2017 Airgas Cumulated Synergies Ahead of Plan Initial (1) Update US$ target >300m >300m 215m 2019 270m  Costs ~US$190m 2018 >235m 215m  Revenue ~US$25m +US$ 2017 >175m 40m • 2017 costs synergies US$40m above initial target  Higher procurement synergies  Cylinder management integration 2016 45m 45m faster than expected (1) Defined in 2016 In US$ In US$ 15 February 2018 Full Year 2017 Results The world leader in gases, technologies and services for Industry and Health 23