SHAREHOLDER'S

GLOSSARY
i
Adjusted price
Share price adjusted to take account of changes
in capital (issue of new shares, stock split, etc).
The adjusted share price is used to produce
meaningful comparisons of price changes over time.
AGM
Annual General Shareholders’ Meeting. See CGM.
AMF
(Autorité des marchés fi nanciers,
the French securities regulator)
It governs and oversees the conduct and professional
ethics of the markets and protects the interests
of investors and shareholders.
Bond
Tradable debt security issued by a public or
private company, a local authority, an association
or a government. Bonds carry fi xed interest for
a specifi c period and are redeemable on maturity.
Bonus dividend
Pursuant to Air Liquide’s Articles of Association,
dividend increased by 10%, granted to shareholders
for all registered shares held continuously for more
than two calendar years.
Bonus share allocation
Transaction by which a company creates new shares
by introducing into the capital undistributed earnings
and then issuing these shares at no cost to
shareholders in proportion to the number of shares
already held. Air Liquide regularly allocates such
bonus shares.
CAC 40
(Cotation assistée en continu –
Continuous Automated Trading)
The fl agship stock market index of Euronext Paris,
the CAC 40 tracks the evolution of a selection
of 40 stocks registered on this stock market.
A committee of Euronext Paris specialists regularly
revises its composition to ensure that it remains
representative. Only 16 companies, including
Air Liquide, have been included in the CAC 40
since its inception in 1988.
Capital employed
Balance sheet capital corresponding to fi nancial
resources used by a company to develop its business.
It is the sum of equity, minority interests and net debt.
Capital gain
Gain realized on the sale of a security, that is
the difference between its sale price and its original
purchase price.
Words indicated by this symbol in this document are listed in the glossary.
The glossary also contains additional defi nitions which you may fi nd useful.
ABC CDE FHI
Cash fl ow
Cash generated by a company. It is either
reinvested or distributed to shareholders (dividends).
Cash fl ow corresponds roughly to after-tax earnings
plus depreciation and amortization.
CGM
The Combined General Shareholders’ Meeting brings
together an Ordinary and an Extraordinary General
Shareholders’ Meeting on the same date on same
convocation. Depending on the resolution, the quorum
and majority requirements follow those of either the
Ordinary or Extraordinary General Meetings. Air Liquide
usually calls Combined General Meetings.
Deferred
settlement service
Fee-based service available for the most traded
stocks through which settlement for orders or
delivery of shares is deferred to the last trading
day of the month. The Air Liquide share is eligible
for this service.
Dividend
The part of a company’s net profi t distributed
to shareholders. Shareholders vote the dividend
at the Annual General Meeting after approval
of the fi nancial statements and profi t allocation
proposed by the Board of Directors.
EGM
The Extraordinary General Shareholders’ Meeting
is called when shareholders must either approve
or reject amendments to the Articles of Association
or a share capital transaction (increase, reduction,
merger, etc.). Voting shareholders must represent
25% of shares with voting rights at a fi rst
convocation, or 20% at a second convocation,
for an Extraordinary General Meeting to proceed.
Euro Stoxx 50
Stock Exchange index composed of 50 of the highest
capitalizations and most actively traded stocks listed
in the eurozone.
Euronext Paris
Name of the fi rm which organizes, manages
and develops the securities market in Paris,
and acts as market regulator (fi nancial transactions,
monitoring of companies listed on the stock market)
with the delegated authority of the AMF.
Fractional right
Part of a share that cannot be distributed in
the case of a bonus share allocation or subscription
if the number of shares held by the shareholder
is not a multiple of the transaction.
Example: in a 1 for 15 bonus share allocation,
a shareholder holding 68 shares is allocated 4 new
shares and 8 fractional rights.
Free fl oat
The part of the company’s capital available for
public ownership and tradable on the stock markets.
The higher the free fl oat, the greater the liquidity
of the shares. 100% of Air Liquide’s capital is
free fl oated.
Free grants of shares
Conditional grants of shares to employees,
linked to performance objectives.
Handling fee
Fee charged by a fi nancial intermediary for
maintaining share records. It generally represents
a percentage of the portfolio or a set fee per line
of shares held. Air Liquide’s Shareholder Services
provides this service free of charge for shares held
in a direct registered account.
IFRS
(International Financial
Reporting Standard)
International accounting standards put into effect on
January 1, 2005, to facilitate comparing companies’
fi nancial statements.
Investment club
(in France)
Group of 5 to 20 individuals that jointly manages
a securities portfolio by making regular payments
and sharing the income and capital gains.
ISIN code
(International Securities
Identifi cation Number)
Code used to identify fi nancial products quoted
on the spot market on the stock exchanges
(Air Liquide ISIN code: FR0000120073).