Combined Shareholders’ Meeting of May 7, 2008

The Combined Shareholders' Meeting, chaired by Benoît Potier, Chairman and CEO of the Company, in the presence of the members of the Board, was attended by 4,426 people on Wednesday 7^th May, at the Palais des Congrès in Paris.

The shareholders, representing 44.2% of the voting rights, i.e. 123,517 shareholders present or represented, passed all the proposed resolutions.

The proposed dividend of €2.25 per share, up +12.5% on 2007, to be distributed on May 19, was approved. Shares held in registered form continuously from December 31 2005, to May 19 2008, the payment date of the dividend, will attract a bonus dividend of 10%, i.e. €0.22 per share. In addition, the allocation of one bonus share for every ten shares held will take place on June 9, 2008.

The Combined Shareholders' Meeting renewed the term of office of Professor Rolf Krebs as a director, and appointed two new directors, Ms Karen Katen and Mr Jean-Claude Buono, for a period of 4 years. Thus, the Board comprises 12 members with complementary experience and skills, 9 of whom are independent.

Commenting on the 2007 financial year and growth forecasts, Benoît Potier, Chairman and CEO, noted: “Group growth accelerated throughout 2007 and is a perfect illustration of Air Liquide's ability to combine rapid growth with financial soundness. This favorable change is based on strong geographic positions, growth markets, and on an strengthened technology portfolio.”

In conclusion, Benoît Potier again also noted “the close relations Air Liquide enjoys with its shareholders who share the company's long-term values and support its development throughout the world over the long term.”

The Group also announced the creation of the Air Liquide Foundation, which will have an international mission with a role in scientific research in the fields of environmental protection and respiratory functions; it will also support micro-initiatives in regions in the world where the Group is present.

At the Board Meeting which was held just after the Combined Shareholders' Meeting, Klaus Schmieder and Pierre Dufour were confirmed in their functions as Senior Executive Vice-Presidents