Financial risks:

1. Exchange rate fluctuation risks

Euro to Ruble

High exchange rate volatility

2. Interest rate fluctuation risks

3. Credit risks
Delayed or incomplete discharge of contractual obligations by some counterparties entails risks for Air Liquide
operation in Russia

4. Liquidity risks

5. Market risks
If oil prices and gas exchange quotations drop, resulting risks may lead to a decline in revenues. There are also volume
risks associated with a certain flexibility that buyers have in terms of gas offtake.

Other risks:
1. Risk related to the global economy
An unfavourable economic environment can lead to a slowdown in energy demand and drive the cost of borrowed
capital.

2. Political risks
US sanction on European countries importing gas and oil from Russia

3. Natural gas transit risks

Gas transmission via third countries is associated with the risk of the counterparties defaulting on their transit
obligations, which exposes Air Liquide to the risk of improper performance of its obligations under gas supply
contracts.

A number of measures are taken to reduce reliance on transit countries, including diversification of export routes,
expanding access to UGSF abroad, and development of LNG trade.