Fourth Quarter 2023 Earnings Report

Inflation Reduction Act (IRA) Overview Linde IRA was passed into law August 2022, in part to promote US decarbonization projects ▪ US tax code sections 45Q and 45V provide tax credits for carbon capture and low carbon intensity H₂ projects, respectively ■ The US Treasury recently issued proposed regulations for 45V Section 45Q (pre-existing) ■ Tax credit increased to $85/ton for CO2 capture & sequestration (CCS) – e.g. “blue” hydrogen production (1) Final regs issued on base credit under pre-IRA law in 2021 Views on Blue H2 ■ Preferred option for production at scale - low technical risk - lowest overall cost - most reliable and proven solution today Most large opportunities in blue H₂ projects - Linde awarded first world-scale blue H₂ project (OCI) ― Clean energy project pipeline $8B - $10B, including the US Section 45V (new) Tax credit provides up to $3/kg for low carbon intensity hydrogen - e.g. "green" hydrogen production (1) Proposed regs. on base credit ($0.60/kg) for electrolysis: - Incremental: power to be produced by new facilities - Time matched: power used within one hour of being produced - Regionality: power must be produced in the same region Views on Green H2 ■ Lacks scale - primarily for merchant H₂ market - Electrolyzers unproven at gigawatt scale - High overall cost - Requires abundant and cost-effective renewable power Nascent market Disciplined approach to decarbonization opportunities (1) "Blue" implies fossil produced H2 with CCUS; "Green" implies electrolysis produces hydrogen with renewable power 18

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