shareholder’s guide 2010

SHAREHOLDER’S

GUIDE2010

MORE than just a share

MORE THAN ADVISORS!

MORE BENCHMARKS Message from Benoît Potier 14Profi le 16Key fi gures 17Shareholding structure 18Activities 20 Strategy 22

MORE PERFORMANCE Long-term investment 26 Bonus share allocation 29Dividends 30Loyalty bonus 32

MORE COMMUNICATION Shareholders Reception Lounge and advisors 36 Annual General Meeting 38Meetings with shareholders 40Shareholders’ Communication Committee 41Information at your fi ngertips 42

MORE KNOWLEDGEShareholding options 46 Direct registered shares 47Intermediary registered shares 48The stock market and how it works 50Shares and taxes 52Inheritance and gifts 54

Glossary 56Index 58

Intermediary registered share conversionand direct registered share conversion request forms 59

Words indicated by this symbol can be found in the glossary on p. 56.

12

24

02

34

44

i

CONTENTS

Air Liquide’s shareholders are a mix of institutional investors and individual shareholders who support the Group’s development and growth in a relationship based on mutual trust.

Your vote counts! The Annual General Meeting is an important chance for transparency and exchange with you. Take part in Group decision making by voting on site or using a proxy form.

Intermediary registered shares are an attractive shareholding option that lets you benefi t from the advantages of registered shares, including the loyalty bonus, while leaving the management of your portfolio to your bank.

The policy of sharing growth with shareholders, coupled with an active loyalty program, adds real value to Air Liquide stock portfolios for the long term.

18

26

38

48

CONTENTS IN IMAGES

MORE than advisors! People with character…

A life in musicAs a child, Pascale dreamed of becoming a singer. At eight years old, she was already practicing scales at the Conservatory. Pascale’s dream came true the day she discovered the joy of choir. The pleasure of sharing and giving, the intense contact with the audience and the need to push herself helped her overcome her shyness anddevelop a bold and daring personality.According to Pascale, singing is good for managing stress, a source of discipline and inspiration, a lesson in humility and empathy and more. Today, the gospel choir gives rhythm to her life, as do the concerts and musicals she performs several times a year.

This capacity for self-renewal and the desire to excel are driving forces at Air Liquide, a company where continuous innovation fuels new technologies and limits are constantly challenged.

Pascale SimonetShareholder advisor

who listen to you…

The golden touchIt all began when Bernard fell in love with an old mill in Burgundy. There was great potential, but little to work with! Having grown up in Burgundy, Bernard—along with his wife and children—decided to take up the challenge of restoring the 18th century building themselves. Everything from the roof, skylights and beams down to the fl oors, doors and furniture was renovated in the spirit of the building, using the practices and designs of the era. From this more than 30-year family adventure emerged a passion for woodworking. Not to mention a magnif-icent workshop where Bernard is free to pur-sue his talent and creativity.

This in-depth skills mastery lies at the heart of Air Liquide’s expertise, enabling us to meet customer needs with respect and attentiveness.


Bernard GirouxDirector responsible for operations,

share accounting and regulatory issues

who support you all the way…

Call of the wildA nature lover, Didier decided to leave city life behind during a professional transfer in 1997. He and his family moved to a country house in the heart of a village at the foot of the Alps. Rising every morning to a mountain view, he could not resist the call to explore its surroundings. Biking in the summer and snowshoeing in the winter, Didier regained his sense of self in a natural landscape still intact and wild. With this lifestyle, he also rediscovered basic values like solidarity, community, simplicity and respect for nature. Even though he now works in Paris, Didier returns to his personal paradise every Friday. He wouldn’t give it up for the world!

This vision of the world and nature echoes the values of Air Liquide, a company focused on developing technologies for its customers that protect the environment and life.


who offer new perspectives…

Didier Henriot Manager of the operations division


Curiosity without bordersWith a father who traveled the world and shared his stories with the family, how could anyone resist the temptation to follow in his footsteps! In fact, Annie never tried to resist the call! As soon as she turned 18, she set out to discover the world with maps and camera in hand. The Balearic Islands, the Canary Islands, Corsica…small treks soon led to grand expeditions, particularly in Asia, a land charged with emotion for Annie. Thailand, China, Vietnam, Sri Lanka, Myanmar… she’s traversed every country on the continent! Especially dear to her heart are the fabulous temples of Cambodia. And yet, Annie hasn’t had her fill. She’s still dreaming of new adventures. The Silk Road, for example, or Uzbekistan—why not!

This spirit of openness is one of the major strengths of Air Liquide, a company built on remarkably diverse cultures…and customers.

who will take you far…

Annie GoussardShareholder advisor

MOR

E

Because knowing us better means you can commit with confi dence, take time to discover our businesses, our strategy and our ability to meet tomorrow’s challenges. Together, we can go further.

12+13

Shareholders have always accompanied Air Liquide’s development. These visionaries have never ceased to support its strategy and believe in its potential. Today, through their loyalty, they’re reaffi rming their commitment to Air Liquide’s values, as well as their confi dence in its industrial strategy and management for the long term.

2009 was marked by an unprecedented economic slowdown. The Group was forced to adapt and take the necessary measures to maintain its performance. The ALMA program, which during 2009 prioritized cash management, cost control and increased selectiveness in our investments, greatly contributed to achieving established goals. The structural progress made possible by this program has strengthened the Group as we put this diffi cult period behind us. Revenues have returned to their 2008 levels at €11,976 million, and net profi t has risen to €1,230 million. A strengthened balance sheet will enable the company to continue to invest and seize opportunities for growth.

Message from Benoît PotierProfi leKey fi gures

Shareholding structureActivitiesStrategy

Message from Benoît Potier, Chairman and CEO

In the medium term, we remain confi dent in the Group’s capacity to generate strong, sustainable growth, thanks to the potential of our fi ve growth drivers and a portfolio of investment opportunities comparable to early 2008.

Air Liquide has once again proved the solidity of its economic model and ability to ensure consistent performance. The share price of Air Liquide shares further illustrates this tendency: through 2009, it rose by nearly 27%, outperforming the CAC 40 index.

Just as the unwavering commitment of employees is essential, the continued confi dence of shareholders remains an important factor in the Group’s stability and success. In the diffi cult 2009 market context, we recorded over 12% growth in the number of registered shareholders. This is a testament to the confi dence of our shareholders, who favor a long-term vision of their investment.

This vision is aligned with the company’s, and, year after year, we strive to reward their support. To this end, at the Annual General Meeting of Shareholders on May 5, 2010, the Board of Directors will propose the distribution of a dividend of €2.25 per share, in addition to the attribution of one bonus share for every 15 shares already held.

Your support is a key element of our success. We thank you, Ladies and Gentlemen, dear Shareholder, for the commitment and confi dence you show to the Group and its development.

14+15

Shareholder confi denceis a factorin the Group’s success.

Oxygen, nitrogen, hydrogen and rare gases have been at the core of Air Liquide’s activities since its creation in 1902. Using these molecules, Air Liquide continuously reinvents its business, anticipating the needs of current and future markets. The Group innovates to enable progress, to achieve dynamic growth and a consistent performance.

INNOVATIVE TECHNOLOGIES that curb polluting emissions, lower industry’s energy use, recover and reuse natural resources or develop the energies of tomorrow, such as hydrogen, biofuels or photovoltaic energy… Oxygen for hospitals, homecare, fi ghting nosocomial infections…Air Liquide combines many products and technologies to develop valuable applications and services not only for its customers but also for society.

A PARTNER FOR THE LONG TERM,Air Liquide relies on employee commitment, customer trust and shareholder support to pursue its vision of sustainable, competitive growth.

THE DIVERSITY of Air Liquide’s teams, businesses, markets and geographic presence provides a solid and sustainable base for its development and strengthens its ability to push back its own limits, conquer new territories and build its future.

Air Liquide explores the best that air can offer to preserve life, staying true to its sustainable development approach.

Air Liquide is the world leader ingases forindustry,health and the environ-ment, and is present in over 75 countries with 42,300 employees.



32%

18%

9%

16+17



GROUP REVENUE BY ACTIVITY

GAS AND SERVICES REVENUE

GAS AND SERVICES REVENUE BY GEOGRAPHICAL AREA

2009 CONSOLIDATED INCOME STATEMENT (SUMMARIZED)

DIVIDEND i

(a)

€2.25

11.6%

(a) Proposed at the May 5, 2010, Annual General Meeting.

Return on capital employed - ROCEafter tax

NET PROFIT - Group sharein millions of euros

REVENUEin millions of euros

20082009

13,10311,976

1,2201,230

20082009

22%

In millions of euros

Revenue 11,976Operating income recurring before depreciation and amortization 2,969Operating income recurring 1,949Operating income 1,959Net profit (Group share) 1,230Basic earnings per share (in euros) 4.70Diluted earnings per share (in euros) 4.70

8%

7%85%

Gas and ServicesEngineering and Construction

Other activities

Electronics

Healthcare

Large Industries

57%Asia-Pacifi c

Middle East and Africa

2%Americas

EuropeIndustrial Merchant

41%

i

19%

i

i

A balanced shareholder base

How do you explain the balanced allocation of Air Liquide shares? We’ve always considered individual shareholders as prominent stakeholders. We strive to maintain a balance with institutional investors by encouraging the development of individual shareholders, so that their share of company capital remains signifi cant.

InterviewInterviewLaurent Dublanchet – Director of Shareholder Services

The relationship we have with our shareholdersis made to last on the long term.

With 38% of the company’s capital, individual shareholders play an important role.Indeed, that’s nearly four times the average of other CAC 40 i

companies. This ratio is the result of an historic, unique and privileged relationship that we have built with individual shareholders over time. Through their vote at the Annual General Meeting, they hold considerable sway. For this reason, we invite them to express their views and take part in the company’s decisions.

Why are shareholders so loyal to Air Liquide? It’s true that individual shareholders have accompanied and supported the Group’s strategy since its creation and initial public offering in 1913! There is a natural harmony between Air Liquide’s development model, which is focused on the long term, and shareholders’ quest for a sustainable and reliable return on their investment.

For many years, individual shareholders and institutional investors have supported Air Liquide’s development and growth in a relationship built on trust. Today, the balance of its shareholder base refl ects Air Liquide’s consideration for all of its shareholders.



18+19

✱ Registered shares: more and more shareholders are convinced!The loyalty bonus and personalized guidance offered by Air Liquide’s Shareholder Services have helped increase the number of registered shareholders this year again (+12.5% in one year).

410,000 individual shareholders represent

38%of capital

171,000 individual shareholders opted for registered shares,

99,000 of them opted for intermediary registered shares, which grew 9%

The average individual shareholder portfolio holds

210 shares i

No single shareholder declared holdingmore than

5% of capital

Among individual shareholders, employees hold

1.4% of capital

32% of capital is held in registered shares and

68% is held in bearer shares

✱ Air Liquide’s shareholders are a balanced mix of individual shareholders and institutional investors, from France and abroad.

✱ No single shareholder declared holding more than 5% of the company’s capital.

✱ Individual shareholders hold 38% of capital.

✱ By voting at the Annual General Meeting, shareholders play a signifi cant role in the Group’s decisions.

EssentialsEssentials

DID YOU KNOW? Shareholders are legally required to reveal their identity when their holdings exceed 5% of a company’s capital. To better identify its shareholders, Air Liquide has established an intermediary “statutory” threshold of 2%. If a shareholder refuses to comply, the legislation calls for shares to be stripped of their voting rights.

SHARE OWNERSHIP as at December 31, 2009

36%

26%

> 0 %

38%

Treasury shares

French institutional investors

Non – French institutional investors

Individual shareholders

As at December 31, 2009

20+21

The Industrial Merchant business line provides customers in a wide range of industries with reliable, quality and innovative industry-specifi c gases and services to improve their products and processes. Such gases are supplied to the customer’s site in liquid form, using dedicated cryogenic trailers, by means of on site equipment, and, in gaseous form, in high pressure cylinders.

The Large Industries business line proposes gas and energy solutions to world-class industrial companies, essential for their production, to improve process effi ciency and help them better respect the environment. This business line provides oxygen, nitrogen, argon, hydrogen, carbon monoxide and steam to various sectors (metallurgy, chemistry, energy, petroleum, gas) through a network of plants and pipelines.

The Healthcare business line provides gases, services and hygiene products to more than 6,000 hospitals and 500,000 homecare patients around the world. The Group also manufactures respiratory medical equipment, mainly used in hospitals. In homecare, in addition to supply of oxygen at home, Air Liquide has developed services to treat other chronic conditions.

The Electronics business line provides its customers with specialty gases as well as ultra-pure gases (e.g., nitrogen) used in the production process of semi-conductors, fl at panels and solar cells. The Group also provides just-in-time, high-security, on site fl uid management services and equipment.

Other Group activities include Engineering and Construction (design and building of industrial gas production plants and advanced technology), Welding and Cutting (equipment, consumables and services for welding and cutting), Specialty Chemicals (for pharmaceuticals and cosmetics), and Diving.

Find information on all Group activities in the Air Liquide Annual Report (available at www.airliquide.com or by request).

As needs change and the world evolves, Air Liquide must seize new opportunities related to the rise of emerging economies, the growth of energy and environmental sectors, and the rapid development of health and high technologies. For this reason, the Group is pursuing an ambitious strategy that targets medium-term average annual revenue growth of 8-10%. At a time when the world and its markets are transforming, Air Liquide is renewing its drive.

Singular strategy

ENERGYCONTRIBUTING TO A TRANSFORMATION WITHIN THE ENERGY INDUSTRY

ENVIRONMENTPRESERVING OUR ATMOSPHERE

EMERGING ECONOMIESSUPPORTING THE GROWTH OF THESE NEW MARKETS

HEALTHPROTECTING PATIENT AND IMPROVING QUALITY OF LIFE

HIGH-TECHPUSHING THE FRONT LINE OF PROGRESS

Five growth drivers

Singular ambition

✱ Opening doors to new markets before the competition by extending geographic boundaries.

✱ Advancing the industry by bringing new, innovative solutions to our customers, and acting in a socially responsible manner.

✱ Being capable of maintaining strong operational and fi nancial performances over the long term.

✱ Having a vision for the company’s future, its employees, its customers and the shareholders who place their trust in us.

In early 2008, the Group set out a clear vision: to be the recognized world leader in its industry. Two years later, despite a damaged business environment, following an unprecedented economic slowdown that affected the entire world, Air Liquide remains on course for long-term development and reaffi rms its ambition. More than size and revenue, its leadership is evident in the vision shared by its entire workforce.

TO BE NO. 1 MEANS



••••••••••••••• IIIIInnnnnntttttteeeeeeeegggggggggggggggrrrrrrrrraaaaaaaaaaaaaallllllll •••••• HHHHHHHHHHHHHHHRRRRRRRRRRR DDDDDDDDDDDDDeeeeeeeeeeeevvvvvvvvveeeeeeeellllooooooppppppmmmmeeeennnttt •• AAAAAAAAA

llllllllllllllllleeeeeeeeeeegggggggggggg

rrrrrrrr ooooooooo ••••••••••

BBBBBBBBBBBBBBuuuuuuuuuuuusssssssssssssiiiiiiiiiiinnnnnnnnnnnnneeeeeeeeeeeesssssssssss MMMMMMM

ooooooddddddddddeeeeeeeeeelllllllsssssss •••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••

4 transform

atio

n projects

••••

•••

• •• •

22+23

ALMA is the strategic medium-term lever of Air Liquide which gives itself the means to achieve its ambition. Objectives include accelerating the Group’s growth and continuing to improve its competitiveness in the years to come.

3 PROJETS D’AMÉLIORATION DES PERFORMANCES CAPITAL Reduce the capital intensity of investments while maintaining a profi table return on capital employed (ROCE) of 11-12%.GOAL Identify cost reductions totaling €600 million in effi ciency gains between 2008 and 2010.GROWTH Manage development to achieve medium-term annual revenue growth of 8-10% in average.

4 PROJETS DE TRANSFORMATION INTEGRAL Share a common Group culture.HR DEVELOPMENT Improve skills, train, recruit and develop company loyalty.ALLEGRO Promote understanding of the Group’s exper-tise and strategy and develop an image in line with the new ambition.BUSINESS MODELS Create value by adapting and optimizing economic models used by the Group.

ALMA, our company program

•••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••

•••••••••••

••••

••••••••

••••••••••• CCCCCCCCCC

aaaaaaaappppppppiiiiiittttttttaaaaaaaaalllll •••• GGGGGGGGoooaaaall •• GGGGGGrrooowwwwwttthhhhhhhh ••••••••

3 de

live

ry p

roje

cts

Inno

vation Talents

BuildingEffi cie

ncy

••••

•••

• •• •

4 TRANSFORMATION PROJECTS3 DELIVERY PROJECTS

Our ambition:to be the recognized

world leader in gases for industry,

health and the environment

MOR

E

Because your loyalty and trust must be deserved, Air Liquide rewards and develops your investment over the long term.Together, we can grow.

24+25

Investing in sustainable performance

Why did you purchaseAir Liquide shares? G.L.: I purchased my fi rst shares16 years ago, attracted by the Group’s image and the stability of the share. Air Liquide covers a large number of businesses spread around the world, which limits fl uctuations. I also fi nd the company’s capacity for innovation reassuring.C.C.-M.: It’s true that the Group’s economic model demonstrated strong resistance against the crisis. It’s a company that is recognized for the quality and stability of its executive team, for offering strong visibility over its strategy and for having solid fundamentals.

What are your prospects concerning your investment?C.C.-M.: We hold Air Liquide shares in all our socially responsible funds. As long-term investors, we appreciate

Christine Clet-Messadi – European Share Manager at Allianz Global Investors (a)

and Gabriel Leylavergne – Direct registered shareholder

Air Liquide impresses us with its long-term vision.the consistent revenue ensured by Air Liquide’s operating model, and we’re confi dent in the share’s growth outlooks. We also have a policy of strengthening our positions on a continual basis. G.L.: For my part, I opened a portfolio of Air Liquide shares for my children and grandchildren.

Was your decision to invest infl uenced by the Group’s policy with regard to its shareholders? G.L.: Loyalty bonuses, bonus shares, dividend growth: all this is quite convincing.C.C.-M.: Beyond the share’s undeniably strong performance, we view Air Liquide’s remuneration policy to be sensible and balanced. It’s sensible because encouraging shareholder loyalty is a way to protect capital. It’s balanced because it refl ects

real growth opportunities, unlike the share buyback policies applied by other companies.G.L.: I would add that, with Air Liquide, we have a sense of transparency. There’s a real osmosis between shareholders and executives.C.C.-M.: You’re right. That’s part of the Group’s culture, and this “partnership” with shareholders is quite rare. For our part, the transparency and easy access to information are exceptional, as is the informational value of their communications.

(a) As an investor on behalf of its customers, Allianz Global Investors France holds shares as well as bonds issued by Air Liquide.

By investing in Air Liquide, you are participating in a future-oriented strategy with a world leader and acquiring stock with demonstrated long-term potential. Our goal is to provide a return on your investment and increase its value, all while rewarding your loyalty!

Long-term investmentBonus share allocation

DividendsLoyalty bonus

Joint interviewJoint interview

26+27

REVENUE OVER 30 YEARS The world leader in gases for industry, health and the environment, Air Liquide operates in a wide range of applications and markets all around the globe. This stability is strengthened by long-term contracts, which give a good sense of future operations, and by continuous innovation, which helps to expand the Group’s products and services offering.

BASIC EARNINGS PER SHARE ADJUSTED(b) OVER 30 YEARSAir Liquide’s growth is profi table: the adjusted basic earnings per share have grown an average of 8.5% per year over the last 30 years. Real results based on solid fundamentals.

VALUABLE SAVINGS Air Liquide has always shared its growth with shareholders. Need proof? Consider our continual allocation of dividends and regular allocation of bonus shares to shareholders. The result? Your initial investment gains signifi cant value. Indeed, with the reinvestment of gross dividends in shares, bonus share allocations and loyalty bonuses, the average annual growth (c) of an Air Liquide stock portfolio is +11.3% over 5 years, +8.7% over 10 years and +11.7% over 20 years!

A long-term growth momentum

3,000

6,000

9,000

12,000

79 89 9980 90 0081 91 0182 92 02 0383 93 0484 94 0585 95 0686 96 0787 97 0888 98 09

€11,976 M

1

2

3

4

79 89 9980 90 0081 91 0182 92 02 0383 93 0484 94 0585 95 0686 96 0787 97 0888 98 09

€4.7

(a) Data presented over 30 years were calculated using accounting standards in force at the time. (b) Adjusted to account for the allocation of bonus shares and stock split.(c) As at December 31, 2009, fi gures before taxes.

€171 €916or 11.3% or 11.7%

5 YEARS 20 YEARSFor €100 invested over the last…

+8.5%average annual growth over 30 years(a)

+7.6%average annual growth over 30 years(a)

€231or 8.7%

10 YEARS

Portfolio value as at December 31, 2009Average annual growth (c)

✱ For nearly 30 years, Air Liquide has recorded average annual growth of 7.6% in revenue and 8.5% in basic earnings per share.

✱ Over the past 20 years, Air Liquide stock has outperformed the CAC 40.

✱ The policy of sharing growth with shareholders, coupled with an active loyalty program, adds high value to Air Liquide stock portfolios.

EssentialsEssentialsA CLEARER PICTUREIn the graphs, stock market prices are adjusted to account for bonus share allocations and the stock split i that occurred on June 13, 2007.

Over 5, 10 and 20 years, Air Liquide’s stock has recorded stronger growth than the average of the 40 companies that make up the CAC 40 stock market index.

To follow Air Liquide’s share price in real time, visit the Shareholders section at www.airliquide.com.

AIR LIQUIDE STOCK MARKET PERFORMANCE OVER 20 YEARS

PRICES OVER TEN YEARS ADJUSTED i TO ACCOUNT FOR BONUS SHARE ALLOCATIONS AND STOCK SPLIT

20

40

60

80

1991 19931990 1992 1994 19961995 1997 1998 2001 20032000 2002 20062005 2007 2008 2009

AL +330% CAC +97%

AL +62% CAC -34%

AL +47% CAC +3%

Air Liquide CAC 40

Dece

mber

31, 2

009

Since January 1, 2009

AL +27%

CAC +22%

AIR LIQUIDE OUTPERFORMS THE CAC 40

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009Highest price in euros

54.34 59.10 60.10 52.93 57.23 68.93 83.00 93.14 95.65 84.40

Lowest pricein euros

39.22 43.44 41.92 39.45 49.21 53.55 63.77 75.07 55.78 55.03

Year-end pricein euros

53.06 52.56 47.22 52.59 56.20 67.15 81.77 92.54 65.45 83.03

Market capitalization i on December 31 (in millions of euros)

14,528 14,295 12,673 13,988 14,849 17,800 21,794 24,312 17,077 21,941

Average number of shares traded daily (in thousands)

456 672 842 870 736 786 954 1 212 1 420 932

1999

2004

1989



✱ In 2010, Air Liquide is allocating one bonus share for every 15 shares held (proposed at the Annual General Meeting on May 5, 2010).

✱ Subject to approval at the AGM, the allocation date is scheduled for May 28, 2010.

✱ Your purchase orders must be performed before or on May 27, 2010, at the latest to benefi t from the distribution of bonus shares.

✱ Thanks to the loyalty bonus, the number of bonus shares allocated is increased by 10%.

✱ Over the past 30 years, Air Liquide has allocated bonus shares 18 times.




28+29

Benefi t from bonus

shares! Air Liquide regularly allocates bonus shares i to all of its shareholders. It’s a chance to see your portfolio grow over time.

IMPORTANT! If the number of shares you hold is not a multiple of the allocation transaction, the part of the share that cannot be distributed, called “fractional right i ”, will be paid out in cash.

Please don’t hesitate to contact us for further information on bonus share allocations!

What does the transaction entail? Air Liquide pays nearly 50% of its net profi t to its shareholders in the form of dividends and places the balance in reserve to fi nance its investments. On a regular basis, the Group distributes a portion of its reserves to shareholders in the form of bonus shares, based on the number of Air Liquide shares they already hold. On the allocation date, the share price is adjusted to account for the change in capital.

What will the ratio be in 2010? In 2010, it is suggested that one bonus share will be distributed for every 15 shares held. In addition, if your shares were registered before December 31, 2007, and still held on the allocation date, you qualify for the loyalty bonus and will receive 10% more bonus shares.

Do these bonus shares benefi t from the same rights as my original shares?Yes, these shares have the same voting, dividend and loyalty bonus rights. However, they are not entitled to the dividend for 2010 because their allocation date is scheduled after the dividend payment date.

Will the allocation of bonus shares change my purchase price?The newly created shares take the same fi scal age as your original shares. Their purchase price is zero, so the average purchase price of your portfolio decreases.

In 2010 (a),68 shares held

4 new shares + 8 fractional rights (in €)

Please note that fractional rights count towards total share sales for the purposes of capital gains tax i . They could push you past the capital gains threshold and make the entire amount taxable.

Bonus share FAQs:(a) Calculation rate: 1 bonus share

for every 15 shares held.

Rewardingyour confi denceAir Liquide wants to share the fruit of its growth with its shareholders, and shows it by distributing nearly 50% of its net profi t every year! It’s a chance to review this element of your shareholder compensation.

Important dates for 2010 MAY11

MAY12

MAY14

MAY15

MAY16

MAY17

MAY13

Last day for placing orders to be executed so the shares can benefi t from the dividend

Ex-date (this day’s opening share price is decreased by the amount of the dividend)

Dividend payment day



What are dividends? Dividends are the portion of the Group’s net profi t that is distributed to shareholders.

How much will the dividend be in 2010? At the Annual General Meeting on May 5, 2010, Air Liquide will propose a dividend of €2.25 per share for the 2009 fi scal year. Buyers who purchase their shares on or before May 11, 2010, will receive the dividend paid in 2010. Conversely, shareholders

who sell their shares until May 11, 2010, included will not receive the dividend.

How do I collect dividends? No action is required on your part. If you hold direct registered shares, dividends are deposited, by Air Liquide, directly into your account. For intermediary registered or bearer shares, Air Liquide transfers dividends to your bank, which in turn credits your account.

When will the dividend be paid? Dividends will be paid on May 17, 2010. Your account will be credited in the following days, depending on processing time.

What about the loyalty bonus? For registered shares held longer than two full calendar years (i.e., purchased in 2007 or earlier) and still held on the dividend payment date, you will receive a 10% dividend bonus equal to €0.22 per share.

All about dividends

SundaySaturday

30+31

✱ The dividend proposed at the Annual General Meeting on May 5, 2010, for the 2009 fi scal year is set at €2.25 per share.

✱ The payment date is May 17, 2010.

✱ If you qualify for the loyalty bonus, you will receive a 10% bonus dividend equal to €0.22 per share.

EssentialsEssentialsSTEADY DIVIDEND GROWTH OVER TIMEThe dividend is set at the Annual General Meeting after approval of the year’s fi nancial statements and profi t allocation.

DIVIDEND PAID IN 2010

€2.25 per shareAmount proposed at the Annual General Meeting on May 5, 2010,for the 2009 fi scal year

49.5%of net profi t distributed

(a) Dividend adjusted to account for the allocation of bonus shares and stock split. Data is calculated over a period of 30 years, according to the accounting standards in force at the time.

1

2

In euros/share

79 89 9980 90 0081 91 0182 92 02 0383 93 0484 94 0585 95 0686 96 0787 97 0888 98 09

+9.5%+9.5%annual growth over 30 yearsannual growth over 30 years(a)(a)

€2.25

(a) Excluding social contributions.

Adding valueto your investmentInstituted in 1994, the loyalty bonus rewards the commitment and confi dence of registered shareholders. It is a measure that helps your investment grow over time. Why not take advantage?



How do I benefi t fromthe loyalty bonus?All you have to do is buy direct or intermediary registered shares, keep them for two full calendar years and still be the shareholder on the dividend payment date and bonus share allocation date.

What if my shares are in a PEA (Plan d’épargne en actions), the French stock savings plan?You can still benefi t from the loyalty bonus by opting for intermediary registered shares. With this form of ownership, your Air Liquide shares stay in your securities account or PEA, and you remain in contact with your regular fi nancial intermediary. Another advantage is that Air Liquide knows you and sends all shareholder-related information directly to you.

I hold bearer shares. How can I convert them to intermediary registered shares? The process is easy. Simply complete an intermediary registered share conversion request form and return it to your bank. A conversion request form is available on p. 59 of this Guide.

(Please refer to the terms and conditions on p. 49)

SIMULATION OF A PORTFOLIO OF 150 AIR LIQUIDE SHARES HELD FOR OVER TWO CALENDAR YEARS

+10% on the dividend value received +10% on the number of bonus shares allocated

The loyalty bonus is:

In accordance with French law, the number of shares eligible for this bonus cannot exceed 0.5% of company capital for a single shareholder.

Form of ownership Bearer shares Intermediary registered shares Direct Registered sharesDIVIDEND PAID IN 2010 (a) €337.5

(€2.25 per share)€370.5(€2.25 per share + €0.22 per share (loyalty bonus))

BONUS SHARES 10 bonus shares(1 bonus share per 15 shares held)

11 bonus shares(1 bonus share per 15 shares held + 10% (loyalty bonus))

32+33

✱ Once you have held registered shares for two full calendar years, the loyalty bonus increases your dividend and bonus share allocation by 10%.

✱ You can benefi t from the loyalty bonus by opting for direct or intermediary registered shares, depending on what works best for you!

EssentialsEssentialsyou hold

direct registered shares

Become an

intermediary registeredshareholder.The amount of your dividend and the number of bonus shares allocated are increased by 10% after two calendar years.Air Liquide sends useful information directly to you.

Your Air Liquide sharesare held

byyour bank

Your Air Liquide sharesare held

by Air Liquide

you hold

bearer shares(by default)

Your shares are part of a securities account or a PEA

Your shares can only be placed in a securities account

… and you benefi t from the loyalty bonus!

… and you don’t benefi t from the loyalty bonus.

To benefi tfrom the loyalty bonus

and also keep your shares at your bank,

there is a simpleand easy solution...

TO BENEFIT FROM THE LOYALTY BONUS, OPT FOR REGISTERED SHARES ✱ In the case of a gift or inheritance, shares retain their maturity and still qualify for the loyalty bonus in some cases. Please refer topp. 54-55 for further information on gifts and inheritance.

For more information on different shareholding options, see p. 46.

(a) For shares held for two full calendar years and subject to the conditions defi ned by Air Liquide’s Articles of Association.

2010 2011 2012 2013 2014 2015 …SHARES

REGISTEREDTWO FULL CALENDAR YEARS

YOU RECEIVE THE LOYALTY BONUS FOR THE 1ST TIME FOR SHARESREGISTERED SINCE 2010 (a) YOU CONTINUE TO RECEIVE IT THE FOLLOWING YEARS (a)

Loyalty bonus and detention duration

MOR

E

Because we owe you attention and consideration, we are committed to maintaining a dialogue based on clarity and transparency.Together, we can share more.

We are at your side, supporting every step you take as a shareholder: listening to you, keeping you informed, offering advice and providing special services. Follow our lead!

Make yourself at home! Opened in 2008 at Air Liquide headquarters, the Shareholders Reception Lounge was designed to be a warm and elegant environment for welcoming you. Our advisors are available to meet with you and answer your questions. So don’t hesitate to come and see us!In this Lounge, you can read all the information available about Air Liquide or page through the fi nancial and wealth management press. Or maybe you’d prefer to benefi t from free Internet access to manage your account, visit the Group’s website and deepen your understanding of our businesses. Air Liquide is one of few CAC 40 companies to have set up information and exchange premises for shareholders and anyone else who wants to know more about the Group.

Simplifying your life as a shareholder

25 people working in Shareholder Services

150,000 calls to the hotline

146,000 visits to the Shareholders section of our website

2009 fi gures

SPECIAL CARE FOR DIRECT REGISTERED SHAREHOLDERSYou can manage your direct registered shares in real time (see p. 47). Our advisors will help you buy and sell shares or manage your account. Benefi t from our personalized services by setting up an appointment or by contacting us through our website or hotline.

Shareholders Reception Lounge and advisorsAnnual General Meeting

Meetings with shareholdersShareholders’ Communication CommitteeInformation at your fi ngertips

Contact us!

Our advisors are available Monday through Friday from 9:00 am to 6:00 pm (GMT+1).+33 (0)1 57 05 02 26 or from France:

Use this number to contact an advisor, listen to Group news, get live updates on the stock value, or obtain fi nancial information.

SHAREHOLDER SERVICES 75, quai d'Orsay75321 Paris Cedex 07France

Write to us directly at http://contact.shareholders.airliquide.comor from the Shareholders section of our website

www.airliquide.comThe contact form you complete helps us identify your request to better answer your questions.

Come and see us

✱ The Shareholders Reception Lounge at Air Liquide headquarters welcomes you from Monday through Friday, between 9:00 am and 6:00 pm, with or without an appointment.

✱ Shareholder Services is available to answer your questions and guide you through each of your steps as a shareholder.


MORE INFORMATION ABOUT SHAREHOLDER SERVICES 25 people work every day to:✱ welcome and assist you,✱ manage your direct registered account,✱ explain taxation of your shares

and asset transfers,✱ keep you informed in a regular

and transparent way through a number of publications and electronic media,

✱ ensure that the Annual General Meeting is a valuable opportunity for you as a shareholder,

✱ meet with you at theme-based meetings and fairs in your region.

Additionally, in partnership with fi nancial and stock market professionals in France and Europe, Shareholder Services contributes to joint efforts aimed at defending your interests as an individual shareholder and improving shareholder practices.

36+37

SHAREHOLDERS RECEPTION LOUNGE75, Quai d’Orsay Paris, 7th ArrondissementOpen Monday through Friday from 9:00 am to 6:00 pm (GMT+1)

Access• By commuter train – RER C,

Pont de l’Alma station • By metro – Invalides

or Alma-Marceau stations• By bus – # 42, 63, 80,

or 92, Bosquet-Rapp stop• By car – pay parking La Tour-Maubourg

A perfect opportunity to express yourself

What is Air Liquide’s approachto making resolutions easier to understand?

The legal nature of resolutions can make them diffi cult to understand. We try to make them more accessible to shareholders by preparing a purpose summary for each resolution that explains the issues and motivation behind it. Coupled with these efforts to improve transparency, we also designed the Invitation to be more readable and informative.

InterviewInterviewBérangère Falcand — Responsible for the Annual General Meeting within Shareholder Services

We strive to offer synthetic and clear information. Is the Shareholders’ Communication Committee involved in organizing the Annual General Meeting?

Of course. This year in particular, the Committee helped identify ways to promote the vote among shareholders and themes to address in order to anticipate their questions. One of the ideas implemented is a letter that presents the voting kit, stressing how important and easy it is to vote.

What is the purpose of the Annual General Meeting minutes?

The minutes provide a synthesis of the speeches that highlights the major ideas and key messages from the Meeting. The entire question and answer session is transcribed because we attach great importance to discussions with shareholders during the Meeting. The minutes are automatically sent to shareholders who voted or attended the Meeting. They are also available on the Air Liquide website.

Voting at the Annual General Meeting is a right. It is also a unique opportunity to get involved in Air Liquide’s activities. Focus on an important chance for transparency, dialogue and exchange.



AN AWARD-WINNING MEETINGIn 2009, Air Liquide received the “AGM of the Year Award” for CAC 40 companies. This award recognizes the company with the highest AGM ratings in Paris on over 80 criteria based on ten key themes, including the pedagogical value of speeches, relevance of fi nancial information, corporate governance and the quality of exchanges.

JOIN US AT OUR BOOTHS! Every year, an exhibition area enables you to learn more about Air Liquide’s business and interact with the employees who support the Group’s daily activities. You can also meet with our advisors at the Shareholder Services booth.

✱ You are invited to the Annual General Meeting once you hold one single share.

✱ With your vote, you are taking part in Air Liquide’s decisions.

✱ You can vote on siteor by using the proxy form.

✱ The Meeting is broadcast live, then posted on the Air Liquide website.


38+39

With

5,218 participants in 2009, Air Liquide’s Annual General Meeting is still the 1st Meeting in France!

More than

500,000 Invitations sent

2009 fi gures

Nearly

150,000 voting shareholders

9 months of preparation

More than

450 individuals involved in streamlining the welcome, orientation and security of shareholders and dealing with the technical issues on the day of the Meeting.

For more information about the Ordinary General Shareholders’ Meeting (OGM), the Extraordinary General Shareholders’ Meeting (EGM) and the Combined General Shareholders’ Meeting (CGM), please refer to the glossary on p. 56.

Invitation sent once you hold one single shareYou receive your Invitation directly from Air Liquide if you are a registered shareholder, or via your fi nancial intermediary if you are a bearer shareholder.

Returning the formIf you wish to attend the Meeting, simply complete the form to request your admission card. If you cannot attend, it’s possible to vote directly by using the proxy form or grant proxy to the Chairman of the Meeting, your spouse or another shareholder.

Admission cardThe number on your card indicates which counter you should visit to sign the attendance sheet on the day of the Meeting.

On siteAt the counter, you will be provided with an electronic device for voting, as well as a 10-euro attendance fee for your participation.

OnlineThe Annual General Meeting is also broadcast live in French and English at www.airliquide.com, and posted a few hours later on the website.

The Annual General Meeting in practice

ANNUAL GENERAL MEETING OF SHAREHOLDERS

May 5, 2010PARIS (PALAIS DES CONGRÈS)YOUR VOTE COUNTS!

Alwaysby your sideWhether we meet with you in your area, at a fair or at a conference, personal interactions help us to learn more about you and make you know Air Liquide better.

Meeting with Benoît PotierFollowing the Annual General Meeting, Benoît Potier presents the Group’s results and outlooks at conferences and fairs in several cities in France. In 2009, shareholders had the chance to learn about Air Liquide’s role in tomorrow’s energies (hydrogen, photovoltaics) with Jean-Louis Etienne, a French doctor and explorer whose expeditions to the North Pole are part of a technical partnership with Air Liquide. In 2010, these meetings will take place in Nantes and Lyon.

Come and see us at the Actionaria Fair (Paris)Each year, more and more of you visit our booth at the fair. You can meet with our advisors, take part in a quiz game and attend conferences about the Group’s businesses and the Air Liquide stock. The 2009 event included a large meeting on a topical issue featuring an external specialist.

The conference, which brought together over 250 participants, gave shareholders a better sense of Air Liquide’s contribution in the fi eld of hygiene.

Interact with us across FranceAir Liquide’s fi nancial performance, businesses and growth drivers, stock market performance and shareholder services are among the topics discussed at meetings organized in collaboration with other partners and stock market specialists. These events include valuable discussion and debate and are attended by Air Liquide’s Director of Shareholder Services. Having met in Nice, Nantes, Lyon and Biarritz in 2009, this year we will see you in Clermont-Ferrand, Arras and Marseille.

HOW TO ATTENDTHE MEETINGSIF YOU ARE A REGISTERED SHAREHOLDER, Air Liquide automatically invites you to events organized in your area.IF YOU HOLD BEARER SHARES, contact Shareholder Services to participate in these events.

YOUR 2010 SCHEDULE✱ MEETINGS WITH BENOÎT POTIER

May 18 – NantesMay 20 – Lyon

✱ OTHER MEETINGS June 10 – Clermont-Ferrand(a)

September 23 – Arras(a)

November 19-20 – Paris(Actionaria Fair)December 14 – Marseille(a)

(a) In partnership with the French Federation

of Investment Clubs (FFCI) or Le Revenu.



40+41

Listening to you and representing you The Shareholders’ Communication Committee demonstrates Air Liquide’s commitment to its shareholders. It suggests initiatives and offers fresh perspectives to Shareholder Services.


WHAT IS THE SHAREHOLDERS’ COMMUNICATION COMMITTEE? Created in 1987 and composed of 12 members whose backgrounds refl ect the diversity of Air Liquide’s individual shareholders, the Committee works on communication tools and subjects of interest to individual shareholders. This year, it participated in the Annual Report, the Shareholder’s Guide MORE and interactions, the letter to shareholders. The Committee refl ected on voter turnout and also helped prepare the Invitation to the AGM.

✱ Through this Committee, Air Liquide is in constant contact with its shareholders in order to improve the quality of information and services it provides.

✱ Would you like to join the Committee?Four members are replaced every year. Visit the Shareholders section at www.airliquide.com to learn more about the process and to download an application form.



Odile CAO(Flavignac, France)

Françoise PETER(Vence, France)

Dominique de PREVILLE(Ambierle, France)

Alain PEPIN(Chambray-lès-Tours, France)

Pierre FERRARY(Saint-Genis-Laval, France)

Anne-Eva SCHRAMM(Charenton-le-Pont, France)

Patrick LONGUET(Volstroff, France)

Jean-François PANEL(Le Havre, France)

Bénédicte KATLAMA(Paris, France)

Gilbert NICOLAON(Paris, France)

Laurence MARLET(La Jarrie, France)

Odette SIMOES(Sèvres, France)

Inquire online!Air Liquide offers a number of tools aimed at distributing frequent, simple and transparent information about the Group. Focus on the diversity of our publications and electronic media.

Welcome to www.airliquide.com! Here, you will fi nd Group news and descriptions of our businesses, strategy and growth drivers. Interactive content, including videos and animations, supplements our written materials.

The Shareholders section gives you direct access to useful shareholder information. You can:• follow Air Liquide’s share price,• consult the annual events calendar,• fi nd out how to become

a shareholder,

• learn more about the advantages of registered shares,

• download publications and forms that will help you as a shareholder,

• submit questions to our advisors.

Direct registered shareholders can manage their accounts online and place their stock orders.

ANNUAL GENERAL MEETING ONLINEThe Meeting is also available at www.airliquide.com! You can view informative documents in preparation for voting (Invitation, Annual Report, Reference Document). On the day of the Meeting, you can watch the proceedings live or view the recording later. The video, the content and all useful information are then posted on the Air Liquide website, both in French and English.

TO REDUCE ENVIRONMENTAL IMPACT…Help us reduce our paper use by asking our documents in electronic format. To do this, simply submit your request online (http://contact.actionnaires.airliquide.com), by mail or by contacting directly an advisor through our hotline.

BROWSE THE INTERACTIONS WEBZINEThe interactions webzine is an enhanced online version of Air Liquide’s letter to shareholders. Expanding on subjects covered in the print version, the webzine offers features such as audio and video interviews with scientifi c specialists and representatives from international organizations.Don’t wait. Visitwww.interactions.airliquide.com today!

2.5 millionvisits per year to the Air Liquide website

Shareholders Reception Loungeand advisorsAnnual General Meeting


24-hour online informationand services

42+43


EVERYTHING YOU NEED TO KNOW ABOUT AIR LIQUIDE FROM A TO Z

PUBLICATIONS FOR SHAREHOLDERS INFORMATION ON THE GENERAL MEETING

email alert Stay informed about every new publication release and shareholder meeting announcement by signing up for the email alert in the Shareholder section of www.airliquide.com.

Call our phone service at any time of the day to fi nd out the share price, dates of upcoming shareholder meetings, and fi nancial information.

+33 (0)1 57 05 02 26 or from France:

www.airliquide.comAccess information at www.airliquide.com and discoverthe projects supported by the Air Liquide Foundation at www.fondationairliquide.com.

Annual Report A real goldmine of information on the Group, its corporate strategy, its activities and, of course, its fi nancial results. An invaluable resource.

Reference Document Submitted to the Autorité des marchés fi nanciers (AMF) i , the French securities regulator), this regulatory report presents all legal and fi nancial information about the last fi scal year at Air Liquide.

Financial information Regular information on the Group’s activities and fi nancial performance, including press releases, presentations, records from analyst meetings, etc.

The Shareholder’s Guide MORE This reference Guide is for all current and future Air Liquide shareholders!It gives you concrete answers to your questions about the Group, services provided to shareholders, shareholding options, share taxation, inheritance, the Air Liquide share and more.

INTERACTIONS The letter to shareholders This letter is issued three times a year to update shareholders on recent Group events and Air Liquide shares. Its webzine gives you more information on the topics covered.

Invitation to the AGMThe fi rst step to fi nding out about the resolutions submitted to your vote. The Invitation presents the purpose of each resolution.

Minutes ofthe Annual General MeetingThe minutes summarize the main messages, present the debates in their entirety and give the voting results.

You can download all informational documents 24 hours/day on our website www.airliquide.comFeel free to contact us if you would rather receive them on paper.

Information available year-round More modern, interactive, and ecological, today digital information is a priority for Air Liquide. Let’s stay connected! ✱ Learn more on the subjects

covered in Air Liquide’s publications! On the Internet, interviews with specialists, whether Group employees or external experts, supplement the Annual Report and interactions, the letter to shareholders.

✱ Receive our documents and information in electronic or paper format, by subscribing online.

MOR

E

Because our goal is to simplify your life as a shareholder, we are available to offer information and advice tailored to your needs. Together, we can look further ahead.

Shareholding optionsDirect registered sharesIntermediary registered shares

The stock market and how it worksShares and taxesInheritance and gifts

Direct registered shares? Intermediary registered shares? Bearer shares? Which shareholding option works best with your portfolio? Air Liquide gives you benchmarks to make an informed decision.

Choosinga shareholding option

Form of ownership Bearer shares Intermediaryregistered shares

Directregistered shares

My shares are held by Air Liquide ✔

my fi nancial intermediary ✔ ✔

I do not pay any handling fees i

varies by fi nancial establishment✔

I do not pay any management fees ✔

I receive dividends ✔ ✔ ✔

I receive bonus shares ✔ ✔ ✔

I qualify for the loyalty bonus ✔ ✔

I can hold my shares in a PEA ✔ ✔

I receive information on Air Liquide directly ✔ ✔

I place my stock orders with Air Liquide ✔

I am invited to the Annual General Meeting directly by Air Liquide ✔ ✔

I am invited to the Annual General Meeting once I hold one share ✔ ✔ ✔My IFU (Imprimé fi scal unique- French tax form) is sent by Air Liquide ✔

my fi nancial intermediary ✔ ✔

CHOOSE THE SHAREHOLDING OPTION BEST ADAPTED TO YOUR PORTFOLIO MANAGEMENT NEEDS

46+47



Like 71,000 of our shareholders, you can opt for direct registered shares. You’ll benefi t from a number of advantages and direct contact with Air Liquide.

Direct registered shares,

a specialrelationship

WITH DIRECT REGISTERED SHARES

✱ You qualify for the loyalty bonus.

✱ You can manage your shares exclusively through Shareholder Services.

✱ You qualify for exemption from handling and management fees.

✱ There are no tax consequences associated with converting to this option.


HOW DO I CONVERT TO DIRECT REGISTERED SHARES? IF YOU ALREADY HOLD INTERMEDIARY REGISTERED OR BEARER AIR LIQUIDE SHARES Complete the direct registered share transfer request form and return it to your fi nancial intermediary. A standard form is available on p. 59.WHAT NEXT? Your fi nancial institution will perform the transaction and inform Shareholder Services. Air Liquide will send you an account agreement that you must return to us to fi nalize the opening of your account.Conversion fees and processing times vary among fi nancial intermediaries.For more information, please consult your fi nancial advisor.IF YOU ARE NOT YET AN AIR LIQUIDE SHAREHOLDER Contact Shareholder Services directly to open an account, or download the form at www.airliquide.com.

Financial advantagesAs a direct registered shareholder, you receive: • the loyalty bonus (+10% on the

amount of dividends and the number of bonus shares allocated), as long as you have held your registered shares for two full calendar years (see p. 33),

• exemption from handling and management fees,

• discounted broker fees of just 0.3% (pre-tax) of the total transaction amount, with no minimum,

• direct deposit of your dividends into your account, at no charge.

Personalized guidanceWe provide you with a 24-hour, personalized access to the Shareholders section at www.airliquide.com, where you can manage your accounts online and place your stock orders. We are available to assist you with all transactions, whether by telephone, by mail, online or on site at the Shareholders Reception Lounge. Our advisors are available Monday through Friday, from 9:00 am to 6:00 pm.

Greater availabilityWe send all relevant shareholder information directly to you. You are regularly updated on the Group’s news, performance and growth prospects.

Assets of direct registered shares

When you choose intermediary registered shares, you benefi t from all the advantages of registered shares while leaving your bank manage your portfolio. Take a look at an option that is attracting more and more shareholders.

Intermediary registered shares, an attractiveshareholding option

How long have you held shares with Air Liquide?For two years. Personally, I’m a new shareholder with the Group, but my family has held Air Liquide shares for generations! Until recently, my shares were held as bearer shares.

Why did you decide to convert to intermediary registered shares? I was convinced by those around me that this is the most advantageous shareholding option. My shares stay in my PEA, which provides a good incentive

InterviewInterviewRégis Charpentier - Intermediary registered shareholder

It’s clear to me that intermediary registered shares are more advantageous.

for long-term investment, and I’ll also benefi t fromthe loyalty bonus. In addition, all information about the Group is sent directly to me by Air Liquide, which helps me share the Group’s projects and values and encourages me to vote in the Annual General Meeting.

Was the conversionprocess easy? Yes, it was very simple and quick. I fi lled out the form and e-mailed it to my bank. The following day, I received written confi rmation that my request had been processed.

Why did you choose intermediary over direct registered shares? With intermediary registered shares, I don’t have to change my habits. I can still follow my portfolio on my usual banking website, without cumulating more contacts. My Air Liquide shares are the fi rst that I’ve converted to intermediary registered, and I’ve seen nothing but benefi ts.



48+49

WITH INTERMEDIARY REGISTERED SHARES

✱ You qualify for the loyalty bonus.

✱ You keep the same securities account or PEA with your regular fi nancial intermediary.

✱ You receive all information about Air Liquide directly.

✱ There are no tax consequences associated with converting to this option.


HOW DO I CONVERT TO INTERMEDIARY REGISTERED SHARES? Submit your intermediary registered share transfer request to your fi nancial intermediary for shares you already hold, or attach it to your purchase order for new shares.A standard form is available on p. 59.What next? Your bank will register your shares with Air Liquide, while continuing to manage your account. The conversion and handling fees as well as proceeding times associated with intermediary registered shares vary among banks. For more information, please consult your fi nancial advisor.

✱ Each time bonus shares are distributed, it is your responsibility to ensure that your shares are registered.

✱ For each new share purchase, remember to request that your bank register your shares as intermediary registered shares.

FINDING AIR LIQUIDE ON YOUR ACCOUNT STATEMENT Not sure how you hold your shares? A simple review of your account statement will tell you which shares qualify for the loyalty bonus on dividends and bonusshares and when. Below is a key to the codes that fi nancial intermediaries use to distinguish between different types of shares:

Shares held CodeQualify for

the loyalty bonus in

As registered sharesbefore and during 2007 FR0000053951 2010

As registered shares in 2008 FR0010689406 2011

As registered shares in 2009 FR0010827675 2012

As registered shares in 2010 and bearer shares FR0000120073 2013

Your habits don’t changeYour shares stay with your fi nancial institution in your securities account or PEA. Your fi nancial intermediary remains your contact for all routine portfolio transactions.

Your loyalty is rewardedWith this shareholding option you qualify for the loyalty bonus: once you have held your registered shares for two calendar years, your dividend and bonus share allocation increase by 10%.

No tax consequencesConverting to registered shares is not a sale, so there are no tax consequences. Tax treatment of registered shares and bearer shares is identical.

A direct connection to Air LiquideYou receive all Group news and the Annual General Meeting invitation directly. You also enjoy special contact with Shareholder Services.

Advantages of intermediaryregistered shares

The stock market is a regulated world, with systems and channels that are often complex. And yet, nothing is simpler than being a shareholder and participating in the stock market! Air Liquide gives you the keys to unlock this world and master its codes.

The stock market made accessibleto all



Placing a stock order on the market

with direct registered shares

with intermediary registered or bearer shares

The o

rder is transmitted

The

orde

r is p

laced on the stock m

arket

Shareholder Services at

Your bank

Investmentcompany (a) (chosen by Air Liquide)

Investmentcompany (a)

A bu

y o

r sell order is placed

NYSE Euronext (b)

The share price is establish

ed

Buy and sell ordersare consolidated

on the market sheet i

SBF 250 i

SBF 120 i

CAC 40 i

Stoc

k m

arke

t ind

exes i refl ect market fl uctuations

SHAREHOLDER

SHAREHOLDER

(a) Former brokerage fi rm.(b) One of the platforms where transactions may be performed.

ANY ORDER MUST CONTAIN THE FOLLOWING INFORMATION:• your fi rst and last names,• your shareholder ID or account

number,• the order date,• the type of operation: buy or sell,• the number of shares to trade,• the duration of your order’s validity:

— cancellation: order valid until the end of the calendar month (it can be cancelled during this period),

— day: order valid until the end of the market day,

— date: order valid until the date you choose,

• the price conditions: limited price, best limited price, or market price.

50+51

✱ Multiple types of stock orders are available to meet your needs.

✱ Simplify your transactions: if you hold direct registered shares, consider using direct debit for purchase orders.

✱ If you are an intermediary registered or bearer shareholder, place your stock orders with your fi nancial intermediary.

Essentials Essentials

“Limited price” order

If your maximum purchase price is 80 euros, as long as the share price is above 80 euros, the order cannot be executed.

You set a maximum purchase price or a minimum selling price (limit). The order is executed only when the market price is lower than or equal to this limit to buy or higher than or equal to this limit to sell.

• Protection from market fl uctuation.

• Control of execution price.

• Uncertain whether the order will be executed.

“Best limited price” order

You place an order at 3:10 pm during the trading day. If the best available price is 82 euros, the order is executed at 82 euros.

You place an order without any specifi c price limit. The order is executed at the best available price for buying or selling when it reaches the market.

• Gives you the best price available when your order arrives on the market.

• The order can be partially executed if the quantity offered is less than the demand. The rest of the order remains on the market sheet until the same price is again available.

“Market price” order

You place a purchase order for 300 shares. On the market sheet i , the best limited prices are: • 100 shares at 80 euros,• 200 shares at 82 euros.Your order will be executed at these prices.

Your order does not have any price limit. However, it takes precedence over all other types of orders upon arrival. These orders are always fully executed.

• Rapid and full execution of your order.

• No control over the price of the transaction.

EXPLANATION EXAMPLE ADVANTAGES DISADVANTAGESThere are several ways to place your buy/sell orders. Those used most often are the following:

Settlement happens on the third day, meaning that investment companies must deliver the shares and their payment on the third trading day following the transaction.

Placing your orders

A Trading dayBeginning exactly at 7:45 am, the central computer analyzes buy and sell orders to establish the opening price for 9:00 am. A stock order can be performed until 5:30 pm.

The 2010 Euronext Paris i CalendarThe Stock Exchange is open from Monday to Friday except on: • Friday, January 1• Friday, April 2 • Monday, April 5 (Easter)• Friday, December 24,

closing at 2:00 pm• Friday, December 31,

closing at 2:00 pm

YOU ARE A DIRECT REGISTERED SHAREHOLDER?Place your stock orders online 24 hours a day at www.airliquide.com. You may also place your request with Shareholder Services by mail, fax or phone with written confi rmation. Stock orders placed by e-mail cannot be accepted.

It is hard to get your bearings when it comes to taxes!That is why we help you understand the applicable legislation. The goal is to optimize your stock holdings and adapt them to your individual assets.

Understandingtaxes on shares

The most popular choice is to include dividends in your income tax calculations.This option gives you the right to two successive deductions: • the fi rst is an unlimited annual

allowance of 40%, • the second is a fi xed annual sum

of €3,050 for a couple and €1,525 for a single individual.

You are also eligible for a tax credit equal to 50% of taxable dividends (to a maximum of €230 per couple and €115 per single individual).

You can also opt for the PFL (Prélèvement forfaitaire libératoire) withholding tax at a fi xed rate of 18%.In this case, you receive no deductions or tax credits.Before confi rming your choice, make sure that it is advantageous when applied to your individual situation.

In both cases, social contributions of 12.1% are withheld automatically.

This information applies to those subject to French taxes.



Dividend tax in 2010:practical guide

52+53

Capital gains tax

DIVIDEND TAX

✱ The most popular choice is to opt for the common income tax structure.

✱ Social contributions of 12.1% are withheld automatically.

CAPITAL GAINS TAX

✱ Tax applies from a certain amount of the annual capital gains threshold.

✱ It is your responsibility to declare profi ts made in 2010, no matter the amount, for which social contributions apply, starting with the fi rst euro.


WEALTH TAX: CHOOSE THE PROPER CALCULATION METHOD The value of your stock portfolio is included in your taxable assetsfor the wealth tax.Two ways of valuing your assets are available:✱ the closing price on December 31,

2009: €83.03 for the Air Liquide share, or

✱ the average closing price forthe last 30 trading days in 2009: €80.88 for the Air Liquide share.

Taxes on capital gains and social contributions for amounts below the tax threshold

HOW DO I CALCULATE MY NET TAXABLE CAPITAL GAINS?

HOW WILL YOUR CAPITAL GAINS BE TAXED?

CAPITAL GAINS = SALE PRICE OF SHARES – PURCHASE PRICEMinus transaction fees Acquisition price

including transaction fees

Exemption from capital gains taxSeveral scenarios provide total exemption from the capital gains tax: • remain below the capital gains tax

threshold defi ned in the chart above;• hold a PEA (even for intermediary

registered shares) and leave the funds invested for a period of fi ve years from the account opening date. Remember, the cash investment limit is €132,000 per plan;

• hold your shares (c) for more than eight years. Indeed, for shares in your portfolio on January 1, 2006 (c), and those acquired after this date, your capital gains will be taxable after a deduction of one-third per holding year beginning in the sixth year of ownership, and entirely tax exempt after the eighth holding year;

• make a gift (see p. 54).

(c) For shares in your portfolio on January 1, 2006, and those acquired after this date.

Your 2009 capital gains Tax to pay in 2010

0 euroTax threshold: 25,730 euros (b)

30.1%(18% tax on capital gains

+12.1% social contributions, starting with the fi rst euro)

Your 2010 capital gains (a) Tax to pay in 2011

12.1%(social contributions,

starting with the fi rst euro)

Tax threshold: 25,830 euros (b)

30.1% (18% tax on capital gains

+12.1% social contributions, starting with the fi rst euro)

(a) For your 2011 tax return on 2010 revenue, you must consider all sales occurring between December 29, 2009, and December 28, 2010. (b) Fractional rights i are included in your sales total.

The information presented in this chapter is provided for information purposes only and is not legally binding on the Air Liquide Group.

Net taxable capital gains are calculated based on capital losses you may have incurred, according to specifi c rules. For more details, contact Shareholder Services.

Taxes on capital gains and social contributions if above the tax threshold

Transferring your assets is a precautionary measure to protect your loved ones. For this reason, it is best to be fully prepared. Shared gifts, gifts by hand and customary presents are just a few of the options available to you. Here are some tips to give you a better idea.

Choosingthe best solution

✱ Would you like to give shares to an underage child?Parents and legal guardians may open an account for the child with a fi nancial establishment or Air Liquide’s Shareholder Services.

Give Air Liquide shares to your loved ones… …and instill in them a taste for the stock market and business! Give them the opportunity to add value to their savings, thanks to the performance of the world leader in gases for industry, health and the environment.

The solution: a customary present.This is a gift given on a special occasion (e.g., marriage, birthday, Christmas). It can be in the form of securities, but must represent a relatively small share of the grantor’s assets.

What about taxes?If it respects these conditions, the gift does not need to be included in the grantor’s estate and is not taxed by the fi scal authorities.Gifts do not need to be declared.



Plan your inheritance or make a gift: it’s easy!

54+55

✱ If they represent a relatively small share of your assets, you may simply give your Air Liquide shares as a customary present.

✱ Inheritance: giving a shared gift in your lifetime is a simple procedure that reduces inheritance fees and offers several tax advantages. You can also give a gift by hand, which will be added to your estate.

EssentialsEssentials Although Shareholder Services can help you plan the transfer of your Air Liquide shares, your notary or legal advisor remains your primary contact, as they have comprehensive knowledge of your assets.Regarding inheritance, the maturity of shares is conserved, so the loyalty bonus will remain in some cases.

www.impots.gouv.frFrench tax authority website: downloadable tax forms, including form 2735 for declaring a gift by hand. French language only.

www.notaires.frFrench Notary Council’s website: useful information, legal assistance, etc., in French and English.

The information and fi gures listed above were current at the time of printing, but are subject to change.

SHARED GIFT GIFT BY HANDWhat is it? During your lifetime, you can plan the total or partial

allocation of your assets. In general, assets distributed this way are not revalued upon the grantor’s death.

Traditionally, this is a gift of money, furniture, jewelry or shares passed from hand to hand.

Tax exemptions Every 6 years, you can give gifts and receive a total tax exemption for amounts up to:• €156,974 for each child, from each parent,• €79,533 for your spouse or civil union (Pacs) partner,• €31,395 for each grandchild,• €15,697 for each sibling, • €7,849 for each nephew or niece,• €5,232 for each great-grandchild.

Tax implications These reduce the inheritance fees incurred with a single, posthumous transfer of your assets. They also offer a series of simple and advantageous tax consequences.Regardless of the grantor’s age, all underlying capital gains i on shares are tax exempt when transferred as gifts or inheritance, provided that information on the transfer is communicated to tax authorities. In addition, all fees, charges and taxes paid by the grantees or benefi ciaries are included in the calculation of the new average share price (purchase price + broker fees).

As a general rule, the gift by hand—or what the gift was used to acquire—must be added to the grantor’s estate in order to be revalued and included in the allocation of the grantor’s assets.

Duty to declare The shared gift is drawn up with a notary as an authenticated deed.

An unoffi cial note can be used to prove acceptance of the gift. However, within one month, the grantor must notify the grantee’s local tax authorities of the gift using French tax form 2735.

INHERITANCE:PLAN AHEADConsult your legal advisor to establish the details of your inheritance, according to your legal status (marriage contracts, gifts, donations, wills).

You decideThe testator (the person leaving a will or testament) establishes how his or her assets (including stock portfolios) will be distributed among benefi ciaries. An act signed by your solicitor stating the marital status of the deceased, the names of all benefi ciaries and the number of shares attributed to each is suffi cient to distribute a portfolio. Depending on the case, Air Liquide or the fi nancial intermediary will strictly execute all instructions given by the lawyer managing the estate.

Words indicated by this symbol in this document are listed in the glossary. The glossary also contains additional defi nitions which you may fi nd useful. i

Adjusted priceShare price adjusted to take account of changes in capital (issue of new shares, stock split, etc). The adjusted share price is used to produce meaningful comparisons of price changes over time.

AGMAnnual General Shareholders’ Meeting. See CGM.

AMF(Autorité des marchés fi nanciers, the French securities regulator)It governs and oversees the conduct and professional ethics of the markets and protects the interests of investors and shareholders.

BondTradable debt security issued by a public or private company, a local authority, an association or a government. Bonds carry fi xed interest for a specifi c period and are redeemable on maturity.

Bonus dividendPursuant to Air Liquide’s Articles of Association, dividend increased by 10%, granted to shareholders for all registered shares held continuously for more than two calendar years.

Bonus share allocationTransaction by which a company creates new shares by introducing into the capital undistributed earnings and then issuing these shares at no cost to shareholders in proportion to the number of shares already held. Air Liquide regularly allocates such bonus shares.

CAC 40(Cotation assistée en continu – Continuous Automated Trading)The fl agship stock market index of Euronext Paris, the CAC 40 tracks the evolution of a selection of 40 stocks registered on this stock market. A committee of Euronext Paris specialists regularly revises its composition to ensure that it remains representative. Only 16 companies, including Air Liquide, have been included in the CAC 40 since its inception in 1988.

Capital employedBalance sheet capital corresponding to fi nancial resources used by a company to develop its business. It is the sum of equity, minority interests and net debt.

Capital gainGain realized on the sale of a security, that is the difference between its sale price and its original purchase price.

Cash fl owCash generated by a company. It is either reinvested or distributed to shareholders (dividends). Cash fl ow corresponds roughly to after-tax earnings plus depreciation and amortization.

CGMThe Combined General Shareholders’ Meeting brings together an Ordinary and an Extraordinary General Shareholders’ Meeting on the same date on same convocation. Depending on the resolution, the quorum and majority requirements follow those of either the Ordinary or Extraordinary General Meetings. Air Liquide usually calls Combined General Meetings.

Deferred settlement service Fee-based service available for the most traded stocks through which settlement for orders or delivery of shares is deferred to the last trading day of the month. The Air Liquide share is eligible for this service.

DividendThe part of a company’s net profi t distributed to shareholders. Shareholders vote the dividend at the Annual General Meeting after approval of the fi nancial statements and profi t allocation proposed by the Board of Directors.

EGMThe Extraordinary General Shareholders’ Meeting is called when shareholders must either approve or reject amendments to the Articles of Association or a share capital transaction (increase, reduction, merger, etc.). Voting shareholders must represent 25% of shares with voting rights at a fi rst convocation, or 20% at a second convocation, for an Extraordinary General Meeting to proceed.

Euro Stoxx 50Stock Exchange index composed of 50 of the highest capitalizations and most actively traded stocks listed in the eurozone.

Euronext ParisName of the fi rm which organizes, manages and develops the securities market in Paris, and acts as market regulator (fi nancial transactions, monitoring of companies listed on the stock market) with the delegated authority of the AMF.

Fractional rightPart of a share that cannot be distributed in the case of a bonus share allocation or subscription if the number of shares held by the shareholder is not a multiple of the transaction.Example: in a 1 for 15 bonus share allocation, a shareholder holding 68 shares is allocated 4 new shares and 8 fractional rights.

Free fl oatThe part of the company’s capital available for public ownership and tradable on the stock markets. The higher the free fl oat, the greater the liquidity of the shares. 100% of Air Liquide’s capital is free fl oated.

Free grants of shares Conditional grants of shares to employees, linked to performance objectives.

Handling feeFee charged by a fi nancial intermediary for maintaining share records. It generally represents a percentage of the portfolio or a set fee per line of shares held. Air Liquide’s Shareholder Services provides this service free of charge for shares held in a direct registered account.

IFRS (International Financial Reporting Standard)International accounting standards put into effect on January 1, 2005, to facilitate comparing companies’ fi nancial statements.

Investment club (in France)Group of 5 to 20 individuals that jointly manages a securities portfolio by making regular payments and sharing the income and capital gains.

ISIN code (International Securities Identifi cation Number)Code used to identify fi nancial products quoted on the spot market on the stock exchanges (Air Liquide ISIN code: FR0000120073).

ABC CDE FHIGLOSSARY

56+57

LiquidityRatio of the volume of shares traded over the total number of shares, which make up the capital.

Market capitalizationA company’s market value equal, at a given time, to the quoted share price multiplied by the number of shares.

Market sheetThe market sheet gathers all the buy and sell orders for a share, as well as the latest orders executed. Investors only have access to the fi ve best offers (sales) and the fi ve best demands (purchases).

Net profi t (Group share)Profi t or loss made by the company. It is calculated by adding recurring operating income, other non-recurring operating expenses, net fi nance costs, other net fi nancial expenses, share of profi t of associates, and profi t (or loss) from discontinued operations, then subtracting taxes and minority interests.

OGMThe Ordinary General Shareholders’ Meeting is held within six months of the end of the preceding fi nancial year. Its purpose is to inform shareholders of the Group’s activities and results, approve the fi nancial statements, set the dividend, and appoint or renew the term of offi ce of the members of the Board of Directors and the Statutory auditors, in addition to authorizing current management decisions. On the fi rst convening, a quorum of 20% is necessary. No quorum is required on the second convening.

OPCVM (Organisme de placement collectif en valeurs mobilières - pooled investment funds)A savings product that makes it possible to hold part of a collective marketable security portfolio handled by a professional, like SICAVs (open-ended investment companies) or FCPs (mutual funds).

Operating income recurringAnnual sales minus the cost of producing, distributing and selling products and the depreciation or amortization on capital expenditures. It indicates a company’s ability to generate the margins necessary for its operation and growth.

Par valueThe issue price of a share as defi ned in a company’s Articles of Association. A company’s total capital is the par value of the share multiplied by the number of shares.

PER (Price Earning Ratio)The ratio of the market price of a share over earnings per share.

Preferential subscription rightTradable right giving shareholders priority in subscribing to a number of new shares in proportion to the number of shares already held in the event of a share issue. This is a negotiable right in the stock exchange. In exceptional cases, the company may ask its shareholders to suspend their subscription right at an Extraordinary General Shareholders’ Meeting.

QuorumMinimum percentage of shares with voting rights required to be present or represented for a General Shareholders’ Meeting to proceed.

Recurring operating income Annual sales minus the cost of producing, distributing and selling products and the depreciation or amortization of capital expenditure. It indicates a company’s ability to generate the margins necessary for its operation and growth.

ROCE (Return On Capital Employed)The ratio of net profi t before interest expenses and after taxes over average capital employed. It refl ects the net return on funds invested by shareholders and those loaned by banks and fi nancial institutions.

ROE(Return On Equity)The ratio of net profi t over shareholders’ equity. It represents the net return on money invested by shareholders.

SBF 120 It tracks the 120 most actively traded stocks on the Paris Stock Exchange (includes those in the CAC 40).

SBF 250 It adds to the SBF 120 another 130 of the most representative stocks from each fi eld of activity.

ShareTradable security representing a portion of a company’s capital. The owner of a share, the shareholder, is a part-owner of the company and enjoys certain rights.

Shareholders’ equityThe part of the company’s capital belonging to its shareholders. It includes the value of issued shares, retained earnings and net profi t for the fi nancial year.

Stock market indexIt is a statistical measure tracking the price evolution in a group of stocks. When we talk of a rise or drop in a market’s value, we generally refer to its principal index.

Stock optionA subscription option that offers the right to buy, at a price set in advance, for a fi xed period, a company’s share.

Stock splitSplit of a share’s par value to improve its liquidity. A stock split leads, in the same proportions, to a split in the share’s market value and the multiplication of the number of shares comprising the capital.

UCG(Underlying Capital Gain)Potential capital gain resulting from the future sale of shares, the difference between cost price andthe share price at a given moment.

VolatilityThe degree of variation of a share over a given period. It is a risk indicator: the greater the volatility, the higher the risk.

YieldRatio of dividend per share over market price.

LMNO SUVYPQR

Basic earnings per share . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16, 27Bearer . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 32, 33, 46Bonus shares allocation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 29, 49Calendar (stock market calendar) . . . . . . . . . . . . . . . . . . . . . . . . . . 51Capital . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19Capital gains . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .29, 53Customary present . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 54Direct registered shares . . . . . . . . . . . . . . . . . . . . . . . . 32, 33, 46, 47Dividend . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 30, 31, 52Fixed rate withholding tax(PFL - Prélèvement forfaitaire libératoire) . . . . . . . . . . . . . . . . . . . 52Form of shareholding . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .46General Meeting . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 38, 39Gift by hand . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .55Gifts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 33, 55Group . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14-17, 20-23Handling fees . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .46, 47, 49Inheritance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 33, 55Intermediary registered shares . . . . . . . . . . . .19, 32, 33, 46, 48, 49Invitation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 38, 39, 43Loyalty bonus . . . . . . . . . . . . . . . . .19, 26, 27, 29, 30, 32, 33, 46-49Market capitalization . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .28, 61Meetings with shareholders . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .40Performance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 26-28Portfolio value . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 27Registered shares . . . . . . . . . . . . . . . . . . . . . . . . . . 19, 32, 33, 46-49Share (price) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 28Share ownership . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18, 19Shared gift . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .55Shareholder Services . . . . . . . . . . . . . . . . . . . . . . . .19, 36, 37, 47, 49Shareholders Reception Lounge . . . . . . . . . . . . . . . . . . . . . . . .36, 37Shareholders’ Communication Committee . . . . . . . . . . . . . . . . . . . 41Stock exchange . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 50, 51Stock order . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 50, 51Stock savings plan(PEA – Plan d’épargne en actions) . . . . . . . . .32, 33, 46, 48, 49, 53Taxation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 29, 52, 53Transferring assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 54, 55Voting . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 38, 39

CONVERSION TO INTERMEDIARY REGISTERED SHARES

CONVERSION TO DIRECT REGISTERED SHARES

These documents can be downloaded from the Shareholder section of www.airliquide.com.

I, the undersignedFirst name: . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Last name: . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Maiden name: . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Address: . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .City: . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Zip code: . . . . . . . . . . . . . . . . . . . . . . . . . . . Country: . . . . . . . . . . . . . . . . . . . . .Account number: . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .At(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Hereby request that you proceed to convert to intermediary registered shares with Air Liquide (b) ………………………Air Liquide shares (FR0000120073) currently held in my account.

Place . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Date . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Signature

I, the undersignedFirst name: . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Last name: . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Maiden name: . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Address: . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .City: . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Zip code: . . . . . . . . . . . . . . . . . . . . . . . . . . . Country: . . . . . . . . . . . . . . . . . . . . .Account number: . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .At (a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

• Hereby request that you transfer (b) to……………………… Air Liquide shares (FR0000120073) currently held in my account under bearer form to a registered account held directly by Air Liquide (Euroclear affi liate number 847 – account type 09) and consequently ask you to implement the corresponding procedure.

• Communicate the average purchase price of these shares to Air Liquide.

• Communicate the following direct registered share account number to Air Liquide:………………………847 (only for shareholders already holding direct registered shares).

Place . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Date . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Signature

58+59

DOCUMENTS TO BE RETURNED TO YOUR FINANCIAL INTERMEDIARY

(a) Name of fi nancial intermediary or bank which currently manages your share account.(b) Number of shares to be transferred.

NB: You may also use this form to transfer intermediary registered shares to direct registered shares.

(a) Name of fi nancial intermediary or bank which currently manages your share account. (b) Number of shares to be converted.

TAKING ADVANTAGE OF INTERMEDIARY REGISTERED SHARES IS SIMPLE

You already hold Air Liquide shares

through a bearerYou do not yet hold any

Air Liquide shares

Give your bank the “CONVERSION TO INTERMEDIARY REGISTERED SHARES” FORM(a)

Your bank will send your registration to Air Liquide while continuing to manage your account.

First, place a buy order with your bank

Please note: you must submit a new “Conversion to intermediary registered shares” form for each new buy order of Air Liquide shares.

(a) Conversion and handling fees, as well as processing times for intermediary registered shares, can vary according to bank. Check with your regular advisor for more information.

IDENTIFICATION SHEET AS AT DECEMBER 31, 2009Continuous trading on Euronext Paris i (compartment A)Value code ISIN i FR0000120073Par value i €5.50Number of shares 264,254,354Closing price €83.03Market capitalization €21.9 billionWeighting in the CAC 40 index 3.06%Weighting in the Dow Jones Euro Stoxx 50 i 1.35%

For further information, please refer to the Reference Document placed with the AMF (Autorité des marchés fi nanciers, the French securities regulator) and available on the Air Liquide Group and AMF websites.

Air Liquide gives special thanks to the shareholders and employees who helped create this Guide. Photo Credits: Aqualung, Grégoire Korganow and Gérard Uféras / LaCompany, Michel Labelle, Nicolas Gouhier / Abaca Press • Consulting, concept, creation and production:

L’Air Liquide S.A.Company established for the study and application of processes developed by Georges Claude with issued capital of €1,453,555,647.50Headquarters75, quai d’Orsay • 75321 Paris Cedex 07 – France R.C.S. Paris 552 096 281

As part of its sustainable development policy, Air Liquide has chosen to print this Guide on PEFC-certifi ed paper. The fi bers of this paper come from forests planted and managed in a sustainable manner. The paper is produced by a company that is registered EMAS (Eco-Management and Audit Scheme) and is printed by an ISO 14001-certifi ed printer that holds an imprim’vert label.

April 26 — First quarter 2010 revenue

August 2 — First half 2010 results

ANNUAL GENERAL MEETING OF SHAREHOLDERS

May 5

November 19-20 — Actionaria Fair (Palais des Congrès, Paris)

BENOÎT POTIER MEETS SHAREHOLDERS IN FRANCE

May 18 — NantesMay 20 — Lyon

THE LOYALTY BONUS(a): IT’S REWARDING!

+33 (0)1 57 05 02 26or from France:

Contact us directly through our website: http://contact.shareholders.airliquide.com or in the Shareholder section of www.airliquide.com

IT MAKES YOU WANT TO LEARN MORE!

WHY NOT BENEFIT?

LOYALTY BONUS

Shareholders Reception Lounge Open Monday-Friday from 9:00 am to 6:00 pm (GMT+1)75, quai d'Orsay – Paris 7e – France

Shareholder Services75, quai d'Orsay75321 Paris Cedex 07France

TO BENEFIT, CONVERT YOUR SHARES TO INTERMEDIARY REGISTERED SHARES!FOR MORE INFORMATION, SEE PAGES 32 AND 46 OF THIS GUIDE.

+10%

ON THE NUMBER OF BONUS SHARES ALLOCATED

+10%

ON THE DIVIDEND VALUE RECEIVED(a) For shares in registered form for more than two full calendar years.

shareholder’s guide 2010

Documents