2011 Shareholder’S Guide - Air Liquide · Did you know? Shareholders are legally required to...

2011 Shareholder’S Guide

MORE than just a share

30

0418

44

04 More BeNChMarKS a message from Benoît Potier 08Key figures 10our activities 12our Foundation 16

18 More PerForMaNCeYour investment in air liquide 22Your dividend 26Your free share attribution 28Your loyalty bonus 29

30 More CoMMuNiCaTioN Your 2011 shareholder calendar 34Your advisors and Shareholders lounge 36Your meetings with air liquide 38The Shareholders’ Communication Committee 39information at your fingertips 40Your annual General Meeting 42

44 More KNoWledGe Shareholding options 48intermediary registered shares 50direct registered shares 51understanding the stock market 52Shares and taxes 54inheritance and donations 58

Glossary 60index 62intermediary registered share conversion and direct registered share conversion form 63

Words indicated by this symbol are defined in the glossary on p.60.i

BeiNG a Shareholder MeaNS ShariNG more ThaN juST SeCuriTieS

Michelle, 67, is committed to preserving the environment for future generations. For this environmentalist, every single action impacts our planet.

More BenchMarks

Michelle shares with Air Liquide the ambition to contribute to the development of alternative, sustainable, and environmentally friendly energy solutions.

A message from Benoît Potier key figures

our activitiesour Foundation

BeNChMarKS

Your loyalty is a precious capital

The Group achieved a solid performance in 2010, a good indication for future growth, supporting our ambition. 2010 revenue reached €13.5 billion, an increase of 12.6%, and net profit grew by 14.1% to €1.4 billion.

2010 was marked by a return to more sustained growth in all businesses and geographies, although at different rates region by region. The biggest successes of the year were the Large Industries and Electronics business lines, and the strongest growth was recorded in Asia and the Middle East.

Beyond its traditional businesses, the Group successfully seized development opportunities in its five growth drivers. In Energy and the Environment, Air Liquide is taking part in FutureGen 2.0, a major CO2 capture and storage project in the United States. In Saudi Arabia, the Group decided the largest investment in its history, to supply hydrogen to the Yanbu industrial basin. In Health, Air Liquide concluded targeted acquisitions in the homecare sector in South Korea, Australia, and France, while maintaining the development of therapeutic gases, especially those used for treating pain. In High Tech, Air Liquide won many contracts in the photovoltaic sector. Finally, the Group extended its positions in Developing Economies, with numerous contracts in China, India, Poland and Russia.

In 2010, the Air Liquide share price mirrored this momentum. It outperformed the CAC 40, its reference index, by 25%, and reached the highest level in its history on December 21, 2010 at €99.15.

In light of the changes observed throughout this period, Air Liquide decided to reassess its markets, identify potential opportunities in various sectors and geographies, and update its medium-term objectives, defined in its ALMA 2015 company program.

The first objective is to achieve average annual sales growth of +8% to +10% through a strong geographic presence and the ability to innovate and to be competitive. The second aims for operating efficiencies of more than €200 million per year. The third consists in improving the ROCE to the 12% to 13% range by 2015.

To reach these objectives, Air Liquide has identified long-term trends such as the outsourcing of its customers’ gas needs, increased energy efficiency in customer industrial processes, and reduced emissions through better management of natural resources. The health industry is also seeing continuous development, notably connected to the increase in life expectancy and the emergence of a new middle class in developing countries. Finally, the High Tech market is growing significantly, supported by numerous innovations in consumer goods and the increasing complexity of our industries.

The last objective focuses on corporate responsibility, which will serve as an essential part of Group strategy and for which we shall integrate new indicators. Air Liquide’s ambition is to be the leader in its industry through performance and responsibility over the long term.

Ladies and gentlemen, shareholders of the Group, your commitment is confirmed by an increase of nearly 12,000 registered shareholders over the last year, bringing the total number to 183,000. Your loyalty is essential to our Group, because it enables us to look far into the future, pursue our long-term industrial strategy, and continue investing in innovation— the source of future development. Air Liquide looks forward to relying on this precious capital for decades to come, to ensure sustained and regular growth over the long term.

2010 was marked by a return to growth, a further improvement in operating performance, and acceleration in the investment cycle. in a context of progressive economic recovery, the group successfully managed the end of the crisis, seizing the increasing development opportunities, which confirm the strength of the five growth drivers.at the annual general meeting to be held on may 4, 2011, shareholders will be requested to approve a dividend of €2.35 per share, up 11.4% over 2010, adjusting for the one-for-15 free share issue of june 2010.

a message from Benoît Potier – Chairman and Ceo

08+09

(a) At the end of 2010, the share of capital held by employees and former employees of the Group is estimated at 2.1%, of which 1.6% (in the meaning of article L.225-102 of the French Commercial Code) correspond to shares subscribed by employees during employee reserved capital increase operations or held through mutual funds.

390,000 individual shareholders

183,000 shareholders opted for registered shares,

105,000 of them opted for intermediary registered shares

average individual shareholder portfolio: 230 shares

1.6% of capital is held by employees(a)

34% of capital is held in registered form

and 66% in bearer form

✱ 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 within its articles of association an intermediary threshold of 2%.

If a shareholder refuses to comply, the legislation calls for shares to be stripped of their voting rights.

As at December 31, 2010, no shareholder had notified holding 5% or more of the capital or voting rights.

2010 in figuresair Liquide share ownership as at December 31, 2010

2010 cOnsOlidatEd incOME statEMEnt (suMMaRizEd) In millions of euros

revenue 13,488

operating income recurring before depreciation and amortization 3,374

operating income recurring 2,252

operating income 2,254

net profit (Group share) 1,404

net profit per share (in euros) 4.99

Diluted net profit per share (in euros) 4.97

i

i

a message from Benoît Potier Key figures


BeNChMarKS

11,97613,488

10+11GROup REvEnuE by activity

Gas and sERvicEs REvEnuE by businEss linE

Gas and sERvicEs REvEnuE by GEOGRaphical aREa

12.1%

dividEnd i (a)

%2.35 (a) To be proposed at the Annual General Meeting on May 4, 2011.

ROcE Return on capital employed after tax

nEt pROfit (GROup shaRE) in millions of euros

REvEnuEin millions of euros

20092010

1,2301,404

20092010

i

other activities Gas and services

electronics healthcareLarge

Industries americasIndustrial Merchant europe

3%

aiR liquidE shaRE OwnERshipas at december 31, 2010

36%< 1%

Treasury shares

French institutional investors

non-French institutional investors

Individual shareholders

air Liquide share ownership represents a balanced mix between individual shareholders and institutional investors from France and abroad.

88%

40%10%

engineering and construction

6%6%

34%16% 23%22%

asia- Pacific

Middle east and africa

40%

52%

23%

a message from Benoît Potier key figures


Air Liquide is the world leader in gases for industry, health and the environ-ment

BeNChMarKS

12+13

In 80 countrIes, AIr LIquIde suPPLIes gAses to Its customers In extremeLy dIverse IndustrIes such As steeL, food And BeverAge, eLectronIcs or PhArmAceutIcALs.

Gases for all businessesAir Liquide supplies its industrial customers with gases either in gaseous form, in cylinders, or in liquid form, using storage equipments. these gases are used in a wide variety of industrial processes, such as deep-freezing, water treatment, or creating a controlled environment. the group serves its customers in various business sectors such as: Automotive and manufacturing, craftsmen and distributors, food and Pharmaceuticals, materials and energy, technology and research.

an ambitious futureAir Liquide offers gas and energy solutions that are vital for industrial production, enabling companies around the world to improve their process efficiency and better respect the environment. the group supplies oxygen, nitrogen, argon, hydrogen, carbon monoxide, and steam to various industries (metallurgy, chemistry, energy, oil, natural gas) through a network of pipelines and plants – including more than 400 air separation units, about 100 hydrogen production units (including 38 large units), and 18 cogeneration units.

Building the digital ageAir Liquide supplies its customers with specialty and ultra-pure gases (such as nitrogen) used to manufacture semiconductors, flat screens, and solar cells. the group also provides custom services and equipment to enable on-site gas management, under tight deadlines and strict safety conditions.

Industry



AIr LIquIde hAs confIrmed Its LeAdershIP In the heALthcAre Industry By mAIntAInIng Its PosItIon As the most InvoLved gAs Producer And dIstrIButor In thIs sector.

Medical oxygenmedical gases (oxygen, nitrogen protoxide, nitrogen monoxide, xenon, etc.) make up the core of Air Liquide’s healthcare business line. the group produces and supplies gases to more than 6,000 hospitals and clinics around the world. medical gases assist breathing, anaesthetize, relieve pain and preserve human living cells and tissues.

homecareAging populations, development of chronic diseases, multiplication of new technologies, budget pressures in developed economies, and the desire of patients to receive care at home all contribute to the increase of homecare needs. Air Liquide, the european leader in this field, helps provide care to more than 600,000 chronic patients in their homes, mainly in europe, by offering set-up and follow-up services in the fields of:• respiratory assistance (oxygen therapy for severe cases of chronic obstructive pulmonary disease, ventilation for chronic

respiratory deficiencies, positive airway pressure for sleep apnea),• nutritional assistance and perfusion,• Insulin pump therapy for diabetes.

HealthcareBeNChMarKS

14+15

reducing industrial emissionsthe group provides its customers with solutions that help combine business efficiency and environmental consciousness in their industrial processes:• The oxygen used in the manufacture of steel and glass makes it possible to reduce co2 and nitrous oxide (nox)

emissions, while improving the quality of finished products. • The hydrogen supplied by the group is used by refineries to remove sulfur from hydrocarbons. each year, over 700,000

metric tons of sulfur dioxide emissions are thus avoided – a figure that represents more than the annual amount of these gases emitted by a country such as france (450,000 metric tons).

• Air Liquide is developping CO2 capture and storage technologies to reduce the amount of co2 released into the atmosphere. the group is involved in the whole chain (concentration, purification, transportation, and injection of co2 underground), but also more specifically in the development of oxycombustion technologies.

Producing clean energiesPhotovoltaicsAir Liquide has confirmed its position as the world leader among suppliers to the photovoltaic industry, a sector that enjoys steady growth.

Hydrogenthe H2E (Horizon Hydrogen Energy) program aims at developing a hydrogen-energy industry in europe. Its launch further underlines the group’s commitment to developing innovative technologies for producing/storing hydrogen and for industrializing fuel cells.

The Environment


our activitiesour foundation

In line with its sustainable development approach, Air Liquide has chosen to focus the action of its Foundation on the Environment, Healthcare and Micro-Initiatives: three areas in which the Group is legitimate through its activities and by the depth of its local presence worldwide.

✱ pROMOtinG sciEntific REsEaRch Innovation has been in the company’s genes since its inception. therefore, the Air Liquide foundation has naturally taken on the mission to support research, both to preserve air and to improve the respiratory function.

thE EnviROnMEnt the Air Liquide foundation helps scientific research projects that aim to preserve our planet’s atmosphere.

hEalthcaRE the Air Liquide foundation encourages scientific research on the respiratory function in the medical field, deep-sea diving and the space sector.

✱ MicRO-initiativEs the Air Liquide foundation is closely involved with local communities by supporting micro-initiatives in the 80 countries in which the group operates.

100 projects

70 projects financed

30 projects under consideration

Projects in 35 countries20%

36%8%

41%15%

americas

europe

asia-Pacific

africa

ProjecT BreakDown MaP

as of the end of February.

BeNChMarKS

16+17

Under the Pole: the key to our climate is under ice caps…

“ The collected data is going to be compared to other measurements previously taken at the same period of the year. what we can already say is that during the expedition, the temperature of the ice pack was abnormally high for the season. The ice pack was thinner and very chaotic since it had become fragile, which the satellite observations confirmed.” Ghislain Bardout, expedition leader

A PROJECT SuPPORTEd by ThE FOundATiOn

coinciding with an exploration project aimed at creating a unique photographic and cinematographic record of below the polar ice caps, two scientific programs were undertaken: the first program focused on measuring the thickness of snow on the ice caps—a crucial parameter for estimating ice volumes—and the second project considered human physiology through studies of sleep and body temperature changes of team members.after three years of preparation, Ghislain Bardout and his eight-member team, along with one siberian husky dog, arrived at the north Pole toward the end of the arctic winter. For 45 days, they travelled by ski and performed 51 dives underneath the ice caps to gather data that has never been collected before.

Paul, 42, puts community service above everything. He loves helping others and believes in the strength of teamwork. As a committed volunteer, he considers the long-term impact of his efforts.BeiNG a Shareholder MeaNS ShariNG more ThaN juST SeCuriTieS

Paul shares with Air Liquide his understanding of long-term performance and growth: a solid foundation for building his capital and that of his children.

More PerForMance

an investment with long-term returns

according to you, what makes air liquide shares attractive? L.D. : Air Liquide shares have demonstrated that they offer a steady performance over time. This performance is the result of a business model that ensures profitable growth and builds upon future-oriented industries in which the Group operates. Air Liquide implements a rewards policy that adds value to shareholder portfolios

Laurent dublanchet – director of shareholder services

a loNG hiSTorY oF CoNFideNCe BeTWeeN air liquide aNd iTS ShareholderSover the long term. Beyond the Group’s long-standing drive to involve shareholders with its growth by distributing nearly 50% of its net profit in dividends, Air Liquide rewards shareholder trust with a loyalty bonus and free share attributions.

how do you analyze the performance of the air liquide share? L.D. : Over the past five years, the Air Liquide share has seen a growth rate of 49.4%, compared with -19.3% for the CAC 40 index. Since the Company’s creation, shareholders have accompanied and supported Air Liquide’s growth and development through a unique relationship built on trust.

Three factors increase the value of your investment in Air Liquide shares: long-term growth in the share price, performance of a world leader committed to development in industries of the future, and an active policy to build loyalty and reward shareholders. Each of these factors fosters long-term trust.

your investment in Air Liquide Your dividend

Your free share attributionYour loyalty bonus

interview

who are air liquide’s shareholders?L.D. : Air Liquide’s performance appeals to all investor profiles: those who want to build a capital for the future, those who hope to make their portfolios more dynamic, and those who wish to secure assets for their children. Our individual and institutional shareholders both recognize the lasting and steady profitability of their Air Liquide investment. Besides, we strive to maintain a balanced mix between individual and institutional shareholders, on the one hand, and French institutional and foreign institutional shareholders on the other.

22+23

Listed on nyse euronext Paris, Air Liquide has always been committed to sharing the fruit of its growth and rewarding the trust of its shareholders. through a loyalty and rewards policy that relies on the regular distribution of dividends (p.26), the attribution of free shares (p.28), and the loyalty bonus (p.29), the group strongly supports the growth of each shareholder’s initial investment. registered shareholders who apply their dividends each year toward the purchase of new shares, and earn both the loyalty bonus and free shares, have enjoyed an average annual portfolio growth(a) of 11.8% over 5 years, 10.2% over 10 years, and 12.1% over 20 years!

%989

5 yEaRs 20 yEaRsfor every d100 invested over…

PerForMaNCe Shared WiTh all

+10.2%+11.8%

10 yEaRs

PorTFoLIo vaLue as aT DeceMBer 31, 2010avERaGE annual GROwth(a)

+12.1%

%265

%175

(a) As at December 31, 2010, before tax.

dYNaMiC GroWTh over The loNG TerMREvEnuE OvER 30 yEaRsAs the world leader in gases for industry, health and the environment, Air Liquide provides a wide range of applications and operates in various markets worldwide. this diversity is further reinforced by long-term contracts that provide a clear perspective on future activities, and by a constant drive to innovate in order to expand the group’s line of products and services.

adjustEd nEt pROfit pER shaRE(b) OvER 30 yEaRsAir Liquide’s growth is profitable. the adjusted net profit per share has grown by an average of 8.6% over the past 30 years: a solid performance built on strong business fundamentals.

3,000

6,000

9,000

12,000

4

+8.6%average annual growth over 30 years(a)


your investment in Air Liquide Your dividend

Your free share attribution Your loyalty bonus

1

2

3

(a) Data calculated over 30 years according to accounting standards in force at the time.(b) Adjusted to account for the attribution of free shares and for the stock split.

In millions of euros

In euros

89 9980 90 0081 91 0182 92 02 0383 93 0484 94 0585 95 0686 96 0787 97 0888 98 09 10

1089 9980 90 0081 91 0182 92 02 0383 93 0484 94 0585 95 0686 96 0787 97 0888 98 09

13,488 m€

€4.99

aiR liquidE OutpERfORMs thE cac 40 stOck MaRkEt indEx

24+25

✱ over 30 years, Air Liquide has recorded an average annual growth of 7.2% in revenue and of 8.6% in net profit per share.

✱ over the past 20 years, the Air Liquide stock has outperformed the cAc 40 index, taking a marked lead in 2010.

✱ the regular distribution of dividends, the loyalty bonus, and the attribution of free shares all add value to an investment in Air Liquide.

essentials

over the past 5, 10, or 20 years, air Liquide’s stock has shown stronger growth than the average of the 40 companies that make up the cac 40 index.

2010 performance

al +22%cac -3%

air liquide SToCK MarKeT PerForMaNCe

20

40

60

80

al +423%

air Liquide cac 40

To follow air Liquide’s share price in real-time, visit the shareholders section at www.airliquide.com.

shaRE pRicEs OvER 10 yEaRs adjustEd i tO accOunt fOR attRibutiOns Of fREE shaREs and thE stOck split

In the following graph, the share price is adjusted to account for the attribution of free shares and the stock split i that occurred on June 13, 2007.

dece

mbe

r 31

, 2010

1991 19931992 1994 19961995 1997 1998 2001 20031999 2002 20062004 2007 2008 2009 2010

cac -36%al +91%

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010

highest share price in euros 55.33 56.26 49.55 53.57 64.52 77.69 87.18 89.53 79.01 99.15

Lowest share price in euros 40.66 39.24 36.92 46.06 50.13 59.70 70.27 52.21 51.51 70.60

Year-end share price in euros 49.20 44.20 49.23 52.61 62.86 76.55 86.62 61.27 77.72 94.64

Market capitalization i as at December 31 (in millions of euros) 14,295 12,673 13,988 14,849 17,800 21,794 24,312 17,077 21,941 26,887

average number of shares traded per day (in thousands) 672 842 870 736 786 954 1,212 1,420 932 970

2005

1990

cac -19%al +49%

cac +151%

2000

dividend: sharing in air liquide’s profits

how much will the dividend be in 2011?At the Annual General Meeting on May 4, 2011, Air Liquide will propose a dividend of €2.35 per share for fiscal year 2010. Buyers who purchase their shares on or before May 10, 2011, included, will receive the dividend paid in 2011. Conversely, shareholders who sell their shares on or before May 10, 2011, 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 shares 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 16, 2011. Your account will be credited in the following days, depending on the processing time. what about the loyalty bonus?For registered shares held for more than two full calendar years (since 2008 or before) and still held in registered form on the dividend payment date, you will receive a 10% dividend bonus equal to €0.23 per share.

the dividend is… The PorTIon oF The GrouP’s neT ProFIT ThaT Is DIsTrIBuTeD To sharehoLDers.

Your investment in air Liquide your dividend

Your free share attribution Your loyalty bonus

Dividend distributed in 2011

a2.35 per share (amount proposed at the annual General Meeting on May 4, 2011 for fiscal year 2010)

48.7% of net Profit Group share

By distributing nearly 50% of its net profit in dividends over the years, Air Liquide has demonstrated its desire to share its growth with its shareholders. For 30 years, Air Liquide dividends have steadily increased. At the Annual General Meeting on May 4, 2011, Air Liquide will propose a dividend of €2.35 per share for fiscal year 2010 to be approved by its shareholders.

all aBouT divideNdS

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

In euros per share


26+27

stEady dividEnd GROwth OvER tiME

1

2

€2.35

Last day to place purchase orders, so that shares can benefit from the dividend

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

dividend payment date

sundaysaturday

yOuR dividEnd calEndaR

May 10 May 11 May 12 May 13 May 14 May 15 May 16

essentials ✱ over 30 years, the dividend distributed to shareholders grew by 9.9% on average each year.

✱ the dividend proposed at the Annual general meeting on may 4, 2011, for fiscal year 2010 is set at €2.35 per share.

✱ the dividend will be paid out on may 16, 2011.

✱ With the loyalty bonus, you will receive a dividend supplement of 10%, or €0.23 per share.

1089 9980 90 0081 91 0182 92 02 0383 93 0484 94 0585 95 0686 96 0787 97 0888 98 09

Your investment in air Liquide Your dividend

your free share attribution Your loyalty bonus

expanding your portfolioAir Liquide regularly allocates free shares to its shareholders in order to contribute to the growth of their portfolios. Air Liquide has made more than 25 free share attributions.

rights associated with free sharesFree shares benefit from the same rights as other Air Liquide shares (vote, dividend) and they qualify for the loyalty bonus.

impact on purchase priceThe purchase price of free shares is zero, so the average purchase price per share of your portfolio decreases.

fractional rightsIf the number of shares you hold is not a multiple of the attribution, the part of the share that cannot be distributed, called a “fractional right”, will be paid out in cash.

free share attribution increased by the loyalty bonus If you have held your shares for at least two full calendar years, the loyalty bonus gives you a 10% increase in your free share attribution.

summary of free share attribution summary of cash payout

May 28: 1 free share for every 15 shares 68/15 = 4 shares + 8 fractional rights

(15 x 4 = 60) so Mister X received 4 free shares

8 shares were rewarded a fractional right of €5.69(a), or: 8 x €5.69 = €45.52

May 28: 1 free share for every 150 shares (allocation increased by the loyalty bonus)

since Mister X only had 68 shares that qualified for the loyalty bonus, he received

68/150 = 0 shares + 68 fractional rights

68 shares were rewarded a fractional right of €0.57(a), or: 68 x €0.57 = €38.76

new account statement as at may 28 72 shares €84.28

A free shAre Attribution is…The aLLocaTIon To sharehoLDers oF a PorTIon oF reTaIneD earnInGs i In The ForM oF Free shares, DIsTrIBuTeD In ProPorTIon To shares aLreaDY heLD. The LaTesT Free share aTTrIBuTIons Took PLace In 2006, 2008, anD 2010.

exAmPLe latest free share attribution: May 28, 2010on may 27, 2010, mister x held 68 shares that qualified for the loyalty bonus. on may 28, 2010, Air Liquide performed a free share attribution with one free share attributed for every 15 shares held. how many free shares and fractional rights did mister x receive on may 28, 2010?

(a) The fractional rights calculation corresponds to the result of the sale of undistributed shares.

on may 28, 2010, mister x thus held 72 shares and received €84.28.

Your investment in air Liquide Your dividend

Your free share attribution your loyalty bonus

rewarding your trust Air Liquide has taken an extra step over the past 15 years, by rewarding the loyalty of its registered shareholders through a loyalty bonus.

earning the loyalty bonusAll you have to do is buy direct registered or intermediary registered shares, keep them for two full calendar years and still be the shareholder on the dividend payment date and free share attribution date.

the pea (plan d’épargne en actions), the french stock savings planAir Liquide shares held in a PEA can be held as intermediary registered shares (see p.50). With this type of plan, you benefit from the loyalty bonus.

sale and loyalty bonusWhen sold, registered shares are systematically converted to bearer shares, thus losing the associated loyalty bonus. Therefore, please pay close attention to the “sales and buy-backs” of your Air Liquide shares.

28+29

2013 …

registrAtion of shAres As intermediAry registered or direct registered shAres

2 fuLL cALendAr yeArs i receive the LoyALty bonus for the first time for shAres registered since 2011 (a)

And i continue to receive it the foLLowing yeArs (a)

thE lOyalty bOnus ExplainEd2011 2012 2013 2014 2015 2016 …

✱ Air Liquide has made more than 25 free share attributions.

✱ once you have held shares in registered form for more than two full calendar years, the loyalty bonus increases the dividend distributed and the number of free shares attributed by 10%.

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

essentials(a) For shares held for two full calendar years and subject to the conditions defined by Air Liquide’s articles of association.

the LoyALty bonus is…

on The DIvIDenD vaLue receIveD

on The nuMBer oF Free shares aLLocaTeD

+10%

+10%

Laura, 36, is actively involved in medical research. For this passionate scientist, each day has to take you further.


Laura shares with Air Liquide the drive to innovate within the health industry, notably thanks to medical gases. Like Air Liquide, she strives to reach a new level of quality in patient care, through more proximity.

More coMMunI-caTIon

CoMMuNiCaTioN your 2011 shareholder calendar Your advisors and shareholders Lounge Your meetings with air Liquide

The shareholders’ communication committee Information at your fingertips Your annual General Meeting

We offer you meeting oppor tunities throughout the year

aPrI

L

Mar

ch

FeBr

uarY

janu

arY

MaY

june

Mini-exhibition on hydrogen-energy in the Shareholders lounge

Shareholders’ Communication Committee plenary meeting

Publication of interactions, the letter to shareholders, and the webzine, its online version

Publication of the Shareholder’s Guide More


I receive my invitation to the Annual General Meeting (AGM)

april 26: 1st quarter 2011 revenue

Publication of the annual report and web-enhanced annual reportI send in my form to request an admission card to the AGM or I vote by post

If I am a French resident I receive tax form n° 2561 ter

If I am a non-French resident, I send in a CERFA 5000 form to my account manager (either Shareholder Services for direct registered shares or my bank for intermediary registered or bearer shares) p.55

May 4: annual General Meeting

Meetings with Benoît Potier (May 24 in dijon(a), France, and May 26 in Toulon, France)

end of the mini-exhibition on hydrogen-energy

I receive my dividends and, if applicable, my loyalty bonus A few days later, I receive the payment statement

Publication of the Minutes of the annual General Meeting

Publication of interactions and the webzine.

june 14: Shareholders’ meeting in Strasburg, France

june 28: Shareholders’ meeting in Bordeaux, France

February 15: 2010 annual results

I receive my account statement as at December 31, 2010

2011

(a) Subject to change

34+35ju

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auGu

sT

sePT

eMBe

r

ocTo

Ber

nove

MBe

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quizz to win tickets for the Fountain Night Show at the château de versailles, France

September 20: Shareholders’ meeting in Brussels, Belgium

3rd quarter 2011 revenue

Publication of interactions, and the webzine

october 12: Shareholders’ meeting in Montpellier, France

october 18: Shareholders’ meeting in annecy, FranceI remember to send in my form to my bank to convert my shares to registered shares

If I am a non-French resident I receive a tax form for dividends received p. 55

The last day to place orders for my 2012 tax return is Tuesday, December 27, included, in the evening

November 18 and 19: actionaria fair in Paris, France


august 1: 1st half 2011 results

2011

We offer you meeting oppor tunities throughout the year

expertise and tailored services, all in one placeWe welcome you to a dedicated space at the Group’s head office in Paris. Our Air Liquide advisors offer their expertise and skills to assist you in your transactions.knowing us better means investing in total confidenceWelcome to your Shareholders Lounge! A friendly space where you can meet with Air Liquide advisors. You can also broaden your knowledge of the Group and manage your account. An opportunity to help us get to know each other better and assist you with your transactions.

Write to us directly at: http://contact.actionnaires.airliquide.com or from the shareholders section of our website www.airliquide.com

Shareholders Lounge open monday through friday from 9:00 Am to 6:00 Pm.75, quai d’orsay – Paris 7th arrondissement

Shareholder Services75, quai d'Orsay75321 paris cedex 07

or+33 (0)1 57 05 02 26from outside france

Your 2011 shareholder calendar your Advisors and shareholders Lounge Your meetings with air Liquide


CoMMuNiCaTioN

free from A french LAndLIne

Gaëlle Pommeray, shareholder advisor

julio Toledo, shareholder advisor

lOOkinG fOR cOMplEtE infORMatiOn On aiR liquidE and hydROGEn-EnERGy? hEad tO thE shaREhOldERs lOunGE and visit thE Mini-ExhibitiOn!organized in the shareholders Lounge, the mini-exhibition hydrogen-energy presents one of the cutting-edge topics that air Liquide has been exploring, within the field of alternative energies, over the past few years. open to everyone, it is held from january to May 2011.

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essentials ✱ the shareholders Lounge, at the Air Liquide head office, welcomes you from monday to friday from 9:00 Am to 6:00 Pm. scheduling an appointment is optional.

✱ shareholder services advisors are available to answer your questions and assist you in your transactions.

✱ the mini-exhibition provides an audiovisual introduction to Air Liquide businesses at the shareholders Lounge.

Mini-exhibition at the shareholders Lounge

yOuR shaREhOldER sERvicEs, a tEaM Of 25 pEOplE, is availablE daily tO wElcOME yOu, pROvidE infORMatiOn On aiR liquidE and OffER tailOREd sERvicEs. it ManaGEs in-hOusE thE sEcuRitiEs accOunts Of its 78,000 diREct REGistEREd shaREhOldERs. this dEdicatEd tEaM GathERs individuals skillEd in all fiElds Of sEcuRitiEs sERvicEs: stOck ORdERs, taxEs, inhERitancE and dOnatiOns.

reminder

All year long, Air Liquide meets with its shareholders across France. These meetings are a chance for you to get to know us better, but above all they enable us to meet and speak with you.

always closer to you

✱ Did you know? Air Liquide sends invitations to its registered shareholders for events organized in their region. For bearer shareholders, simply contact Shareholder Services to receive your invitations.

your 2011 agenda• Theme-based conferences

in the presence of Benoît Potier May 24 - Dijon(a) May 26 - Toulon

• Meeting with you june 14 - strasburg with the French magazine Le revenujune 28 - Bordeaux with the French magazine Mieux vivre votre argentseptember 20 - Brussels with Le revenuoctober 12 - Montpellier with the FFcI (French Federation of Investment clubs)october 18 - annecy with the FFcI

theme-based conferences with the chairman and ceo In May, following the Annual General Meeting which takes place in Paris, Benoît Potier will present the Group’s results and prospects in several French cities. These meetings are preceded by an exhibition on activities and innovation within Air Liquide, and include a conference held with experts for extended information.

air liquide at the actionaria fair The Actionaria fair (November 18 and 19, 2011) is dedicated to stock market investments for novice and experienced investors. This major event is held annually. Each year, you are more and more numerous to come and visit our booth, to meet our advisors and business experts, attend our conferences and participe in our Air Liquide quizz.

meeting you To stay ever closer to you, Air Liquide organizes shareholder meetings in several cities in collaboration with partners and stock market experts. These allow us to provide Group news updates, results, stock market performance, and information on services available to you. It’s also a chance to talk to you in the presence of managers from Shareholder Services. After Clermont-Ferrand, Arras, Marseille and Brussels in 2010, several meetings are planned in 2011.

meeting with studentsIn a spirit of education and dialogue, Air Liquide aims to provide young generations with a stock market culture. Following a conference at the Université de Tours, France, in 2010, Shareholder Services will continue to meet with students from Grandes Ecoles and high schools in 2011.

christine catelot et sylvie costes, shareholder advisors

Your 2011 shareholder calendar Your advisors and shareholders Lounge your meetings with Air Liquide


(a) subject to change

CoMMuNiCaTioN

✱ the 12 scc members, one third of which are replaced each year, meet three times a year to share and discuss their ideas with chairman and ceo Benoît Potier.

✱ scc members also take part in workshops in order to make suggestions on shareholding-oriented topics.

✱ If you would like to join the scc, please visit the shareholders section of our web site at www.airliquide.com to learn more about the process and to download an application form.

essentials

a true contributionActive all year long, SCC members attend plenary meetings chaired by Benoît Potier. They also take part in workshops that are focused on topics such as tax and account management. Thanks to their high-quality profile and their representitiveness, its members bring a great pool of new ideas to the Group. At the Actionaria fair, they discuss their experience and contributions. Once a year, the members of the SCC take a tour of an Air Liquide site in order to learn more about the Group’s activities. This year, they discovered Cryospace.

listening to you and representing youComposed of 12 members who reflect the diversity of Air Liquide’s individual shareholders, the Shareholders’ Communication Committee (SCC) is regularly called on to improve the quality of information and services offered to shareholders.

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✱ Did you know?Air Liquide is a historical partner in the space adventure. Located near Paris, Cryospace, an industrial partnership between Air Liquide and Astrium, designs, develops and manufactures the tanks of liquid hydrogen and oxygen for the main stage of the Ariane launch vehicle.

Your 2011 shareholder calendar Your shareholders Lounge and advisorsYour meetings with air Liquide

the shareholders’ communication committee Information at your fingertips Your annual General Meeting

Air Liquide provides a variety of media to keep you informed about the Group. Web-based media are useful supplements to paper publications. Focus on the webzine interactions - the interactive version of the letter to shareholders - and the Web-enhanced Annual Report.

iNTeraCTioNS WeBziNePublished three times a year, the Air Liquide letter to shareholders is available in an online enhanced version: the interactions webzine. Multimedia animations, videos, and audio interviews, with internal and external contributors, complement editorial content. Visit www.interactions.airliquide.com

✱ Did you know? To receive our documentation in electronic format, simply send us your request online (http://contact.actionnaires.airliquide.com), by mail, or by speaking directly by phone with an advisor.

www.airliquide.com: information and services available 24 hours a day • Follow the Air Liquide share price• Refer to the annual events schedule• Learn how to become a shareholder

Stay connected to air liquide

reminder

Your 2011 shareholder calendar Your advisors and shareholders Lounge Your meetings with air Liquide


• Learn more about the advantages of registered shares

• Download our publications and forms for your transactions

• Watch the Annual General Meeting live or view the recording after the meeting

• Submit your questions to our advisors

CoMMuNiCaTioN

aiR li

quidE

fROM

a tO

zpu

blica

tiOns

fOR s

haRE

hOld

ERs

infOR

MatiO

n On t

hE an

nual

GEnE

Ral M

EEtin

G

annual ReportA real goldmine of information on the group, its corporate strategy, its activities, and of course, its financial results. A must have.

Reference documentfiled with the Autorité des marchés financiers (Amf) i the french securities regulator, this regulatory report presents all legal and financial information about the last fiscal year at Air Liquide.

financial informationregular information on the group’s activites and financial performance, including press releases, presentations, recordings from analyst meetings.

MORE the shareholder’s Guide 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 shareholdersthis 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 annual General Meeting the first step to finding out about the resolutions submitted to your vote. the Invitation presents the purpose of each resolution.

Minutes of the annual General Meeting the 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.com. Feel free to contact us if you would rather receive them on paper.

VIVRE UN MOMENT FORT AVEC VOUS

COMPTE RENDUASSEMBLÉE GÉNÉRALE MIXTE DU 7 MAI 2009

Espace Actionnaires Ouvert du lundi au vendredi de 9 heures à 18 heures. 75, quai d'Orsay – Paris 7e

Accès • RER C Pont de l'Alma• Métro Invalides ou Alma-Marceau • Bus n° 42, 63, 80, 92,

arrêt Bosquet-Rapp• Parking La Tour-Maubourg (payant)

ou+ 33 (0)1 57 05 02 26depuis l’international

0 800 166 179

Écrivez-nous directement sur le site : http://contact.actionnaires.airliquide.com ou depuis la rubrique Actionnaires de notre site www.airliquide.com

Service actionnaires75, quai d'Orsay75321 Paris Cedex 07

Une sociétéqUi compte

410 000actionnaires individUels,

dont 30 000 noUveaUx en 2008...

…ca donne envie d’en savoir

plUs

vivre Un moment fort avec voUs

avis de convocation

Assemblée GénérAle mixtedu 7 mAi 2009 à 15 heures,aU palais des congrès2, place de la porte maillot 75017 paris

L’air Liquide s.a. - société anonyme pour L’étude et L’expLoitation des procédés GeorGes cLaude au capitaL de 1 435 211 387,50 euros sièGe sociaL : 75, quai d’orsay, 75321 paris cedex 07 / rcs paris 552 096 281

crédits photos : photothèque air Liquide, phiLippe stroppa, GréGoire KorGanow/Gamma, marc schLossman, x.

2009

AN

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2009 ANNUAL REPORT

Couv RA2009_GB.indd 1 2/04/10 12:22:27

2009 REFERENCE DOCUMENTINCLUDING THE SUSTAINABLE DEVELOPMENT REPORT

2009

REF

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The aNNual rePorT oNliNe verSioNIn addition to the Annual Report, which keeps you updated on the Group, its activities, strategy, and results, Air Liquide provides you with an enhanced version on the Internet. In a more dynamic format (audio, video), it provides additional information on subjects covered in the hard copy version. Among others, it gathers external opinions (customers, specialists, international institutions, organizations), thus illustrating the leading role of Air Liquide.

✱ for a more in-depth treatment of topics found in Air Liquide publications, we invite you to discover interviews with employees, specialists, and external contributors online, as a complement to the Annual report and to interactions, the letter to shareholders.

✱ no matter where you are, you may request and receive our documents and information in electronic format by signing up online.

essentials

500,000 invitations were sent

150,000 shareholders voted

5,500 participants attended the annual General Meeting

In 2010

annual General Meeting: i vote!

Your voTe CouNTS!Air Liquide is fully committed to the participation of individual shareholders in the Annual General Meeting. Accounting for 36% of capital, their votes are essential. Through various initiatives, the Group fosters this active involvement:• All shareholders are invited to

the Meeting from the first share they hold.

• The goal of the Invitation is to explain the resolutions in order to help shareholders make decisions.

The annuaL GeneraL MeeTInG oF sharehoLDers wILL Take PLace on MaY 4, 2011, In ParIs, aT The PaLaIs Des conGrès.

• Shareholders have several weeks before the Meeting to express their opinions on resolutions.

• The day of the Meeting is a moment of dialogue, with major importance given to debate between the Chairman and CEO and shareholders.

In return, Air Liquide shareholders are actively involved: during the 2010 Annual General Meeting, nearly 150,000 shareholders made their voices heard either at the Meeting or by proxy, representing 47.2% of voting rights.

The Annual General Meeting is a privileged moment of information, interaction and dialogue with shareholders. It gives you a chance to take an active role, through your vote, in major Air Liquide decisions, no matter how many shares you hold.

Your 2011 shareholder calendar Your advisors and shareholders Lounge Your meetings with air Liquide

The shareholders’ communication committee Information at your fingertips your Annual general meeting

CoMMuNiCaTioN

Providing I hold at least one air Liquide share, I receive my Invitation at the end of March.

essentials ✱ you are invited to the Annual general meeting from the first share you hold.

✱ the meeting is broadcast live, and available for viewing afterwards on the Air Liquide website.

✱ receive a €10 attendance fee for your participation.

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thE annual GEnERal MEEtinG REcEivEs anOthER awaRdair Liquide received, for the second year in a row, the “shareholder Democracy award” for its 2010 General Meeting from the aGeFI (French weekly magazine).

aPrIL 30 aT

The LaTesT

MaY 4, 2011

D DaY

I watch the annual General Meeting live, in French or in english, at www.airliquide.com or I watch the recording after the Meeting.

3:00 PM: aGM begins

• After a presentation of Air Liquide’s businesses, results and future prospects, shareholders participate in a debate with the chairman. after the debate, resolutions are voted on.

1:00 PM: welcome desk opens • The number on my admission card

indicates the desk where I must go and sign the attendance sheet.

• At the desk, I am provided with an electronic device for voting as well as a e10 attendance fee per person.

• I visit the exhibition before going in the plenary room.

I send in my form to request an admission card directly to air Liquide if I am a registered shareholder, or through my financial intermediary if I hold bearer shares.

I send in my proxy voting form directly to air Liquide if I am a registered shareholder, or through my financial intermediary if I hold bearer shares.

I Am AttendIng the meetIng

I Am not AttendIng the meetIng

May 4, 2011

The Minutes are sent at the end of june to shareholders who attended the Meeting or voted, as well as to registered shareholders. It summarizes the presentations and features the debates in their entirety.

1st

Thomas, 29, spent a full year abroad lending his support to those in need. His pioneering spirit led him to this unforgettable life experience.


Thomas shares with Air Liquide his international perspective, his commitment on the field, and his proximity with local communities.

More knowLeDGe

shareholding options Intermediary registered shares Direct registered shares

understanding the stock market shares and taxes Inheritance and gifts

Direct registered shares? Intermediary registered shares? Bearer shares? Choosing a specific shareholding option is a personal decision that depends on how you want to manage your portfolio.

Choosing the shareholding option that works for you

Form of ownership Bearer shares Intermediary registered shares

Direct registered shares

My shares are held by • Air Liquide ✔

• my financial intermediary ✔ ✔

I do not pay any handling feesvaries by financial establishment

✔

I do not pay any management fees ✔

I receive dividends ✔ ✔ ✔

I receive free 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 fiscal unique- French tax form) is sent by • Air Liquide ✔

• my financial intermediary ✔ ✔

an in-dEpth lOOk at thREE shaREhOldinG OptiOns

KNoWledGe

48+49

you hold

direCT reGiSTered ShareS

Your air liquide ShareS are held

BY Your BaNKYour air liquide ShareS

are held

BY air liquideYour shares can only be held

in a securities account

… and you benefit from the loyalty bonus!

chOOsE REGistEREd shaREs and REcEivE thE lOyalty bOnus

you hold

Bearer ShareS

Your shares are part of a securities account or a Pea

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

Become an

iNTerMediarY reGiSTeredshareholder... ...your shares are still held by your bank and you benefit from the loyalty bonus!

Type of shares Bearer shares intermediary registered direct registered sharesDIvIDenD PaID In 2011(a) €352.5 (€2.35 per share) €387 (€2.35 per share + 10% loyalty bonus, or €0.23 per share)

simulation for a portfolio of 150 air Liquide shares held for more than two full calendar years.

(a) Before social contributions.

✱ several shareholding options are available: bearer shares, direct registered shares, and intermediary registered shares.

✱ your direct registered shares are handled by Air Liquide.

✱ your bearer and intermediary registered shares are managed by the financial establishment of your choice.

essentials

to benefit from the loyalty bonus

and also keep your shares at your bank,

there is a simple and easy solution...

the loyalty bonus in 2011cAse study



When you choose intermediary registered shares, you benefit from all the advantages of registered shares while leaving your financial intermediary manage your portfolio. Focus on a flexible and attractive shareholding option.

intermediary registered shares:

an attractive shareholding option

intERMEdiaRy REGistEREd shaREs: a usER’s GuidEIf you already hold air Liquide shares, you may send an intermediary registered share conversion request form to your financial intermediary. attach it to your buy order if you would like to purchase new shares as well. a standard form is available on p.63 and may also be downloaded on www.airliquide.com, shareholders section.

what next? Your bank will transfer your registration to air Liquide, while continuing to manage your account.Fees (conversion and handling) associated with intermediary registered shares and processing times vary according to banks. consult your financial advisor for more information.

zooM oN iNTerMediarY reGiSTered ShareS...• your habits don’t change

Your financial intermediary remains your contact for all routine portfolio transactions, whether your shares are in a securities account or in a PEA.

• your loyalty is rewarded With this shareholding option you qualify for the loyalty bonus. If you hold your intermediary registered shares for more than two full calendar years, your dividend and free share attribution will increase by 10%.

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

• closer to air liquide Air Liquide sends all important information about the Group as a shareholder directly to you. You also enjoy a privileged relationship with Shareholder Services.

✱ Did you know?Your account statement explainedYour account statement tells you how your shares are held, and which shares qualify for the loyalty bonus. Below are the codes that financial institutions use to identify different types of shares.

(a) Bearer shares are always listed under the FR0000120073 code.

shares held as registered shares code Qualify for the loyalty bonus inBefore and through 2008 Fr0000053951 2011In 2009 Fr0010827675 2012In 2010 Fr0010970137 2013In 2011(a) Fr0000120073 2014

KNoWledGe

shareholding options Intermediary registered shares direct registered shares


78,000 Group shareholders have already opted for direct registered shares. By choosing this option, your Air Liquide shares are registered in an account with Shareholder Services, with no management fees. Benefit from the many advantages and services offered by this shareholding option!

direct registered shares:

air liquide handles everything

hOw dO i diREctly REGistER My shaREs? If you are already an air Liquide shareholder, with intermediary registered or bearer sharesFill in your direct registered share conversion request form and send it to your financial intermediary. a standard form is available on p.63 and may be downloaded at www.airliquide.com.what next? Your bank will perform the transaction and inform shareholder services, who will then send you an account agreement form. You must return this form to shareholder services in order to finalize the opening of

your account.conversion fees and processing times vary according to financial institutions. contact your financial advisor for more information.If you are not yet an air Liquide shareholdercontact shareholder services directly to open an account, or download the account agreement form at www.airliquide.com.

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zooM oN direCT reGiSTered ShareS...• Direct connection to air liquide Shareholder Services is your primary contact, and you are directly updated on all Group news and relevant shareholder information.

• financial advantages - The loyalty bonus (+10% on the amount of dividends and the number of free shares allocated), as long as you have held your registered shares for more than two full calendar years (see p.29).

- Exemption from handling and management fees.

- Broker fees at 0.3% (pre-tax) of the total transaction amount, with no minimum.

- Direct deposit of dividends into your account.

• tailored services You have direct access to your accounts online in the Shareholders section at www.airliquide.com, where you can also place your stock orders. Additionally, you can receive personalized guidance from our advisors, who are available to assist you with your buy and sell orders, and with the management of your account.

Advantages of intermediary registered shares:

✱ you keep the same securities account or PeA with your financial intermediary.

✱ converting to intermediary registered shares has no tax consequences.

Advantages of direct registered shares:

✱ you manage your shares exclusively through Air Liquide’s shareholder services.

✱ you are exempt from handling and management fees.

essentials

For buy orders, remember to choose the means of payment that best meets your needs. To simplify your transactions, consider direct debit!

reminder

ExplanatiOn ExaMplE advantaGEs disadvantaGEs

“Limited price” order

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.

If your maximum purchase price is 90 euros, as long as the share price is above 90 euros, the order cannot be executed.

• Protection from market fluctuation.

• Control of execution price.

• Uncertainty whether the order will be executed.

“Best price” order

you place an order without any specific price. the order is executed at the best available price for buying or selling when it reaches the market.

you place an order at 3:10 pm during the trading day. If the best available price is 92 euros, the order is executed at 92 euros.

• 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

your order does not have any price limit. however, it takes priority over all other types of orders upon arrival. these orders are always fully executed.

you place a purchase order for 300 shares. on the market sheet, the best prices are: • 100 shares at 90 euros,• 200 shares at 92 euros.your order will be executed at these prices.

• Rapid and full execution of your order.

• No control over the price of the transaction.



Whichever shareholding option you choose, Air Liquide helps you understand how the stock market and your stock orders work. Shareholder Services is available to handle transactions on behalf of direct registered shareholders who may also place orders themselves, 24 hours a day, at www.airliquide.com.

understanding the stock market

with direct registered shares

with intermediary registered or bearer shares

The o

rDer Is trAnsm

Itted

The orD

er Is

PLAced on The sTock MarkeT

sharehoLDer servIces aT

Your Bank

InvesTMenT coMPanY(a) (chosen BY aIr LIQuIDe)

InvesTMenT coMPanY(a)

a Bu

Y or s

eLL orDer Is PLAced

nYse euroneXT (b)

The share PrIce Is esTaBLIs

heD

BuY anD seLL orDers are consoLIDaTeD

on The MarkeT sheeT i

sBF 250 isBF 120 icac 40 i

sToc

k M

arke

T InD

eXes reFLecT MarkeT FLucTuaTIons

sharehoLDer

sharehoLDer

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

PlaCiNG a SToCK order oN The MarKeT

KNoWledGe

52+53

there 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.

SToCK orderS exPlaiNed

any ORdER Must cOntain thE fOllOwinG infORMatiOn:

ExplanatiOn ExaMplE advantaGEs disadvantaGEs

“Limited price” order

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.

If your maximum purchase price is 90 euros, as long as the share price is above 90 euros, the order cannot be executed.

• Protection from market fluctuation.

• Control of execution price.

• Uncertainty whether the order will be executed.

“Best price” order

you place an order without any specific price. the order is executed at the best available price for buying or selling when it reaches the market.

you place an order at 3:10 pm during the trading day. If the best available price is 92 euros, the order is executed at 92 euros.

• 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

your order does not have any price limit. however, it takes priority over all other types of orders upon arrival. these orders are always fully executed.

you place a purchase order for 300 shares. on the market sheet, the best prices are: • 100 shares at 90 euros,• 200 shares at 92 euros.your order will be executed at these prices.

• Rapid and full execution of your order.

• No control over the price of the transaction.

✱ 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 a bearer shareholder, place your stock orders with your financial intermediary.

essentials

The nYse euronext Paris stock exchange is open from Monday to Friday, except on april 22, april 25, and December 26, 2011.

Beginning at 7:45 aM, the central computer of nYse euronext Paris analyzes buy and sell orders in order to establish the opening price for 9:00 aM. a stock order can be performed up to 5:30 PM, central european Time.

reminder• Your first 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 price, or market price



The French Finance law has changed the tax situation for shareholders in 2011. How does this law impact your stock market investments and your overall investment portfolio? We are here to help you.

Guiding you through tax laws

how do these new tax measures impact individual shareholders? D.H.: There is a distinction between taxes on dividends and taxes on capital gains. For dividends, although the tax credits of €230 and €115 have been revoked, two successive tax deductions are still in place. The first is an unlimited annual deduction of 40%.

didier henriot – operations manager

ShareholderS have Several WaYS To oPTiMize TaxaTioN oF Their SToCK MarKeT iNveSTMeNTS

The second is a flat annual deduction of €3,050 for couples and €1,525 for individuals. In practical terms, couples must pay tax if they receive more than €5,084 in dividends, and individuals if they receive more than €2,541.

and what about capital gains? D.H.: Capital gains are now taxed at 19% as of the first euro gained and subject to social contributions of 12.3%. However, the Finance law has not challenged certain financial instruments that favor stock market investments and that provide partial protection from tax burden. This is the case, for example, with the PEA (the French stock savings program),

as long as it is held for at least five years. Shareholders have other options, such as holding shares for eight years or making donations. (see pp.56 and 59).

interview

KNoWledGe

information provided on pp 54 to 59 is relevant only for french tax residents.

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divideNd Tax iN 2011the most popular choice is to include dividends in your income tax calculations. This option gives you the right to two successive deductions:• The first is an unlimited annual allowance of 40%;• The second is a fixed annual amount of €3,050 for a couple and €1,525

for a single individual.

cAse study consider the example of a couple

dividends received = €6,000 dividends received = €5,0001st deduction: 40% = €2,400 1st deduction: 40% = €2,000

2nd deduction: fixed amount = €3,050 2nd deduction: fixed amount = €3,050

Taxable amount = €550 Taxable amount = €0

you can also opt for the pfl (prélèvement libératoire forfaitaire) withholding tax at a fixed rate of 19%.In this case, you do not receive the deductions mentioned above.Before confirming your choice, make sure it is advantageous when applied to your personal situation.

In both cases, social contributions of 12.3% are withheld directly.

taxEs fOR REsidEnts livinG OutsidE Of fRancEIn most cases, a tax agreement exists between France and your country of residence. This agreement sets a reduced flat tax rate on your dividends. To benefit from this agreement, you must send a cerFa 5000 form (which expresses your request for the tax rate defined in the agreement) to your account manager (air Liquide shareholder services for direct registered shares or your bank for intermediary registered and bearer shares). The form must be duly signed by the tax authorities of your country of residence before mid-april 2011. If you fail to submit this form, a flat tax rate of 25% will be applied. Dividends received by residents living outside of France are not subject to social contributions.

dividEnd: tax chanGEs in 2011…• Revocation of the dividend tax credit

- The €230 and €115 tax credits are revoked.

- This revocation is applicable beginning with 2010 taxable income.

• Increase in the PLF withholding tax rate from 18% to 19%

• Increase in social contributions from 12.1% to 12.3% for dividends received as of january 1, 2011.

…and what REMains applicablE• For income tax calculations:

- unlimited annual deduction of 40%- Fixed annual deduction

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

• PLF (prélèvement libératoire forfaitaire) available



(a) Net taxable capital gains are calculated based on capital losses you may have incurred, which can be deducted from capital gains of the same nature earned in the same year or in the next 10 years.

(b) For your 2012 tax return on 2011 revenue, you must consider all sales occurring between December 29, 2010, and December 27, 2011at the latest.

(c) Fractional rights are included in your sales amount.

wealth tax: choose the proper calculation methodThe value of your stock portfolio is included in your taxable assets for the wealth tax.

Two ways of valuing your assets are available:• The closing price on December 31, 2010:

€94.64 for the Air Liquide share;• The average closing price for the last 30 trading

days in 2010: €94.61 for the Air Liquide share.

CaPiTal GaiNS Tax

summary of your 2011 declaration of 2010 revenue

how do i calculate my net capital gains?

caPITaL GaIns(a) Minus transaction fees

saLe oF shares

Including transaction fees

Purchase cosT–=

your 2010 capital gains tax to pay in 2011

capital gains tax threshold: €25,830(c)

your 2011 capital gains(b) tax to pay in 2012

no capital gains tax threshold

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

12.3%(social contributions, starting with the first euro earned) 31.3%

(19% tax on capital gains + 12.3% social contributions,

starting with the first euro earned)taxes on capital gains and social contributions for amounts above the tax threshold

30.3% (18% tax on capital gains

+ 12.3% social contributions, starting with the first euro earned)

KNoWledGe

56+57exemption from capital gains taxSeveral scenarios provide total exemption from the capital gains tax:

hold your shares(a) for more than eight years. For shares acquired on or after January 1, 2006 (a), your capital gains will be taxable after a deduction of one-third per holding year beginning in the 6th year of ownership, and entirely tax exempt after the 8th holding year.

hold a pea (even for intermediary registered shares) and leave the funds invested for a period of five years from the account opening date.

Remember, the cash investment limit is €132,000 per plan.

make a donationDonations are fully tax exempt for maximum amounts set by French law (see p.59). As these transfers are valued at the average share price of the trading day of the transaction, it is possible to transfer shares and revalue their purchase price.

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

dIvIdends tAx

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

✱ the €230 and €115 tax credits exist no longer beginning with the 2010 tax year (2011 tax return).

✱ social contributions of 12.3% are withheld automatically.

cAPItAL gAIns tAx

✱ the €25,830 tax threshold no longer applies as of January 1, 2011.

✱ several scenarios for exemption from capital gains tax still exist: PeA, holding shares for more than 8 years, and donations.

essentials

capital Gains: tax chanGEs in 2011• Increase in the capital gains tax

rate from 18% to 19%• Increase in social contributions from

12.1% to 12.3%.• Taxation of net capital gains

from the first euro earned :- The €25,830 tax threshold no longer

applies as of january 1, 2011.- Deferring capital losses incurred

is possible under specific rules.

summary of your 2011 declaration of 2010 revenue



By offering Air Liquide shares to your relatives, you are also giving them the opportunity to add value to their savings. You are also passing on to them your interest in the stock market and commitment to the Group.

Consider transferring your air liquide shares

Consult your legal or wealth management advisor in order to establish the terms of your inheritance, according to your legal status (marriage contract, gifts, donations, wills, etc.).

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

a cusToMarY PresenT Is a GIFT GIven on a sPecIaL occasIon (MarrIaGe, BIrThDaY, chrIsTMas, eTc.). IT can Be In The ForM oF securITIes, BuT MusT rePresenT a reLaTIveLY sMaLL share oF The GranTor’s asseTs. IF IT resPecTs These conDITIons, The GIFT Does noT neeD To Be IncLuDeD In The GranTor’s esTaTe anD Is noT TaXeD BY FIscaL auThorITIes. GIFTs Do noT neeD To Be DecLareD. TheIr Purchase PrIce Is zero.

PlaN Your iNheriTaNCe

A “customAry” present is…

KNoWledGe

58+59

iNheriTaNCe aNd doNaTioNS: a uSer’S Guide

dOnatiOns hand tO hand Gift

What 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

you can make donations and receive a total tax exemption for amounts up to:• €159,325 for each child, from each parent• €80,724 for your spouse or civil union (Pacs) partner• €31,865 for each grandchild • €15,932 between siblings• €7,967 for each nephew or niece• €5,310 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 donations 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 beneficiaries are included in the calculation of the new average taxable share price (purchase price + broker fees).

As a general rule, a hand to hand gift — 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 donation is drawn up with a notary as an authenticated deed.

An unofficial 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.

✱ Did you know?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. In case of inheritance, donations or hand to hand gift, air Liquide shares still qualify for the loyalty bonus.

the information and figures above were current at the time of printing, but may be subject to modification as a result of legal changes.French tax authority website:

downloadable tax forms, including form 2735 to declare a hand to hand gift (French only). www.impots.gouv.frFrench notary council’s website: useful information, legal assistance, etc., in French and english. www.notaires.fr

reminder

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

✱ Inheritance: making a donation in your lifetime is a simple procedure that reduces inheritance fees and offers several tax advantages.

✱ you can also give a hand to hand gift, which will be added to your estate.

iGLossarY Words indicated by this symbol in this document are defined in this glossary.

a 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 Financiers, the French securities regulator)it governs and oversees the conduct and professional ethics of the markets and protects the interests of investors and shareholders.

B BondTradable debt security issued by a public or private company, a local authority, or a government. Bonds carry fixed interest for a specific period and are redeemable on maturity.

C cac 40(cotation assistée en continu—continuous automated trading)The flagship 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 NYSe euronext Paris specialists regularly reviews its composition to ensure that it remains representative. only 16 companies, including air liquide, have been part of the CaC 40 since its inception in 1988.

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

cGMThe Combined General Shareholders’ Meeting brings together an ordinary and an extraordinary General Shareholders’ Meeting on the same date and with the 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.

d DividendThe part of a company’s net profit distributed to shareholders. Shareholders vote the dividend at the annual General Meeting after approval of the financial statements and profit allocation proposed by the Board of directors.

e 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 first convocation, and 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.

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

Free share attributionTransaction 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 free shares.

h handling feeFee charged by a financial 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.

iIsIn code (International securities Identification number)Code used to identify financial products quoted on the spot market on the stock exchanges. (air liquide iSiN code: Fr0000120073).

l Loyalty 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 on the allocation date.

60+61

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

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

N net profit/loss (Group share)Profit or loss made by the company. it is calculated by adding recurring operating income, other non-recurring operating expenses, net finance costs, other net financial expenses, share of profit of associates, and profit (or loss) from discontinued operations, then subtracting taxes and minority interests.

nYse euronext ParisName of the firm which organizes, manages, and develops the securities market in Paris. it also acts as market regulator (financial transactions, monitoring of companies listed on the stock market) with the delegated authority of the aMF.

o oGMThe ordinary General Shareholders’ Meeting is held within six months from the end of the previous financial year. its purpose is to inform shareholders of the Group’s activities and results, approve the financial statement, set the dividend, and appoint or renew the term of office of the members of the Board of directors and the Statutory auditors, in addition to authorizing current management decisions. on the first convening, a quorum of 20% is required. No quorum is required on the second convening.

PPar valueThe par value of a share or the issue price as defined 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.

Pea (Plan d’epargne en actions, the French stock savings program)The French equity savings plan that offers tax advantages. To qualify for the reduced tax burden, a Pea cannot be cashed out for a period of five years while qualifying for a reduced tax burden. (See intermediary registered shares on p.50).

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

r recurring operating incomeannual sales minus the cost of producing, distributing, and selling products and the depreciation or amortization of capital expenditure.

retained earningsundistributed profit, held by the company until further decision.

S sBF 120This index tracks the 120 most actively traded stocks on the Paris stock exchange (including those in the CaC 40 index).

sBF 250This index adds to the SBF 120 another 130 of the most representative stocks from each field 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.

stock splitSplit of a share’s par value to improve 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.

u underlying capital gainPotential capital gain resulting from the future sale of shares, or the difference between cost price and share price at any given moment.

Y Yieldratio of dividend per share over market share price.

annual General Meeting . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . p. 09, 11, 27, 34, 38, 40-43, 48, 60, 61Bearer shares . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . p. 10, 26, 29, 34, 48-52, 55calendar (stock market calendar) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . p. 27, 34, 35capital. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . p. 08, 09, 10, 11, 21, 22, 42, 60, 61, 65capital gain. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .p. 54, 56, 57, 59-61customary present . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .p. 58, 59Direct registered shares . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .p. 26, 29, 34, 48, 49, 51-53, 55, 63Dividend . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . p. 09, 11, 22, 23, 25-29, 34, 35, 48-51, 54, 55, 60, 61Form of shareholding . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .p. 34, 41-43, 60Free share attribution . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . p. 22-25, 27-29, 48, 50, 51, 60, 61Gift . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . p. 54, 57-59Gift by hand . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . p. 57, 59Group (air Liquide) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . p. 09-11, 13-16, 22, 24, 26, 38-42, 51, 58, 60, 61handling fees . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . p. 64Index (stock Market) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . p. 09, 25, 52, 60, 65Inheritance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .p. 58, 59Invitation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . p. 34, 38, 41, 42Intermediary registered shares . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . p. 10, 26, 29, 48-51, 57, 61, 63, 64, 66Loyalty bonus . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . p. 22, 23, 25-29, 48-50, 59, 66Market capitalization . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . p. 25, 60, 65Meetings with shareholders . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . p. 34, 35, 38, 39, 65net earnings per share . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . p. 24, 25Pea (Plan d’épargne en actions) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .p. 29, 48-51, 54, 57, 61Performance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .p. 09, 21-25, 38PFL (Prélèvement forfaitaire libératoire) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . p. 55Portfolio value . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . p. 22, 23, 25, 56registered shares . . . . . . . . . . . . . . . . . . . . . . . . . . . . p. 10, 26, 29, 34, 35, 40, 48-53, 55, 57, 60, 61, 63-66share (price) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . p. 10, 11, 22-29, 48, 49, 52, 64, 65share ownership . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . p. 10, 11, 39shared gift . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . p. 57, 59shareholder services . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . p. 22, 36-38, 50-52, 55, 58-60shareholders reception Lounge . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .p. 34, 36, 37, 66shareholders’ communication committee . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . p. 34, 35, 39shareholding options . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . p. 41, 48, 49stock exchange . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . p. 09, 25, 37, 38, 48, 51-54, 56, 60, 61stock order . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . p. 37, 48, 51-53Taxation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . p. 23, 55, 56, 57Transferring assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .p. 37, 41, 52, 57, 59voting . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . p. 10, 28, 34, 41-43, 60, 61

InDeX

these documents can be downloaded from the shareholder section of www.airliquide.com

i, the undersigned,First 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.

❑ hereby request that you transfer (b)……………………… air liquide shares (Fr0000120073) currently held in my account under bearer form to a registered account held directly by air liquide (euroclear affiliate number 847 – account type 09) and consequently ask you to implement the following 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).

in . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . date . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Signature

doCuMeNT To Be reTurNed To Your FiNaNCial iNTerMediarY

(a) Name of financial intermediary or bank which currently manages your share account.(b) Number of shares to be transferred.NB: Shares held in a PEA may be registered as intermediary registered shares but not as direct registered shares.

Should you have any question, please contact Air Liquide Shareholder Services.NB: You may also use this form to transfer intermediary registered shares to direct registered shares.

CoNverSioN To intERMEdiaRy REGistEREd or diREct REGistEREd shaREs

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CoNverTiNG To iNTerMediarY reGiSTered ShareS is siMplE

You already hold air Liquide shares

in bearer formYou 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 banks. Check with your regular advisor for more information.

April 26 — First quarter 2011 revenue

August 1 — First half 2011 results

annual GEnERal MEEtinG Of shaREhOldERs

May 4

November 18-19 — Actionaria Fair (Paris)

bEnOît pOtiER MEEts shaREhOldERs in fRancE

May 24 — Dijon(a)

May 26 — Toulon

idEntificatiOn shEEt as at dEcEMbER 31, 2010Continuous trading on Euronext Paris (compartment A)Value code ISIN FR0000120073Par value s5.50Number of shares 284,095,093Closing price s94.64Market capitalization s26.8 billionWeighting in the CAC 40 index 3.86%Weighting in the Dow Jones Euro Stoxx 50 1.69%

for further information, please refer to the reference document filed with the Amf (Autorité des marchés financiers, the french securities regulator) and available on the Air Liquide group and Amf websites.

air Liquide thanks the shareholders and employees who helped create this Guide. Photo credits: Benoit Poyelle, David Blondin, Grégoire korganow and Gérard uféras/ Lacompany • Consulting, concept, creation, writing and production:

L’Air Liquide s.A.company established for the study and application of processes developed by Georges claude with issued capital of €1,562,878,850.50headquarters75, 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-certified paper. The fibers 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-certified printer that holds an imprim’vert label.

(a) Subject to change

The LoYaLTY Bonus(a) Is rewarDInG!

To BeneFIT, converT Your shares To reGIsTereD shares!for more InformAtIon, see PAges 29 And 50 of thIs guIde.

on The DIvIDenD vaLue receIveD

on The nuMBer oF Free shares aLLocaTeD

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

(a) For shares held in registered form for more than two full calendar years.

+10%+10%

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

WhY NoT BeNeFiTFroM The loYalTY BoNuS?

Shareholders 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

2011 Shareholder’S Guide - Air Liquide · Did you know? Shareholders are legally required to...

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Transcript of 2011 Shareholder’S Guide - Air Liquide · Did you know? Shareholders are legally required to...