Linde AG

January to March 2016: Linde starts the year with stable revenue and earnings trends after adjusting for exchange rate effects - Seite 3

cost-cutting measures.

In the EMEA segment (Europe, Middle East, Africa), the Group generated
revenue of EUR 1.410 bn in the first three months of 2016, which was 4.2
percent below the figure achieved in the first three months of 2015 of EUR
1.472bn. On a comparable basis, revenue fell by 0.2 percent. Operating
profit was EUR 430 m, a decrease of 2.5 percent when compared with the
figure for the first quarter of 2015 of EUR 441m. The operating margin rose
to 30.5 percent (2015: 30.0 percent). Growth in the EMEA segment was
affected by the previously disclosed insolvency of a customer in the UK in
the fourth quarter of 2015.

In the Gases Division, Linde is seeking to generate revenue in the 2016
financial year after adjusting for exchange rate effects which is at least
equal to and may be up to 5 percent higher than the revenue generated in
the 2015 financial year.

Engineering Division: Order backlog remains solid
The order backlog in the Engineering Division as at 31 March 2016 remained
solid at EUR 4.241 bn (31 December 2015: EUR 4.541bn). Due to the
persistently low oil price and the resultant faltering demand in plant
construction, order intake in the three months to 31 March 2016 was EUR 310
m (2015: EUR 280m).

Revenue in the Engineering Division fell as expected in the first quarter
of 2016, by 15.0 percent to EUR 568 m (2015: EUR 668m). Operating profit
was EUR 46 m, which was below the figure of EUR 57 m achieved in the first
quarter of 2015. The operating margin was 8.1 percent (2015: 8.5
percent).This continues to be above the industry average.

The Group expects the Engineering Division to generate revenue in the 2016
financial year of between EUR 2.0 bn and EUR 2.4 bn and to achieve an
operating margin of around 8 percent.

To coincide with the publication of the interim report, a webcast for
analysts will take place today at 2pm German time in English with Georg
Denoke, CFO of Linde AG. Journalists will have the opportunity to watch the
webcast by following this link:
https://event.mescdn.com/linde/results-conference-call-q1-2016

In the 2015 financial year, The Linde Group generated revenue of EUR 17.944
bn, making it one of the leading gases and engineering companies in the
world, with approximately 65,000 employees working in more than 100
countries worldwide. The strategy of The Linde Group is geared towards
long-term profitable growth and focuses on the expansion of its
international business with forward-looking products and services. Linde
acts responsibly towards its shareholders, business partners, employees,
society and the environment in every one of its business areas, regions and