To obtain the advantages of registered shares while keeping the management of your portfolio with your financial intermediary, your securities account or your PEA, you can opt for intermediary registered shares.

You benefit from:

• loyalty bonus if you hold your shares for more than two full calendar years,
• a direct relationship with Shareholder Services, which updates you on all Group news.

By opting for direct registered shares:

• your shares are eligible for the loyalty bonus,
• the dividend is paid directly to your bank account,
• broker fees are only 0.18% (pre-tax) of the total transaction amount, with no minimum,
• your Air Liquide securities are transferred to an account with Shareholder Services and you incur no handling or management fees.

You also receive customized services:

• the Shareholder Services team is your partner for all your operations,
• you can follow your accounts live and send your trading orders from your personal online share account,
• you are directly updated on all Group news and relevant shareholder information.

80,000 Air Liquide shareholders have chosen direct registered shares! How about you?

To help you manage your registered share portfolio, your Air Liquide shares are divided into four ISIN “value codes”.

FR0000120073 Shares that have been held in registered form during the current year and which will entitle you to a loyalty bonus if held for more than two full calendar years. Bearer shares are also listed under this value code.	FR0011336254 Shares registered in 2012. Loyalty bonus in 2015
FR0000053951 Registered shares that already qualify for the loyalty bonus.	FR0011147412 Shares registered in 2011. Loyalty bonus in 2014
Permanent value codes	Intermediate value codes

If you hold bearer shares you wish to convert to registered shares, please fill in one of the following conversion forms and return it to your bank.

• Conversion form to direct registered shares
• Conversion form to intermediary registered shares

Converting to registered shares is not a sale, so there are no tax consequences. Tax treatment of registered shares and bearer shares is identical.

My shares are held by Air liquide			✔
I do not pay any handling fees	Varies by financial establishment		✔
I do not pay any management fees			✔
I place my stock orders with Air liquide directly			✔
My IFU (Imprimé fiscal unique) is sent by Air liquide			✔
I qualify for the loyalty bonus(a)		✔	✔
I receive information from Air liquide directly		✔	✔
I am invited to the Annual General Meeting directly by Air liquide		✔	✔
I receive dividends	✔	✔	✔
I receive free shares	✔	✔	✔
I am invited to the Annual General Meeting once I hold one share	✔	✔	✔
I can hold my shares in a PEA	✔	✔
My shares are held by my financial intermediary	✔	✔
My IFU (Imprimé fiscal unique) is sent by my financial intermediary	✔	✔
Form of ownership	Shares	Intermediary registered shares	Direct registered shares

(a) For shares held for two full calendar years and subject to the conditions defined by Air liquide’s articles of association