2017 Annual General Meeting

Questions from Jean-Baptiste Perrier and Dominique Lemaire:

Why are you selling Air Liquide Welding to Lincoln? Will you ask guarantees that jobs will be maintained?

Why do the same with diving, our cutting-edge, established and growth business?

Air Liquide reviews its business portfolio at regular intervals in order to check that each business is optimally positioned for growth.

Air Liquide Welding generates less synergies with the Group's other businesses. The sale to Lincoln Electric will boost its business and future development as part of a specialist player in the sector.

In recent years the diving business has diversified into sports products, away from the Group's core business. Aqua Lung is ideally positioned to continue growing with its new shareholder, in equipment for the general public.

These sales constitute logical steps for Air Liquide, which is looking to focus on its Gas and Services businesses following its acquisition of Airgas, and on the implementation of its strategic NEOS plan for the period 2016-2020.

Question from Alain Léger:

In the industrial gases sector, what measures have you taken to avoid unlawful cartels and record fines?

Procedures are in place to ensure that the Group complies with the law and the regulations.

Code of Group level and local codes of conduct have been introduced for good behaviour regarding compliance with competition law.

Audits without notice are carried out on a regular basis to identify risky practices in this area. Awareness-raising meetings, supplemented by an e-learning based training programme, are conducted in the Group on the principles of competition law.

Question from Hubert Benac:

With regard to the financing of Airgas, was the share capital increase with cancellation of the preferential subscription right provided in the 16th resolution made necessary by the acquisition of Airgas?

The purpose of the 15th and 16th resolutions submitted to the Shareholders’ Meeting for approval is to implement employee share ownership operations. They are in no way linked to the acquisition of Airgas. Information about the Airgas operation and its refinancing is given in chapters 1 and 4 of the Reference Document.

Question from Jean-Baptiste Perrier:

What will be the long-term consequences of the merger between Praxair - Linde? A less-competitive market with less players or a more delicate market with competitors that have increased in size?

The merger between Praxair and Linde is still under discussion. It is therefore difficult for Air Liquide to comment on the consequences of this potential merger at this stage.

Question from Sébastien Groyer (Equinomy):

Why don't you ask your customers to give their opinion on the appointment of the Board members? Is a "red chair" representing the customers to be implemented in the near future?

The composition of the Board aims to reflect the interests of all the shareholders. The choice of Directors proposed to the Shareholders’ Meeting is guided by their skills in the sectors in which the Group operates (energy/oil/chemicals, automotive, and healthcare / research / pharmaceuticals and services/retail industry). These sectors are in particular those of our customers.

Question from Jacques Piat:

The shares granted are eligible for the loyalty bonus for children. Does this advantage also concern grandchildren?

As part of an inheritance or gift in favour of a spouse or a relative entitled to inherit - which applies to grandchildren - the loyalty bonus attached to Air Liquide shares is maintained.

Question from Gilbert Grandil:

Does the Company refuse the possibility for shareholders who so wish to make an electronic copy of the list of shareholders?

The Company permits the shareholders to consult or make a copy of the list of shareholders during the fifteen days prior to the Annual Shareholders’ Meeting as stipulated by law and the regulations.