Air Liquide Investor Presentation — February 2017

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2016 ANNUAL RESULTS February 14, 2017 2016 guidance

Volumes Above -market

Operating income from recurring

activities at constant exchange

Structural FCF > €800m 2016: a year of progress, in line with our 2020 roadmap

2016 ANNUAL RESULTS ‒ February 14, 2017 2

€961m ●Volumes up 2.1 %, outpacing the markets

●€159m positive impact from changes in price mix and raw materials costs, thanks to effective

●Competitiveness plan: €1.2bn target met over the 2012 -2016 period

●Strong free cash flow for the year, at €1,024m

─With €961m in structural free cash flow, up €128m

●Two-year, €750m share buyback program completed and 4.5 % of outstanding shares canceled,

of which 1.8 % (for €301m) in 2016

●Proposed dividend of €3.25* per share, for a payout of 36.5 % of consolidated net income before

●2017 guidance in line with 2020 objectives Objectives met: €2,692m in operating income from recurring

activities (up €235m at constant exchange rates ), above €1bn in FCF

2016 ANNUAL RESULTS ‒ February 14, 2017 3 * Subject to shareholder approval at the Annual Meeting on May 19, 2017 Volumes up 2.1%, outpacing the markets

2016 ANNUAL RESULTS ‒ February 14, 2017 4 * And related distribution

Source: Michelin % change in volumes

Net effect of price mix and raw materials prices on operating income

-93 +159 Improvement in unit margin due to effective pricing

management over time

2016 ANNUAL RESULTS ‒ February 14, 2017 5 2013 2014 2015 2016 2012 2011 2010 522

gainCompetitiveness plan's 2012 -2016 target met

2016 ANNUAL RESULTS ‒ February 14, 2017 * Before inflation and including avoided costs.