1. Revenue Growth +38.5% as published Better Activity in a more Favorable Economic Environment
Group sales growth +38.5% and +42.2% in G&S
+2.8% comparable G&S growth to adjusted Q1 2016*
IM growth pick-up in Americas and in Europe
Efficiencies & synergies well on track
Significant increase of cash flow
Re-balanced geographical & business footprint
* As if Airgas had been consolidated with divestments fully completed and Aqua Lung and Air Liquide Welding deconsolidated as of January 1st , 2016
Good morning everyone and thank you very much for joining the call. I will start with the activity review and then give you an update on the new footprint of the Group, as well as on the reference performance metrics from now on.
In terms of activity, we told you in February when we published our full year that we had a number of positive signals, and we are glad to report that the improvement is confirmed in Q1.
Group sales are up 38.5% and Gas and Services sales are increasing by 42% showing a major step change, supported of course by the Airgas acquisition but also by a pick up in Industrial Merchant, in particular in North America and in Europe.
On a comparable basis, Gas and Services sales are up 2.8%, a clear improvement to Q4, efficiencies and synergies are well on track and our cash flow generation is significantly higher

2. Adjusted Sales Used as a Comparison Basis
Published growth
Comparable growth(2)
As of January 1st, 2016
Published
Q1 16(1)
Airgas consolidated
Airgas divestments
Adjusted Air Liquide Q1 16
Published Q1 17
Excluding Air Liquide Welding and Aqua Lung
Excluding currency and energy price fluctuation impact
See definitions in appendix, slides 26 and 27
I would like to take a minute to explain to you how we will be assessing our growth and performance in 2017, knowing that we will still have a strong scope effect, and that following the operational merger in October, we are now unable to segregate the former Airgas numbers.
We will in fact use as a comparison basis/adjusted financials, as if Airgas had been consolidated and, as if the US divestitures had been completed on January 1st, So when we now talk about comparable figures we are in fact referring to this adjusted 2016 base excluding of course forex and energy impacts. When we talk about Airgas, we now talk about the new Airgas cluster, including the Airgas legacy activities but also the former Air Liquide Merchant and Healthcare business in the US.

3. A Re-balanced Footprint
2016 G&S Adjusted Revenue
Electronics 9%
Large Industries
26%
Healthcare
17%
96%
Industrial Merchant
48%
Africa Middle-East 3%
of Group Revenue
Asia Pacific
21%
Americas 41%
out of which U.S. 36%
Europe
35%
Refer to slide 4 for definitions
The new Air Liquide group is focused on gas and services, representing 96% of our sales. Industrial merchant new stake is close to 50% of our gas and services business. Our geographical footprint has been rebalanced as well between Europe and Americas, and we now have more than 1/3 of our Gas and Services sales in the US, which is the largest market for Industrial gases.

4. Details: Adjusted Sales Used as a Comparison Basis (1/2)
Published growth F E
Comparable growth (2)
As of January 1st, 2016 A B C D
Published
Q1 16 (1)
Airgas consolidated
Airgas divestments
Adjusted Air Liquide Q1 16
Published Q1 17
Excluding Air Liquide Welding and Aqua Lung
Excluding currency and energy price fluctuation impact
I would like to take a minute to explain to you how we will be assessing our growth and performance in 2017, knowing that we will still have a strong scope effect, and that following the operational merger in October, we are now unable to segregate the former Airgas numbers.
We will in fact use as a comparison basis restated financials, as if Airgas has been consolidated and, as if the US divestitures had been completed on January 1st, So when we now talk about comparable figures we are in fact referring to this adjusted 2016 base. When we talk about Airgas, we now talk about the new Airgas cluster, including the Airgas legacy activities but also the former Air Liquide Merchant and Healthcare business in the US.

5. Details: Adjusted Sales Used as a Comparison Basis (2/2)
Published Q1 16
excluding Air Liquide Welding and Aqua Lung
Published Q1 16 Air Liquide sales excluding Air Liquide Welding and Aqua Lung (IFRS 5, discontinued operations) A
Airgas consolidated
- Airgas divestments
Published Q1 16 Airgas sales with divestments fully completed as of January 1st, 2016 B C
Adjusted Air Liquide sales
2016 starting point: A + B D
Published Q1 17
Published Q1 17 Air Liquide sales E
Growth between Q1 16 adjusted Air Liquide sales and published Q1 17 sales
Comparable growth D
excluding change and energy versus C
Growth between published Q1 16 Air Liquide sales, excluding Air Liquide Welding and Aqua Lung, and published Q1 17 Air Liquide sales F
Published growth D
versus A
As a reminder for slides 12 to 15:
2016 comparable sales growth excluding currency, energy price fluctuation and Airgas impact
Comparable sales growth for Americas for Q4 16, FY16 are estimated due to the merger of Airgas and Air Liquide US operations
I would like to take a minute to explain to you how we will be assessing our growth and performance in 2017, knowing that we will still have a strong scope effect, and that following the operational merger in October, we are now unable to segregate the former Airgas numbers.
We will in fact use as a comparison basis restated financials, as if Airgas has been consolidated and, as if the US divestitures had been completed on January 1st, So when we now talk about comparable figures we are in fact referring to this adjusted 2016 base. When we talk about Airgas, we now talk about the new Airgas cluster, including the Airgas legacy activities but also the former Air Liquide Merchant and Healthcare business in the US.

6. Regular and Sustained Performance
CAGR over 30 years(2)
+6.0%
CAGR over 30 years(2)
+7.2%
Revenue (in €m)
EPS(1) (in €)
CAGR over 30 years(2)
+6.9%
CAGR over 30 years(2)
+8.2%
Cashflow (in €m)
Dividend(1) (in € per share)
Adjusted for the 2-for-1 share split in 2007, for attribution of free shares and for a factor of reflecting the value of the rights of the capital increase completed in October (2) Calculated according to prevailing accounting rules over 30 years.