Air Liquide – Q1 2018 Performance 1st Quarter 2018 Revenue Group sales were up +6.0%, marked by an acceleration in comparable growth for the sixth consecutive quarter. In a favorable environment, sales were driven by strong base business growth in Gas & Services, activity improvement in Engineering & Construction, and solid momentum in Global Markets & Technologies. The bidding activity for new Large Industries projects also strongly increased. Group revenue reached 5,010 million euros, down -3.2% as published, mainly due to a strongly negative currency impact of -8.2%. Gas & Services revenue rose to 4,831 million euros, up +5.0% on a comparable basis, with a strong contribution from all business lines and regions. In Industrial Merchant, growth remained very solid in all regions and the sales increase of +6.0% in Large Industries benefited from start-ups and high customer demand. Ongoing efforts to improve productivity led to 79 million euros in efficiencies and 22 million US dollar in synergies in st the 1 quarter of 2018, leading to 237 million US dollar of cumulated synergies related to the Airgas acquisition. Cash Flow from operating activities before changes in working capital requirements amounted to 976 million euros and reached 19.5% of sales. The upturn in activity witnessed in investment projects in recent months was reflected in the increase of the main indicators: the 12-month portfolio of opportunities reached 2.3 billion euros, investment decisions 565 million euros, and the investment backlog 2.2 billion euros. Page 1/11