1 Base Prospectus Dated 2 April 2015 This document constitutes two base prospectuses for the purposes of article 5.4 of Directive 2003/71/EC of the European Parliament and of the Council of November 4, 2003, as amended (the "Prospectus Directive"): (i) the base prospectus of Linde Aktiengesellschaft in respect of non-equity securities within the meaning of Art. 22 No. 6 (4) of the Commission Regulation (EC) No. 809/2004 of 29 April 2004, as amended ("Non-Equity Securities") and (ii) the base prospectus of Linde Finance B.V. in respect of Non-Equity Securities (together, the "Base Prospectus"). Linde Aktiengesellschaft (Munich, Federal Republic of Germany) as Issuer and, in respect of Notes issued by Linde Finance B.V., as Guarantor Linde Finance B.V. (Amsterdam, The Netherlands) as Issuer 10,000,000,000 Debt Issuance Programme Application has been made to the Luxembourg Stock Exchange for notes (the "Notes") issued under this Base Prospectus (the "Prospectus") during the period of 12 months from the date of this Base Prospectus under the 10,000,000,000 Programme for the Issuance of Debt Instruments (the "Programme") to be admitted to trading on the Luxembourg Stock Exchange's Regulated Market (which is a regulated market for the purposes of the Markets in Financial Instruments Directive 2004/39/EC) and to be listed on the Official List of the Luxembourg Stock Exchange. Notes issued under the Programme may also be listed on the Frankfurt Stock Exchange or may not be listed at all. The maximum aggregate principal amount of Notes outstanding under the Programme will not exceed 10,000,000,000. Application has been made to the Commission de Surveillance du Secteur Financier (the "CSSF") in its capacity as competent authority under the Luxembourg law dated 10 July 2005 on prospectuses for securities (Loi relative aux prospectus pour valeurs mobilières), as amended (the "Luxembourg Prospectus Law"), which transforms the Prospectus Directive into Luxembourg law to approve this document as a Base Prospectus and to provide the competent authorities in the Federal Republic of Germany ("Germany"), The Netherlands and the Republic of Austria with a certificate of approval attesting that the Prospectus has been drawn up in accordance with the Luxembourg Prospectus Law ("Notification"). Each Issuer may request the CSSF to provide competent authorities in additional host Member States within the European Economic Area with a Notification. By approving a prospectus, the CSSF shall give no undertaking as to the economic and financial soundness of the operation or the quality or solvency of the Issuers (as defined below). Application has been made for this Prospectus to be approved by the CSSF. This Prospectus has been filed with said authority and will be published in electronic form on the website of the Luxembourg Stock Exchange (www.bourse.lu) and on the website of Linde Group (www.linde.com). This Prospectus succeeds the Prospectus dated 1 April It is valid for a period of 12 months after its approval. Arranger Deutsche Bank Dealers Barclays Commerzbank HSBC UniCredit Bank Citigroup Deutsche Bank Morgan Stanley
2 2 RESPONSIBILITY STATEMENT Linde Aktiengesellschaft ("Linde AG", and together with its consolidated subsidiaries, the "Linde Group", "Group" or "Linde" or the "Company" or, in connection with Notes issued by Linde Finance B.V., the "Guarantor") with its registered office in Munich and Linde Finance B.V. ("Linde Finance") with its registered office in Amsterdam (each an "Issuer" and together the "Issuers") are solely responsible for the information given in this Prospectus and for the information which will be contained in the relevant final terms (the "Final Terms"). Each Issuer hereby declares that, having taken all reasonable care to ensure that such is the case, the information contained in this Prospectus for which it is responsible is, to the best of its knowledge, in accordance with the facts and contains no omission likely to affect its import. This Prospectus should be read and understood in conjunction with any supplement hereto and with any other documents incorporated herein by reference and, in relation to any Tranche of Notes, together with the relevant final terms. Each Issuer has confirmed to the dealers set forth in the section "Names and Addresses" and any additional dealer appointed from time to time under the Programme (each a "Dealer" and together the "Dealers") that this Prospectus contains all information with regard to the Issuers and the Notes which is material in the context of the Programme and the issue and offering of Notes thereunder, the information contained herein with respect to the Issuers and the Notes is accurate in all material respects and is not misleading, the opinions and intentions expressed therein with respect to the Issuers and the Notes are honestly held, there are no other facts with respect to the Issuers or the Notes the omission of which would make the Prospectus misleading in any material respect; and that all reasonable enquiries have been made to ascertain all facts and to verify the accuracy of all statements contained herein. NOTICE No person has been authorised to give any information which is not contained in or not consistent with this Prospectus or any other document entered into in relation to the Programme or any information supplied by any Issuer or such other information as in the public domain and, if given or made, such information must not be relied upon as having been authorised by the Issuers, the Dealers or any of them. To the extent permitted by the laws of any relevant jurisdiction, neither the Arranger nor any Dealer nor any other person mentioned in this Prospectus, excluding the Issuers, is responsible for the information contained in this Prospectus or any supplement hereto, or any Final Terms or any other document incorporated herein by reference, and accordingly, and none of these persons accepts any responsibility for the accuracy and completeness of the information contained in any of these documents. This Prospectus is valid for 12 months after its approval and this Prospectus and any supplement hereto as well as any Final Terms reflect the status as of their respective dates of issue. The delivery of this Prospectus or any supplement hereto or any Final Terms and the offering, sale or delivery of any Notes may not be taken as an implication that the information contained in such documents is accurate and complete subsequent to their respective dates of issue or that there has been no adverse change in the financial situation of the Issuers since such date or that any other information supplied in connection with the Programme is accurate at any time subsequent to the date on which it is supplied or, if different, the date indicated in the document containing the same. Each of the Issuers has undertaken, in connection with the listing of the Notes on the official list of and the admission of the Notes to trading on the Regulated Market of the Luxembourg Stock Exchange, that if, while Notes of an Issuer are outstanding and admitted to trading on the Regulated Market of the Luxembourg Stock Exchange, in the event of any significant new factor, material mistake or inaccuracy relating to the information included in the Prospectus (or any of the documents incorporated by reference in this Prospectus) which is capable of affecting the assessment of the Notes and which arises or is noted between the time when this Prospectus has been approved and the closing of any tranche of Notes offered to the public or, as the case may be, when trading of any tranche of Notes on a regulated market begins, whichever occurs later, such Issuer and/or Guarantor will prepare or procure the preparation of a supplement to this Prospectus or, as the case may be, publish a new Prospectus for use in connection with any subsequent issue by such Issuer of Notes to be admitted to trading on the Regulated Market of the Luxembourg Stock Exchange. Each of the Issuers will, at the specified offices of the Paying Agents, provide, free of charge, upon the oral or written request therefor, a copy of this Prospectus (or any
3 3 document incorporated by reference in this Prospectus and, in particular, a copy of the most recently published audited annual financial statements of each of the Issuers and the Guarantor, and of any interim financial statements of the Guarantor). Written or oral requests for such documents should be directed to the specified office of any Paying Agent or the specified office of the Listing Agent in Luxembourg. The distribution of this Prospectus and any Final Terms and the offering, sale and delivery of Notes in certain jurisdictions may be restricted by law. Persons into whose possession this Prospectus or any Final Terms come are required to inform themselves about and observe any such restrictions. For a description of the restrictions applicable in the United States of America, the European Economic Area, the United Kingdom, The Netherlands, Japan and Hong Kong, see "Subscription and Sale". In particular, the Notes have not been and will not be registered under the United States Securities Act of 1933, as amended, and are subject to tax law requirements of the United States of America; subject to certain exceptions, Notes may not be offered, sold or delivered within the United States of America or to U.S. persons. This Prospectus may be used for subsequent offers by the Dealers and/or further financial intermediaries only insofar if and for the period so specified in the Final Terms for the relevant Tranche of Notes. Each Dealer and/or each further financial intermediary subsequently reselling or finally placing Notes issued under the Programme is entitled to use the Prospectus, if and for the period so specified in the Final Terms, as set out in "Consent to the Use of the Prospectus" on page 57. This Prospectus and any Final Terms may not be used for the purpose of an offer or solicitation by anyone in any jurisdiction in which such offer or solicitation is not authorised or to any person to whom it is unlawful to make such an offer or solicitation. In connection with the issue of any Tranche of Notes under the Programme, the Dealer(s) (if any) who is (are) specified in the relevant Final Terms as the stabilising manager(s) (or persons acting on its (their) behalf) may overallot Notes or effect transactions with a view to supporting the price of the Notes at a level higher than that which might otherwise prevail. However, there is no assurance that such Dealer (or persons acting on its behalf) will undertake stabilisation action. Any stabilisation action may begin at any time after the adequate public disclosure of the final terms of the offer of the Notes is made and, if begun, may be ended at any time, but it must end no later than the 30 days after the Issue Date and 60 days after the date of the allotment of the relevant Tranche of the Notes. Any stabilisation action or over-allotment must be conducted by the relevant stabilising manager(s) (or person(s) acting on behalf of any stabilising manager(s)) in accordance with all applicable laws and rules. In this Prospectus, all references to " ", "EUR" or "Euro" are to the single legal currency of the European Economic and Monetary Union. The language of the Prospectus is English. The German versions of the English language sets of Terms and Conditions and Guarantee are shown in the Prospectus for additional information. As to form and content, and all rights and obligations of the Holders and the Issuer under the Notes to be issued, German is the controlling legally binding language if so specified in the relevant Final Terms. In respect of the Guarantee, the German language version is always controlling and legally binding as to form and content, and all rights and obligations of the Holders and the Guarantor thereunder. FORWARD-LOOKING STATEMENTS This Prospectus contains certain forward-looking statements. A forward-looking statement is a statement that does not relate to historical facts and events. They are based on analyses or forecasts of future results and estimates of amounts not yet determinable or foreseeable. These forward-looking statements are identified by the use of terms and phrases such as "anticipate", "believe, "could", "estimate", "expect", "intend", "may", "plan", "predict", "project", "will" and similar terms and phrases, including references and assumptions. This applies, in particular, to statements in this Prospectus containing information on future earning capacity, plans and expectations regarding Linde Group's business and management, its growth and profitability, and general economic and regulatory conditions and other factors that affect it. Forward-looking statements in this Prospectus are based on current estimates and assumptions that the Issuers make to the best of their present knowledge. These forward-looking statements are subject to risks, uncertainties and other factors which could cause actual results, including Linde Group's financial condition and results of operations, to differ materially from and be worse than results that have expressly or implicitly been assumed or described in these forward-looking statements. Linde Group's business is also subject to
4 4 a number of risks and uncertainties that could cause a forward-looking statement, estimate or prediction in this Prospectus to become inaccurate. Accordingly, investors are strongly advised to read the following sections of this Prospectus: "Risk Factors", "Linde Aktiengesellschaft" and "Linde Finance B.V.". These sections include more detailed descriptions of factors that might have an impact on Linde Group's business and the markets in which it operates. In light of these risks, uncertainties and assumptions, future events described in this Prospectus may not occur. In addition, neither the Issuers nor the Dealers assume any obligation, except as required by law, to update any forward-looking statement or to conform these forward-looking statements to actual events or developments.
5 5 TABLE OF CONTENTS Page Summary... 6 Section A Introduction and Warnings... 6 Section B Issuer and Guarantor... 7 Section B Issuer... 9 Section C Securities Section D Risks Risks specific to Linde AG as Issuer and Guarantor Risks specific to Linde Finance B.V Risks specific to the Securities Section E Offer German Translation of the Summary / Deutsche Übersetzung der Zusammenfassung Abschnitt A Einleitung und Warnhinweise Abschnitt B Emittentin und Garantin Abschnitt B Emittentin Abschnitt C Wertpapiere Abschnitt D Risiken Risiken, die der Linde AG als Emittentin und Garantin eigen sind Risiken, die der Linde Finance B.V. eigen sind Risiken, die den Wertpapieren eigen sind Abschnitt E Angebot Risk Factors Linde Aktiengesellschaft - Issuer and Guarantor Linde Finance B.V. - Issuer Consent to the Use of the Prospectus General Description of the Programme German language Terms and Conditions / Deutsche Fassung der Anleihebedingungen Option I - Anleihebedingungen für Schuldverschreibungen mit fester Verzinsung Option II - Anleihebedingungen für Schuldverschreibungen mit variabler Verzinsung Option III - Anleihebedingungen für Schuldverschreibungen ohne periodische Verzinsung (Nullkupon) English language Terms and Conditions Option I - Terms and Conditions that apply to Notes with fixed interest rates Option II - Terms and Conditions that apply to Notes with variable interest rates Option III - Terms and Conditions that apply to Notes without periodic interest payments (Zero Coupon). 166 German language Guarantee and Negative Pledge / Deutsche Fassung der Garantie und Negativverpflichtung English language Guarantee and Negative Pledge Description of Rules Regarding Resolutions of Holders Form of Final Terms / Muster der Endgültigen Bedingungen Use of Proceeds Taxation Subscription and Sale Information relating to the People's Republic of China (the "PRC") Currency Controls General Information Incorporation by Reference Names and Addresses
6 6 SUMMARY Summaries are made up of disclosure requirements known as "Elements". These elements are numbered in Sections A E (A.1 E.7). This summary (the "Summary") contains all the Elements required to be included in a summary for this type of Notes and Issuer. Because some Elements are not required to be addressed, there may be gaps in the numbering sequence of the Elements. Even though an Element may be required to be inserted in the Summary because of the type of Notes and Issuer, it is possible that no relevant information can be given regarding the Element. In this case, a short description of the Element is included in the Summary with the mention of "not applicable". The Summary contains options, characterised by square brackets or typesetting in italics (other than the respective translations of specific legal terms), and placeholders regarding the Notes to be issued under the Programme. The summary of the individual issue of Notes will include the options relevant to this issue of Notes as determined by the applicable Final Terms and will contain the information, which had been left blank, as completed by the applicable Final Terms. Element Section A Introduction and warnings A.1 Warnings Warning that: this Summary should be read as an introduction to the Prospectus; any decision to invest in the Notes should be based on consideration of the Prospectus as a whole by the investor; where a claim relating to the information contained in the Prospectus is brought before a court, the plaintiff investor might, under the national legislation of the Member States, have to bear the costs of translating the Prospectus, before the legal proceedings are initiated; and civil liability attaches only to the Issuers who have tabled the Summary including any translation thereof, but only if the Summary is misleading, inaccurate or inconsistent when read together with the other parts of the Prospectus or it does not provide, when read together with the other parts of the Prospectus, key information in order to aid investors when considering whether to invest in such Notes. A.2 Consent to the use of the Prospectus [Each Dealer and/or each further financial intermediary subsequently reselling or finally placing the Notes is entitled to use the Prospectus for the subsequent resale or final placement of the Notes during the offer period for the subsequent resale or final placement of the Notes from [ ] to [ ], provided however, that the Prospectus is still valid in accordance with Article 11(2) of the Luxembourg Prospectus Law relating to prospectuses for securities (Loi relative aux prospectus pour valeurs mobilières), as amended, which implements Directive 2003/71/EC of the European Parliament and of the Council of 4 November 2003 (as amended). The Prospectus may only be delivered to potential investors together with all supplements published before such delivery. Any supplement to the Prospectus is available for viewing in electronic form on the website of the Luxembourg Stock Exchange (www.bourse.lu) and on the website of Linde Group (www.linde.com). When using the Prospectus, each Dealer and/or relevant further financial intermediary must make certain that it complies with all
7 7 applicable laws and regulations in force in the respective jurisdictions. In the event of an offer being made by a Dealer and/or a further financial intermediary the Dealer and/or the further financial intermediary shall provide information to investors on the terms and conditions of the Notes at the time of that offer.] [Not applicable. No consent has been given.] Element Section B [Issuer] [Guarantor] B.1 Legal and commercial name B.2 Domicile / Legal form / Legislation / Country of incorporation B.4b Known trends affecting the Issuer and the industries in which it operates B.5 Description of the Group and the Issuer's position within the Group B.9 Profit forecast or estimate B.10 Nature of any qualifications in the audit report on historical financial information Linde Aktiengesellschaft ("Linde AG") Linde AG is a German stock corporation (Aktiengesellschaft) incorporated under the laws of and domiciled in the Federal Republic of Germany. Development in the global economy generally affects Linde AG's sales and earnings and cyclicality may adversely affect operating margins. In addition, significant variations in the cost and availability of raw materials, energy, intermediates and services may adversely affect Linde AG's operating results. The markets for industrial gases, plants and related services are characterised by strong competition generally consisting of a few large internationally active providers and a large number of smaller, mostly local, providers. Competition is also increasing in the healthcare sector which is largely state-regulated. Potential budget cuts in this area and the increasing trend towards outsourcing by government agencies and health insurance funds have given rise to highly competitive tendering processes which has intensified the pressure on prices and the risk of losing contracts. Linde AG operates in regulated industries and changes in regulatory controls and associated implementation of measures to comply with regulations could affect earnings. Linde AG is the ultimate parent company of the Linde Group. The Linde Group consists of more than 500 subsidiaries and 35 associated companies or joint ventures worldwide in which Linde AG has significant influence or joint control. Not applicable. No profit forecast or estimate has been included. Not applicable. The audit opinions with respect to the consolidated financial statements of Linde AG for the financial years ended 31 December 2014 and 2013 do not include any qualifications. B.12 Selected historical key financial information The financial information presented below is taken from the consolidated financial statements of Linde AG for The consolidated financial statements of Linde AG for 2014 have been audited by KPMG AG Wirtschaftsprüfungsgesellschaft, Munich, and the financial information for 2013 is presented as comparative information. IN MILLIONS 31 DECEMBER DECEMBER 2013 Sales 17,047 16,655 Earnings after tax and noncontrolling 1,102 1,317 interests
8 8 Cash flow from operating activities 3,001 3,144 Total assets 34,425 32,749 Total equity 14,267 13,586 Material adverse change in the prospects of the Issuer Significant change in the financial and trading position There has been no material adverse change in the prospects of Linde AG since 31 December Not applicable. There has been no significant change in the financial or trading position of Linde AG since 31 December B.13 Recent events Not applicable. There are no recent events since the date of the last published audited financial statements (31 December 2014) particular to Linde which are to a material extent relevant to the solvency of Linde. B.14 Please see Element B.5. Statement of dependency upon other entities within the group Not applicable. Linde AG is not dependent upon other entities within the Linde Group. B.15 Principal activities Linde is one of the largest gases and engineering companies with approximately 65,500 employees working in more than 100 countries worldwide. In the 2014 financial year, the Linde Group generated revenue of EUR billion and an operating profit (EBITDA before nonrecurring items and including the share of net income from associates and joint ventures) of EUR billion. The strategy of the Linde Group is geared towards longterm, profitable growth and focuses on the development of its international business with forward-looking products and services. Linde is committed to technologies and products that unite the goals of customer value and sustainable development. Gases Division The gases business has a long tradition at the Company and originated with the inventions of Dr Carl von Linde, who invented the cryogenic process thereby laying the cornerstone for today's Gases Division. The Linde Group is a world leader in the international gases industry. The company offers a wide range of compressed and liquefied gases as well as chemicals and is a partner for a variety of industries. Linde gases, such as oxygen, nitrogen, hydrogen, helium and specialty gases, are used, for example, in the energy sector, steel production, chemical processing, environmental protection and welding as well as in food processing, glass production and electronics. The Linde Group is also investing in the expansion of its healthcare business and is a leading global player in the development of environmentally friendly hydrogen technology. Engineering Division Linde's Engineering Division is active across the world with four product lines: olefin plants, natural gas plants and air separation plants, as well as hydrogen and synthesis gas plants. The engineering division comprises in particular the technology, engineering, procurement, project management and construction of industrial plants. Linde plants are used in a wide variety of fields such as the petrochemical and chemical industries, refineries and fertiliser plants, to recover air gases, to produce hydrogen and synthesis gases, to treat natural gas and in the pharmaceutical industry. Plants constructed by the Engineering Division are also owned and operated by the Gases Division. The Engineering Division is located in Pullach near Munich with branches and subsidiaries worldwide.
9 9 Other Activities Other Activities comprises in particular Gist, Linde's logistic services business. B.16 Controlling Persons Not applicable. Linde AG is to its knowledge not controlled. B.17 Credit ratings of the Issuer or its debt securities [B.18 Nature and scope of the Guarantee Standard & Poor's Credit Market Services Europe Limited 1, 3 has assigned the long-term credit rating of A+ 4 to Linde AG. Moody's Deutschland GmbH 2, 3 has assigned the long-term credit rating of A2 4 to Linde AG. [The Notes have been assigned a rating of [ ] by [ ].] Linde AG guarantees unconditionally and irrevocably the due payment of interest and principal and additional amounts, if any, for Notes issued by Linde Finance B.V.] [Element Section B Issuer B.1 Legal and commercial name B.2 Domicile / Legal form / Legislation / Country of incorporation B.4b Known trends affecting the Issuer and the industries in which it operates B.5 Description of the Group and the Issuer's position within the Group B.9 Profit forecast or estimate B.10 Nature of any qualifications in the audit report on historical financial information Linde Finance B.V. Linde Finance B.V. is a Dutch private company with limited liability (besloten vennotschap met beperkte aansprakelijkheid) incorporated under the laws of and domiciled in The Netherlands. Linde Finance B.V. acts solely to facilitate the financing of the Linde Group. The business of Linde Finance B.V. is directly related to the extent the Linde Group utilises Linde Finance B.V. for future funding needs. The extent future funding needs arise depends on the development of the operating business and investment projects of Linde AG and its subsidiaries. Linde Finance B.V. is a wholly-owned subsidiary of Linde Holdings Netherlands B.V. and has no subsidiaries. Linde Holdings Netherlands B.V. is a wholly-owned subsidiary of Linde AG. Not applicable. No profit forecast or estimate has been included. Not applicable. The audit opinions with respect to the financial statements of Linde Finance B.V. for the financial years ended 31 December 2014 and 2013 do not include any qualifications. B.12 Selected historical key financial information The financial information presented below is taken from the unconsolidated financial statements of Linde Finance B.V. for The unconsolidated financial statements of Linde Finance B.V. for 2014 have been audited by KPMG Accountants N.V., Amstelveen, and the financial information for 2013 is presented as comparative information Standard & Poor's Credit Market Services Europe Limited is established in the European Community and is registered under Regulation (EC) No 1060/2009 of the European Parliament and of the Council of 16 September 2009 on credit rating agencies, as amended (the "CRA Regulation"). Moody's Deutschland GmbH is established in the European Community and is registered under the CRA Regulation. The European Securities and Markets Authority publishes on its website (http://www.esma.europa.eu/page/list-registeredand-certified-cras) a list of credit rating agencies registered in accordance with the CRA Regulation. That list is updated within five working days following the adoption of a decision under Article 16, 17 or 20 CRA Regulation. The European Commission shall publish that update list in the Official Journal of the European Union within 30 days following such update. A credit rating assesses the creditworthiness of an entity and informs an investor therefore about the probability of the entity being able to redeem invested capital. It is not a recommendation to buy, sell or hold securities and may be revised or withdrawn by the rating agency at any time.
10 10 In Thousands 31 December December 2013 Interest income 595, ,002 Net interest result 22,462 15,186 Net profit after taxation 17,161 9,402 Total assets 12,202,621 11,477,530 Share capital 5,000 5,000 Material adverse change in the prospects of the Issuer Significant change in the financial and trading position There has been no material adverse change in the prospects of Linde Finance B.V. since 31 December Not applicable. There has been no significant change in the financial or trading position of Linde Finance B.V. since 31 December B.13 Recent events Not applicable. There are no recent events particular to Linde Finance B.V. which are to a material extent relevant to the solvency of Linde Finance B.V. B.14 Please see Element B.5. Statement of dependency upon other entities within the group Linde Finance B.V. is a fully owned subsidiary of Linde Holdings Netherlands B.V., which is, in turn, a fully owned subsidiary of Linde AG. B.15 Principal activities Linde Finance B.V. engages in several activities in the field of finance. Linde Finance B.V. serves as a vehicle for the financing activities of the Linde Group including the issuance of bonds as well as performing certain administrative functions. B.16 Controlling Persons Linde Holdings Netherlands B.V. is the sole shareholder of Linde Finance B.V. Linde AG is the sole shareholder of Linde Holdings Netherlands B.V. B.17 Credit ratings of the Issuer or its debt securities B.19 Summary information about the Guarantor Standard & Poor's Credit Market Services Europe Limited 1, 3 has assigned the credit rating of A+ 4 to Linde Finance B.V. Moody's Deutschland GmbH 2, 3 has assigned the credit rating of A2 4 to Linde Finance B.V. [The Notes have been assigned a rating of [ ] by [ ].] Please see Linde AG - B.1 to B.18; In the case of an issue of Notes by Linde Finance B.V. insert the information under Linde AG - B.1 to B.18 into the summary of the individual issue of Notes under this Element B.19 and number the Elements about Linde AG as Guarantor as follows: B.19 B.1., etc.] Standard & Poor's Credit Market Services Europe Limited is established in the European Community and is registered under Regulation (EC) No 1060/2009 of the European Parliament and of the Council of 16 September 2009 on credit rating agencies, as amended (the "CRA Regulation"). Moody's Deutschland GmbH is established in the European Community and is registered under the CRA Regulation. The European Securities and Markets Authority publishes on its website (http://www.esma.europa.eu/page/list-registeredand-certified-cras) a list of credit rating agencies registered in accordance with the CRA Regulation. That list is updated within five working days following the adoption of a decision under Article 16, 17 or 20 CRA Regulation. The European Commission shall publish that update list in the Official Journal of the European Union within 30 days following such update. A credit rating assesses the creditworthiness of an entity and informs an investor therefore about the probability of the entity being able to redeem invested capital. It is not a recommendation to buy, sell or hold securities and may be revised or withdrawn by the rating agency at any time.
11 11 Element Section C Securities C.1 Class and type of the Notes / Security Identification Number Class The Notes are unsecured. [Fixed Rate Notes The Notes bear interest at a fixed rate throughout the entire term of the Notes]. [Floating Rate Notes The Notes will bear interest at a rate determined [(and as adjusted for the applicable margin)] on the basis of a reference rate appearing on the agreed screen page of a commercial quotation service.] [Zero Coupon Notes There will not be any periodic payments of interest on the Notes.] ISIN [ ] Common Code [ ] WKN [ ] C.2 Currency The Notes are issued in [ ] C.5 Restrictions on free transferability C.8 Rights attached to the Notes (including ranking of the Notes and limitations to those rights) Not applicable. The Notes are freely transferable. [Early redemption in the case of fixed rate Notes or zero coupon Notes The Notes can be redeemed prior to their stated maturity [at the option of the] [Issuer,] [and] [or] [the holders of the Notes (the "Holders")] [or] for taxation reasons, for reason of minimal outstanding aggregate principal amount, for reasons of a change of control in respect of Linde AG or upon the occurrence of an event of default.] [Early redemption in the case of floating rate Notes The Notes can be redeemed prior to their stated maturity [at the option of the Issuer, or] for taxation reasons, for reason of minimal outstanding aggregate principal amount, for reasons of a change of control in respect Linde AG or upon the occurrence of an event of default.] [Early Redemption at the option of the [Issuer] [and][or] [the Holders] at specified redemption amount(s) in the case of fixed rate Notes or zero coupon Notes The Notes can be redeemed at the option of the [Issuer] [and][or] [the Holders] upon giving notice within the specified notice period to [the Holders] [or] [the Issuer][, as the case may be,] on a date or dates specified prior to such stated maturity and at the specified redemption amount(s), in the case of fixed rate Notes, together with accrued interest to, but excluding, the relevant redemption date.]
12 12 [Early redemption at the option of the Issuer at the principal amount of the respective Note in the case of floating rate Notes The Notes can be redeemed in whole or in part at the option of the Issuer for the first time on [ ] and on each interest payment date thereafter upon giving notice within the specified notice period to the Holders at the principal amount of the respective Note together with accrued interest to, but excluding, the relevant redemption date.] [Early Redemption at the option of the Issuer for Inconvertibility, Non-transferability or Illiquidity in the case of fixed rate Notes denominated in Renminbi If by reason of Inconvertibility, Non-transferability or Illiquidity the Issuer is not able to satisfy in full payments in respect of the Notes when due in Renminbi in Hong Kong, the Issuer may redeem the Notes at the U.S. Dollar Equivalent of the Early Redemption Amount together (if applicable) with the U.S. Dollar Equivalent of the interest accrued to (but excluding) the date of redemption.] Early redemption for taxation reasons Early Redemption of the Notes for reasons of taxation will be permitted, if as a result of any change in, or amendment to the laws or regulations (including any amendment to, or change in, an official interpretation or application of such laws or regulations), of [in the case of Notes issued by Linde AG the Federal Republic of Germany] [in case of Notes issued by Linde Finance B.V. the Netherlands or the Federal Republic of Germany] or any political subdivision or taxing authority thereof or therein affecting taxation or the obligation to pay duties of any kind, the Issuer [or, in case of Notes issued by Linde Finance B.V., the Guarantor,] will become obligated to pay additional amounts on the Notes. Early Redemption for reason of minimal outstanding aggregate principal amount The Notes provide for the option of the Issuer to call and redeem the Notes at [their principal amount, in the case of floating rate Notes] [or, as the case may be, their early redemption amount, in the case of fixed rate Notes or zero coupon Notes] [together with accrued interest to, but excluding, the relevant redemption date, in the case of fixed rate Notes or floating rate Notes] in the event that the Issuer [in case of Notes issued by Linde Finance B.V., the Guarantor] or any subsidiary has purchased Notes equal to or in excess of 75% of the aggregate principal amount of the Notes initially issued. Early redemption for reasons of a change of control in respect of Linde AG The Notes provide for the option of the Holders to demand redemption of Notes at their [principal amount, in the case of floating rate Notes] [or, as the case may be, their early redemption amount, in the case of fixed rate Notes or zero coupon Notes] [together with accrued interest to, but excluding, the relevant redemption date, in the case of fixed rate Notes or floating rate Notes] in the event of a change of control in respect of Linde AG. Early redemption in an event of default (including cross default) The Notes provide for events of default (including cross default) entitling Holders to demand immediate redemption of Notes [at
13 13 C.9 Please see Element C.8. Interest rate their principal amount together with accrued interest to, but excluding, the relevant redemption date in the case of fixed rate Notes or floating rate Notes] [or, in the case of zero coupon Notes, at their early redemption amount]. Status of the Notes The obligations under the Notes constitute unsecured and unsubordinated obligations of the Issuer ranking pari passu among themselves and pari passu with all other unsecured and unsubordinated obligations of the Issuer except for any obligations preferred by law. Negative pledge The Terms and Conditions of the Notes contain a negative pledge provision of the Issuer. Resolutions of Holders In accordance with the German Act on Debt Securities of 2009 (Schuldverschreibungsgesetz "SchVG") the Notes contain provisions pursuant to which Holders may agree by resolution to amend the Terms and Conditions (with the consent of the Issuer) and to decide upon certain other matters regarding the Notes. Resolutions of Holders properly adopted, either in a meeting of Holders or by vote taken without a meeting in accordance with the Terms and Conditions, are binding upon all Holders. Resolutions providing for material amendments to the Terms and Conditions require a majority of not less than 75% of the votes cast. Resolutions regarding other amendments are passed by a simple majority of the votes cast. [[ ] % in the case of fixed rate Notes.] Interest commencement date Interest payment dates Underlying on which interest rate is based Maturity date including repayment procedures [In the case of floating rate Notes [EURIBOR][LIBOR for the specified currency] [AUD-BBR-BBSW] [[plus][minus] the margin [of [ ] % per annum].] [In the case of zero coupon Notes Not applicable. No periodic payments of interest.] [The issue date of the Notes.] [Not applicable for zero coupon Notes. No periodic payments of interest.] [ ] [Not applicable for zero coupon Notes. No periodic payments of interest.] [Not applicable in the case of fixed rate Notes. The interest rate is not based on an underlying.] [EURIBOR][LIBOR for the specified currency] [AUD-BBR- BBSW] [Not applicable in the case of zero coupon Notes. No periodic payments of interest.] [[ ] in the case of fixed rate Notes or zero coupon Notes] [In the case of floating rate Notes the interest payment date falling in [the redemption month].] Payment of principal in respect of Notes shall be made to the Clearing System or to its order for credit to the accounts of the relevant account holders of the Clearing System. Indication of yield [[ ] %] Name of representative of the Holders [Not applicable in the case of floating rate Notes. No yield is calculated.] [Not applicable. In accordance with the SchVG the Notes provide that the Holders may by majority resolution appoint a representative for all Holders (the "Holders' Representative").
14 14 C.10 Please see Element C.9. Explanation how the value of the investment is affected in the case the Notes have a derivative component in the interest payment C.11 Admission to trading on a regulated market or equivalent market The responsibilities and functions assigned to the Holders' Representative appointed by a resolution are determined by the SchVG and by majority resolutions of the Holders.] [[ ] has been designated in the Terms and Conditions of the Notes as representative for all Holders (the "Holders' Representative"). The duties, rights and functions of the Holders' Representative are determined by the relevant provisions of the Terms and Conditions.] Not applicable. [The interest payment has no derivative component.] [No periodic payments of interest.] Regulated market of the [Luxembourg Stock Exchange] [Frankfurt Stock Exchange]. Element Section D - Risks Risks specific to Linde AG as [Issuer] [Guarantor] D.2 Key information on the key risks that are specific to the Issuer The economic environment, market crises and cyclical trends may adversely affect Linde's business and financial position. Natural disasters, pandemics or terrorist acts may adversely affect Linde's financial position and operating results. Crises and other developments in politically unstable countries could adversely affect Linde's business and financial position. The availability, quality and cost of raw materials, energy, input materials and intermediate products could have a material adverse effect on Linde's profitability and financial position. Noncompliance with laws and/or regulations and the introduction of new laws and/or regulations might negatively affect Linde's competitiveness, business and financial position. Product liability claims, litigation, administrative proceedings and other legal and regulatory risks may adversely affect Linde's business and financial position. Linde is subject to risks arising from complex major projects. Stoppages in and technical failures of production plants could result in penalties and liabilities to customers and other persons and may adversely affect Linde's business and financial position. Non-compliance with environmental and safety standards may result in serious damages and may adversely affect Linde's business and financial position. In the markets for industrial gases, healthcare, engineering and related services, strong competition may adversely affect Linde's business, profitability and financial position. Failure to access or develop technology and gases applications could have a material impact on Linde's future business and results.
15 15 Due to the high level of volatility in energy prices and the price of raw materials, there is a risk of insufficient pricing in respect of contracts with Linde s suppliers and such insufficient pricing could have a significant impact on Linde's financial condition and results. Defaults in connection with the execution of existing and future projects could have a material adverse effect on Linde's business, financial condition and results of operation. Linde may be subject to inadequate insurance coverage. Linde is exposed to credit risks, counterparty risks, interest rate risks, exchange rate risks and other financial risks. Linde is exposed to risks arising out of its pension liabilities. Linde is subject to risks adhering to the purchase and sale of companies. Failure to identify and execute growth and productivity opportunities may adversely affect Linde's profitability and competitive position. Linde is subject to risks in connection with future changes in taxation and uncertain tax environments. Future tax audits of Linde may lead to additional tax claims which could have a material adverse effect on Linde's financial position. Linde is subject to risks due to limited labour resources. There is no guarantee that Linde will succeed in the future in hiring and retaining the required number of qualified staff. In addition, Linde is subject to the general risk of industrial action. Linde is subject to risks associated with the use of information technology. A disability to protect intellectual property or an infringement of intellectual property by third parties may have a material impact on Linde's competitiveness, profitability and financial position. There may be risks which are unknown to Linde or which are currently believed to be immaterial which could, however, have a material adverse effect on Linde's business, competitive position, financial position and results of operations. [Risks specific to Linde Finance B.V. D.2 Key information on the key risks that are specific to the Issuer D.3 Key information on the key risks that are specific to the securities Linde Finance is a finance entity for the Linde Group. As such, it raises funding and lends these funds to companies within the Linde Group by way of short and long term inter company loans. Typically, the terms of those inter company loans match the payment obligations of Linde Finance under the Notes issued by it to fund those loans. In the event that a company fails to make a payment under an inter company loan, Linde Finance may not be able to meet its own payment obligations under the Notes issued by it.] Risks specific to the Securities Notes may not be a suitable Investment for all Investors Each potential investor in Notes must determine the suitability of that investment in light of its own circumstances. Currency Risk A Holder of Notes denominated in another currency than its home currency is exposed to the risk, that changes in currency exchange rates may affect the yield of such Notes.
16 16 Liquidity Risk There can be no assurance that a liquid secondary market for the Notes will develop or, if it does develop, that it will continue. In an illiquid market, an investor might not be able to sell his Notes at any time at fair market prices. The possibility to sell the Notes might additionally be restricted by country specific reasons. Risk of Early Redemption A Holder of Notes is exposed to the risk that due to early redemption his investment will have a lower than expected yield. Also, the Holder may only be able to reinvest on less favourable conditions as compared to the original investment. Market Price Risk The Holder of Notes is exposed to the risk of an unfavourable development of market prices of its Notes, which materialises if the Holder sells the Notes prior to the final maturity of such Notes. [Fixed Rate Notes A Holder of Fixed Rate Notes is exposed to the risk that the price of such Notes falls as a result of changes in the market interest rate.] [Floating Rate Notes A Holder of Floating Rate Notes is exposed to the risk of fluctuating interest rate levels and uncertain interest income. Fluctuating interest rate levels make it impossible to determine the profitability of Floating Rate Notes in advance.] [Zero Coupon Notes A holder of Zero Coupon Notes is exposed to the risk that the price of such Note falls as a result of changes in the market interest rate. Prices of Zero Coupon Notes are more volatile than prices of Fixed Rate Notes and are likely to respond to a greater degree to market interest rate changes than interest bearing notes with a similar maturity.] Resolutions of Holders Since the Terms and Conditions of the Notes provide for resolutions of Holders, either to be passed in a meeting of Holders or by vote taken without a meeting, a Holder is subject to the risk of being outvoted by a majority resolution of the Holders. As resolutions properly adopted are binding on all Holders, certain rights of such Holder against the Issuer under the Terms and Conditions may be amended or reduced or even cancelled. Holders' Representative Since the Terms and Conditions of the Notes provide for the appointment of a Holders' Representative, it is possible that a Holder may be deprived of its individual right to pursue and enforce its rights under the Terms and Conditions against the Issuer, such right passing to the Holders' Representative who is then responsible to claim and enforce the rights of all Holders. [Renminbi ("RMB") denominated fixed rate Notes RMB is not freely convertible; there are significant restrictions on remittance of RMB into and outside the People's Republic of China (the "PRC"). In the event that funds cannot be repatriated outside the PRC in RMB, this may affect the overall availability of RMB outside the PRC and the ability of the relevant Issuer to source RMB to finance its obligations under RMB Notes.
17 17 There is only limited availability of RMB outside the PRC, which may affect the liquidity of the Notes and the relevant Issuer s ability to source RMB outside the PRC to service the Notes. The Notes are subject to exchange rate risks concerning RMB and euro. The value of the RMB payments may vary with the prevailing exchange rates. If the value of the RMB depreciates against the euro or other applicable foreign currency, the value of a Holder s investment in euro or other applicable foreign currency will decline.] Element Section E Offer E.2b Reasons for the offer and use of proceeds when different from making profit and/or hedging certain risks E.3 A description of the terms and conditions of the offer E.4 Any interest that is material to the issue/offer including conflicting interests E.7 Estimated expenses charged to the investor by the issuer or the offeror [The net proceeds from the issue will be used for general financing purposes of the Linde Group companies.] [ ] [No public offer is being made or contemplated.] The total amount of the [issue] [offer] is [ ]. [The offer period commences on [ ] and ends on [ ].] [The minimum subscription amount is [ ].] [The maximum subscription amount is [ ].] [The expected price at which the Notes will be offered is [ ].] [ ] [ ] [ ]
18 18 GERMAN TRANSLATION OF THE SUMMARY DEUTSCHE ÜBERSETZUNG DER ZUSAMMENFASSUNG Zusammenfassungen sind zusammengesetzt aus Offenlegungspflichten, die als "Punkte" benannt sind. Diese Punkte sind in die Abschnitte A E (A.1 E.7) nummeriert. Diese Zusammenfassung (die "Zusammenfassung") enthält alle Punkte, die in eine Zusammenfassung für diese Art von Schuldverschreibungen und die Emittentin aufzunehmen sind. Da einige Punkte nicht zu berücksichtigen sind, kann die Nummerierung Lücken aufweisen. Auch wenn ein Punkt wegen der Art der Schuldverschreibungen und der Emittenten in die Zusammenfassung aufgenommen werden muss, ist es möglich, dass bezüglich dieses Punktes keine relevante Information gegeben werden kann. In einem solchen Fall ist in der Zusammenfassung eine kurze Beschreibung des Punktes unter Bezeichnung als "nicht " enthalten. Die Zusammenfassung enthält durch eckige Klammern oder Kursivschreibung gekennzeichnete Optionen und Leerstellen bezüglich der Schuldverschreibungen, die unter dem Programm begeben werden können. Die Zusammenfassung der einzelnen Emission der Schuldverschreibungen wird die nur für diese Emission von Schuldverschreibungen relevanten Optionen, wie durch die Endgültigen Bedingungen festgelegt, und die ausgelassenen, durch die Endgültigen Bedingungen vervollständigten Leerstellen beinhalten. Punkt Abschnitt A Einleitung und Warnhinweise A.1 Warnhinweise Warnhinweis, dass die Zusammenfassung als Einleitung zum Prospekt verstanden werden sollte; sich der Anleger bei jeder Entscheidung in die Schuldverschreibungen zu investieren, auf den Prospekt als Ganzen stützen sollte; ein Anleger, der wegen der in dem Prospekt enthaltenen Angaben Klage einreichen will, nach den nationalen Rechtsvorschriften seines Mitgliedstaats möglicherweise für die Übersetzung des Prospekts aufkommen muss, bevor das Verfahren eingeleitet werden kann; und zivilrechtlich nur die Emittentinnen haften, die die Zusammenfassung samt etwaiger Übersetzungen vorgelegt und übermittelt haben, und dies auch nur für den Fall, dass die Zusammenfassung verglichen mit den anderen Teilen des Prospekts irreführend, unrichtig oder inkohärent ist oder verglichen mit den anderen Teilen des Prospekts wesentliche Angaben, die in Bezug auf Anlagen in die betreffenden Wertpapiere für die Anleger eine Entscheidungshilfe darstellen, vermissen lassen. A.2 Zustimmung zur Verwendung des Prospektes [Jeder Platzeur und/oder jeder weitere Finanzintermediär, der die emittierten Schuldverschreibungen nachfolgend weiter verkauft oder endgültig platziert, ist berechtigt, den Prospekt für den späteren Weiterverkauf oder die endgültige Platzierung der Schuldverschreibungen während der Angebotsperiode für den späteren Weiterverkauf oder die endgültige Platzierung vom [ ] bis [ ] zu verwenden, vorausgesetzt jedoch, dass der Prospekt in Übereinstimmung mit Artikel 11 Absatz 2 des geänderten Luxemburger Wertpapierprospektgesetzes (Loi relative aux prospectus pour valeurs mobilières), welches die geänderte Richtlinie 2003/71/EG des Europäischen Parlaments und des Rates vom 4. November 2003 umsetzt, noch gültig ist. Der Prospekt darf potentiellen Investoren nur zusammen mit sämtlichen bis zur Übergabe veröffentlichten Nachträgen übergeben werden. Jeder Nachtrag zum Prospekt kann in
19 19 elektronischer Form auf der Internetseite der Wertpapierbörse Luxemburg (www.bourse.lu) und der Internetseite des Linde Konzerns (www.linde.com) eingesehen werden. Bei der Nutzung des Prospektes hat jeder Platzeur und/oder jeweiliger weiterer Finanzintermediär sicherzustellen, dass er alle en, in den jeweiligen Jurisdiktionen geltenden Gesetze und Rechtsvorschriften beachtet. Für den Fall, dass ein Platzeur und/oder weiterer Finanzintermediär ein Angebot macht, informiert dieser Platzeur und/oder weiterer Finanzintermediär die Anleger zum Zeitpunkt der Angebotsvorlage über die Angebotsbedingungen der Schuldverschreibungen.] [Nicht. Die Zustimmung wurde nicht erteilt.] Punkt Abschnitt B [Emittentin] [Garantin] B.1 Gesetzliche und kommerzielle Bezeichnung B.2 Sitz / Rechtsform / geltendes Recht/ Land der Gründung B.4b Bereits bekannte Trends, die sich auf den Emittenten und die Branchen, in denen er tätig ist, auswirken B.5 Beschreibung der Gruppe und der Stellung des Emittenten innerhalb dieser Gruppe B.9 Gewinnprognosen oder - schätzungen B.10 Art etwaiger Einschränkungen im Bestätigungsvermerk zu den historischen Finanzinformationen Linde Aktiengesellschaft ("Linde AG") Linde AG ist eine nach dem Recht der Bundesrepublik Deutschland gegründete deutsche Aktiengesellschaft mit Sitz in der Bundesrepublik Deutschland. Die Entwicklung des globalen ökonomischen Umfelds beeinflusst grundsätzlich auch die Umsätze und das Ergebnis der Linde AG. Zyklizität der Absatzmärkte kann die operativen Margen der Linde AG nachteilig beeinflussen. Zusätzlich können Schwankungen von Beschaffungskosten und die Verfügbarkeit von Rohstoffen, Energie, Zwischenprodukten und Dienstleistungen das operative Ergebnis der Linde AG negativ beeinflussen. Die Märkte für Industriegase und Industriegasanlagen und die dazugehörigen Dienstleistungen sind durch einen hohen Wettbewerb gekennzeichnet. Auf diesen Märkten sind einige große Anbieter und eine Vielzahl kleinerer, meist regionaler Anbieter aktiv. Auch in der Gesundheitsbranche, die großenteils staatlich reguliert ist, nimmt der Wettbewerb zu. Mögliche Haushaltskürzungen in diesem Bereich und der zunehmende Trend staatlicher Einrichtungen und Krankenkassen zur Auslagerung haben zu sehr wettbewerbsintensiven Ausschreibungsverfahren geführt, die den Preisdruck und das Risiko des Verlusts von Aufträgen erhöht haben. Linde AG ist in regulierten Branchen tätig und regulatorische Änderungen können die Geschäftstätigkeit sowie das Ergebnis der Linde AG negativ beeinflussen. Linde AG ist die Muttergesellschaft der Linde-Gruppe. Die Linde-Gruppe besteht aus mehr als 500 Tochterunternehmen und 35 assoziierten Unternehmen bzw. Joint Ventures weltweit, auf die die Linde AG signifikanten Einfluss oder über die die Linde AG gemeinsame Kontrolle ausübt. Nicht. Es wurden keine Gewinnprognosen oder - schätzungen aufgenommen. Nicht. Die Bestätigungsvermerke in Bezug auf die Konzernabschlüsse der Linde AG für die zum 31. Dezember 2014 und 2013 endenden Geschäftsjahre enthält keine Einschränkungen.
20 20 B.12 Ausgewählte wesentliche historische Finanzinformationen Die nachstehend dargestellten Finanzinformationen wurden dem Konzernabschluss 2014 der Linde AG entnommen. Der Konzernabschluss 2014 der Linde AG wurde von der KPMG AG Wirtschaftsprüfungsgesellschaft, München, geprüft und die Finanzinformationen für 2013 dienen als Vergleichsinformationen. IN MILLIONEN 31. DEZEMBER DEZEMBER 2013 Umsatz Ergebnis nach Steuern und Anteilen anderer Gesellschafter Cash Flow aus betrieblicher Tätigkeit Bilanzsumme Eigenkapital Wesentliche Verschlechterung der Aussichten des Emittenten Signifikante Veränderungen in der Finanz- bzw. Handelsposition Seit dem 31. Dezember 2014 sind keine wesentlichen nachteiligen Veränderungen in den Aussichten der Linde AG eingetreten. Nicht. Seit dem 31. Dezember 2014 sind keine wesentlichen Veränderungen in der Finanzlage oder der Handelsposition der Linde AG eingetreten. B.13 Letzte Ereignisse Entfällt. Es gibt keine Ereignisse aus der jüngsten Zeit der Geschäftstätigkeit von Linde seit dem letzten veröffentlichten geprüften Jahresabschluss (31. Dezember 2014), die für die Bewertung der Zahlungsfähigkeit von Linde in hohem Maße relevant sind. B.14 Bitte siehe Element B.5. Angabe zur Abhängigkeit von anderen Unternehmen innerhalb der Gruppe Nicht. Die Linde AG ist nicht von anderen Unternehmen innerhalb des Linde Konzerns abhängig. B.15 Haupttätigkeiten Linde ist eines der größten Gase- und Engineeringunternehmen, das mit ungefähr Mitarbeitern in mehr als 100 Ländern tätig ist. Im Geschäftsjahr 2014 erwirtschaftete der Linde Konzern einen Gesamtumsatz von 17,047 Mrd. und ein operatives Ergebnis (EBITDA vor Sondereinflüssen und inklusive des anteiligen Ergebnisses aus verbundenen Unternehmen und Joint Ventures) von 3,920 Mrd. Die Strategie der Linde Group ist auf langfristiges, profitables Wachstum ausgerichtet. Die Weiterentwicklung des internationalen Geschäfts mit zukunftsweisenden Produkten und Dienstleistungen steht dabei im Mittelpunkt. Linde entwickelt Technologien und Produkte, die Kundennutzen mit einem Beitrag zur nachhaltigen Entwicklung verbinden. Gases Division Das Geschäft mit Gasen hat bei der Gesellschaft eine lange Tradition und geht auf die Erfindungen von Dr. Carl von Linde zurück, der das Kryogenverfahren erfand und damit den Grundstein für die heutige Gases Division legte. Die Linde Group nimmt im internationalen Gasemarkt eine weltweit führende Position ein. Das Unternehmen bietet eine breite Palette an Druck- und Flüssiggasen sowie Chemikalien und ist Partner für unterschiedlichste Industrien. Gase von Linde, wie z.b. Sauerstoff, Stickstoff, Wasserstoff, Helium und Spezialgase,
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