Significant Debt Reduction GEARING CASH FLOW 90% +15% GEARING 80% Net Debt Net Debt 31 Dec. 2016 31 Dec. 2017 (1) Including acquisitions, transactions with minority shareholders, net of divestitures. (2) Including share purchases and capital increases. 15 February 2018 Full Year 2017 Results The world leader in gases, technologies and services for Industry and Health 26