Improved Cash Flow and Balance Sheet Reduced Net Debt and Gearing Continued Improvement in ROCE Excl. 2017 positive impact on net profit of non-cash <25> 151% 160% one-off items 140% 10.3% >10% <20> 120% 10% 90% 80% 100% (1) <15> 80% Gearing 7.7% <13.4> 80% comfort 8% 7.4% 60% 57% 60% range <10> 40% 6.9% 20% 6% <5> 0% Dec. 15 Dec. 16 June 17 Dec. 17 2021/22 Dec. 15 June 16 Dec. 16 Dec. 17 adjusted NEOS In €bn Airgas Airgas objective acquisition Net debt Gearing acquisition (1) As published 2017 ROCE = 8.2% 15 February 2018 Full Year 2017 Results The world leader in gases, technologies and services for Industry and Health 7