end of March 2018, up compared with the end of December 2017 (2.1 billion euros), with new projects in the portfolio being higher than those signed by the Group, awarded to the competition or delayed. The share of developing economies in the 12-month portfolio of opportunities was around 45%, up compared with December 31, 2017. The Americas remained the leading region within the portfolio. Around 40% of the portfolio of opportunities corresponded to projects with investments inferior to 50 million euros and only a few projects were greater than 100 million euros. The portfolio of opportunities also benefitted from a higher number of takeovers that have a faster growth contribution. INVESTMENT DECISIONS AND INVESTMENT BACKLOG Industrial and financial investment decisions totaled 565 million euros in the 1st quarter of 2018, an increase compared with 497 million euros in the 1st quarter of 2017. Industrial decisions accounted for almost this entire amount and included in particular two major contracts in Large Industries, in Benelux and on the Gulf Coast of the United States, and ultra-pure nitrogen supply contracts for Electronics in Taiwan and Japan. Financial investment decisions remained limited in the 1st quarter, but the pace of bolt-on acquisitions is expected to pick up in the months ahead. The total investment backlog amounted to 2.2 billion euros, an increase of more than 100 million euros compared with the end of 2017. The investment backlog should lead to a future contribution to sales of approximately 0.9 billion euros per year after the full ramp-up of the units. START-UPS Three new units started up during the 1st quarter of 2018. They include a site in Colombia with a CO2 production unit and a cogeneration unit, an air separation unit in Egypt and a landfill biogas purification unit in the United States. The contribution to sales of the ramp-ups and start-ups of units totaled 67 million euros over the quarter, benefitting primarily from the start-up of a major air separation unit in South Africa at the end of December 2017 and the start-up of units in China during the 3rd quarter of 2017. Over the year, this contribution to sales will depend in particular on the effective commercial start-up date of the contract with the customer Fujian Shenyuan in China. Air Liquide units are ready for start-up but discussions are still ongoing with the customer on the date of commercial start-up. The contribution of unit ramp-ups and start-ups to 2018 sales is now estimated between 250 and 300 million euros. PAGE 8/11