The Combined Shareholders’ Meeting of Air Liquide will be held on Wednesday May 9, 2012, starting at 3 pm, on first notice, in the Palais des Congrès, Paris, France. Draft resolutions, approved by Air Liquide’s Board of Directors on February 16, 2012, to be submitted to the Annual General Meeting of Shareholders, as well as all the information concerning the Meeting are available on the Group’s website, Shareholders section.

Notice of meeting was published on March 21, 2012 in the legal gazette (Bulletin des annonces légales et obligatoires) and is available on the Group’s website. The invitation to the Meeting will be sent to the domicile of all shareholders of the Company, and is also posted on the website. These documents include the voting form, the agenda of the Meeting (see also enclosed below), the resolutions submitted to shareholders, a presentation of the objectives of each resolution and practical information for attending, voting and exercising shareholder rights.

The Annual Shareholders’ Meeting provides an opportunity to present the Group’s strategy and its development prospects and to participate in the life of the Group. All shareholders are invited to vote either by attending the General Meeting in person or by voting by correspondence or by proxy. The voting form must reach the Company on Saturday May 5, 2012 at the latest. The participation of every shareholder is important.

In addition, the Shareholders’ Meeting will be webcast live and available via playback on the Group’s website, www.airliquide.com.

All the preparatory documents will also be held at the disposal of the shareholders at Shareholder Services, 75 quai d’Orsay, 75321 Paris Cedex 07, and published on the Group’s website www.airliquide.com, Shareholders section, according to the legal and regulatory conditions.

Agenda of the Combined Shareholders’ Meeting of May 9, 2012

Ordinary Shareholders’ Meeting

• Reports of the Board of Directors.
• Reports of the Statutory Auditors.
• Approval of the Company financial statements for the year ended December 31, 2011.
• Approval of the consolidated financial statements for the year ended December 31, 2011.
• Appropriation of 2011 earnings and setting of the dividend.
• Authorization granted to the Board of Directors for a period of 18 months to allow the Company to trade in its own shares.
• Renewal of the term of office of a Director.
• Appointment of a Director.
• Approval of the commitment referred to in Articles L. 225–38 and L. 225–42–1 of the French Commercial Code and the Statutory Auditors’ Special Report, relating to Mr. Pierre Dufour.

Extraordinary Shareholders’ Meeting

• Authorization granted to the Board of Directors for a period of 24 months to reduce the share capital by cancellation of treasury shares.
• Delegation of authority granted to the Board of Directors for a period of 26 months in order to increase the share capital by capitalization of additional paid-in capital, reserves, profits, or other amounts in view of the attribution of free shares and/or an increase in the par value of existing shares, for a maximum par value amount of 250 million euros.
• Delegation of authority granted to the Board of Directors for a period of 26 months to perform share capital increases reserved for members of a company or group savings plan.
• Delegation of authority granted to the Board of Directors for a period of 18 months to perform share capital increases reserved for a category of beneficiaries.

Ordinary Shareholders’ Meeting

• Powers for formalities.