Revenue , ,212 2,545,035 Cost of sales (341,998) (319,590) (1,446,936) Gross profit 286, ,622 1,098,099

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2 BOC Gases Nigeria Plc QTR 1 FY 2017 Un audited Financial Statements BOC Gases Nigeria plc Un audited Quarter 1 Results Condensed statement of comprehensive income Unaudited Unaudited Audited Notes Jan Mar 2018 Jan Mar 2017 Jan Dec 2017 Revenue , ,212 2,545,035 Cost of sales (341,998) (319,590) (1,446,936) Gross profit 286, ,622 1,098,099 Other Income 16 59,676 34, ,812 Other expenses (34,829) (29,672) (129,007) Selling and Distribution Expenses 17 (107,634) (111,549) (413,291) Administrative expenses (116,295) (93,409) (392,108) Operating profit 87,562 81, ,505 Finance income 18 30,779 11, ,221 Finance cost (51,138) (9,860) (93,840) Profit before income tax 67,203 83, ,886 Income tax (provision) (21,505) (26,661) (149,940) Net Profit for the 3 months 45,698 56, ,946 Other comprehensive income Total comprehensive income for the 3 months 45,698 56, ,946 Basic and diluted earnings per share (kobo)

3 BOC Gases Nigeria plc Condensed statement of cash flows JanMar 2018 JanMar 2017 Cash flows from operating activities Operating profit 87,562 81,824 Adjustments for noncash items: Depreciation 52,042 49,464 Profit from sales of fixed assets (572) Working capital changes: Inventories (14,957) 14,855 Trade and other receivables (65,153) (33,507) Trade and other payables 39, ,015 Related companies accounts 25,148 19,458 Prepayments (30,728) (35,819) Other current liabilities 23,312 (31,629) Income tax paid Net cash from operating activities 116, ,089 Cash flows from investing activities Purchase of fixed assets (2,515) (617) Proceeds from sales of fixed assets 4,510 Interest received 30,779 11,353 Net cash from investing activities 28,264 15,246 Cash flows from financing activities Dividend paid Unpaid dividend received Interest paid (51,138) (9,860) Net cash from financing activities (51,138) (9,860) Net increase in cash and cash equivalent 93, ,475 Cash and cash equivalent at 1 January 1,307, ,843 Cash and cash equivalent at 31 December 1,400, ,318

4 BOC Gases Nigeria plc Condensed statement of changes in equity Share capital Retained earnings Total equity Balance at 1 January 208,122 2,184,065 2,392,187 45,698 45,698 Other Comprehensive Income Transactions with shareholders: Balance at 31 March ,122 2,229,763 2,437, ,122 1,964,579 2,172,701 56,656 56,656 Other Comprehensive Income Transactions with shareholders: Balance at 31 March ,122 2,021,235 2,229,357

5 Notes to the condensed financial statements 1. Statement of compliance These condensed financial statements for the three months have been prepared in accordance with the recognition and measurement criteria of International Financial Reporting Standards (IFRS), the presentation as well as disclosure requirements of IAS 34 Interim Financial Reporting and the Company and Allied Matters Act as amended 2. Basis of preparation The financial statements are prepared in thousands of Nigerian Naira on the historical cost basis 3. Accounting policies The financial statements have been prepared applying the same accounting policies as used in the last audited financial statements for the year ended 31 December Unusual items There were no unusual items within the period 5. Changes in estimates There were no material changes in estimates made, between the last quarter interim report and the current report 6. Debt and equity transactions A dividend of 5k per share on the issued share capital of 416,244,706 shares of 50k each was declared at the Annual General Meeting held in the second quarter. This translates to a total dividend of =N=20,812, Contingent liabilities As at the date of publishing this report, there are no contingent liabilities against the company 8. Changes in the composition of the company No changes have arisen in the year to date 9.Significant accounting policies The accounting policies set out below have been applied consistently to all periods presented in these financial statements. (a)foreign currency transactions Transactions in foreign currencies are translated to Naira at the exchange rates at the dates of the transactions. (b)property, plant and equipment Items of property,plant and equipment are measured at cost less accumulated depreciation and any accumulated impairment losses. (c)inventories Inventories are measured at the lower of cost and net realisable value.the cost of inventories includes expenditure incurred in acquiring the inventories,production or conversion costs and other costs incurred in bringing them to their present location and condition. (d) Employee Benefits The Company has a defined contribution scheme for junior level employees,which is funded through fixed contributions made by the Company over the service life of the employees and charged accordingly as personnel expense in profit or loss.the company also has long service awards scheme instituted for all permanent employees. (e)revenue Revenue is measured at the fair value of the consideration received or receivable,net of ValueAdded Tax, discounts allowed and rebates in the ordinary course of business.

6 (f) Operating profit Operating profit is the result generated from the continuing principal revenue producing activities of the Company as well as other income and expenses related to operating activities.operating profit excludes net finance costs and income taxes (g)finance income comprises interest income on funds invested and net gains on foreign exchange differences.interest income is recognised in profit or loss as it accrues,using the effective interest method.finance costs comprise unwinding of the discount on provisions and interest expenses on borrowings and are recognised in profit or loss using the effective interest method (h)income tax Income tax expense comprises current tax company income tax and tertiary education tax, and deferred tax.

7 10. Property,Plant & Equipment JanMar 2018 JanDec 2017 Land 2,766 Buildings 39,635 Plant & machinery 1,464,469 Motor Vehicle 115,209 Furniture & fittings 1,703 Cylinders 256,583 WIP 43,521 1,874,359 1,923, Inventories Raw materials and consumables 82,356 80,263 Finished goods 104,660 91,931 Goodsintransit , , Employee benefit liability The long service award benefit plan 15,397 14, Other creditors & accruals VAT 6,115 3,459 Leave allowance payable 14,457 13,935 Professional fee payable 7,375 Other accrued expenses 211, ,592 PAYE 13,839 20,781 Pension 9,343 3,010 Cylinder deposits 244, , , , Group Current Account BOCN due to Afrox 387, ,675 BOCN due to BOC UK BOCN due to Linde 7, , , Revenue Jan Mar 2018 Jan Mar 2017 JanDec 2017 Gas sales 612, ,653 2,130,938 Engineering services 4,625 38, ,464 Sales of gas equipment and delivery charges 11,770 20,911 79, , ,212 2,545, Other income Income from hire of genset 59,676 34, ,934 Gain/(loss) on sale of property,plant and equipment 1,314 Gain on sale of scrap 2,564 59,676 34, , Selling & Distribution Selling expenses (43,760) (43,922) (169,497) Distribution expenses (63,874) (67,627) (243,794) (107,634) (111,549) (413,291) 18.Finance Income and finance cost (a)finance income comprises Interest income on bank deposits 30,779 11, ,221 Net gain on foreign exchange transactions 30,779 11, ,221 (b)finance expenses comprises Net loss on foreign exchange transactions (51,138) (9,860) (93,840) (51,138) (9,860) (93,840)