Air Liquide – Q1 2018 Performance Americas Gas & Services revenue in the Americas zone amounted to 1,901 million euros, up +4.5%. This reflected a high activity level in Large Industries and a very solid growth in Industrial Merchant. Healthcare maintained its strong momentum in the zone.  Large Industries posted revenue growth of +4.5%. It Americas Gas & Services Q1 2018 Revenue benefitted from strong air gases sales growth, driven by the start-up and ramp-up of units in South America, in Argentina and in Colombia, and by high prices in North America following the storms at the beginning of the year.  Industrial Merchant sales were up +4.3%. Demand was up in all end markets and in particular in the manufacturing sector. In the United States, sales of cylinder gases and hardgoods were solid. Nevertheless, growth was slightly hampered by the insufficient availability of argon following the storms at the beginning of the year. In Canada, cylinder gas volumes were up strongly and offset lower liquid nitrogen volumes, which suffered from a shortage in the sand required for oil extraction in Alberta. Growth in South America remained dynamic and volumes continued to improve in Brazil. Price impacts in the zone heightened and stood at +2.6%, driven by the United States and Canada.  Healthcare revenue was up +8.3%, with limited contribution from bolt-on acquisitions. Growth was strong in Medical gases in the United States and in Home Healthcare in Canada, notably in sleep apnea. Activity growth maintained its strong momentum in Latin America.  Electronics revenue was slightly down at -1.1%, due to the low level of Equipment & Installation sales. Europe Revenue in Europe totaled 1,753 million euros, up +3.3%. Growth stabilized at a solid level in Industrial Merchant, despite an unfavorable working day impact. Large Industries posted a positive growth driven by high hydrogen demand. Healthcare continued its steady growth.  Large Industries revenue was up +4.4% following a Europe Gas & Services Q1 2018 Revenue year in decline in 2017. Growth was driven by a marked increase in hydrogen volumes due to good activity levels at refineries in the Benelux and Germany, as well as by the strong momentum of cogeneration activities supported by peak winter electricity demand. Sales continued to grow in developing economies, in particular in Turkey.  Industrial Merchant revenue was up +3.2%, despite an unfavorable working day impact. In Western Europe, all countries contributed to growth. Italy was up across most end markets, whereas the Benelux, Austria and Germany benefited more particularly from the Materials & Energy sector. Developing economies posted double-digit growth, in particular in Poland, Russia and Turkey, where almost all market segments were up. Liquid oxygen and cylinder gas volumes were up overall. The price impact continued to strengthen and stood at +0.8%. Page 5/11