Progression of dividend

Air Liquide creates value by expanding its business and optimizing its long-term performance. Over the past 30 years, Air Liquide’s revenue has recorded an average annual growth rate of 8.6%. This growth is profitable: the basic earnings per share have followed a similar trend with an average annual growth rate of 9%. Over the last 10 years, close to 50% of profits have been distributed and dividends have increased by 12.1% on average each year over the same period.

Which dividend paid in 2009

€2.25 per share proposed at the 2009 General Meeting

for the 2008 fi scal year, an increase of 10.3% over one year.

A dividend of 49% of net(*) profit
(*)Adjusted to account for the June 2008 allocation

Dividends: 30 years of long-term profitability (b)

(b) Adjusted to account for the allocation of bonus shares and the share par value split by two.
(c) Data calculated over 30 years according to current accouting standards.

Have you considered it?

To increase their portfolio, some shareholders reinvest their dividends each year in additional Air Liquide shares.

Progression of distribution over 10 years

Financial year	Net dividend in euros	Number of shares in million	Bonus dividend in euros	Number of shares in million (1)	Overall distribution in euros
1999	2,60	82,90	0,26	24,10	221,70
2000	3,00	91,40	0,30	24,90	281,80
2001	3,20	90,80	0,32	23,30	298,10
2002	3,20	100,80	0,32	24,50	330,50
2003	3,20	99,90	0,32	24,30	327,50
2004	3,50	99,90	0,35	25,90	391,20
2005	3,85	109,50	0,38	27,30	432,10
2006	4,00	121,10	0,40	31,10	497,00
2007	2,25	238,8 (3)	0,22	61,60	551,00
2008	2.25 (2)	260,90	0,22	68,00	602,00

(1) Eligible for bonus dividend.
(2) To be proposed at General Shareholders’ Meeting on May 7, 2008.
(3) Taken account for the stock split by two on June 12, 2007.