CULTIVATE Cultivate a relationship based on trust Shareholders’ trust and loyalty are key for Air Liquide’s development. For over a century, the Group has continuously worked to enable shareholders to participate in the Company's success and build a long- 49% lasting relationship with them based on Non-French institutional regular communication and proximity. investors 32% Individual shareholders 19% Air Liquide has always been thankful for individual shareholders who have made French institutional investors its history possible. Indeed, it is the investment and trust of 24 of them that enabled the Company to be created in 1902. Since then, individual shareholding has been 410,000 essential to the Company and its development. This loyalty is illustrated in particu- Individual shareholders, lar by the high number of registered shareholders, a constantly rising figure that including 144,000 shows the success of Air Liquide’s shareholding model. intermediary registered Founded on transparency, dialog and proximity, this long-term relationship is shareholders and 93,000 direct registered incarnated during the Annual General Meeting. This key moment contributes to shareholders making Air Liquide a Group regularly acclaimed for its shareholder relationship. 45