Investor Presentaiton

Selected Global Industrial Gases Precedent Transactions Change-of-Control Transactions In the Industrials Gases Sector Since 2014(1) Ann. Date Acquiror Name Target Name Target Country Target Description Implied AV Implied AV/LTMEBITDA (US$MM) Apr '14 Daesung Group Partners Daesung Industrial South Manufacturer of industrial and specialty 877 9.8x Gases Korea gases May '14 Mitsubishi Chemical Holdings Taiyo Nippon Sanso Japan Producer of gases in Japan, the United States, and internationally 6,781 10.0x Supplies industrial, medical, and United Nov '15 Air Liquide SA Airgas, Inc. specialty gases; and welding States 13,075 13.4x equipment and related products Nov '15 SK Holdings Co. Ltd. OCI Materials Co., Ltd. South Specialty gas manufacturer 986 8.0x Korea Apr '16 Praxair Inc. Yara International ASA, European CO2 Business European CO2 business comprises Norway liquefaction plants, CO2 ships and terminals and dry ice production 246 10.1x Mean (All Transactions) Median (All Transactions) Note 1. Transactions with publicly disclosed financials where meaningful AV/LTM EBITDA transaction multiples to be calculated YINGDE GASES GROUP COMPANY LIMITED 盈德氣體集團有限公司 10.3x 10.0x 24

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