Cliquez pour modifier le style des sous-titres du masque Paris, April 24, 2013

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1 2013 Q1 Activity Growth investment decisions continue Good resilience Cliquez pour modifier le style des sous-titres du masque Paris, Jean-Pierre Duprieu Executive Vice-President Fabienne Lecorvaisier Chief Financial Officer

2 2013 Q1 activity Paris, Year on year activity progressing Developments in growing markets Solid investment cycle Performance & Responsibility 2

3 2013 Q1 activity Fabienne Lecorvaisier Chief Financial Officer Activity Investments 3

4 Key figures Sales in m Q Q Q1 13/12 as published Q1 13/12 Underlying activity Gas & Services 3,443 3, % +4.9% Engineering & Technology % Other Activities % Group Total 3,779 3, % Excl. currency and natural gas +0.2% 4

5 Q G&S positive underlying trend G&S revenue growth analysis % +4.9 % % % +0.6% Underlying trend +4.9% % Q as reported Forex Natural gas 2012 Customer Settlements Working days Q Activity 5

6 Moderate growth in a contrasted environment G&S comparable growth (1) % +11.3%+11.4% +11.0% +10.7% 10% 8% +8.3% +9.7% +7.7% 6% 4% +4.0% +4.6% 2% +1.9% +0.9% +1.6% +1.5% (2) 0% Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 (1) excluding the impacts of currency, natural gas and significant scope and 2011 growth rates are not revised for the integration of Seppic into the G&S activity. (2) for Q1 2013, also adjusted for the impact of 2012 customer settlements. 6

7 Growth in Developing economies Comparable G&S sales growth (1) (Q1 2013/ Q1 2012) + 9% growth +1% (2) -1% +21% +5% +17% -4% (2) 23% of G&S in Q % Developing economies (1) excluding the impact of currency, natural gas and significant scope. (2) also adjusted for the impact of 2012 customer settlements. Advanced economies 7

8 Growth in Healthcare Q Growth (1) +12% growth (1) +8% +13% +19% +5% 19% of G&S in Q Healthcare presence (1) growth excluding currency impacts. 8

9 All zones positive Comparable G&S sales growth (1) Total G&S +1.5% 3,406m +4.6% Europe 1,769m +0.2% +2.3% Industrial Merchant in Southern Europe Tariff pressure on Hospitals Home Healthcare Developing economies Americas (2) 766m +3.2% +7.6% Customer maintenance Seasonal fracking activity HyCO loading Merchant pricing Bolt-on acquisitions Asia Pacific (2) 780m +1.0% +6.2% Industrial Merchant in Japan China Electronics E&I ME & Africa 91m +16.8% +11.2% Volume growth Q Q (1) Excluding the impact of currency, natural gas and significant scope. (2) Q also excluding the impact of 2012 customer settlements. 9

10 Large Industries and Healthcare reaching 55% of G&S G&S Q comparable growth (1) Industrial Merchant Large Industries +7% +8% +4% +2% +1% +2% +1% 37% 36% +3% +4% +3% (2) Q1 12 Q2 12 Q3 12 Q4 12 Q1 13 Q1 12 Q2 12 Q3 12 Q4 12 Q1 13 Electronics 8% 19% Healthcare +14% +12% +2% +6% +5% LVL + Gasmedi -6% -11% -12% -12% Q1 12 Q2 12 Q3 12 Q4 12 Q % Q1 12 Q2 12 Q3 12 Q4 12 Q1 13 (1) excluding the impact of currency, natural gas and significant scope. (2) Q also excluding the impact of 2012 customer settlements. 10

11 Pursued momentum in Engineering & Technology E&T order intake (1) Third party E&T sales 1, In m In m Q1 Q2 Q3 Q4 Q Q1 Q2 Q3 Q4 Q (1) including advanced Business and Technologies order intake. 11

12 Operational indicators in line In bn 4 3 G&S sales In m Group Efficiencies 2013 Objective > 250 M Q1 Q1 Q1 Q Net Capex (1) In m In m Q1 Q1 Q1 Q Operating Cash flow (2) Q1 Q1 Q1 Q1 Q1 Q1 Q1 Q (1) industrial and financial investments, including transactions with minorities, net of divestitures (2) after change in working capital requirement 12

13 2013 Q1 activity Jean-Pierre Duprieu Executive Vice-President Activity Investments 13

14 Long investment cycle in Large Industries Opportunities under discussion Signature Construction Commissioning and revenue 12-month portfolio of opportunities In M Industrial Investment decisions Industrial capex Start-ups and ramp-ups (for a capital intensity of 2) Revenue amount 4 years

15 4-year time lag between decisions and sales In m Industrial projects (above 10m investments) years e 2014 e 2015 e 0 Industrial investment decisions Incremental sales from industrial projects 15

16 Solid investment cycle 12-month portfolio Investment of opportunities decisions (1) Net capex (1) Start-ups (2) In bn In m In m 50 e Dec- 11 Jun- 12 Q Dec- 12 Mar- 13 Q1 09 Q1 10 Q1 11 Q1 12 Q1 13 Q1 09 Q1 10 Q1 11 Q1 12 Q % 35 % 42% 66 % Developing Economies Advanced Economies Acquisitions (1) industrial and financial investments, including transactions with minorities, net of divestitures (2) Industrial investments > 10m 16

17 Q development initiatives H 2 filling stations Chemical contract Home Healthcare acquisition CO 2 development Contract renewal Carrier gases Further outsourcing CO 2 development Carrier gases 710 m in Q Further outsourcing CO 2 development Large industries Industrial Merchant Healthcare Electronics 17

18 Performance & Responsibility 18

19 Performance & Responsibility Ambition To be the leader of our industry through performance and responsibility over the long term. Strategic objective Strengthening our competitiveness and innovation for profitable growth over the long term 19

20 Increased recognition 2012 Rewards and recognitions GS Sustain # 1 industrial gases AA N 1 in industrial gases Ethibel Excellence Sustanability index for the 9th consecutive year Vigeo 2 nd best rating Healthcare industry in Europe Euronext Vigeo Europe 120 index (1) AA rating since February

21 Achievements Customers/patients satisfaction surveys 39% in % in 2012 Accident frequency rate 3.2 in in 2012 Micro initiatives for Communities More than 100 projects since 2008 HyCO unit energy consumption 100 in in 2012 Local codes of conduct deployment 55% in % in 2012 Refer to the 2012 Reference Document for full information 21

22 Detailed report integrated within the Reference Document Corporate Social Responsibility and Sustainable Development report Detailed report: 170 indicators Audited since 2003 by statutory auditors 10 main 2015 objectives 22

23 2013 Outlook Q Year on year activity progressing Developments in growing markets Solid investment cycle 2013 objective Barring a degradation of the environment, Air Liquide is confident in its ability to deliver another year of net profit growth in

24 Appendix 24

25 Q G&S growth 6 G&S revenue growth analysis % -1.4% % +0.6% +1.5 % 0-1 Adjusted (1) growth +1.5% % Q as reported Forex Natural gas 2012 Customer settlements LVL + Gasmedi Q Comparable (1) excluding the impact of currency, natural gas, significant scope and 2012 customer settlements. 25

26 Activity level growing year on year Quarterly G&S activity indicator (1) base 100, average Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 (1) revenue (excluding currency and natural gas), adjusted for the number of days per month. 26

27 Impact of currency and natural gas on G&S revenue Currency In m Q1 12 Q2 12 Q3 12 Q4 12 Q1 13 /USD (3) /CAD (2) /JP (3) (40) Others (20) Total currency impact (65) Average rate Q1 12 Q2 12 Q3 12 Q4 12 Q1 13 In m /USD /CAD /JP Natural Gas Natural Gas Impact (9) +4 (21) 27

28 Revenue analysis by quarter (1) Sales in m Q1 12 Q2 12 Q3 12 Q4 12 Q1 13 Q1 13/12 as published Q1 13/12 comparable (1) Europe 1,747 1,724 1,728 1,827 1, % +0.2% Americas % +3.2% Asia-Pacific % +1.0% (2) (2) Middle-East & Africa % +16.8% Gas & Services 3,443 3,394 3,490 3,585 3, % +1.5% Engineering & Technology % -16.8% Other Activities % -7.5% Group Total 3,779 3,754 3,803 3,990 3, % +0.2% (1) excluding the impact of currency, natural gas and significant scope. (2) Q also excluding the impact of 2012 customer settlements. 28

29 Revenue analysis by quarter (2) Sales in m Q1 12 Q2 12 Q3 12 Q4 12 Q1 13 Q1 13/12 as published Q1 13/12 comparable (1) Industrial Merchant 1,281 1,283 1,322 1,307 1, % +0.5% Large Industries 1,262 1,204 1,253 1,296 1, % +3.4% (2) Electronics % -6.3% Healthcare % +3.4% Gas & Services 3,443 3,394 3,490 3,585 3, % +1.5% Engineering & Technology % -16.8% Other Activities % -7.5% Group Total 3,779 3,754 3,803 3,990 3, % +0.2% (1) excluding the impact of currency, natural gas and significant scope. (2) Q also excluding the impact of 2012 customer settlements. 29

30 G&S Revenue growth by quarter (3) Growth as published Natural Gas Currency Significant scope Comparable growth (1) (2) Q % +1.5% +0.8% -0.7% +1.9% Q % +0.7% +2.2% -0.6% +4.0% Q % +0.0% +4.6% -0.6% +0.9% Q % -0.3% +4.9% +0.3% +1.6% Q % +0.2% +1.8% +1.6% +4.6% Q % -0.6% -1.9% +1.4% +1.5% (3) (1) excluding the impact of currency, natural gas and significant scope. (2) Not revised for Seppic. (3) Q also excluding the impact of 2012 customer settlements. 30

31 breakdown by region Europe 22% Americas Gas & Services Q1 Revenue 3,406m 52% 23% Asia-Pacific 3% Middle-East and Africa Europe: 1.8bn Americas: 0.8bn Asia-Pacific: 0.8bn 30% 2% 30% 11% 6% 48% 5% 23% 36% 38% 35% 36% Industrial Merchant Large Industries Healthcare Electronics 31

32 Europe in Q1 Industrial Merchant Positive pricing Southern Europe still decreasing Double digit growth in Developing Europe Large Industries HyCO demand improving Ramp-up in Russia Site takeover in Ukraine Q1 Gas & Services sales: 1,769m Healthcare Large Industries Electronics 2% 30% 30% 38% Industrial Merchant Q1 13/12 Comparable change (1) : + 0.2% Healthcare Home Healthcare volume growth Tariff pressure on Hospitals sales Solid hygiene growth -1.0% Industrial Merchant +1.0% Large Industries Healthcare +2.1% +12.5% -2% 0% 2% 4% LVL + Gasmedi 6% 8% (1) excluding the impact of currency, natural gas and significant scope. 32

33 Americas in Q1 Industrial Merchant Strong pricing across the region Double digit growth in South America Fracking seasonality in North America Large Industries Turnarounds in Jan and Feb Good HyCO loading Strong O 2 volumes in Canada Start-up in Mexico Q1 Gas & Services sales: 766m Healthcare Large Industries Electronics 6% 11% 48% 35% Industrial Merchant Q1 13/12 Adjusted change (1) : + 3.2% +4.5% Industrial Merchant Healthcare New medical gases contract in Latin America Bolt-on acquisitions (1) excluding the impact of currency, natural gas, significant scope and 2012 customer settlements. +7.0% +8.1% Large Industries Healthcare 0% 2% 4% 6% 8% 10% 33

34 Asia-Pacific in Q1 Industrial Merchant Q1 Gas & Services sales: 780m China growth driven by small on-site and specialty gases Soft developing Asia excl. China Japan still decreasing Electronics Industrial Merchant 36% 5% Large Industries 36% Large Industries Customer turnarounds Steel closure in Japan HyCO volumes improving Electronics 23% Healthcare Q1 13/12 Adjusted change (1): + 1.0% -3.9% Growth driven by new E&I contracts ESG still low Start-up in Taiwan Industrial Merchant +5.1% Large Industries Electronics -4% -2% 0% +2.2% 2% (1) excluding the impact of currency, natural gas, significant scope and 2012 customer settlements. 34 4% 6%

35 Industrial Merchant pricing Q FY 2012 Europe +0.5% + 0.9% Americas + 2.9% + 3.4% Asia-Pacific + 1.1% + 1.0% Middle-East and Africa + 4.7% + 6.4% Total Industrial Merchant + 1.5% + 1.9% 35

36 For further information, please contact: Investor Relations Communications Virginia Jeanson + 33 (0) Anne Bardot + 33 (0) Corinne Estrade-Bordry + 33 (0) Annie Fournier + 33 (0) Bastien Maurice + 33 (0) Follow us on L Air Liquide S.A. Corporation for the study and application of processes developed by Georges Claude with registered capital of 1,717,546, euros Corporate headquarters: 75, Quai d Orsay Paris Cedex 07 Tel : +33 (0) RCS Paris