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Credit Investor Presentation Strong Cash Flow Significant Debt Reduction Full Year 2017

The World Leader in Gases, Technologies and Services for Industry & Health Established in 1902 >€20bn Sales 80+ Countries 16.5 % OIR ~ 65,000 3,5M+ margin Employees Customers & patients Credit Investor 2 Full Year 2017 The world leader in gases, technologies and services for Industry and Health

A Strong Business Model ESG (d) Chemical Electricity ESG (d) Producer Refinery Natural gas Filling center Water Metal Producer Mutualize assets 1 SMR (a) Home healthcare ASU (b) Patient Liquefaction ASU (b) 2 piggyback Electronics Customer Hospital Filling center On-site (c) Filling Distributors, customer center bolt-on 3 acquisitions Air Liquide Activities Large Industries Industrial Merchant Bulk and Cylinder Healthcare Customer Electronics (b) ASU: Air gases production unit (Air Separation Unit) ( a) SMR: Hydrogen and carbon monoxide production unit (Steam Methane Reformer) (c) On-site: Small local production unit (d) ESG: Electronic Specialty Gases Credit Investor 3 Full Year 2017 The world leader in gases, technologies and services for Industry and Health

Regular and Sustained Performance Revenue (in €m) EPS (1) (in €) + 6.0 % + 7.5 % 21 000 18 000 CAGR CAGR over 30 years (2) 5,0 over 30 years (2) 15 000 4,0 12 000 3,0 9 000 2,0 6 000 1,0 3 000 0,0 0 1987 1989 1991 1993 1995 1997 1999 2001 2003 2005 2007 2009 2011 2013 2015 2017 1987 1989 1991 1993 1995 1997 1999 2001 2003 2005 2007 2009 2011 2013 2015 2017 Cashflow (in €m) Dividend (1) (in € per share) + 6.9 % + 8.6 % 3,0 4 500 4 000 CAGR CAGR 2,5 over 30 years (2) over 30 years (2) 3 500 2,0 3 000 2 500 1,5 2 000 1,0 1 500 1 000 0,5 500 0,0 0 1987 1989 1991 1993 1995 1997 1999 2001 2003 2005 2007 2009 2011 2013 2015 2017 1987 1989 1991 1993 1995 1997 1999 2001 2003 2005 2007 2009 2011 2013 2015 2017 (1) Adjusted for the 2-for-1 share split in 2007, for attributions of free shares and for a factor of 0.974 reflecting the value of the rights of the capital increase completed in October 2016. (2) Calculated according to prevailing accounting rules over 30 years. Credit Investor 4 Full Year 2017 The world leader in gases, technologies and services for Industry and Health

2017 Performance Credit Investor 5 Full Year 2017 The world leader in gases, technologies and services for Industry and Health

Improved Performance Step-up in sales growth in 2 nd half Improved Operating Margin (1) Excluding Energy Impact 5% + 70 bps 4% 4% 17% 3% 16.8% 3% Excl. energy impact 2% 2% 16.5% As published 1% 1% 16% 16.1% 0% 0% 2016 2017 Q1 17 Q2 17 Q3 17 Q4 17 Comparable sales growth Group 15% 2016 2017 Gas & Services (1) Group margin vs. 2016 adjusted group margin Credit Investor 6 Full Year 2017 The world leader in gases, technologies and services for Industry and Health

Sales Growth Accelerating in G&S, E&C Stabilizing (1) Refer to appendix for definitions Credit Investor 7 Full Year 2017 The world leader in gases, technologies and services for Industry and Health

Better Economic Environment Step-up in IP growth, expected to stabilize in 2018 Negative FX Impact (1) Industrial Production Year on Year in % (3-month rolling average) -1.6% -5.4% FY 2017 Q4 2017 Low Energy impact in Q4 (1) +1.5% + 0.5% FY 2017 Q4 2017 (1) On Group sales, based on 2016 adjusted sales Credit Investor 8 Full Year 2017 The world leader in gases, technologies and services for Industry and Health

Key Growth Drivers in Q4 2017 + 12 % + 11 % + 8 % + 7 % + 6 % + 5 % INDUSTRIAL AMERICAS GLOBAL ASIA DEVELOPING ELECTRONICS MERCHANT MARKETS & ECONOMIES TECHNOLOGIES Comparable sales growth Credit Investor 9 Full Year 2017 The world leader in gases, technologies and services for Industry and Health

Q4 - Accelerating Americas, Sustained IM in Europe +31% FY as published AMERICAS EUROPE FY 2017 FY 2017 €8,150m €6,776m Excluding the impact of the one – off in Q4 2016 G&S Comparable Sales Growth Strong IM and LI in Americas Improved underlying activity • LI : rebounding after hurricanes • LI : solid H 2 demand ; high comparison effect • IM: growth accelerating to >+6% • IM: sustained growth above +3% ; bulk and cylinder volumes up • EL: dynamic Advanced Materials , low E&I • Solid HC , still low contribution from • Strong HC in Latin America and Canada acquisitions Credit Investor 10 Full Year 2017 The world leader in gases, technologies and services for Industry and Health

Q4 - Very Strong Asia and Middle-East MIDDLE-EAST ASIA-PACIFIC & AFRICA FY 2017 FY 2017 €4,081m €635m G&S Comparable Sales Growth Very good momentum in all WBLs High growth in all WBLs • LI : ramp-ups in China, high volumes • LI : high loading at Yanbu (KSA); major start-up in South Africa end December • IM : China driving growth with strong volumes and pricing ; low equipment sales in Japan • IM : volumes improvement throughout the region • EL : accelerated growth, strong Carrier Gases, dynamic Advanced Materials, high E&I • Strong HC in South Africa Credit Investor 11 Full Year 2017 The world leader in gases, technologies and services for Industry and Health

Improved Performance Step-up in sales growth in 2 nd half Improved Operating Margin (1) Excluding Energy Impact 5% + 70 bps 4% 4% 17% 3% 16.8% 3% Excl. energy impact 2% 2% 16.5% As published 1% 1% 16% 16.1% 0% 0% 2016 2017 Q1 17 Q2 17 Q3 17 Q4 17 Comparable sales growth Group 15% 2016 2017 Gas & Services (1) Group margin vs. 2016 adjusted group margin Credit Investor 12 Full Year 2017 The world leader in gases, technologies and services for Industry and Health

Efficiencies Above NEOS Target FY 17 Efficiencies NEOS Cumulated Efficiencies >€1,200m 2020 >€900m 2019 € 323 m >€600m 2018 € 323 m +€ 23 m 2017 Credit Investor 13 Full Year 2017 The world leader in gases, technologies and services for Industry and Health

2017 Airgas Cumulated Synergies Ahead of Plan Initial Update (1) target US$ >300 m 215 m >300m 2019 270m >235m 215 m  Costs ~US$190m 2018 +US$  Revenue ~US$25m 40 m >175m 2017 • 2017 costs synergies US$40m above initial target  Higher procurement synergies 45m 45m  Cylinder management integration 2016 faster than expected In US$ In US$ (1) Defined in 2016 14 Credit Investor Full Year 2017 The world leader in gases, technologies and services for Industry and Health

Positive Non-cash Exceptionals, Net Profit Recurring +10% Recurring FY 2017 = FY 2017 excluding non-cash one-off items FY 2016 Earnings Per Share adjusted for free share attribution of October 2, 2017. Credit Investor 15 Full Year 2017 The world leader in gases, technologies and services for Industry and Health

16 2017 Non-Cash Exceptional Items and Taxes  Extended strategic review of assets portfolio  2017 impact of U.S. tax reform Tax rate adjustment on deferred taxes  Repatriation tax   Impact of U.S. tax reform onwards 2018: US$50m to US$70m tax reduction Credit Investor 16 Full Year 2017 The world leader in gases, technologies and services for Industry and Health

Improved Cash Flow and Balance Sheet Reduced Net Debt and Gearing Continued Improvement in ROCE Excl. 2017 positive impact on net profit of non-cash one-off items 151% <25> 160% 10.3% >10% 140% 10% <20> 120% 80 % 90% 100% (1) 7.7 % Gearing <15> 80% 80% 8% comfort 7.4% 60% 60% €15.4bn range 57% 6.9% <10> 40% €13.4bn 20% 6% <5> 0% Dec. 15 Dec. 16 June 17 Dec. 17 2021/22 Dec. 15 June 16 Dec. 16 Dec. 17 adjusted NEOS In €bn Airgas Airgas objective acquisition Net debt Gearing acquisition (1) As published 2017 ROCE = 8.2% Credit Investor 17 Full Year 2017 The world leader in gases, technologies and services for Industry and Health

Selected Investments for the Future Investment 2017 Investment 2017 Start-up/Ramp-up Opportunities (1) Decisions (1) Sales Growth 12-month portfolio Contribution € € € 2.1 bn 2.6 bn 190 m • Continued active bidding • Long-term contracts • Above the € 170m forecasted • Small to medium size projects • 2 take-overs • Americas 1 st geography, then • 19 start-ups including • EL contracts in Asia and Americas 1 major in AME Europe and Asia • Acquisitions in HC and IM accelerating in H2 (1) See definitions in appendix Credit Investor 18 Full Year 2017 The world leader in gases, technologies and services for Industry and Health

Starting-up Major LI Units in a Dynamic Environment 2018 2017 Q1 Q2 Q3 Q4 Sasol Fujian OCI Pemex Chinese Electronics RSA Shenyuan U.S. Mexico Project Projects China Asia > €  2018 forecasted additional sales 370 m  Increased bidding activity on new projects Credit Investor 19 Full Year 2017 The world leader in gases, technologies and services for Industry and Health

Group Credit Profile Credit Investor 20 Full Year 2017 The world leader in gases, technologies and services for Industry and Health