Air Liquide :  Liquide completes the refinancing of its gas acquisition with a successful capital increase of 3.3 billion euros

Air Liquide completes the refinancing of the Airgas acquisition in 3 steps:

• A 3 billion euro bond issue placed on June 6, 2016
• A 3.3 billion euro share capital increase with preferential subscription rights for existing shareholders (the 'Rights Issue'), launched on September 13, 2016, the results of which are communicated today
• A 4.5 billion US dollar bond issue placed on September 22, 2016

Disclaimer

These materials and the information contained herein do not constitute an offer to sell or subscribe, nor the solicitation of an order to purchase or subscribe, securities in any country other than France.

These materials are not an offer of securities for sale nor the solicitation of an offer to purchase securities in the United States of America or any other jurisdiction. The securities referred to herein may not be offered or sold in the United States of America absent registration or an exemption from registration under the U.S. Securities Act of 1933, as amended. Air Liquide does not intend to register any portion of the planned offer in the United States of America or to conduct a public offering of securities in the United States of America.

This document does not contain or constitute an invitation, inducement or solicitation to invest.

This document does not constitute a prospectus within the meaning of Directive 2003/71/EC of the European Parliament and the Council of 4 November 2003, as amended (the 'Prospectus Directive').

With respect to the Member States of the European Economic Area (each a 'Relevant Member State'), no action has been undertaken or will be undertaken to make an offer to the public of the securities requiring a publication of a prospectus in any Relevant Member State, other than France. As a result, the new or existing securities of Air Liquide may not be offered and will not be offered in any Relevant Member State other than France, except (i) to any legal entity which is a qualified investor as defined under the Prospectus Directive, (ii) to fewer than 150, natural or legal persons (other than qualified investors as defined in the Prospectus Directive) as permitted under the Prospectus Directive; or (iii) in any other circumstances not requiring Air Liquide to publish a prospectus as provided under Article 3(2) of the Prospectus Directive and/or regulations applicable in the Relevant Member State.

For the purposes of this provision, an 'offer to the public' in relation to the new or existing securities of Air Liquide in any Relevant Member State means the communication in any form and by any means of sufficient information on the terms of the offer and the new or existing securities of Air Liquide to be offered so as to enable an investor to decide to purchase the new or existing securities shares of Air Liquide, as the same may be varied in that Member State by any measure implementing the Prospectus Directive in that Member State.

This press release is directed only at and is for distribution only to persons who (i) are outside the United Kingdom, (ii) are 'investment professionals' falling within Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (as amended) (the 'Order'), (iii) are persons falling within Article 49(2)(a) to (d) ('high net worth companies, unincorporated associations etc.') of the Order or (iv) are other persons to whom an invitation or inducement to engage in investment activity (within the meaning of the Financial Services and Markets Act 2000) in connection with the issue or sale of any securities may otherwise lawfully be communicated or caused to be communicated (all such persons in (i), (ii), (iii) and (iv) together being referred to as 'Relevant Persons'). This press release is directed only at Relevant Persons and must not be acted on or relied on by persons who are not Relevant Persons. Any investment or investment activity to which this press release relates is available only to Relevant Persons and will be engaged in only with Relevant Persons.