Linde AG

January to March 2016: Linde starts the year with stable revenue and earnings trends after adjusting for exchange rate effects - Seite 2

higher figure for advance payments received from plant construction
customers. In the first three months of 2016, Linde achieved earnings per
share of EUR 1.65 (2015: EUR 1.62).

Gases Division: Revenue continues to increase on a comparable basis
In the Gases Division, Linde generated revenue in the first quarter of 2016
of EUR 3.621 bn, a decrease of 1.4 percent when compared with the figure
for the prior-year period of EUR 3.672 bn. After adjusting for exchange
rate effects and changes in the natural gas price, revenue increased by 2.9
percent. The acquisition of American HomePatient made a significant
contribution here. Operating profit was EUR 1.006 bn, similar to the
operating profit achieved in the first quarter of 2015 of EUR 1.008 bn. The
operating margin in the first quarter of 2016 rose to 27.8 percent compared
with 27.5 percent in the first quarter of 2015, partly as a result of lower
natural gas prices.

In the Americas segment, Linde achieved an increase in revenue in the first
quarter of 2016 of 2.6 percent to EUR 1.284 bn (2015: EUR 1.252 bn). After
adjusting for exchange rate effects and changes in the price of natural
gas, revenue growth was 5.6 percent, supported by the acquisition of
American HomePatient. This company, which specialises in respiratory
therapies, has been consolidated in the Americas segment since 1 February
2016. The increase in the number of patients being cared for by Linde as a
result of this acquisition will help the Group to counter the negative
impact of price reductions in the United States. Linde also continually
adapts its cost structure in this area and pursues a strategy of organic
growth. When compared with the prior-year period, operating profit in the
Americas segment rose by 2.2 percent to EUR 322 m (2015: EUR 315m). The
operating margin was 25.1 percent (2015: 25.2 percent).

In the Asia/Pacific segment, Linde generated revenue in the three months to
31 March 2016 of EUR 969m, which was 2.5 percent below the figure for the
first three months of 2015 of EUR 994m. On a comparable basis, revenue rose
by 3.5 percent. Operating profit was EUR 254 m, similar to the figure for
the prior-year period of EUR 252 m. This corresponded to an operating
margin of 26.2 percent (2015: 25.4 percent). There was positive revenue
growth in Asia. In the South Pacific, on the other hand, the prevailing
weak economic environment in manufacturing and declining investment in the
mining industry have had an adverse impact on Linde's growth. In 2015, the
Group started to implement appropriate structural and organisational