Air Liquide – Q1 2018 Performance Operating Performance st Group efficiency gains reached 79 million euros in the 1 quarter, in line with the annual target of more than st 300 million euros. They include a contribution from Airgas for the 1 time, of 5 million euros. This performance is part of an ongoing effort and includes numerous projects throughout the Group. More than 50% of these efficiencies related to industrial projects, around 25% to purchasing gains, and the balance mainly to administrative efficiencies and restructuring. The Large Industries and Industrial Merchant were the business lines generating most of the efficiencies and accounted for almost two thirds of total efficiencies. st Additional Airgas synergies represented 22 million US dollars in the 1 quarter and 237 million US dollars in total since the acquisition of Airgas. The share of growth synergies is rising and now represents a little over one third of the quarter’s synergies. These come from the roll-out of cross-selling offers in the United States, such as small onsite generators using Air Liquide technology offered to Airgas customers and cylinder gases and hardgoods now available to Air Liquide customers. They also come from support for Airgas customers in their expansion in Canada and Mexico. At the end of the 1st quarter of 2018, cumulated cost synergies have exceeded 200 million US dollars. Cash flow from operating activities before changes in working capital requirements for the first three months of the year reached 976 million euros and corresponded to 19.5% of sales. It allows in particular the financing of gross industrial capital expenditure that totaled 570 million euros for the quarter. Gross capital expenditure represented 11.4% of sales, in line with the mid-term strategic plan. Outlook For the first three months of this year, revenue growth was very solid on a comparable basis. It accelerated compared with the previous quarters in a more favorable economic environment. The activity level in terms of new customers’ projects was also higher. All activities leveraged on this environment. The growth of Large Industries, driven by stronger demand in Europe and the start-ups and ramp-ups of new production units, is of particular note, as is the sustained growth of Industrial Merchant. This quarter was also marked by improvement in Engineering & Construction and the ever-dynamic development of Global Markets & Technologies. In addition, all geographies were up, especially Asia, with double-digit sales growth in China. The Group continues to generate recurring operational efficiency gains and new synergies related to the integration st of Airgas. Cash flow remains high, allowing for further targeted investments. In the 1 quarter, investment decisions amounted to nearly 600 million euros and will contribute to the future growth of the Group. Accordingly, assuming a comparable environment, Air Liquide is confident in its ability to deliver net profit growth in 2018, calculated at constant exchange rate and excluding 2017 exceptionals1. 1 2017 exceptionals: exceptional non-cash items having a net positive impact on 2017 net profit. Page 9/11