Market Overview

Proposed Business Combination between Praxair, Inc. and Linde AG Receives Antitrust Clearance in Brazil, Satisfying a Closing Condition

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In accordance with the exchange offer document published on August 15,
2017, Linde plc announced today that the proposed business combination
between Praxair, Inc. (NYSE:PX) and Linde AG (Xetra:LIN) received
antitrust clearance in Brazil after the purchaser of the divestment
business in Brazil was approved by the competition authority, satisfying
a closing condition (Regulatory Condition – Brazil).

Linde plc is a public limited company formed on April 18, 2017, that
will become the parent company of Praxair, Inc. and Linde AG upon the
completion of the business combination.

Completion of the business combination remains subject to timely
approval by requisite governmental regulators and authorities under
applicable competition laws.

About Linde

In the 2017 financial year, The Linde Group generated revenue of EUR
17.113 bn, making it one of the leading gases and engineering companies
in the world, with approximately 58,000 employees working in more than
100 countries worldwide. The strategy of The Linde Group is geared
towards long-term profitable growth and focuses on the expansion of its
international business, with forward-looking products and services.
Linde acts responsibly towards its shareholders, business partners,
employees, society and the environment in every one of its business
areas, regions and locations across the globe. The company is committed
to technologies and products that unite the goals of customer value and
sustainable development.

About Praxair

Praxair, Inc. is a leading industrial gas company in North and South
America and one of the largest worldwide.
With market capitalization of approximately $40 billion and 2017 sales
of $11 billion, the company employs over 26,000 people globally and has
been named to the Dow Jones® World Sustainability Index for 15
consecutive years. Praxair produces, sells and distributes atmospheric,
process and specialty gases,
and high-performance surface
coatings
. Our products, services
and technologies are making our planet more productive by
bringing efficiency and environmental benefits to a wide variety of industries,
including aerospace,
chemicals,
food
and beverage
, electronics,
energy,
healthcare,
manufacturing, primary metals
and many others. For more information about the company, please visit
our website at www.praxair.com.

Forward-looking Statements

This communication includes "forward-looking statements" within the
meaning of Section 27A of the Securities Act of 1933 and Section 21E of
the Securities Exchange Act of 1934. Forward-looking statements are
based on our beliefs and assumptions on the basis of factors currently
known to us. These forward-looking statements are identified by terms
and phrases such as: anticipate, believe, intend, estimate, expect,
continue, should, could, may, plan, project, predict, will, potential,
forecast, and similar expressions. These forward-looking statements
include, but are not limited to, statements regarding benefits of the
proposed business combination, integration plans and expected synergies,
and anticipated future growth, financial and operating performance and
results. Forward-looking statements involve risks and uncertainties that
may cause actual results to be materially different from the results
predicted or expected. No assurance can be given that these
forward-looking statements will prove accurate and correct, or that
projected or anticipated future results will be achieved. Factors that
could cause actual results to differ materially from those indicated in
any forward-looking statement include, but are not limited to: the
expected timing and likelihood of the completion of the contemplated
business combination, including the timing, receipt and terms and
conditions of any required governmental and regulatory approvals of the
contemplated business combination that could reduce anticipated benefits
or cause the parties to abandon the transaction; the occurrence of any
event, change or other circumstances that could give rise to the
termination of the business combination agreement; the ability to
successfully complete the proposed business combination and the exchange
offer; regulatory or other limitations imposed as a result of the
proposed business combination; the success of the business following the
proposed business combination; the ability to successfully integrate the
Praxair and Linde businesses; risks related to disruption of management
time from ongoing business operations due to the proposed business
combination; the risk that the announcement or consummation of the
proposed business combination could have adverse effects on the market
price of Linde's or Praxair's common stock or the ability of Linde and
Praxair to retain customers, retain or hire key personnel, maintain
relationships with their respective suppliers and customers, and on
their operating results and businesses generally; the risk that Linde
plc may be unable to achieve expected synergies or that it may take
longer or be more costly than expected to achieve those synergies;
state, provincial, federal and foreign legislative and regulatory
initiatives that affect cost and investment recovery, have an effect on
rate structure, and affect the speed at and degree to which competition
enters the industrial gas, engineering and healthcare industries;
outcomes of litigation and regulatory investigations, proceedings or
inquiries; the timing and extent of changes in commodity prices,
interest rates and foreign currency exchange rates; general economic
conditions, including the risk of a prolonged economic slowdown or
decline, or the risk of delay in a recovery, which can affect the
long-term demand for industrial gas, engineering and healthcare and
related services; potential effects arising from terrorist attacks and
any consequential or other hostilities; changes in environmental, safety
and other laws and regulations; the development of alternative energy
resources; results and costs of financing efforts, including the ability
to obtain financing on favorable terms, which can be affected by various
factors, including credit ratings and general market and economic
conditions; increases in the cost of goods and services required to
complete capital projects; the effects of accounting pronouncements
issued periodically by accounting standard-setting bodies; conditions of
the debt and capital markets; market acceptance of and continued demand
for Linde's and Praxair's products and services; changes in tax laws,
regulations or interpretations that could increase Praxair's, Linde's or
Linde plc's consolidated tax liabilities; and such other factors as are
set forth in Linde's annual and interim financial reports made publicly
available and Praxair's and Linde plc's public filings made with the SEC
from time to time, including but not limited to those described under
the headings "Risk Factors" and "Forward-Looking Statements" in
Praxair's Form 10-K for the fiscal year ended December 31, 2017, which
are available via the SEC's Web site at www.sec.gov.
The foregoing list of risk factors is not exhaustive. These risks, as
well as other risks associated with the contemplated business
combination, are more fully discussed in the proxy statement/prospectus
and the offering prospectus included in the Registration Statement on
Form S-4 filed by Linde plc with the SEC and in the offering document
and/or any prospectuses or supplements filed with BaFin in connection
with the contemplated business combination. In light of these risks,
uncertainties and assumptions, the events described in the
forward-looking statements might not occur or might occur to a different
extent or at a different time than Linde, Praxair or Linde plc has
described. All such factors are difficult to predict and beyond our
control. All forward-looking statements included in this document are
based upon information available to Linde, Praxair and Linde plc on the
date hereof, and each of Linde, Praxair and Linde plc disclaims and does
not undertake any obligation to update or revise any forward-looking
statements, whether as a result of new information, future events or
otherwise, except as required by law.

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