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THIS DOCUMENT IS A FREE TRANSLATION, FOR INFORMATION PURPOSES ONLY, OF THE FRENCH LANGUAGE "COMPTES AU31 DECEMBRE 2019" PREPARED BY AIR LIQUIDE FINANCE. IN THE EVENT OF ANY AMBIGUITY OR CONFLICT BETWEENCORRESPONDING STATEMENTS OR OTHER ITEMS CONTAINED IN THESE DOCUMENTS, THE RELEVANT STATEMENTS OR ITEMS OFTHE FRENCH LANGUAGE DOCUMENT SHALL PREVAIL.AIR LIQUIDE FINANCEFINANCIAL STATEMENTSAS OF DECEMBER 31, 2019Société Anonyme with a share capital of 102,000,000 eurosHeadquarters: 6, rue Cognacq-Jay, 75007 Paris1

BALANCE SHEET AIR LIQUIDE FINANCE(In thousands of euros)As of December 31,2018As of December 31, 2019GrossASSETSDepreciation,amortization andprovisioncarryingamountCapital subscribed but not calledNetNetTOTAL IINTANGIBLE 178,90178,901821,534PROPERTY, PLANT AND EQUIPMENTLandBuildingsPlant, machinery and equipmentRecyclable sales packagingOther property, plant and equipmentProperty, plant and equipment under constructionPayments on account – property, plant and equipmentLONG-TERM FINANCIAL ASSETSEquity investmentsLoans to equity affiliatesOther long-term investment securitiesLoansOther long-term investmentsTOTAL IIINVENTORIES AND WORK-IN-PROGRESSRaw materials and other suppliesWork-in-progressSemi-finished and finished goodsBought-in goodsPayments on account from suppliersRECEIVABLESTrade receivables and related accountsGroup company and other receivablesMISCELLANEOUSShort-term financial investmentsFinancial instrumentsCash at bank and in handPREPAYMENTS AND ACCRUED INCOMEPrepaid expenses1571577521,925,3141,925,3142,502,321TOTAL IV TOTAL IV 26,79626,79627,736Bond redemption premiumsTOTAL V TOTAL V34,66333,852Unrealized foreign exchange lossesTOTAL VI TOTAL VITOTAL IIILoan issue costs to be amortizedTOTAL ASSETS (I to VI)34,66315,228,59815,228,59816,850,2262

BALANCE SHEET AIR LIQUIDE FINANCE(In thousands of euros)As of December 31,2019LIABILITIES AND SHAREHOLDERS’ EQUITYAs of December 31,2018Before approval ofthe financialstatementsSHAREHOLDERS’ EQUITYShare capitalAdditional paid-in capital102,00072,0008848847,2007,200Reserves:- Legal reserve- Tax-driven reserves- General reserve- Contingency reserve- Depreciation or amortization fund- Translation reserveRetained earningsNet income (loss) for the year33472,013118,949Investment subsidiesOther tax-driven provisionsTOTAL I182,130199,037EQUITY EQUIVALENTSProceeds from issues of participating securitiesSubordinated loansTOTAL IIPROVISIONProvisions2,643TOTAL III4,5932,6434,593LIABILITIESConvertible bondsOther bonds11,339,33111,412,511Bank borrowings127,675446,401Other 592,4751,371Payments on account from customersTrade payables and related accountsTax and employee-related liabilitiesAccounts payable in respect of fixed assets and related accountsAmounts payable to Group and other companiesDividendsFinancial instrumentsACCRUALS AND DEFERRED INCOMEDeferred incomeUnrealized foreign exchange gainsTOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY (I to V)121400TOTAL IV15,038,73816,643,789TOTAL V5,0872,80715,228,59816,850,2263

INCOME STATEMENT AIR LIQUIDE FINANCE(In thousands of euros)Income statement20192018OPERATING INCOMESales of goods and servicesChange in inventories and WIPCapitalized productionTotal operating income (I)OPERATING EXPENSESPurchases of raw materials and other suppliesChange in inventories of raw materials and suppliesExternal chargesDuties and taxes other than corporate income el expensesDepreciation, amortization and impairment lossesTotal operating expenses (II)NET OPERATING INCOME/(LOSS) (I - II)FINANCIAL INCOMEFinancial income from equity affiliatesRevenues from other marketable securities and long-term loansOther interest and similar income426,394476,247Reversals of impairment and provisions, expense reclassificationsForeign exchange gains556Total financial income (III)FINANCIAL EXPENSESAmortization, impairment and provisionsInterest and similar chargesOther financial 5Foreign exchange losses2,089Total financial expenses ORPORATE INCOME TAX25,30351,052NET INCOME FOR THE YEAR72,013118,949NET FINANCIAL INCOME/(LOSS) (III - IV)NET INCOME/(LOSS) FROM ORDINARY ACTIVITIES BEFORE TAX (I - II III - IV)EXCEPTIONAL INCOME (V)EXCEPTIONAL EXPENSES (VI)Exceptional charges on non-capital operationsNET EXCEPTIONAL ITEMS (V - VI)4

Summary to the Air Liquide Finance company financial statementsA - ACCOUNTING POLICIES .61. General principles .62. Intangible assets .63. Long-term financial assets . 64. Loans and borrowings . 65. Receivables and payables . 76. Deferred charges .77. Provisions. 78. Financial instruments . 79. Cash and short-term financial investments . 8B - NOTES TO THE HALF-YEAR FINANCIAL STATEMENTS .81. Significant events .82. Intangible assets .83. Long-term financial assets . 94. Short-term financial investments.95. Shareholders’ equity . 106. Provisions. 107. Debt maturity analysis . 108. Breakdown of accrued expenses .119. Breakdown of accrued income . 1110. Loan issue costs to be amortized.1111. Bond redemption premiums . 1212. Deferred income .1213. Financial instruments . 1214. Tax consolidation .1215. Income tax . 1316. Off-balance sheet commitments .1317. Consolidated financial statements .1418. Post-balance sheet events . 14This document is a free translation, for information purposes only, of the French language “Comptes au 31décembre 2019” prepared by Air Liquide Finance. In the event of any ambiguity or conflict between correspondingstatements or other items contained in these documents, the relevant statements or items of the French languagedocument shall prevail.5

Notes to the statutory accountsA - ACCOUNTING POLICIES1. General principlesThe financial statements of Air Liquide Finance S.A. have been prepared in accordance with generalaccounting principles applicable in France and in particular those of the French General Chart of Accounts(Plan Comptable Général) and the French Commercial Code.The financial statements have been prepared on a going concern basis.Since January 1, 2017, Air Liquide Finance apply accounting standard n 2015-05 issued by ANC (Autoritédes Normes Comptables) on July 2nd, 20152. Intangible assetsIntangible assets are stated at purchase price.An impairment test is carried out at year-end. Impairment losses are recorded for purchased goodwill whereits gross value exceeds its closing value.3. Long-term financial assetsEquity investments and other long-term investment securities are recorded at historical value on the balancesheet.An impairment provision is recorded where the carrying amount of long-term investments exceeds their closingvalue.4. Loans and borrowingsLoans and borrowings are recorded at nominal value on the balance sheet.Loans granted with a maturity of one year or more from the beginning are classified in long-term financialassets. Loans granted with a maturity of less than one year from the beginning and current cash accountsset up with the group companies are classified in receivables.The financing provided by the group is classified in “other borrowings” for borrowings and in “amountspayable to Group and other companies” for cash current accounts and short-term negotiable instrumentsissued through its subsidiary Air Liquide US LLC on the US market (US commercial papers). Financing fromsources outside the Group is classified in “other bonds” for bonds and private investments, and in “bankborrowings” for commercial paper and bank overdrafts.Loans and Borrowings in foreign currency are accounted for their counter-value in euros applicable at theinception date.At closing date: Loans and Borrowings are revaluated at closing rateDifferences between counter-value in euros at inception and closing date are accounted for in the balancesheet in unrealized foreign exchange gains/lossesUnrealized foreign exchange losses which are not compensated are specifically analyzed. A contingencyprovision is recognized in totality when operations are not hedged. As for hedged operations, nocontingency provision is recognized except when a risk linked to a partial inefficiency of the hedgingrelationship is identified6

5. Receivables and payablesReceivables and payables are stated at nominal value.At the year-end, differences arising from the translation of receivables and payables denominated in a foreigncurrency are recognized in suspense accounts in assets and liabilities (“Unrealized foreign currency gains orlosses”).A contingency provision is recorded for unrealized foreign exchange losses.6. Deferred chargesLoan issue costs and premiums are recorded in deferred charges and amortized on a straight-line basis overthe term of the loan. In the income statement, amortization is recorded in external charges for issue costs, andin amortization, impairment and provisions under financial expenses for issue premiums.7. ProvisionsThe deferred tax method is applied for the preparation of the financial statements. Deferred tax liabilitiesare recorded under provisions for taxes.8. Financial instrumentsThe company provides short-term and long-term financing to the Group subsidiaries through loans and cashpool denominated in foreign currency.The operational subsidiaries of the Group contract purchases and selling of forward currency transactions withAir Liquide Finance. Air Liquide Finance contracts symmetrically purchases and selling of forward currencytransactions with external counterparts.-Currency hedgingThe exposure resulting from these operations are hedged through bonds issuances and / or borrowingscontracted directly in foreign currency, and various financial instruments, mostly foreign exchange forwardsand cross-currency swaps.Regarding foreign exchange forward derivatives, the company recognizes swap points in the balance sheet (online “financial instruments”) and amortize them on a linear basis throughout the life of the hedging instruments.Regarding cross-currency swaps, interests on each leg (borrowing and lending) are accounted for in the P&L(“other interest and similar income”) at the time they are incurred, with a counterpart in the balance sheet in theline “other borrowings”.The realized result due to hedging instruments is presented symmetrically at the same time and in the samefinancial statement line as the realized result generated by the underlying hedged operation. Likewise,unrealized results linked to the foreign exchange part of hedging instruments are presented in the samefinancial statement line in the balance sheet as unrealized foreign exchange gains / losses recognized for theunderlying hedged operations.7

When hedging instruments are realized before the underlying hedged operations, the realized gains / losses areaccounted for in the balance sheet in the line “financial instruments”. These gains / losses are recognized inthe P&L only when the symmetrical gains / losses linked to the underlying hedged operations are realized andimpact the P&L.When derivative instruments do not qualify for hedge accounting, they are considered as isolated openpositions: Realized gains / losses are recognized in the P&L At the closing date, unrealized gains / losses are accounted fo

28.04.2020 · the term of the loan. In the income statement, amortization is recorded in external charges for issue costs, and in amortization, impairment and provisions under financial expenses for issue premiums. 7. Provisions The deferred tax method is applied for the preparation of the financial statements. Deferred tax liabilities