2011 Results Solid full year performance ALMA perspective

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1 Solid full year performance ALMA perspective Paris, l Benoît Potier, Chairman and CEO

2 Full year 2011 Solid full year performance Q4 marked by customer cautiousness Strong Full year sales Further margin improvement Net profit in line with guidance Confirmed investment momentum ALMA perspective Robustness of the development model 2

3 Two years of strong growth Group sales CAGR In bn +9.9% 15, Gas & Services +12.2% 12, Engineering & Construction -15.8% 10,0 Other activities +7.5% 7,5 5, Growth figures are compound annual published growth. 3

4 Solid operating performance In bn In m Gas & Services sales Efficiencies % (1) Annual Objective: > 200m In bn 2,0 1,5 1,0 0,5 0,0-0,5 Net Capex (2) Industrial investments Financial investments, net of divestitures Operating Cash Flow (3) In bn 3, , ,0 1,5 1,0 0,5 0, % (1) comparable growth: excluding forex, natural gas and significant perimeter impacts (2) total capex, including transactions with minority shareholders, net of disposals (3) from operations, before WCR 4

5 generating regular growth in net profit Net profit (Group Share): +9.4% +11.7% CAGR over 2 years Strong positive leverage In m , Dividend: +6.4% +8.9% CAGR over 2 years (2) Pay-out ratio 47.5% 500 In 2,5 2 1,5 1 0, (1) (1) Subject to approval at the General Shareholder meeting to be held on May 9, 2012, detached on May 11 and paid on May 16 (2) Adjusted for free share issues 5

6 Full year 2011 Solid performance Paris, l Fabienne Lecorvaisier, Chief Financial Officer Activity Performance Investments and net debt 6

7 Robust 2011 results In m /10 change 11/10 change comparable change (1) Group revenue Gas & Service revenue 14,457 12, % +8.0% +6.8% +7.5% Operating Income recurring Net profit (Group share) 2, % 1, % Dividend per share (2) (in ) % Net Debt at December 31 5, Excl. Forex & Scope = (1) excluding forex, natural gas and significant perimeter. (2) proposed at the annual shareholder meeting of May 9,

8 Continued sequential growth Sales in m Q4 10 Q1 11 Q2 11 Q3 11 Q4 11 Q4 11/10 as published Gas & Services 3,148 3,185 3,171 3,223 3, % Engineering & Construction % Other Activities % Group Total 3,543 3,543 3,573 3,597 3, % 8

9 Lower Q4 year on year progression G&S comparable growth (1) % +11.0%+11.3%+11.4% +9.7% % +8.3% +7.7% % % -5.1% -5.2% -4.6% Q4 08 Q1 09 Q2 09 Q3 09 Q4 09 Q1 10 Q2 10 Q3 10 Q4 10 Q1 11 Q2 11 Q3 11 Q4 11 (1) excluding forex, natural gas and significant perimeter impacts 9

10 Most geographies impacted in Q4 Q4 11 G&S Sales Economic context Business Europe 1,667m Comparable growth (1) +0.0% Low Steel demand Better IM pricing Healthcare Dynamic eastern Europe Americas 722m +5.3% Client maintenance outages IM growth in Canada and Latin America Asia Pacific 787m +1.3% E&I sharp decrease Low Electronics in Japan Delayed start-ups Solid growth in China ME & Africa +16.5% Arab Spring Kuwait consolidation 84m Growth in South Africa (1) Comparable growth, Q4 2011/Q4 2010, excluding forex, natural gas and significant perimeter impacts 10

11 and notably in Large Industries and Electronics Industrial Merchant Large industries 10% 8% 5% 3% 0% +2% Q % Q % +5% +4% +2% +3% +2% Q3 10 Q4 10 Q1 11 Q2 11 Q3 11 Q % 15% 10% 5% 0% +14% +13% Q1 10 Q % +22% Q3 10 Q % +17% Q1 11 Q % Q % Q % 20% 10% 0% -10% Electronics +25% +30% +21% +26% +28% +19% +13% Q1 10 Q2 10 Q3 10 Q4 10 Q1 11 Q2 11 Q3 11 Q % Q4 35% % excl. E&I -8% 10% 8% 6% 4% 2% 0% +6% Q1 10 Healthcare Comparable growth: excluding forex, natural gas and significant perimeter impacts, relative to the same period in preceding year 9% 17% +5% Q % Q % Q % Q % Q % Q % Q

12 Strong activity level throughout the year Quarterly G&S activity indicator (1) base 100, average Q1 09 Q2 09 Q3 09 Q4 09 Q1 10 Q2 10 Q3 10 Q4 10 Q1 11 Q2 11 Q3 11 Q4 11 (1) comparable revenue (excluding forex, natural gas and significant perimeter impacts), adjusted for the number of days per month 12

13 Overall robust growth in 2011 G&S growth by geography G&S growth by business line Europe 6,585m Comparable growth (1) Comparable growth (1) +4.5% Industrial Merchant +2.9% Americas 2,859m +9.0% Large Industries +11.7% Asia Pacific 3,083m +12.5% Healthcare +7.4% ME & Africa 312m +10.9% Electronics +11.9% 0% 5% 10% 15% ME & Africa 0% 5% 10% 15% Electronics Asia-Pacific 24% 2% 52% Europe Healthcare 16% 10% 36% Large Industries Americas 22% Industrial Merchant 38% (1) Comparable growth: excluding forex, natural gas and significant perimeter impacts. 13

14 driven by developing economies Comparable G&S sales growth (1) (2011/2010) G&S sales share in developing economies + 8% + 4% + 24% 21% + 24% 19% + 11% + 1% 15% 16% + 15% Advanced economies Developing economies + 5% + 20% (1) Comparable growth: excluding forex, natural gas and significant perimeter impacts. 14

15 Engineering & Construction picking up Third party E&C sales E&C order intake In m In m ,010 Q Q1 10 Q2 10 Q3 10 Q4 10 Q1 11 Q2 11 Q3 11 Q Sales increase in Q4 due to project milestones reached 300m order intake in Q4 Project activity still dynamic 15

16 No rupture in current trends Large Industries Steel Chemicals Refining Industrial Merchant Auto & Fab Food & Pharmacy Craftsmen & Distributors Electronics Integrated circuits Flat screens TFT/LCD Photovoltaic E&I Healthcare Home healthcare Medical gases Hygiene Engineering & Construction Negotiations 16

17 Full year 2011 Solid performance Paris, l Fabienne Lecorvaisier, Chief Financial Officer Activity Performance Investments and net debt 17

18 Further improvement in Group operating margin In m Change 11 vs 10 Revenue 11,976 13,488 14, % Purchases 4,563 5,240 5, % Personnel expenses Other net income and expenses 2,237 2,207 2,378 2,495 2,481 2, % Operating profit before depreciation 2,969 3,374 3, % Depreciation and amortization 1,020 1,122 1, % Operating Income Recurring (OIR) 1,949 2,252 2, % OIR margin OIR margin excl. natural gas effect 16.3% 16.7% 16.7% 16.8% +10bps 18

19 G&S margin helped by efficiencies G&S OIR margin 19.2% 19.1% (1) in m <1> 2,421 2, G&S <284> G&S OIR 2010 Volume mix Energy effect Cost increase Price excl. energy Efficiencies Forex and Others OIR 2011 OIR = Operating Income Recurring (1) Excl. Natural Gas, 18.9% as published 19

20 Strong net profit growth In m Change 11 vs 10 Revenue Operating Income Recurring Other non-recurring operating income & expenses 13,488 2, ,457 2, % +7.0% Operating Income 2,254 2, % Net financial costs and other net financial expenses (311) (298) Income taxes (513) (576) Tax rate 26.4% 27.0% Share of profit of associates Minority interests (54) (60) Net results (Group share) 1,404 1, % Earnings per share (in ) % 20

21 Full year 2011 Solid performance Paris, l Fabienne Lecorvaisier, Chief Financial Officer Activity Performance Investments and net debt 21

22 Confirmed Investment momentum 12-month portfolio Investment of opportunities decisions Net capex (1) Start-ups (2) In bn In bn In bn Dec-10 June-11 Dec e 65 % 61 % 49% 56 % Developing Economies (1) Industrial and financial investments, including transaction with minority shareholders, net of divestitures (2) Industrial projects > 10m Advanced Economies 22

23 Net debt stable excluding Forex and Scope Net debt In m <5,039> + 2,728 <763> <196> <5,248> +209 <1,676> Gearing ratio 55% Gearing ratio 53% <302> Net Debt Dec 31, 2010 Cash flow WCR + others Net Investments (1) Dividends net of capital increases Forex (2) + scope + IFRS Net Debt, Dec 31, 2011 (1) Including transactions with minority shareholders, net of divestitures (2) Forex impact : 125m 23

24 Prudent liquidity management Available liquidity, 31 December, 2011 Group debt maturity profile next 3 years In bn 3.9bn In bn 4.0bn Confirmed credit lines 2.1 Cash and cash equivalents 1.8 1,6 1, , , , , Bonds and private placements Bank debt and other debt Commercial paper 24

25 Full year 2011 ALMA Perspective Robustness of the development model Paris, l Benoît Potier, Chairman and CEO Growth and efficiencies ROCE Long term trends Corporate Responsibility commitment 25

26 2015 objectives Sales growth Efficiency +8 to +10% +8 to +10% > 200m In a normal environment Per year on average ROCE 12 13% Engagement in Responsibility objectives Range in the period 26

27 Growth Group Sales and CAGR In bn 15,0 + 8% % , ,0 7,5 5,

28 Growth: fueled by investments G&S Cumulated 2010 and 2011 capex Europe 1,435m Americas 845m Middle-East and Africa Asia-Pacific 1,055 m 230m Cumulated 2010 and 2011 capex: Additional expected sales: bn 2.0 bn

29 Extend our markets: site take overs Air gases Hyco, Syngas Steam and others Site takeovers achieved: Additional yearly sales: m Opportunities in the portfolio: 10

30 Extend our markets: further initiatives New applications Gasification Gas purification New pathologies New molecules 30

31 Long term trends re-confirmed Energy + Environment Developing Economies High Tech $38 trillion of investment to meet projected energy demand. 31 Spending on consumer technology devices will surpass $1 trillion. Health Non-OECD countries account for 90% of population growth... Chronic diseases become the dominant concern...

32 Efficiencies: 270m in 2011 Group efficiencies In m 335 Focus 300 3C* bn in 5 years Annual Objective: > 200m *3C: plan «Cash Cost Capex» 32

33 Efficiencies: visible cost decrease Ex: G&S non operating costs Ex: Healthcare transport costs (Iberia) Costs in % of sales 9,5% 9,0% Costs in % of sales 8,5% 8% Efficiency breakdown 7% 8,0% 7,5% 7,0% 6% '07 5% Ex: Electronics molecules procurement /gas sales '07 '08 '09 '10 '11 '08 '09 '10 '11 Costs in % of sales 40% 35% Industrial and logistics efficiencies 30% Overheads and productivity 25% Purchasing globalization 20% 15% 10% '07 33 '08 '09 '10 '11

34 Efficiency: an on-going process Efficiency in the DNA Costs + Assets Maturity Awareness Costs + Assets Global initiatives Total cost of ownership WBL initiatives Costs Category management Local initiatives Internal recognition Procurement Common language Best practices transfer Continuous process improvement Transformation Quick fixes

35 Sustained long-term return on investments Operating income vs. capital employed(1) Base Operating income recurring Profitable growth Capital employed Regaining momentum (1) Shareholders equity + minority interests + net debt, end of the period

36 ROCE stable Group ROCE (1) Levers 13,0% New project returns 12,5% 12,0% 12.1% 12.1% 11,5% Time to production Reduced capital Intensity 11,0% 10,5% Asset mutualization 10,0% 9,5% WCR optimization 9,0% Global Cash management 8,5% 8,0% 0% '01 '02 '03 '04 '05 '06 '07 '08 '09 '10 '11 '12 '13 '14 '15 (1) Return On Capital Employed after tax: (Net profit before deduction of the minority interests net finance costs after taxes) / weighted average for the year of (shareholders equity + minority interests + net indebtedness). 36

37 Standard plant program deployment 90 Air gas standard plants since 2006 O2 production N2 production Liquid production 37 Savings confirmation -35% capex -10% opex -40% time to market

From Sustainable development to Corporate Social Responsibility Steps of progress Corporate Social Responsibility objectives Responsibility commitment, part of

38 From Sustainable development to Corporate Social Responsibility Steps of progress Corporate Social Responsibility objectives Responsibility commitment, part of Initial Sustainable development approach 8 objectives for period December stakeholders + 3 fields of action 4 domains ALMA 2015

39 Corporate Social Responsibility towards Stakeholders Fields of action Shareholders Customers & Patients Improve the Environmental footprint Enhance business practices and governance Employees Innovate relentlessly Communities 39

40 Our commitment to Shareholders Deliver long term performance thanks to a steady increase of investment value, ensure respect and consideration in the relationship with shareholders Total Shareholder Return (1) Air Liquide (2) and 5 years CAC40 Index (3) +7.6% % -7.1% 10 years +10.4% -0.4% +11.5% 20 years +6.1% -10% -5% 0% 5% 10% Air Liquide vs CAC % + 5.4% 15% (1) Total Shareholder Return (TSR) is the annualized rate of return for shareholders who purchased a share at the beginning of the period and sold it at the end of the period, including the contribution from both the share price performance and dividends paid (including loyalty bonus), assuming that the dividend is immediately reinvested in shares, as well the free share attributions. (2) With registered shares. (3) CAC 40 index with gross dividend reinvested. 40

41 Our commitment to Employees Be a great place to develop one s potential, providing employees with a safe, performing and respectful work environment Lost time accident frequency (1) 250 Number 5,0 Frequency 4, ,0 3, , ,5 2,0 50 1,5 0 1, (1) Definition: number of accidents involving lost time (from 24 hours) per million hours worked by Group employees. Accidents defined as recommended by the International Labor Office

42 Our commitment to improve the Environmental footprint Contribute to continuously improve the environmental footprint of Group operations, products, customers, suppliers and communities Energy intensity indicators Air gases production (1) Base 100 in 2003 HyCO production (1) Bulk deliveries (2) (1) energy consumption per m3 of gas produced (2) kilometers per tonne delivered. 2011

43 Our commitment to Innovate relentlessly Innovate relentlessly in order to bring sustainable and cost effective solutions to society, leveraging partnerships with customers, suppliers, academics and communities 43

44 2012 Outlook Paris, l Benoît Potier, Chairman and CEO 44

45 Global economic growth estimates for 2012 Industrial production growth estimates for 2012 in Air Liquide countries < +2% > +6% +2 to +6% Growth estimates excluding inflation. Sources: Rexecode and Air Liquide estimates at December 31,

46 2012 Outlook FY 2011 Solid full year performance Alignment with ALMA 2015 objectives Maintained investment momentum 2012 objective Barring a major economic downturn, Air Liquide continues to aim for growth in net profit in

47 Full year 2011 Appendix 47

48 Impact of currency and natural gas on G&S revenue Currency In m Q4 10 Q1 11 Q2 11 Q3 11 Q4 11 /USD (59) (43) +5 /CAD (10) (4) (0) /JP (3) Others (22) (13) +0 Total currency impact (94) (57) 26 Q4 10 Q1 11 Q2 11 Q3 11 Q4 11 /USD /CAD /JP Average currency rate Natural Gas In m Natural Gas Impact 48

49 Revenue analysis by quarter (1) Sales in m Q4 10 Europe Q1 11 Q2 11 Q3 11 Q4 11 Q4 11/10 Q4 11/10 as published comparable(1) 1,644 1,647 1,651 1,621 1, % +0.0% Americas % +5.3% Asia-Pacific % +1.3% Middle-East & Africa % +16.5% 3,148 3,185 3,171 3,223 3, % +1.9% Engineering & Construction % +45.5% Other Activities % +3.9% 3,543 3,543 3,573 3,597 3, % +4.2% Gas & Services Group Total (1) excluding forex, natural gas and significant perimeter impacts 49

50 Revenue analysis by quarter (2) Sales in m Q4 10 Q1 11 Q2 11 Q3 11 Q4 11 Q4 11/10 Q4 11/10 as published comparable(1) Industrial Merchant 1,222 1,200 1,199 1,238 1, % +2.0% Large Industries 1,097 1,133 1,121 1,157 1, % +2.2% Electronics % -7.8% Healthcare % +6.9% Gas & Services 3,148 3,185 3,171 3,223 3, % +1.9% Engineering & Construction % +45.5% Other Activities % +3.9% 3,543 3,543 3,573 3,597 3, % +4.2% Group Total (1) Excluding forex, natural gas and significant perimeter impacts 50

51 G&S Revenue growth by quarter (3) Growth as published Natural Gas Change Significant perimeter Comparable growth(1) Q % +2.4% +7.6% % Q % +0.8% +6.4% % Q % +0.5% +3.5% % Q % +1.6% -3.2% % Q % +1.0% -1.9% -0.9% +7.7% Q % +1.5% +0.8% -0.7% +1.9% (1) excluding forex, natural gas and significant perimeter impacts 51

52 Europe in Q4 Q4 Gas & Services sales: 1,667m Industrial Merchant Dynamic Eastern Europe Positive pricing Strong cost inflation Electronics 2% Healthcare 25% Industrial Merchant 33% Large Industries 40% Site takeover in Turkey Weak Metals demand Customer maintenance stoppages Large Industries Q4 11/10 Comparable change (1): % Healthcare - 0.5% Industrial Merchant -1.9% Large Industries Strong Home healthcare Acquisitions Pressure on tariffs +5.5% Healthcare -3% 2% (1) excluding impact of change, natural gas and significant perimeter 52 7%

53 Americas in Q4 Q4 Gas & Services sales: 722m Industrial Merchant New capacities in Canada Dynamic Latin America Positive pricing Electronics Healthcare 48% Large Industries Strong chemical demand Customer maintenance outages Large Industries Q4 11/10 Comparable change (1): +5.3% Strong growth in Latin America +5.8% Industrial Merchant +5.1% Electronics Industrial Merchant 34% Healthcare 7% 9% 11% Large Industries Healthcare +11.2% -5.0%% Electronics Major E&I contracts finished in Q3-7% -2% 3% 8% (1) excluding impact of change, natural gas and significant perimeter 53 13%

54 Asia in Q4 Q4 Gas & Services sales: 787m Industrial Merchant Strong Cylinder growth excl. Japan Japan recovery still weak Electronics 25% 39% Healthcare Large Industries 31% Start up postponements Client maintenance outages Large Industries Q4 11/10 Comparable change (1): +1.3% Electronics Industrial Merchant 5% E&I sharp decrease New carrier gas contracts Very low ESG demand in Japan Industrial Merchant +1.8% Large Industries +7.1% -7.4% Electronics -8% -4% 0% 4% (1) excluding impact of change, natural gas and significant perimeter 54 +3% excl. E&I 8%

55 Growth in 2011 G&S revenue +7.5% comparable (1) in m , <29> <46> 11, % published growth Comparable growth (1) Natural gas Change Scope (1) excluding forex, natural gas and significant perimeter impacts

56 2011 Revenue breakdown by region Europe Gas & Services 2011 Revenue 12.8bn Americas 22% 52% 24% Asia 2% Middle-East and Africa Europe: 6.6bn Americas: 2.9bn Asia: 3.1bn 33% 39% 35% 31% 38% 47% 5% 4% 10% 24% Industrial Merchant 56 26% 8% Large Industries Healthcare Electronics

57 2011 margin by region Europe In m 6, % OIR 1, % 18.6% -50bps In m Sales OIR OIR/Sales Asia-Pacific In m Sales OIR OIR/Sales (1) excluding impact of change, natural gas and significant perimeter 57 Publ. growth Sales OIR/Sales Americas FY 11 FY 11 Publ. growth 2, % % 22.0% +50bps FY 11 Publ. growth 3, % % 16.3% -10bps Comp. growth (1) +4.5% -10bps (2) Comp. (1) growth +9.0% +20bps (2) Comp. growth (1) +12.5% +10bps (2) (2) excl. natural gas

58 Engineering & Construction In m Consolidated revenues OIR(1) margin 9.0% 10.6% Total order intake 1,228 1,010 Total orders-in-hand 4,100 3,200 ASU Total Orders-in-hands breakdown 10% 1% HyCO 16% Traditional energy at December 31, % Alternative energy 17% Renewable energy (1) includes financial income generated by advances from customers. 58

59 Industrial Merchant pricing 2011 Europe + 0.1% Americas Asia-Pacific + 4.0% + 0.9% Middle-East and Africa Total Industrial Merchant % + 1.5%

60 Operating margin natural gas effect Group, in m Revenue ,488 14,457 Natural gas effect +136 Operating income recurring Operating margin 2,252 2, % 16.7% Operating margin excluding natural gas Gas and services, in m Revenue 16.8% ,886 12,839 Natural gas effect +136 Operating income recurring Operating margin 2,281 2, % 18.9% Operating margin excluding natural gas %

61 Operating margin (OIR/Revenue) H1 08 H Group 14.9% 14.8% 14.9% Gas & Services 17.5% 17.8% 17.7% H1 09 H Group 15.0% 17.6% 16.3% Gas & Services 18.1% 21.0% 19.6% H1 10 H Group 16.6% 16.8% 16.7% Gas & Services 19.2% 19.2% 19.2% H1 11 H Group 16.7% 16.6% 16.7% Gas & Services 19.0% 18.8% 18.9%

Gas & Services capex by geography G&S Investments(1) / sales G&S 2011 Investments(1) 1.8bn Middle East - Africa 8% Europe 2010 2011 Europe 11.4% 11.0% Americas 15.3% 14.8% Asia-Pacific 20.

62 Gas & Services capex by geography G&S Investments(1) / sales G&S 2011 Investments(1) 1.8bn Middle East - Africa 8% Europe Europe 11.4% 11.0% Americas 15.3% 14.8% Asia-Pacific 20.0% 17.1% Middle East and Africa 28.7% 46.2% Total 14.7% 14.2% Asia-Pacific 40% 29% 23% Americas (1) Industrial and financial investments, including transactions with minority shareholders 62

63 Financing structure At 31 December 2011 Sources Maturity(1) In m Bonds Fixed/variable rates Fixed rate % 3% Private placements > % > % 6% 2% Commercial paper Bank debt Minorities options to 2015 to 24% Variable rate (1) The maturity date for commercial paper coincides with that of confirmed credit lines. 63

64 Evolution of number of shares In thousands of shares 284, ,813 <1,200> Average number of shares outstanding in ,615,649 shares Dec 31, Cancellation of shares purchased by the company Exercice of share subscription option Dec 31, 2011

65 Consolidated P&L In m ,488 14,457 (10,114) 3,374 (1,122) (10,893) 3,564 (1,155) Operating income Recurring Net non-recurring operating income 2, , Operating income 2,254 2,437 Net finance costs & other net financial expenses Income taxes Share of profit of associates (311) (513) 28 (298) (576) 32 Profit for the period - Minority interest - Net profit (Group share) 1, ,404 1, , Revenue Cost of goods Operating income recurring before depreciation Depreciation and amortization expense Basic earnings per share (in ) 65

66 Consolidated Balance Sheet In m 31/12/10 31/12/11 ASSETS Goodwill Fixed assets Other non-current assets* 4,391 11, Total non-current assets Inventories & work in-progress Trade receivables & other current assets Cash and cash equivalents* Total current assets Total assets Net debt Net debt ratio 66 4,559 12, ,071 18, ,150 3,276 1,575 31/12/10 31/12/11 Shareholders equity Minority interests 8, , Total equity 9,113 9,996 Provisions & deferred tax Non-current borrowings Other non-current liabilities* 2,930 3,102 5, , ,059 19, , ,398 1,457 22,538 24,123 EQUITY AND LIABILITIES Total equity and non current liabilities 1,806 5,467 5,866 22,538 24,123 31/12/10 31/12/11 5,039 5, % 52.5% Provisions Trade payables & other current liabilities Current borrowings* Total equity and liabilities * including fair value of derivatives

67 Cash Flow statement In m Funds provided by operations 2,661 2,728 Changes in Working Capital Other items (155) (86) (193) (109) Net cash from operating activities 2,420 2,426 Purchase of PPE* and intangible assets Purchase of financial assets Proceeds from sale of PPE*, intangible and financial assets (1,450) (240) 44 (1,755) (100) 182 Net cash in investing activities (1,646) (1,673) Distribution (647) (721) Increase in capital stock Purchase of treasury shares Transactions with minority shareholders Exchange rate and consolidation scope effect (93) (295) 52 (94) (3) (196) Change in net indebtedness (148) (209)

68 Regular and sustained performance Revenue (in m) EPS(1) (in ) % CAGR over 30 years(3) +8.4% CAGR over 30 years(3) IFRS I FRS Cashflow (in m) 2, % CAGR over 30 Dividend (1) (2) (in per share) years(3) , , , , % CAGR over 30 years(3) 0, IFRS IFRS (1) Adjusted for the 2-for-1 share spilt in 2007 and free share attributions. (2) To be approved by the AGM on May (3) Calculated according to prevailing accounting rules over 30 years

69 For further information, please contact: Investor Relations Communications Virginia Jeanson + 33 (0) Anne Lechevranton + 33 (0) Corinne Estrade-Bordry + 33 (0) Annie Fournier + 33 (0) Bastien Maurice + 33 (0) Follow us on L Air Liquide S.A. Corporation for the study and application of processes developed by Georges Claude with registered capital of ,00 euros 69 Corporate headquarters: 75, Quai d Orsay Paris Cedex 07 Tel : +33 (0) RCS Paris

2012 Results Cliquez pour modifier le style des sous-titres du masque

2012 Results Cliquez pour modifier le style des sous-titres du masque Paris, February 14, 2013 Benoît Potier Chairman and Chief Executive Officer Fabienne Lecorvaisier Chief Financial Officer 2012 Results