First Quarter 2007 Revenue

First quarter 2007:
Revenue € 2,791 million
+5.2% (on a comparable basis*)
Major strategic steps forward

Key figures 1^st quarter 2007:

• Gas and Services revenue € 2,452 million +5.3%*
• Group revenue € 2,791 million +5.2%*

* on a comparable basis: excluding currency and natural gas

Consolidated Group revenue is up +5.2%, on a comparable basis, with Operating Income Recurring growing faster. The stronger euro has generated a negative currency effect on revenue (-3.7%) while natural gas prices have continued to fall (-0.9%). In total, published revenue is up +0.6%.

All business lines are up, with excellent growth in Asia, slight recovery in Europe and softer progression in North America.

First quarter highlights:

• Consolidation of our leadership in Asia with the announced acquisition of BOC’s shareholdings in our JVs in Japan and South-East Asia (Singapore, Thailand, Vietnam, Brunei)
• Announced acquisition of Linde UK, a new growth platform for Healthcare in Great Britain and numerous new long term contracts signed
• Widening of our technological capacities, especially in energy solutions, with the announced acquisition of Lurgi

Commenting on first quarter activity, Benoît Potier, Chairman and CEO of the Air Liquide Group, stated:

“Since the beginning of 2007, Air Liquide has made several major steps towards its new medium-term growth objectives: we have thus built undisputed leadership in Asia, widely developed our large contract portfolio and carried out key acquisitions which will contribute to the growth for the years to come.
In the first quarter, comparable revenue growth is consistent with previous quarters, with progression in all business lines and in all geographies. This trend should continue in the second quarter.
This good start gives us confidence for the full year and allows us to maintain our goal for 2007 to reach double-digit growth in net profit.”