Investor Presentation. Linde India...

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April, 2013

Investor Presentation. Linde India Limited.

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Disclaimer

The information in this presentation reflects prevailing conditions and the views of Linde India Limited as of the date of this presentation.

In preparing this presentation, Linde has relied partly on public sources and has not independently verified any of the information contained therein. Neither

Linde nor any of its affiliates or representatives makes any representation or warranty or gives any guarantee of whatsoever nature, whether express or implied, as to the accuracy or completeness of the information contained in this presentation. Linde, its affiliates and representatives expressly disclaim any

and all liability based in whole or in part on such information, errors therein, or omissions therefrom. No reliance should be placed on the fairness, accuracy,

completeness or correctness of the information or opinions contained in this presentation.

This presentation contains certain projections and forward-looking statements about Linde and its businesses. These include, without limitation, those

concerning anticipated future performance of Linde and its businesses, profitability in specific areas, future product portfolio, future growth potential of

markets and products, development of, and competition in, economies and markets. These forward looking statements reflect various assumptions of management and involve known and unknown risks, uncertainties, contingencies and other factors, many of which are outside of control, are difficult

to predict and may cause actual results to differ significantly from any future results expressed or implied in the forward-looking statements in this

presentation. The uncertainties include, inter alia, the risk of a change in general economic conditions and government and regulatory actions. These known,

unknown and uncertain factors are not exhaustive, and other factors, whether known, unknown or unpredictable, could cause the actual results to

differ materially from those assumed hereinafter. While Linde believes that the assumptions made and the expectations reflected in this presentation are

reasonable, no assurance can be given that such assumptions or expectations will prove to have been correct and no guarantee of whatsoever nature is

assumed in this respect, in particular, without limitation, as to the accuracy or reasonableness of such assumptions, or the projections or forward-looking

statements based thereon, or that any of the forecasts will be achieved. Linde disclaims any obligation to update the forward-looking statements to reflect

future events or developments.

THIS PRESENTATION DOES NOT CONSTITUTE AN OFFER TO SELL OR THE SOLICITATION OF OFFERS TO BUY ANY SECURITIES, NOR DOES IT CONSTITUTE AN OFFER TO

ENTER INTO ANY TRANSACTION. No part of this presentation should form the basis of, or be relied upon in connection with, any investment decision or any

contracts or commitment to purchase or subscribe to any securities. This presentation is not intended to be a prospectus (as defined under the Companies Act,

1956) or offer document (as defined under the Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2009).

THIS PRESENTATION IS NOT FOR DISTRIBUTION IN OR INTO THE UNITED STATES OF AMERICA, OR TO OR FOR THE BENEFIT OF U.S. PERSONS. Linde's securities have not

been and will not be registered under the U.S. Securities Act of 1933, as amended (the "US Securities Act"), and may only be offered or sold in the United States

of America (as defined in Regulation S under the US Securities Act) if registered under the US Securities Act or an exemption from such registration is available.

Linde does not intend to register any securities in the United States of America or to conduct a public offering of securities in the United States of America.

This presentation is for general information only, without regard to any specific objectives, financial situations or informational needs of any particular person.

The information contained in this presentation is subject to corrections or change at any time. Linde, its affiliates and representatives disclaim any duty to update or correct any inaccuracies or any statements which become misleading in the information contained in this presentation. Linde may alter, modify or

otherwise change in any manner the contents of this presentation, without obligation to notify any person of such change or changes.

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Agenda

1. Overview of Linde India Limited - Highlights

- Product and Service Offerings

- Manufacturing and Distribution Capabilities

- Key Business Segmentation

- Key Personnel

2. Financial Performance of Linde India Limited

3. Growth Strategy for Linde India Limited

4. Outlook for Linde India Limited

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Linde India Limited Overview A leading industrial gases company in India

(1) Based on an exchange rate of US$1 Rs. 54

(2) Closing market price at Bombay Stock Exchange (BSE) as of April 25, 2013 and shares outstanding as of March 31, 2013 85.3m

(3) Source: BSE, shareholding as of March 31, 2013 (rounded)

(4) Others include Foreign Institutional Investors, FIs / Banks, Mutual Funds / UTI, Central Government / State Government(s), Trusts, Clearing Members, Directors & their Relatives & Friends,

Non Resident Indians

Size of Operations (1)

2012

259

2008

106

Gross Revenue

+25.1%

[US$m]

Key Shareholding (3)

plant

More than 20 production facilities and filling

stations across the country

Manufacture and supply large variety of gases

and gases mixtures

Provide a range of engineering services

catering to the needs of a wide variety of

industries

One of the largest sales and distribution

networks in the country

Market capitalisation: US$378 million (1)(2)

The BOC Group

Limited, a part of the

Linde Group89.5%

Individuals7.9%

Bodies Corporate

1.5%

Insurance Companies

0.9%

Others0.2%

(4)

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Leadership in Gases Business in India since 1935 77 years of strong relationship with Indian industry

Indian Oxygen &

Acetylene Company

incorporated in

Kolkata

35

Lists shares on

The Calcutta Stock

Exchange Limited

(CSE)

First onsite pipeline

plant for Tata Steel

with a capacity of

120 tpd (1) installed

at Jamshedpur

Lists shares on

the BSE Limited

Source: Company Reports

Graph is representative; not to scale.

IOL Limited becomes

BOC India Limited

Brings on stream the

1,290 tpd (1) ASU (2) at

Jamshedpur, built for

Tata Steel

Lists shares on the

National Stock Exchange

of India Limited (NSE)

Sets up customer

service center at

Kolkata

BOC India Limited

becomes a member of

The Linde Group following

of The BOC Group

Sets up national

scheduling centre at

Kolkata

Commissions its 1,800

tpd (1) ASU (2) at Bellary

for supplying gases to

JSW Steel

Brings on stream its 420 tpd (1) ASU (2)

in Kalinganagar, Odisha for Jindal

Stainless

2,550 tpd (1) ASU (2) commissioned for Tata Steel at

Jamshedpur, the largest ASU in India as well as the

largest ASU of the Linde Group in South & East Asia

BOC India

Limited

renamed as

Linde India

Limited

(1) tpd = tons per day

(2) ASU = Air Seaparation Unit

Indian Oxygen

Limited renamed

as IOL Limited

Indian Oxygen &

Acetylene Company

renamed as Indian

Oxygen Limited

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Product and Service Offering of Linde India Limited Integrated business model to deliver customer value

One-stop solution to businesses for gas supply and related equipment & services

Strong manufacturing and distribution capabilities with world class safety standards

- More than 20 production facilities and

filling stations spread across all regions

- Best in class operations following Linde

sites covered under ISO 14001:2004

accreditation

Strong engineering capability and well patented technology of the Linde Group to leverage on

Dedicated multi-disciplinary project engineering and execution team

- National Scheduling Center (NSC) for

planning for all bulk customer supplies

and Centralised Fleet Room (CFR) to

monitor driver behaviour

- Customer service in 7 languages to

manage all customer indents, queries

and complaints

- Technology for most sophisticated Air

Separation Units and Hydrogen

Generators

- Various patented product ranging for

shielding and precision mixture gases

- Collaboration with Linde Engineering

and in-house design, supply and

execution capability for executing

large projects including air separation

units, nitrogen generators, gas

distribution systems and cryogenic

vessels

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Key Business Segmentation Diverse product portfolio to meet varied industry needs

Industrial Gases

Medical Gases

Specialty Gases

Projects (Engineering) Gases and Related Products

Tonnage & Bulk Packaged

Atmospheric gases

(Argon, Nitrogen,

Oxygen, Krypton,

Xenon & Neon)

Process gases

(Hydrogen,

Helium, Carbon

dioxide,

Acetylene)

Shielding gases

used in welding

Medical Oxygen,

Nitrous Oxide,

Homecare

products,

Oxygen

concentrators

and Entonox

Special gases and

mixtures, used

for calibrating

analytical

instruments

Refrigerants

Fire suppressants

Project Engineering Division (PED) has over 77

years of experience in various areas of

cryogenic and non-cryogenic gas plants,

storage vessels and pipeline

Strong relationship with major private and

public sector organisations more than 50% of

customers as repeat orders

Experienced engineers and workforce (250+

officers) strong design engineering capability

Sophisticated technical expertise of Linde

Engineering

Experienced local engineers

Own fabrication shop facility 8500 sqm

in 3 bays

Leveraging the above strengths, PED has now

expanding beyond the Indian country territory

currently setting up plants at Indonesia, Sri

Lanka and Bangladesh

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Manufacturing locations Required spread and reach to cater to all regions

Existing Plants

Upcoming Plant

Corporate Office

Cylinder filling site

>20 production facilities and filling stations, >100 dealer and warehouse network and >400 dedicated tankers in the distribution fleet

MUMBAI KOLKATA

CHENNAI

NEW DELHI

N

Jamshedpur

Bellary

Dehradun

Taloja Rourkela

Kalinganagar

BANGALORE

Hyderabad

Trichy

Vizag

Pune

Ahmedabad

Jasansol

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Sanjiv Lamba

Chairman & Non-Executive Director

48 years old, B. Com. (Hons.) and a Chartered Accountant.

Joined Linde India Limited in the finance function in 1989.

Member of the Executive Board of Linde AG and was

appointed as the Chairman of the Board of Directors of

Linde India Limited on 9 February 2012.

Srikumar Menon

Executive Director

61 years old, B. Com (Hons.) and a Chartered Accountant.

Joined Linde India Limited in October 2001 as Vice President

Finance.

Arun Balakrishnan

Non Executive Director

63 years old, B.E (Chemical) from College of Engineering,

Trichur, Kerala and Post Graduate Diploma in Management from

IIM, Bangalore. Was the Chairman and Managing Director of

Hindustan Petroleum Corpoartion Ltd. from 1 April 2007 to 31

July 2010.

Aditya Narain


61 years old, B.Tech from IIT, Kanpur, an LLB from Kanpur

University and a Masters in Sciences from the University of

Rochester, USA.Over three decades of experience at ICI

India, now Akzo Nobel India.

Binod Patwari


41 years old, B. Com (Hons.), CFA, MBA (Finance) and a

Company Secretary from India. Joined Linde India Limited in

the finance function in the year 1997 and later moved

overseas to various senior positions within the erstwhile

BOC Group until its merger with Linde AG in 2006.

Jyotin Mehta


55 years old, is a B.Com, FCA, FCS and FICWA. Has rich

experience of about 29 years in finance, secretarial, internal

audit and quality deployment functions across diverse

industries.

Impressive Board of Directors

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Agenda





- Key Personnel




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Financial Highlights over 5 Years (2008-2012) Strong growth track record and impressive profitability

2012

187

2008

79

2012

259

2008

106

2012

72

2008

27

Gross Revenue

+25.1%

Revenue Gases and Related

Products

+24.2% +27.5%

[US$m] (1)

2012 2008 2012 2008 2012 2008

EBITDA (2)

+23.6%

Fixed Assets (Net Block)

Revenue Project Engineering


(2) EBITDA (Earnings Before Interest, Taxes, Depreciation and Amortisation) as reported (includes US$14m of Other Operating Income in 2012)

51

22

Cash Flow from Operations

25

13

+19%

165

419

+26.3%

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Financial Highlights over 5 Years (2008-2012) Revenue and EBITDA

EBITDA(2) and EBITDA margins % [US$m(1)]

Healthy Revenue Growth Strong Profitability Over The Years

Gross Revenue 2008 2012 [US$m(1)]

2012 2011

216

2010

192

2009

155 22

CAGR 2008 2012: 23.6% CAGR 2008 2012: 25.1%

259 20.5% 17.7% 15.9 19.5% Margin

44 33

25

51

2008

106

20.5%

2012 2011 2010 2009 2008


(2) EBITDA (Earnings Before Interest, Taxes, Depreciation and Amortisation) as reported (includes US$14m of Other Operating Income in 2012)

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Financial Highlights over 5 Years (2008-2012) EBIT and Net Income

Net Income and Net Income margins % 2008 2012 [US$m(1)]

CAGR 2008 2012: 2.8%

6.4% 10.4% 9.0% 6.4%

EBIT(1) and EBIT margins % 2008 2012 [US$m(1)]

CAGR 2008 2012: 17.8%

11.5% 14.4% 12.0% 10.4%

23

17

10

17

31 23

16

30

15

2012 2011 2010 2009 2008

14.6%

15

14.0%

2012 2011 2010 2009 2008


(2) EBIT (Earnings Before Interest and Taxes) as reported (includes US$14m of Other Operating Income in 2012)

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Financial Highlights over 5 Years (2008-2012) Returns

Robust Returns Robust Returns

ROCE(1) % (excluding Capital work-in-progress) 2008 2012

ROCE(1) % 2008 - 2012

7.1%

8.9% 8.1%

7.5%

9.7%

2012 2011 2010 2009 2008

18.6%

12.7% 13.5%

17.6%

11.1%

2012 2011 2010 2009 2008

(1) ROCE = Return On Capital Employed

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Agenda





- Key Personnel




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Growth Strategy for Linde India Limited Integrated business model for sustainable growth

Focus on large steel and refinery customers for pipeline opportunities, decaptivation of

existing plants and cluster development

Invest on stand alone merchant plants within power zones in western and southern India

Application based sales growth. Significantly increase market share in Helium leveraging

Strengthen cylinder business with market zone strategy and profiling (investment in

western and southern India), Special gases growth through rare gases and roll out Linde

variants of shielding gas

Increase footprint in new upcoming industrial hubs in eastern and western India

Enhance Healthcare business in India through appropriate M&A and focus on small and

medium sized hospitals in tier II cities while consolidating existing position with large

hospital chains in all major cities

Strong customer base, collaboration with Linde Engineering and improved in-house design

and execution capability to support growth of Engineering business

Growth through step-out opportunities eg. merchant LNG, Hydrogen fuel cell

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Agenda





- Key Personnel




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Outlook

- Committed significant investments in the gases business for setting up large capacities for catering to

the customers in the steel sector and merchant markets. Some of the large investments are:

- 2,550 tons per day plant for Tata Steel at Jamshedpur (commissioned in June 2012)

- 450 tons per day of liquid capacity plant in Taloja (commissioned in June 2012)

- 2 x 853 tons per day plant for SAIL at Rourkela (under construction)

- 2 x 1,000 tons per day plant for Tata Steel at Kalinganagar (under construction)

-

the gases business in the medium to long term

- Plans to make new investments for growing its retail packaged gases business in 2013 with a view to

regain market share in select geographies

- Focus on increasing penetration in hospitals in tier II cities with focus on private hospital chains

- Partnership with Linde Engineering has been successful for Project Engineering Division (PED) in bidding

and winning several prestigious projects. It is expected to further enhance this consortium activities in

near future

- There has been steady progress in the HPO (high performance organisation) journey and the company

will continuously endeavor to leverage the strengths of its parent

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Current 1 Year Avg. 6 Month Avg. 3 Month Avg. 1 Month Avg.

Price per Share (INR) 247 385 349 301 275

Premium / (Discount) 0% 56% 41% 22% 12%

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Share Price Performance Robust long term performance by the Linde India stock

The Linde India stock has grown at a Cumulative Annual Growth Rate (CAGR) of 28% over the last 10 years(2)

0

100

200

300

400

500

600

Jan-01 Jan-02 Jan-03 Jan-04 Jan-05 Jan-06 Jan-07 Jan-08 Jan-09 Jan-10 Jan-11 Jan-12 Jan-13

January 5, 2008: BOC India Board

approves preferential allotment of

36,200,000 shares to Linde AG / its

wholly owned subsidiaries

January 22, 2008: Public

Announcement to acquire 20%

shares in BOC India pursuant to the

Mandatory Tender Offer (MTO)

following Preferential allotment

April 4, 2006: Announcement of

cash offer by Linde Group,

Germany, for acquisition of BOC

Group Plc, UK

Sha

re P

rice

in IN

R

(1) Premium / (Discount) calculated over stock price on 22nd April, 2013.

(2) Calculated using stock price on 22nd April, 2003 and 22th April, 2013.

(1)

January 4, 2011: Public

Announcement of the Delisting

Offer to delist BOC India

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Key Highlights of Linde India Limited A leading industrial gases company in India

Rich Heritage Member of The Linde Group, a global leader in gases industry

Over 77 years of accumulated Indian experience

Superior Execution Capabilities More than 20 production facilities and filling stations, including

one of Asia's largest air separation units

Safety, Health, Environment & Quality

Significant focus on operation and transport safety most plant

covered by ISO 9000:14001 accreditation

Stable Financials (1) Market cap: US$378 million(2)

Gross Revenue: US$259 million; EBITDA: US$51million;

EBIT: US$30 million; PAT: US$17 million (all CY12)

Diverse and Large Range of Products

Supply large number of gases and mixtures and provide a range

of related services catering to needs of a wide variety of

industries

Nationwide Distribution Coverage

40 warehouses and depots, 100 dealers and more than 400

dedicated tankers in the distribution fleet


(2) Closing market price at Bombay Stock Exchange (BSE) as of April 25, 2013 and shares outstanding as on March 31, 2013 85.3m

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