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2015

REFERENCE DOCUMENT

Including the Sustainable Development Report

Contents

4

Financial statements 199

Consolidated fi nancial statements 201

Statutory accounts of the parent company 275

5

Annual General Meeting 2016 297

Board of Directors" Report on the resolutions

presented to the 2016 Combined Shareholders"

Meeting 298

Resolutions presented for the approval

of the Combined Shareholders" Meeting -

May 12, 2016 307

Statutory Auditors" Reports 327

6

Additional information 339

Share capital 340

General information 346

Trade payables 356

Factors that may have an impact in the event

of a takeover bid 357 Person responsible for the Reference Document 359 Cross-reference table for the Reference Document 360 Cross-reference table for the Annual Financial Report 364 Cross-reference table for the Management Report 365

Glossary 367

Key Figures 2

1

Management Report 9

History of the Air Liquide Group 10

Activities and risk factors 15

2015 Performance 32

Investment cycle and fi nancing strategy 45

Innovation 53

Strategy and outlook 62

2

2015 Corporate Social Responsibility

and Sustainable Development Report 65

Introduction 66

Our 2015 Social and Environmental Contribution 67 Environmental, social and governance (ESG) report 69

Reporting methodology 113

Independent verifi er"s report 115

Appendix 118

3

Corporate governance 119

Management and control 120

Report from the Chairman of the Board of Directors 123 Remuneration of the Executive Offi cers and Directors of L"Air Liquide S.A. 147

Statutory Auditors" Report 174

Transactions involving Company shares performed

by Executive Offi cers and members of Executive

Management 175

Description of share subscription option

and performance share plans 176

Employee savings and share ownership 184

Information concerning members of the Board

of Directors and Executive Management 185 Statutory Auditors" offi ces and fees 197Ten-year consolidated fi nancial summary 372

12015 REFERENCE DOCUMENT AIR LIQUIDE

World leader in gases, technologies and services for Industry and Health, Air Liquide is present in 80 coun-

tries

with more than 50,000 employees and serves more than 2 million customers and patients. Oxygen, nitro-

gen and hydrogen have been at the core of the Company"s activities since its creation in 1902. Air Liquide"s ambi-

tion is to be the leader in its industry, delivering long-term performance and acting responsibly.

Air Liquide ideas create value over the long-term. The commitment and constant inventiveness of its people are at the

core of the Company"s development.

Air Liquide anticipates the challenges of its markets, invests locally and globally, and delivers high-quality solutions

to its customers, patients and the scientifi c community.

The Company relies on

competitiveness in its operations, on targeted investments in growing markets and on innovation to deliver profi table growth over the long-term.

Air Liquide"s revenues amounted to

16.4 billion euros in 2015, and its solutions that protect life and the environment

represented more than 40% of sales. Air Liquide is listed on the Paris Euronext stock exchange (compartment A) and

is a member of the CAC 40 and Dow Jones Euro Stoxx 50 indexes.

The original French version of this Reference document was fi led with the French fi nancial markets Authority (AMF), on March 1, 2016, in

accordance with Article 212-13 of its General regulations. It may be used in support of any fi nancial transaction if it is supplemented by a

prospectus approved by the AMF. This document contains all information required for the Financial Annual Report. It was prepared by

the issuer and its signatories assume responsibility.Visit our website www.airliquide.com

This document is a non-binding "free" translation from French into English and has no legal value other than an informative one. Should

there be any difference between the French and the English version, only the text in French language shall be deemed authentic and

considered as expressing the exact information published by Air Liquide. A fi nancial and technical glossary is provided at the end of the document - pages 367 to 371.

2015 Reference Document

including the Corporate Social Responsibility and Sustainable Development Report

22015 REFERENCE DOCUMENT AIR LIQUIDE

KEY FIGURES

A GLOBAL PRESENCE

(a) See the description of the new Global Markets & Technologies activity p. 25. (b) Gas and Services for Industry (GSI): Large Industries, Industrial Merchant, Electronics.

2015 Group revenue by region and by activity, for Gas & Services (G&S)201 5 Group revenue by activity

32% of revenue for Gas & Services

for Industry (b) realized in developing economies

Present in 80 countries 51,500 employees

World leader in gas and services

for Industry and Health

16,380

million euros

Other activities

3%

Engineering &

Construction

5%

Electronics

9%

Healthcare

17%

Industrial Merchant

32%Large Industries

32%Gas & Services

90

Global Markets & Technologies

(a) 2% ■Europe

Healthcare

33%Electronics

3%

Large Industries

33%

Industrial Merchant

31%
6,749 million euros

46% of G&S

■Americas

Electronics

11%

Healthcare

10%

Industrial Merchant

44%Large Industries

35%
3,595 million euros

24% of G&S

■Asia-Pacifi c 3,850 million euros

26% of G&S

Electronics

25%

Large Industries

39%

Healthcare

4%

Industrial Merchant

32%
■Middle-East & Africa 558
million euros

4% of G&S

Healthcare

8%

Industrial Merchant

55%

Large Industries

37%

32015 REFERENCE DOCUMENT AIR LIQUIDE

KEY FIGURES

A WIDE RANGE OF MARKETS

AND A

STRONG BUSINESS MODEL...

KEY ELEMENTS BY BUSINESS LINE

(a) (b)

(a) Gas & Services bring together the following Business Lines: Large Industries, Industrial Merchant, Healthcare, and Electronics. See details in the Activities section on p. 15.

(b) Published data. >LARGE INDUSTRIES35% of G&S // 5,201million euros // +4% in 2015 // +5% on average over 5 years

• High capital intensity

•Customers in metals, chemicals, refi ning and energy

Industrial basin and pipeline network strategy

Long-term contracts (15 years), take-or-pay clauses and indexed energy cost >INDUSTRIAL MERCHANT

36% of G&S // 5,229 million euros // +4% in 2015 // +2% on average over 5 years

•More than 1 million customers

Technological solutions adapted to customers" businesses

Synergies with Large Industries

• Importance of

logistics >HEALTHCARE

19% of G&S // 2,799 million euros // +9% in 2015 // +8% on average over 5 years

•Medico-technical services activity in a regulated sector

1.3 million patients

• Geographical

density Sophisticated information systems essential for the activity >ELECTRONICS

10% of G&S // 1,523

million euros // +23% in 2015 // +5% on average over 5 years • Technological solutions with ultra-purity gases and adapted molecules

•Long-term contracts for nitrogen

• Concentration of the activity in

Asia

42015 REFERENCE DOCUMENT AIR LIQUIDE

KEY FIGURES

... DRIVEN BY COMMITTED WOMEN AND MEN

Number of employees since 2006 (10years)

Number of employees

2015201420132012201120102009200820072006

36,90040,30043,000

42,30043,60046,200

50,25049,50050,30051,500

Diversity evolution since 2006 (10 years) -

% of women among Group employees

051015202530

2015201420132012201120102009200820072006

Percentage of women among Group employees

Percentage of women among Managers and Professionals

24%24%25%26% 26 %27%27%28%

24%24%

18% 19% 22%
24%
24%
26%
26%
27%
28%
29%
Number and frequency of lost-time accidents of Group employees since 1996 (20 years)

050100150200250300

Number of

lost-time accidentsNumber of lost-time accidents (2014 perimeter)Number of lost-time accidents (after acquisitions)

188207

164

135 134167194

136 135

131153

147137131153144 144152149151

138
14

012345678

Lost-time accident

frequency rate (a) 3.4 3.7 2.9 2.4 2.3 2.8 3.2 2.3 2.3 2.1 2.3 2.1 1.8 1.7 1.9 1.7 1.7 1.6 1.6 1.6

(a) Number of lost-time accidents with at least one lost-day per million hours worked by Group employees.

Air Liquide Foundation221 projects

in 45 countries since its creation

250 employees involved

Corporate Governance in 2015 Internal Governance in 2015

82% of Board members are independent Directors

45% of Board members are women

55%
of Board members are of foreign nationality (non-French) 97%
of the Group"s employees belong to an entity that has alocal Code of Conduct 91%
of the Group"s revenues covered by the Industrial Management System (IMS) over the last “ veyears >90% of revenues subject to internal control system processes

52015 REFERENCE DOCUMENT AIR LIQUIDE

KEY FIGURES

AN INNOVATIVE COMPANY

Innovation expenses (10 years)

1.6% 1.6% 1.7% 1.7% 1.7% 1.7%

1.8%1.8%

1.7% 1.7% 1.8% Innovation expenses in percentage of Group revenue

170190224

218235252257265

0%1.0%2.0%3.0%4.0%

20140
357
0 105
140
175
210
245
280

20132012201120102009200820072006

278282

2015

Innovation expenses (in millions of euros)

INNOVATION EXPENSES

GLOBAL NETWORK SUPPORTING INNOVATION

271 new patents fi led

in 2015 >6,200 EMPLOYEES R&D ALTEC E&C GM&T i-Lab & ALIAD

Digital transformation

>NEW ACTIVITY - GLOBAL MARKETS &

TECHNOLOGIES (GM&T)

• Dedicated to

innovation; activities incubator

• Development of existing markets

(space, aerospace, maritime, extreme cryogenics, etc.)

• Opening of

new markets (hydrogen energy, Bio-Natural Gas Vehicles, biofuels, etc.)

62015 REFERENCE DOCUMENT AIR LIQUIDE

KEY FIGURES

REGULAR AND SUSTAINED PERFORMANCE

CONSISTENT PERFORMANCE OVER 30 YEARS

(a) See ROCE definition on page 369. (b) At December 31, 2015, for an invested capital since December 31, 2010. (c) At December 31, 2015, for an invested capital since December 31, 2005. Created in 1902 19.5% Gas & Services Operating Margin / Revenue

Revenue (in millions of euros)

Compound annual growth over 30 years: +5.8%

2015-2014 growth: +6.7%

04,0008,00012,00016,000

16,380

Cash Flow from operating activities before changes in working capital requirement (in millions of euros)

Compound annual growth over 30 years: +6.9%

2015-2014 growth: +7.0%

05001,0001,5002,0002,5003,000

3,150

Net profi t (Group share) (in millions of euros)

Compound annual growth over 30 years: +8.0%

2015-2014 growth: +5.5%

03006009001,2001,5001,800

1,756

Return on Capital Employed

(a)

02468101214

10.3% TSR

Total Shareholder Return

for a single registered share+8.7% over 5 years (b) +10.4% over 10 years (c)

72015 REFERENCE DOCUMENT AIR LIQUIDE

KEY FIGURES

Share ownership breakdown at December 31, 2015

Individual

shareholdersTreasury shares

Non-French

institutional investorsquotesdbs_dbs17.pdfusesText_23

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