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Profitable Growth.30 July 2012

DisclaimerOn 11th July 2012, Linde AG and Linde US Inc. filed with the United States Securities and Exchange Commission (the "SEC")a tender offer statement on Schedule TO regarding the tender offer described herein. Lincare Holdings Inc. shareholdersare strongly advised to read the tender offer statement (as updated and amended) filed by Linde AG with the SEC,because it contains important information that Lincare Holdings Inc. shareholders should consider before tendering theirshares. The tender offer statement and other documents filed by Linde AG and Linde US Inc. with the SEC are available forfree at the SEC's website (http://www.sec.gov) or by directing a request to Linde AG, Klosterhofstraße 1, 80331 Munich,Germany.This presentation contains forward-looking statements about Linde AG (“Linde”) and their respective subsidiaries andbusinesses. These include, without limitation, those concerning the strategy of an integrated group, future growthpotential of markets and products, profitability in specific areas, the future product portfolio, development of andcompetition in economies and markets of the group.These forward looking statements involve known and unknown risks, uncertainties and other factors, many of which areoutside of Linde’s control, are difficult to predict and may cause actual results to differ significantly from any future resultsexpressed or implied in the forward-looking statements on this presentation.While Linde believes that the assumptions made and the expectations reflected on this presentation are reasonable, noassurance can be given that such assumptions or expectations will prove to have been correct and no guarantee ofwhatsoever nature is assumed in this respect. The uncertainties include, inter alia, the risk of a change in generaleconomic conditions and government and regulatory actions. These known, unknown and uncertain factors are notexhaustive, and other factors, whether known, unknown or unpredictable, could cause the group’s actual results orratings to differ materially from those assumed hereinafter. Linde undertakes no obligation to update or revise theforward-looking statements on this presentation whether as a result of new information, future events or otherwise.2

Agenda1. Operational and Financial Performance2. Strategic Focus:— Growth Markets— Energy / Environment— Healthcare3. OutlookAppendix3

Performance – 6M 2012Profitable Growth.HighlightsGroup sales increased by 5.9% to € 7,174 mGroup operating profit* grew by 6.2% to € 1,655 mGroup margin increased by 10 bp to 23.1%EPS increased by 3.9% to € 3.45 and adjusted EPS by 3.2% to € 3.91OperationsGases project pipeline for 2012 to 2015 increased by € 650 m to € 2.6 bnOperating margin of the Gases Division at 27.4% (+10 bp)2012 Outlook reinforcedGrowth in sales and operating profit vs. record year 2011HPO: € 650-800 m of gross cost savings in 2009-2012*operating profit defined as EBITDA incl. share of net income from associates and joint ventures4

Group, sales by DivisionsContinued growth in all areasin € million,as reportedGroup6,774+5.9%7,174Gases Division— Solid growth through Growth Markets— Comparable growth* of 3.4% negativelyimpacted by plant shut downs in TonnageGases5,436+7.2%5,830— Growth supported by Healthcare with thenewly acquired Homecare business fromAir ProductsEngineering DivisionEngineeringOther/Cons.1,2261126M 2011+0.2%1,2291156M 2012— Strong order intake with more than half of theorders from Asia and Middle East— Order backlog further increased to € 3.8 bn*excluding currency and natural gas price effect5

Group, operating profit by DivisionsGroup margin further improvedin € million,as reportedGroup1,559+6.2%1,655Gases Division— Operating profit* further increased— Operating margin up by 10 bp to 27.4%1,483+7.8%1,599Engineering Division— Operating margin of 12.3% on high levelGases— Margin development driven by successfulexecution of individual projectsOther/ConsEngineeringOther/Cons.141-65+7.1%151-95— 2011 was influenced by a positive one-timeeffect due to changes made to the UK pensionplan (€ 16 m)Op. margin6M 20116M 201223.0% 23.1% 10 bpon reported basis*EBITDA incl. share of net income from associates and joint ventures6

Engineering Division, key figuresOutstanding operating profit margin of 12.3%— New project wins in Tonnage support high order intake and increasing order backlog— New order intake of around USD 250 m for equipment/gas processing plants for shale gas— Strong operating profit* marginin € millionSalesin € millionOperating Profit*1,226 +0.2%1,229141+7.1%15111.5%12.3%6M 20116M 20126M 20116M 2012in € millionOrder Intakein € millionOrder Backlog6M 2011 1,1496M 2012 1,432+24.6%31/12/11 3,60030/06/12 3,798+5.5%*EBITDA incl. share of net income from associates and joint ventures9

GroupFinancial key indicators again on record levelsProfitable growth for our shareholders— adjusted EPS up by 11.9%— adjusted ROCE further improved by 50 bp€5.464.58€Adjusted* EPS Adjusted* ROCE Operating Cash Flowin € m, as reported€6.896.89€€4.587.71€12.5%13.0%2,1422,4222,42610.4%2009201020112009201020112009 20102011*please see definitions on page 6210

Group, solid financial positionSound financial strategyNet debt (€ m)Net debt/EBITDA12,8154.89,9336,4276,4236,1195,4975,0946,2432.72.52.61.91.61.930/09/200620062007200820092010201130/06/2012200620072008200920102011LTMCredit Ratings— Standard&Poor‘s: A/A-1 with stable outlook (04 July 2012*)— Moody´s: A3/P-2 with stable outlook (02 July 2012*)* date of latest rating agency publication11

HPO (High Performance Organisation)Covering the full value chain in all regions— HPO is fully on track with savings – additional savings of ~ € 160 m in 2011— Initiatives have been launched and rolled out in all relevant areas— Contribution expected also in 2013 ff.— Gross cost savings increased to € 620 mAccumulated gross cost savingsin € million650-800160~35%Bulk Supply Chain160~25%Cylinder Supply Chain300~25%Procurement/Others~15%SG&A2009 2010 2011201212

Group, dividendsDividend increased by 13.6% to € 2.50+13.6%€2.50€2.20+22.2%+5.9% €1.80 stable €1.80+13.3%€1.70Change inOperatingProfit€1.50+18.1%*+5.4%-6.7%+22.6%+9.7%2006 2007 2008 2009 2010 2011* comparable change: prior year figures including twelve months of BOC13

Agenda1. Operational and Financial Performance2. Strategic Focus:— Growth Markets— Energy / Environment— Healthcare3. OutlookAppendix14

Mega-trendsLeveraging growth with our Gas & Engineering set-upGrowth MarketsEnergy/EnvironmentHealthcareLeveraging Gases & Engineering business synergies15

Mega-trend Growth MarketsStrong investments in future growthGrowth Markets exposurefurther increasedGrowth Market sales (% of Gases sales)Majority of Capex 2011invested in Growth MarketsGases Capex 2007 – 2011 in € bn36%35%1.51.31.432% 32%34%33%1.10.60.81.00.60.70.629%0.50.70.40.60.82007200820092010201120072008200920102011Excl. JVsIncl. JVsMature MarketsGrowth Markets16

Mega-trend Growth MarketsIndustrial gases market 2011 vs. 2020 in € bnMarket leader in 4 out of 5 Growth Markets~20 ~23~23~13~5~16~10~22.2~5~5~2# 1~6~16~16~16# 1~10Growth MarketsMature Markets~5~5~5~2~1~1~0.5# 2 # 1~4# 1~2~2~12020202020112011Source: Linde database, figures excl. Japan, equipment, healthcare and major impact out of future growth markets of the energy/environment sector17

Gases Division, project pipelineCurrently € 2.6 billion under execution— € 4.7 bn investments between 2009-2015 (thereof € 0.6 bn in JVs @ share)— Project amount for 2013 to 2015 increased by around € 650 m— Around 70% of total project-capex allocated to Growth Markets— Amount of project opportunities remains at € 4.3 bn on a high levelProject amount by on-stream date (incl. JVs) in € m~800~800~750~750~500100~600505002009201020112012201320142015(Projects > € 10 m)Additional since FY 2011 results presentation18

Mega-trend Growth MarketsComprehensive strategy to capture growth potential in AsiaConsolidated sales in Asia in € mMajor investment commitments LTMGreaterChinaSouth &East Asia2011201020112010576701+22%975861+13%Cilegon, Indonesia (Q2/2011)- On-site supply contract with PT Krakatau POSCO- Large ASU: ~€ 80 m capex, on-stream date 2013*Chongqing, China (Q2/2011)- On-site supply contracts with CCPHC and BASF- Large HYCO plant: ~€ 200 m capex, on-stream date end of 2014*Yantai, China (Q3/2011)- On-site supply contract with Wanhua Polyurethanes Co., Ltd.- Two large scale ASUs: ~€ 130 m capex, on-stream date 2013/2014*Pakistan#1Bangladesh#1#1India Thailand#1#1Sri Lanka SingaporeIndonesia#1#1KoreaChina #1TaiwanVietnam#1PhilippinesMalaysiaWu´an, China (Q4/2011)- On-site supply contract with Hebei Puyang Iron and Steel Ltd.- Decaptivation of 7 ASUs with energy efficiency upgrade andconstruction of a new ASU: ~ € 120 m capex, on-stream date 2014*Jilin, China (Q4/2011)- On-site supply contract with Evonik Industries and Jilshen- Hydrogen plant (SMR): ~€ 42 m capex, on-stream date 2013/2014*Dalian, China (Q1/2012):- On-site supply contract with chemical producer Dahua Group- Decaptivation of 2 ASUs: investment ~ € 70 m, on-stream date 2014*Kalinganagar, India (Q2/2012)- On-site supply contract with Tata Steel,- Two large scale ASUs: ~€ 80 m capex, on-stream date 2014** to be expected19

Mega-trend Energy/EnvironmentLeadIng joint capabilities & access to Energy/Environment sectorEngineering DivisionMega-projectsProven technology and project executionGases DivisionProven long-term operations track recordTechnology Know-HowEnergy:Environment:LNG (Merchant/Floating), EOR/EGR, Coal-to-X, Gas-to-X, Bio-to-X, GeothermalOxyFuel, Post-combustion CO2-capture and handling, H2-fuelingEfficiency & Applications: Higher energy efficiency of plants, REBOX® oxy-fuel, WASTOX®Long-term Customer RelationsCompetitive Products and ServicesPlant Salesforcaptive customerCommodity Customerswith focus on price/energy efficiency (TCO) and reliability20

Mega-trend Energy/EnvironmentImportance of new technologies & industrial gases applicationsGlobal energy consumption*Energy/Environment annual market revenue estimates*700Renewables500NuclearCoal300100Natural GasPetroleum Liquids2010 2015 2020 2030Source: U.S. Energy Information Administration€ 80 -140 bn€ 14 -19 bn€5 -7 bnCLEAN COALCO2 HANDLINGH2 FUELINGRENEWABLES (e.g. BIOMASS GASIFICATION, PHOTOVOLTAIC)CO2 emission reduction— Fossil resources remain dominantenergy source— Fossil resources becoming scarce—CO2-emissions steadily increasing— Importance of renewable energyincreasing but still limited reach*in quadrillion British Thermal Units (equals around 10 27 Joules)LNGEOR (N2 / NRU / CO2), GTL2015 2020 2030Increasing energy consumption & CO2 emissionAnnual market revenue in the respective yearPilot projects and small volumes*Assuming 100% Build Own Operate and excluding sale of equipment and plants(Please find assumptions for estimates on page 56)21

Mega-trend Energy/EnvironmentOpportunities in shale gas business: Example USNatural gas processing plantActive major shale gas fieldsin the USAExpected development of US shale gasproduction in the next decade (in Bcf)Barnett5.5Fayetteville4.5Woodford 2.0Haynesville8.0Marcellus4.5Bcf = billion cubic feetSource: EIA, “Oil and Gas Field Maps”; Linde database; NavigantEngineering— Total order intake since 2010 more than USD 800 m— Opportunities within the field of shale gas:— Natural gas processing plants: driven by the necessity of gas treatment for pipeline and bulk use— Small-mid-scale LNG plants: driven by increasing demand for merchant LNG— Ethane crackers: driven by increasing chemical production— Gases-to-liquids (GTL)Gases— Potential leverage of our operation experience into the area of shale gas— Based on shale gas new chemical clusters develop with the need for industrial gases supply22

Mega-trend HealthcareMarket environment and driversMarket environmentIncreasing and ageing populationDrivers of developmentNew and innovative pharmaceuticalgases and servicesIncreasing wealth in Growth MarketsHealthcare budget pressure and regulationQuality and optimum care for patientsValue creation by cost-effective and reliableproducts and servicesRegional expansionRelevant Healthcare markets 2011 vs. 2020 in € bn~5.8~5.7~8.1 ~3.92.220202011Mature Markets~2.2~1.020202011Growth MarketsSource: Linde database, figures incl.gas therapies and intermediate care23

Mega-trend HealthcareFrom medical gas provider to solutions & service providerCost ease to Healthcare budgetsDevelopment of new therapiesand applicationsGas TherapiesIntermediate Care— Pulmonary hypertension &cardio-thoracic surgery— Oxygen & Heliox therapies— Pain reliefHomecare— Patient centered care— Home oxygen therapies— Ventilation services— Sleep therapies— Other service— REMEO: treatment and care ofchronic patients with mechanicalventilation needsHospital Care— Bulk supply and technical assistance— Logistics and installation— Customer Service— Hospital & medical gas servicesIntegrated service provider24

Mega-trend HealthcareHomecare is the patients´, payors´ and hospitals´ choicePatientsIncreased quality of life at home and enabling patients to lead a moreactive life style beneficial to overall health status.PayorsGiven the rapid growth of healthcare expenditures,adequate care at home can prevent re-hospitalizations of chronically illpatients and lead to significant savings in the healthcare budgets.HospitalsHelping the hospitals to focus on acute patients and shifting the care forchronically ill patients to homecare.25

Mega-trend HealthcareHomecare: growth through innovation and regional expansionLinde Homecare salesby operating segmentsEMEAAMERICAS2011 78% 18% 4%ASIA/PACIFICHome Oxygen TherapySleep TherapyVentilation ServicesChronic respiratory diseases,patients need oxygen(COPD, Asthma)Products: LOX, GOX andConcentratorsObstructive Sleep Apnea,patients need positive airpressure during sleepProducts: Positive AirwayPressure Devices, MasksAdvanced respiratory diseasespatients need mechanicalventilation supportProducts: MechanicalVentilators, EquipmentSynergies: sales & marketing, logistics, integrated patient management,care center, adherence programme, technology development26

Agenda1. Operational and Financial Performance2. Strategic Focus:— Growth Markets— Energy / Environment— Healthcare3. OutlookAppendix27

Gases, CapexDevelopment Capex Sales Ratio 2007-201115%Capex/Sales Ratio12%11%13% 13%~1,800average2011-201413% plus*1,4511,3261,4391,0621,029Capex in € m2007 2008 2009 2010 20112012Data 2007-2011 @ actual average fx rates at the end of the respective year* plus: additional potential for mega-projects28

Outlook*Profitable Growth.2012GroupGasesEngineering— Growth in sales and operating profit vs. 2011— Confirmation of HPO-programme: € 650-800 m of gross costsavings in 2009-2012— Sales increase vs. 2011— Continuous improvement of productivity— Sales at the same level as in 2011— Operating margin of at least 10%Mid-termGroupGases— 2013**: Operating profit of at least € 4 bn— 2015**: Adjusted*** ROCE of 14% or above— Average capex/sales ratio 13% plus— Revenue increase above market growth— Further increase in productivity* based on current economic predictions and prevailing exchange rates ** including proposed acquisition of Lincare Holdings Inc. ***please see definitions on page 2229

Agenda1. Operational and Financial Performance2. Strategic Focus:— Growth Markets— Energy / Environment— Healthcare3. OutlookAppendix30

Group, Q2 2012Key P&L itemsin € million Q2 2011 Q2 2012 ∆ in %Revenue 3,449 3,669 6.4Operating profit 798 847 6.1Operating margin 23.1% 23.1% +0 bpEBIT 472 497 5.3PPA depreciation -60 -61 -1.7EBIT before PPA depreciation 532 558 4.9Financial result -77 -71 7.8Taxes -100 -103 -3.0Net income 295 323 9.5Net income – attributable to Linde AG shareholders 282 304 7.8EPS in € 1.65 1.77 7.3Adjusted EPS in € 1.91 2.02 5.831

Group, H1 2012Key P&L itemsin € million H1 2011 H1 2012 ∆ in %Revenue 6,774 7,174 5.9Operating profit 1,559* 1,655 6.2Operating margin 23.0% 23.1% +10 bpEBIT 918 973 6.0PPA depreciation -121 -122 -0.8EBIT before PPA depreciation 1,039 1,095 5.4Financial result -126** -163 -2.9Taxes -194 -179 7.7Net income 598 631 5.5Net income – attributable to Linde AG shareholders 566 591 4.4EPS in € 3.32 3.45 3.9Adjusted EPS in € 3.79 3.91 3.2*including € 16 m one-time effect from changes to the UK pension plan**including positive one-time effect of € 30 m (repayment of BOC Edwards vendor loan)32

Group, FY 2011Key P&L itemsin € million 2010 2011 ∆ in %Sales 12,868 13,787 7.1Operating Profit 2,9253,210 9.7Margin 22.7%23.3% +60 bpEBIT before PPA depreciation 1,9332,152 11.3PPA depreciation -254-242 5.0EBIT 1,6791,910 13.8Financial Results -280-291 -3.9Taxes -335-375 -11.9Net income 1,064 1,244 16.9Net income – Part of shareholders Linde AG 1,0051,174 16.8EPS in € 5.946.88 15.8Adjusted EPS in € 6.897.71 11.933

Gases Division, operating segmentsQuarterly dataEMEA (€ m)Q1 2011Q2 2011Q3 2011Q4 2011FY 2011Q1 2012Q2 2012Sales1,3931,4311,4341,4145,6721,4451,499Operating profit*3954124084191,634414420Operating margin28.4%28.8%28.5%29.6%28.8%28.7%28.0%Asia/Pacific (€ m)Q1 2011Q2 2011Q3 2011Q4 2011FY 2011Q1 2012Q2 2012Sales7077668107933,076808866Operating profit*196210228238872218235Operating margin27.7%27.4%28.1%30.0%28.3%27.0%27.1%Americas (€ m)Q1 2011Q2 2011Q3 2011Q4 2011FY 2011Q1 2012Q2 2012Sales5805936056062,384625636Operating profit*136134135130535152160Operating margin23.4%22.6%22.3%21.5%22.4%24.3%25.2%*EBITDA incl. share of net income from associates and joint ventures34

GroupFinancial Result and Tax RateFinancial Result (in € m)Tax Rate38532928029122.9%22.1%23.9%23.2%20082009 2010 2011200820092010201135

Group, H1 2012Cash Flow Statementin € million Q1 2012 Q2 2012 H1 2012 H1 2011Operating profit 808 847 1,655 1,559Change in Working Capital -318 -101 -419Other changes -105 -262 -367Operating Cash Flow 385 484 869Investments in tangibles/intangibles -321 -384 -705Acquisitions/Financial investments -3 -655 -658Other 43 24 67Investment Cash Flow -281 -1,015* -1,296*Free Cash Flow before Financing 104 -531 -427Interests and swaps -68 -146 -214Dividends and other changes -33 -402 -435Net debt increase (+)/decrease (-) -3 1,079 1,076-174-408977-547-1476-485492-159-38754*excluding proceeds on disposal of securities € 555 m36

Group, FY 2011Cash Flow Statementin € million Q1 2011 Q2 2011 Q3 2011* Q4 2011*2011* 2010Operating profit 761 798 804 847 3,210 2,925Change in Working CapitalOther changesOperating Cash FlowInvestments in tangibles/intangiblesAcquisitions/Financial investmentsOtherInvestment Cash FlowFree Cash Flow before FinancingInterests and swapsDividends and other changesNet debt increase (+)/decrease (-)-180-141440-237-1343-207233-45-2-1866-267537-310-133-278259-114-38524060-142722-346-4140-347375-123-7-24539-159727-452-2353-422305-56-11-238-75-7092,426-1,345-78169-1,2541,172-338-405-42984-5872,422-1,192-68195-1,0651,357-298-280-779* excluding investments in securities of € 600 m in Q3 and € 1,052 m in Q437

Group, solid financial positionEarly refinancing of existing financial debtContinuous efforts to extend the Group’s maturity profile— Issuance of € 500 m 7 years senior notes in June 2012— More than 80% of total financial debt is due beyond 2012— Approx. 56% of total financial debt has a longer maturity than 5 years2%7%19% 10%1%2%67%72%4,3443Other Bonds2,880Subordinated Bonds(*callable in 2013/2016)2,147224Commercial Paper1,277Bank Loans132 349 1,9231,461796Balanced mix of various financing instruments— Strong focus on long-term bond financing— Strategic funding in EUR, GBP, USD and AUDFinancial debt, by maturity (in € m)< 1 year1 - 5 years> 5 yearsFinancial debt,by instrumentFigures as of 31 December 201138

Group, solid financial positionLiquidity reserve again further strengthened€ 2.5 bn committed revolving credit facility— Arranged in May 2010 with 25 nationaland international banks— Maturing in 2015— No financial covenants— Fully undrawnMore than € 2.6 bn cash and securities3,897in € million (31/12/2011)2,5001,6741,000-1,277Short-termfinancial debtCash and cashequivalentsCurrent securities andstrategic liquidityreserve of € 600 mRevolvingcredit facilityLiquidity reserve39

Group, solid financial positionNet debt reduction of € 403 millionin € million1,2545,4972,426757125,094Net debt31/12/2010Cash flow frominvestmentactivitiesexcl. inv. inliquidity reserveOperatingcash flowNet interestDividendsOtherNet debt31/12/201140

Group, PensionsPerformance and key figures 2011Net obligationPerformance of major pension plansin € millionDBOPlanasset4,467Pension plan assets portfolio structureNetobligation01/01/2011Service costsNet financingActuarial losses/gainsContributions/payments4,97188253335–213254153–1350488-1182–200Other -33 -19 -1431/12/2011 5,401 4,842 559*United Kingdom12.3%11.6%6.0%Germany14.6%12.8%5.0%201012%57% 25%20111% 5%12% 64%1% 3%20%2011 expected2011 actual2009 -2011 avg.2011 expected2011 actual2009 -2011 avg.Fixed-intrest securitiesEquitiesOthers Insurance Property* Figure does not include effects from asset ceiling (€ 26 m) and provisions for similar obligations (€ 26 m)41

Gases Division, sales bridge6M 2012 sales increased by 3.4% on comparable basisin € million+7.2%+3.4%*5,830+3.6%+0.2%5,4366M 2011CurrencyNatural GasPrice/Volume6M 2012*including € 40 m changes in consolidation42

Gases DivisionJoint venturesin € millionProportionate Sales(not incl. in the Group top-line)Share of Net Income(contribution to operating profit)+15.5%+41.7%21324636516M 20116M 20126M 20116M 201243

Gases Division, Split of CapexGrowth Markets Capex increased to above 50 percentSplit Capex by operating segmentsin € million1,439+8.5%1,326Growth MarketsSplit Capex by markets2011616+1.8%627EMEA201054% 46% 54% 46%492+19.3%587Asia/Pacific218+3.2%225AmericasMature Markets2010201144

Gases DivisionFrom source to customerGas production centreOn-site supplyCustomerPipelineTonnageTransport of liquefied gasCustomerBulkFilling stationCustomerRetailerCylinder transportCylinder45

Gases DivisionVarious distribution mix served from one product sourceTonnageGlobal #2HealthcareGlobal #2— 15-year take-or-pay contracts(incl. base facility fees)— Add. growth in JVs & EmbeddedFinance Lease projects24%2011Sales11%— Hospital care & Homecare— Bulk & cylinder gases— Structural growth24% 41%— Multi-year contracts— Application-drivenBulkGlobal #1> 70% of revenues from> 30% market shareCylinderGlobal #1— High customer loyalty— Includes specialty gases— Cylinder rentals46

Gases DivisionStabilitydrivenbya broadcustomerbase2011: Split of product areas by major end-customer groups 2011: Split of sales bymajor end-customer groupsTonnageChemistry & EnergyFood & BeveragesMetallurgy & GlassElectronics OtherManufacturingElectronicsBulk22% Chemistry & EnergyMetallurgy & GlassRetailOtherFood & Beverages20% ManufacturingChemistry & EnergyChemistry & EnergyMetallurgy & Glass14% Metallurgy & GlassHomecareManufacturing12% Retail11% HealthcareHealthcareHospital CareOtherRetailElectronicsCylinder9% Food & Beverage5% Electronics7% Other47

Gases Division, local business model70% of revenues come from a leading market positionMarket leader in 55 of the 75 major countries,#2 Player in another 11Sales split by market shareBulk & Cylinder€7.1 bn*< 30%≥ 30%≥ 40%70%≥ 60%Market Leader #2 Player OthersStatus 2012*Sales of Bulk & Cylinder FY 201148

Linde Engineering withleading market position in all segmentsAir Separation PlantsHydrogen & SynthesisGas PlantsPetrochemical PlantsNatural Gas PlantsWorldwide #1 Worldwide #2 Worldwide #2 Worldwide #3Production of plants for Linde Gas and3rd party customersProviding chemistry and energy related solutionsto 3rd party customersLE LocationsProject companies, rep.and sales officesSupporting the energy/environmental mega-trend and leveraging customer relations for gas projects49

Engineering Division, key figuresOrder intake up by 3.5%in € millionOrder Intakein € millionSales+3.5%+2.8%2,1592,2352,4612,5312010201120102011in € millionOperating Profit*+12.3%Operating Margin+100 bp27130411.0%12.0%2010201120102011*EBITDA incl. share of net income from associates and joint ventures50

Engineering DivisionFY 2011 order intake by plant type and regionOrder Intake by Plant TypeOrder Intake by Region201020112010201128.3%Air SeparationPlants25.7%57.2%EMEA32.4%16.2%Hydrogen/Synthesis GasPlants21.5%28.5%16.7%10.3%Olefin PlantsNatural GasPlantsOther15.8%23.4%13.6%27.2%15.6%ASIA/PACIFICAMERICAS44.1%23.5%51

Engineering DivisionSolid and diversified order backlogOrder backlog by plant type (31/12/2011)Other: 7.4%(2010: 4.6%)Synthesis Gas Plants: 18.9%(2010: 14.7%)Olefin Plants: 28.6%(2010: 43.5%)Air Separation Plants: 24.7%(2010: 24.7%)Natural Gas Plants: 20.4%(2010: 12.5%)52

Mega-trend Growth MarketsLeadIng player in Greater ChinaSales in Greater China in € m2011 701 240 9412010576198774200942116358420084201325522007 328109437ConsolidatedJoint ventures (@ share)Key locations of Linde Gases:Supply Schemes OfficesIndustrial Parks Application Center— First international gases company in China in the 1980s— Around 4,000 employees / around 50 wholly-owned companies and JVs / around 150 operational plants— Serving pillar industries chemical, oil & petrochemicals, metallurgy, manufacturing, electronics— Industry-leading remote operations center, nation wide monitoring capabilities based in Shanghai53

Growing with leading companies in key industriesA diverse customer portfolio to match an integrated businessOil/PetrochemicalsChemicalsMetallurgyElectronicsHealthcareOthers54

Gases Division in ChinaIntegrated offer in selected industrial polesIntegrated ClustersExample – NingboGases productssupply to bulk andcylinder marketsPipeline linkage (key concept)Fully Integrated ClusterMultiple customers suppliedby pipeline (GAN/GOX/GHY)Integrated plant operationB O CZhenhaiGAN pipelineGOX pipelineDaxie IslandB O CB O CB O CBeilunBO CBO CB O C55

Clean Energy market estimation 2020 & 2030top downMarket size in € bn2015 2020 2030 Assumptions for 2030Clean Coal --- ---20 – 40– Triple-digit number of 1 GW Carbon Capture(1.5 Gt/a CO 2at EUR25-40/t)CO 2networks small 115 – 25– Installation of significant pipeline network and correspondingcompression(1.5 Gt/a handling fee CO 2at EUR 10-15/t)H 2fueling small 110 – 15EOR/EGR* 1.5 4 - 518 – 35LNG 3 - 4 6 - 1011 – 23Renewables 1 2Range 5 - 7 14 - 19 18-1403– Installation of a significant fuel station infrastructure– Corresponding annual H 2consumption of some bn tonsp.a.– Single to double digit number of large N 2EOR/NRU projects– Double digit number of large CO 2EOR projects includingindustrial CO 2capture and pipeline (overlapping w/CCS)– Based on penetration rate of LNG replacing existing fuels– Merchant LNG projects based on geographical set up andexisting infrastructure– Floating LNG projects– Includes mainly gases used for manufacturing ofphotovoltaic cells* Assuming 100% Build Own Operate and excluding sale ofequipment and plants.General assumptions:— Market numbers are directional only and w/o inflation or currency— Oil price development at 80-100 USD/bll— Outsourced gases market only (excl. captive market or equipment sales)56

Mega-trend Energy/EnvironmentCurrent and future growth markets for Gases & EngineeringBetter use of fossil resources:Existing growth marketsRenewable energy:Developing growth marketsClean energy:Future growth marketsLiquified NaturalGas (LNG)Statoil plant, Hammerfest,Floating LNGPhotovoltaicSigned Gases contracts for6 GWp of nominal capacityOxyFuelVattenfall Pilot Project,Schwarze Pumpe, GermanyGas-To-Liquid— (GTL) xxxCO 2scrubbingCoal-to-GasPearl GTL project,Qatar Shell GTL LTdRECTISOL ® CO 2wash, usedat Hammerfest LNG plantASUs and Rectisol for coalgasifications in ChinaBio to LiquidsBiomass-ConversionGeothermalWaste Management JVplant started up in 2009Choren/Sun Fuel PilotProject, GermanyTurbines for geothermalproject in FrancePost-comb.CO 2captureCO 2handlingRWE/BASF Pilot Project,Niederaussem, GermanyRecycling CO 2(OCAP, Nld)CO 2SINK, Ketzin, GermanyStatoil LNG plant, NorwayCoalliquefactionTonnage contract withBayer/SCCC * in ChinaAutomotiveHydrogenH 2Mobility Initiative launchedwith key industrial partnersEnhanced Oil&Gas RecoveryPemex Cantarell project, MexicoAdnoc Joint Venture, Abu DhabiRefineryHydrogenTonnage contracts with Shell,EMAP, Chevron, CITGO,…Higher efficiency in energy use: Sustained growth in traditional end marketsREBOX® oxy-fuel (steel), WASTOX® (aluminium), Oxygen burner (glass), Water Treatment, …*Shanghai Cooking & Chemical CorporationBusiness model Linde: Engineering Gas Supply Maturity of business:Existing businessPilot on-going57

Gases DivisionProposed acquisition of Lincare Holdings Inc. – RationalCreating a global leading healthcare service providerBenefiting from the mega-trend Healthcare— Growth Drivers: ageing and growing population as well ascontinuously improving diagnostics and treatments— Increasing share of revenues from resilient healthcare business— Strong growth segment in mature regionsIncreased share of revenues from gases business and higher exposure to North America— Group share of revenues from Gases Division increases to 82 percent— Revenues in North America up from €1.7 bn to € 3.1 bn— Increasing net asset base in North America59

Gases DivisionProposed acquisition of Lincare Holdings Inc. – Value creationProfileProducts &ServicesLinde- €0.5 bnsales*- 500,000 patients- #1 in South America- #2 in Europe- Limited footprint in North America- Active in more than 20 countriesCore- Oxygen therapy- Sleep Apnea- Ventilation servicesExtended- Nutrition, infusionRevenue & CostsynergiesLincare- €1.5 bnsales**- 800,000 patients- Industry leader in USCore- Oxygen therapy- Sleep Apnea- Nutrition, Infusion, further servicesExtended- Pulmunary rehab,specialty servicesCompetencies- Performance focus- Strong background inhospital care & gas therapies- Innovation pipeline- Performance focus- Operational excellence- Acquisition integration- Competitive bidding*2011 with the acquisition of Air Products Continental European Homecare business included (2011 Air Products business year revenues), ** 2011 with 1.25 €/$,60

GroupPPA – Expected Depreciation & Amortisation— Development of depreciation and amortisation— Impact in H1 2012: € 122 million— Expected range adjusted due to exchange rate effectsExpected range in € m2012 230 – 2552013 200 – 225…2022 < 125PPA Depreciation Planning (in € m)40030020010002006 2008 2010 2012 2014 2016 2018 2020 2022 202461

Group, Definition of financial key figuresOperatingProfitadjustedROCEReturnReturnEBITDA (incl. IFRIC 4 adjustment)excl. finance costs for pensionsexcl. special itemsincl. share of net income from associates and joint venturesOperating profit- depreciation / amortisationexcl. depreciation/amortization from purchase price allocationadjustedEPSAverageCapitalEmployedReturnequity (incl. minorities)+ financial debt+ liabilities from financial leases+ net pension obligations- cash, cash equivalents and securities- receivables from financial leasesearnings after tax and minority interests+ depreciation/amortization from purchase price allocation+/- special itemsSharesaverage outstanding shares62

Investor RelationsContactPhone: +49 89 357 57 1321eMail: investorrelations@linde.comInternet: www.linde.comFinancial Calendar— Interim Report January to September: 29 October 2012— Annual General Meeting: 29 May 201363