<SEC-DOCUMENT>0001193125-17-227064.txt : 20171003
<SEC-HEADER>0001193125-17-227064.hdr.sgml : 20171003
<ACCEPTANCE-DATETIME>20170712173155
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0001193125-17-227064
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20170712

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			ZAMALIGHT PLC
		CENTRAL INDEX KEY:			0001707925
		STANDARD INDUSTRIAL CLASSIFICATION:	INDUSTRIAL INORGANIC CHEMICALS [2810]
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			L2
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		THE PRIESTLEY CENTRE, 10 PRIESTLEY RD
		CITY:			GUILDFORD
		STATE:			X0
		ZIP:			GU27XY
		BUSINESS PHONE:		00441483242200

	MAIL ADDRESS:	
		STREET 1:		THE PRIESTLEY CENTRE, 10 PRIESTLEY RD
		CITY:			GUILDFORD
		STATE:			X0
		ZIP:			GU27XY

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	ZAMALIGHT PLC
		DATE OF NAME CHANGE:	20170622

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	PRAXAIR
		DATE OF NAME CHANGE:	20170614

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	ZAMALIGHT PLC
		DATE OF NAME CHANGE:	20170530
</SEC-HEADER>
<DOCUMENT>
<TYPE>CORRESP
<SEQUENCE>1
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<TD VALIGN="bottom"> <P STYLE="font-size:9pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman" ALIGN="center"><B>125 Broad Street</B></P>
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<TD VALIGN="top" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:Times New Roman" ALIGN="center">TELEPHONE: 1-212-558-4000</P>
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<TD VALIGN="bottom" ALIGN="center">FRANKFURT &#149; LONDON &#149; PARIS</TD></TR>
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<TD VALIGN="bottom" ALIGN="center">MELBOURNE &#149; SYDNEY</TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:56%; font-size:10pt; font-family:Times New Roman" ALIGN="center">July&nbsp;12, 2017 </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>VIA EDGAR AND HAND DELIVERY </U></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">United States Securities and
Exchange Commission, </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Division of Corporation Finance, </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">100 F. Street, N.E., </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">Washington, D.C. 20549. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Attention:
Ms.&nbsp;Pamela Long, Assistant Director </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="5%" VALIGN="top" ALIGN="left">Re:</TD>
<TD ALIGN="left" VALIGN="top">Zamalight plc; Praxair, Inc.; Linde AG; </TD></TR></TABLE>
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<TD ALIGN="left" VALIGN="top">Registration Statement on Form <FONT STYLE="white-space:nowrap">S-4</FONT> filed on June&nbsp;5, 2017 </TD></TR></TABLE>
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<TD ALIGN="left" VALIGN="top"><U>(File No
<FONT STYLE="white-space:nowrap">333-218485)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></U> </TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Dear Ms.&nbsp;Long: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">On behalf of Zamalight plc
(the &#147;<U>Company</U>&#148;), enclosed please find a copy of Amendment No.&nbsp;1 (&#147;<U>Amendment No.</U><U></U><U>&nbsp;1</U>&#148;) to the Registration Statement on Form <FONT STYLE="white-space:nowrap">S-4</FONT> (the
&#147;<U>Registration Statement</U>&#148;), as filed with the Securities and Exchange Commission (the &#147;<U>Commission</U>&#148;) on EDGAR on the date hereof, marked to show changes from the Registration Statement filed with the Commission on
June&nbsp;5, 2017. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">The changes reflected in Amendment No.&nbsp;1 include those made in response to the comments of the staff of the
Commission (the &#147;<U>Staff</U>&#148;) set forth in the Staff&#146;s letter of June&nbsp;29, 2017 (the &#147;<U>Comment Letter</U>&#148;). Amendment No.&nbsp;1 also includes other changes that are intended to update, clarify and render more
complete the information contained therein. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">The numbered responses that follow relate to the questions set forth in the Comment Letter,
which are reproduced below in bold print. The responses follow each reproduced comment. All references to page numbers and captions (other than those in the Staff&#146;s comments) correspond to the page numbers and captions in Amendment No.&nbsp;1.
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">* * * * </P>

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<TD VALIGN="top">Ms. Long</TD>
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<TD VALIGN="top" ALIGN="right">-2-</TD></TR></TABLE> <P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>General </U></B></P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>1.</B></TD>
<TD ALIGN="left" VALIGN="top"><B>Please provide us supplementally with copies of any board books or similar materials prepared by the financial advisors and shared with the boards of directors and their representatives. </B></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">In response to the Staff&#146;s comment, a copy of the discussion materials prepared by Credit Suisse Securities (USA) LLC that were reviewed
and discussed with the board of directors of Praxair, Inc. in connection with the rendering of its opinion on May&nbsp;31, 2017, are being provided to the Staff on a supplemental basis under separate cover by Alston&nbsp;&amp; Bird LLP, counsel to
Credit Suisse Securities (USA) LLC, requesting confidential treatment pursuant to Rule 418 (&#147;<U>Rule 418</U>&#148;) promulgated under the Securities Act of 1933, as amended (the &#147;<U>Securities Act</U>&#148;), and pursuant to the provisions
of 17 C.F.R. &#167;200.83 (&#147;<U>Rule 200.83</U>&#148;). In response to the Staff&#146;s comment, copies of the discussion materials prepared by the financial advisors to Linde AG in connection with their opinions presented to the supervisory
board or the executive board of Linde AG, are being provided by Freshfields Bruckhaus Deringer US LLP, counsel to Bank of America Merrill Lynch International Limited, Latham&nbsp;&amp; Watkins LLP, counsel to Goldman Sachs AG, Latham&nbsp;&amp;
Watkins LLP, counsel to Morgan Stanley Bank AG, and Davis Polk&nbsp;&amp; Wardwell LLP, counsel to Perella Weinberg Partners, to the Staff on a supplemental basis under separate cover requesting confidential treatment pursuant to Rule 418 and
pursuant to the provisions of Rule 200.83. The Company has been advised by each of Alston&nbsp;&amp; Bird LLP, Freshfields Bruckhaus Deringer US LLP, Latham&nbsp;&amp; Watkins LLP and Davis Polk&nbsp;&amp; Wardwell LLP that, in accordance with Rule
418, such counsel have requested that the materials provided be returned promptly following completion of the Staff&#146;s review thereof. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Summary,
page 10 </U></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>The Exchange Offer, page 12 </U></B></P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>2.</B></TD>
<TD ALIGN="left" VALIGN="top"><B>Please disclose the minimum acceptance condition percentage. </B></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">In response to the
Staff&#146;s comment, the Company has revised the disclosure on page 14 of Amendment No.&nbsp;1. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>The Exchange Offer, page 13 </U></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Treatment of Linde Equity Awards, page 14 </U></B></P>

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<TD VALIGN="top">Ms. Long</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">-3-</TD></TR></TABLE> <P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>

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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>3.</B></TD>
<TD ALIGN="left" VALIGN="top"><B>In the second paragraph, it is stated that each Linde stock option and each Linde matching share right will be terminated in exchange for a cash payment. The third paragraph states that the former holders of Linde
stock options and Linde matching share rights will receive replacement equity awards. It is unclear whether the Linde stock options and Linde matching share rights will be both terminated for cash and also replaced with new equity awards from Linde
plc. Please advise and revise your disclosures as appropriate. </B></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">In response to the Staff&#146;s comment, the Company has
revised the disclosures on pages 14 and 15 of Amendment No.&nbsp;1. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Settlement of the Exchange Offer, page 14 </U></B></P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>4.</B></TD>
<TD ALIGN="left" VALIGN="top"><B>Here or in a separate section in the Summary, clarify when tendering Linde AG shareholders will receive their Linde plc shares in the exchange offer. Clarify when this will occur with reference to both shares
tendered during the acceptance period and those tendered during the additional acceptance period. Where you reference a date after the publication of the results of the acceptance period (such as at the bottom of page 13), revise to clarify when
this will occur with reference to the expiration of the acceptance period. </B></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">In response to the Staff&#146;s comment, the
Company has revised the disclosures on pages 13, 14, 215, 218, ALT-6, <FONT STYLE="white-space:nowrap">ALT-7,</FONT> <FONT STYLE="white-space:nowrap">ALT-32,</FONT> and <FONT STYLE="white-space:nowrap">ALT-33</FONT> of Amendment No.&nbsp;1. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Termination Fees, page 15 </U></B></P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>5.</B></TD>
<TD ALIGN="left" VALIGN="top"><B>Please clarify in the second bullet point whether Praxair is only obligated to pay the termination fee if its shareholders do not vote in favor of the merger and the Praxair board changed its recommendation on the
merger. </B></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">In response to the Staff&#146;s comment, the Company has revised the disclosures on pages 15 and 201 of
Amendment No.&nbsp;1. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Potential Post-Closing Reorganization Regarding Linde, page 17 </U></B></P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>6.</B></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt"><B>We note the disclosure at the top of page 18 that &#147;in addition to acquiring Linde shares in the exchange
offer, Linde plc may, subject to applicable law, purchase additional Linde shares in the open market or otherwise.&#148; If you mean to state that such outside purchases could occur from the date of announcement of the exchange offer through the end
of the offer, in your response letter, provide an analysis of the facts supporting your ability to </B></P></TD></TR></TABLE>

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<TD VALIGN="top">Ms. Long</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">-4-</TD></TR></TABLE> <P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>

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make outside purchases, consistent with Rule <FONT STYLE="white-space:nowrap">14e-5.</FONT> If you are referencing purchases occurring after the exchange offer terminates, please revise your
disclosure here to clarify. </B></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">With certain exceptions, Rule <FONT STYLE="white-space:nowrap">14e-5</FONT> promulgated
under the Securities Exchange Act of 1934, as amended (the &#147;<U>Exchange Act</U>&#148;), prohibits a &#147;covered person&#148; from directly or indirectly purchasing or arranging to purchase any securities to be acquired in a tender offer for
equity securities or any securities immediately convertible into, exchangeable for or exercisable for such securities, except pursuant to such offer. The duration of the prohibition under Rule <FONT STYLE="white-space:nowrap">14e-5</FONT> under the
Exchange Act continues from the time of the public announcement of the offer until the date that the offer expires. In the present case, any purchases of additional Linde shares in the open market or otherwise, but outside of the exchange offer,
will be structured to comply with one of the exceptions to <FONT STYLE="white-space:nowrap">Rule&nbsp;14e-5</FONT> under the Exchange Act until the date that the offer expires. In particular,
<FONT STYLE="white-space:nowrap">Rule&nbsp;14e-5(b)(12)(i)</FONT> under the Exchange Act permits purchases or arrangements to purchase securities subject to a tender offer by an offeror or its affiliates to be made in accordance with the laws of the
subject company&#146;s home jurisdiction, subject to certain conditions. While the Company does not currently intend to make any purchases of Linde shares outside the exchange offer either directly or through any advisor, broker or other financial
institution acting as their agent pursuant to Rule <FONT STYLE="white-space:nowrap">14e-5(b)(12)</FONT> under the Exchange Act, should it decide to do so in the future, the Company respectfully submits that such purchases would be subject to, and
comply with, the conditions of such rule: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left">(a)</TD>
<TD ALIGN="left" VALIGN="top">Linde AG qualifies as a &#147;foreign private issuer&#148; as defined in Rule 405 under the Securities Act and Rule <FONT STYLE="white-space:nowrap">3b-4(c)</FONT> under the Exchange Act. </TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left">(b)</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">The Company reasonably expects that the exchange offer meets the conditions for reliance on the Tier II
cross-border exemptions set forth in Rule <FONT STYLE="white-space:nowrap">14d-1(d)</FONT> under the Exchange Act (the &#147;<U>Tier II Exception</U>&#148;). Linde AG and Praxair, Inc. conducted the calculation of U.S. ownership of the Linde shares
pursuant to Instruction 3 to paragraphs (c)&nbsp;and (d) of Rule <FONT STYLE="white-space:nowrap">14d-1</FONT> (the &#147;<U>Alternate Test</U>&#148;), which is available if the bidder is unable to conduct the &#147;look-through&#148; analysis
provided under Instruction 2 to paragraphs (c)&nbsp;and (d) of Rule <FONT STYLE="white-space:nowrap">14d-1.</FONT> Linde AG and Praxair, Inc. made a good faith effort to perform a &#147;look-through&#148; analysis by obtaining a shareholder
identification from NASDAQ OMX, a third party information provider retained by Linde AG, which indicated that approximately 30.8% of Linde AG&#146;s outstanding shares were owned by U.S. holders as of December&nbsp;31, 2016 (a date no more than 60
days before and no more than </P></TD></TR></TABLE>

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30 days after the public announcement of the exchange offer on December&nbsp;20, 2016). This amounts to a U.S. ownership percentage of approximately 31.6%, assuming all Linde ADRs outstanding as
of such date (representing approximately 0.8% of outstanding Linde shares) were owned by U.S. holders. However, because Linde shares are in bearer form (<I>auf den Inhaber lautende Stammaktien ohne Nennbetrag</I>) and held at custodian banks, which
under German law, in general, are prohibited from providing third parties, including public authorities, personal and account information about their customers, Linde AG and Praxair, Inc. were unable to conclusively conduct a
&#147;look-through&#148; analysis as defined in Instruction&nbsp;2 to paragraphs (c)&nbsp;and (d) of Rule <FONT STYLE="white-space:nowrap">14d-1.</FONT><SUP STYLE="font-size:85%; vertical-align:top">1</SUP> Under the Alternate Test, a bidder may
proceed on the presumption that U.S. ownership does not exceed 40% unless (i)&nbsp;the average daily trading volume of the subject securities in the United States for a recent twelve-month period exceeds 40% of the average daily trading volume of
that class of securities on a worldwide basis, (ii)&nbsp;the subject company has disclosed a higher level of U.S. ownership in its most recent annual report; (iii)&nbsp;the bidder otherwise knows or has reason to know, before the public announcement
of the offer, that the level of U.S. ownership exceeds such percentage; or (iv)&nbsp;the bidder otherwise knows, or has reason to know, that the level of U.S. ownership exceeds such percentage. Accordingly, the Company conducted the Alternate Test
as follows: </TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman">The Company believes, based on market share data from Bloomberg Finance, that the average daily trading volume
of the Linde shares in the United States is insignificant. Linde shares are not listed and/or traded on a stock exchange in the United States. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman">Linde AG&#146;s annual report for the fiscal year ended December&nbsp;31, 2015, the most recent annual report published before the public
announcement of the exchange offer, estimates that, based on identifiable institutional </P> <P STYLE="line-height:8.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000;width:10%">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><SUP STYLE="font-size:85%; vertical-align:top">1</SUP>&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">The Staff stated in <I>The Commission Guidance and Revisions to
Cross</I><I><FONT STYLE="white-space:nowrap">-Border</FONT> Tender Offer, Exchange Offer, Rights Offerings, and Business Combination Rules and Beneficial Ownership Reporting Rules for Certain Foreign Institutions</I>, Release Nos. <FONT
STYLE="white-space:nowrap">33-8957;</FONT> <FONT STYLE="white-space:nowrap">34-58597</FONT> (Dec. 8, 2008) that &#147;an acquiror generally will be unable to conduct the required look-through analysis in the manner prescribed by our revised rules
when the subject securities are in bearer form. In addition, in certain foreign jurisdictions, nominees may be prohibited by law from disclosing information about the beneficial owners on whose behalf they hold. Where this prohibition extends to the
country of residence of the beneficial owners of the subject securities, we believe the alternate test for determining eligibility should be available.&#148; </P></TD></TR></TABLE>

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investors which accounted for approximately 76% of the outstanding Linde shares as of December&nbsp;31, 2015, the percentage of shares held by U.S. holders amounted to approximately 38% of such
shares held by such institutional investors. That figure represented approximately 28%&nbsp;of the total Linde shares outstanding as of December&nbsp;31, 2015. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman">Based on information provided by third parties and beneficial ownership reports relating to Linde AG publicly available to the Company, the
Company did not know or have reason to know, before the public announcement of the exchange offer on December&nbsp;20, 2016, that the level of U.S. ownership exceeded 40% of the Linde shares. In particular, based on shareholder ownership data from
Bloomberg Finance, the overall percentage of Linde shares owned by U.S. holders was approximately 26.7% before the public announcement of the exchange offer on December&nbsp;20, 2016. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman">The Company does not know and has no reason to know that the level of U.S. ownership exceeds 40% of Linde shares. </P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(c)</TD>
<TD ALIGN="left" VALIGN="top">No purchases or arrangements to purchase Linde shares except pursuant to the exchange offer will be made in the United States. </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(d)</TD>
<TD ALIGN="left" VALIGN="top">The Registration Statement discloses prominently on pages 17, 219, and <FONT STYLE="white-space:nowrap">ALT-94</FONT> of Amendment No.&nbsp;1 the possibility of purchases or arrangements to purchase Linde shares outside
of the exchange offer and the manner in which information regarding such purchases will be disseminated. </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(e)</TD>
<TD ALIGN="left" VALIGN="top">There will be public disclosure in the United States, to the extent that such information is made public in Linde AG&#146;s home jurisdiction of Germany, of information regarding all purchases by the Company of Linde
shares and related securities otherwise than pursuant to the exchange offer from the time of public announcement of the exchange offer until the exchange offer expires. </TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(f)</TD>
<TD ALIGN="left" VALIGN="top">Purchases or arrangements to purchase Linde shares outside the exchange offer by the Company and its affiliates will satisfy the following additional condition: the exchange offer price will be increased to match any
consideration paid outside of the exchange offer that is greater than the exchange offer price. </TD></TR></TABLE>

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<TD VALIGN="top">Ms. Long</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">-7-</TD></TR></TABLE> <P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Purchases or arrangements to purchase Linde shares outside the exchange offer by an affiliate of
a financial advisor will satisfy the additional conditions set forth in Rule <FONT STYLE="white-space:nowrap">14e-5(b)(12)(i)(G)</FONT> under the Exchange Act. Except as otherwise exempted, the Company will comply with
<FONT STYLE="white-space:nowrap">Rule&nbsp;14e-5</FONT> under the Exchange Act. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">In addition to Rule
<FONT STYLE="white-space:nowrap">14e-5</FONT> under the Exchange Act, any purchases of Linde shares outside of the exchange offer will be regulated by German securities laws. The German Takeover Act allows the Company to make such purchases, subject
to certain conditions. The Company will be required to make available to all holders of Linde shares subject to the exchange offer any more favorable terms, including price terms, agreed to in connection with any purchases of Linde shares by the
Company outside the exchange offer. Under Section&nbsp;31(4) of the German Takeover Act, the Company would be obligated to increase the exchange offer price to the level of any higher purchase price outside the exchange offer. In addition, any such
purchases by the Company prior to the commencement of the exchange offer must be disclosed in the exchange offer document. Finally, pursuant to Section&nbsp;23(2) of the German Takeover Act, any such purchase by the Company during the exchange offer
must be reported to BaFin (<I>Bundesanstalt f&uuml;r Finanzdienstleistungsaufsicht</I>) and announced publicly immediately following such purchase. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Regulatory Approvals, page 20 </U></B></P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>7.</B></TD>
<TD ALIGN="left" VALIGN="top"><B>Please disclose the specific waiting periods for the FTC and Department of Justice. </B></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">In
response to the Staff&#146;s comment, the Company has revised the disclosures on pages 21 and 164 of Amendment No.&nbsp;1. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Interests of Directors,
Board Members, and Executive Officers in . . . (see page [&#151;]), page 22 </U></B></P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>8.</B></TD>
<TD ALIGN="left" VALIGN="top"><B>Please quantify the interests of the directors and officers. Please also quantify these amounts in your related risk factor on page 40. </B></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">In response to the Staff&#146;s comment, the Company has revised the disclosures on pages 23, 42 and 173 of Amendment No.&nbsp;1. </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Risk Factors, page 34 </U></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Praxair and Linde are subject to anti-corruption laws in the jurisdictions &#133;, page 57 </U></B></P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>9.</B></TD>
<TD ALIGN="left" VALIGN="top"><B>You disclose that Linde currently conducts operations in Iran in accordance with applicable economic sanctions laws. We have located recent news articles reporting that in 2016, Linde opened an office in Iran; that
Linde signed agreements for two petrochemical complexes in Iran, for a joint venture with an Iranian liquefied gas company, and for engineering projects to construct plants in Iran; that it revived plant engineering contracts in Iran that had been
dormant; and that Linde and Mitsui Chemicals were planning to invest $4&nbsp;billion in Iran&#146;s petrochemical industry. Iran is designated by the U.S. Department of State as a state sponsor of terrorism and is subject to U.S. economic sanctions
and export controls. Please describe to us the nature and extent of Linde&#146;s past, current, and anticipated contacts with Iran, whether through subsidiaries, affiliates, distributors, or other direct or indirect arrangements. You should describe
any services or products Linde has provided to Iran, directly or indirectly, and any agreements, commercial arrangements, or other contacts with the government of Iran or entities that it controls. </B></TD></TR></TABLE>
<P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><U>Linde&#146;s Sanctions Compliance Program</U> </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">In response to the Staff&#146;s comment, Linde respectfully submits that it is Linde&#146;s policy that all business activities carried out by
the company, whether directly by itself or through its subsidiaries, affiliates, distributors or other direct or indirect arrangements, are to be conducted in full compliance with all applicable laws of all relevant jurisdictions, in particular,
applicable sanctions and export control laws and regulations implemented by the United States, the European Union and Germany (collectively, &#147;<U>Sanctions Laws</U>&#148;). The supervisory board and executive board of Linde AG have made it a
priority at Linde to comply with all Sanctions Laws. Linde&#146;s compliance team, including its compliance officers and compliance managers, have developed and implemented processes and procedures designed to ensure that Linde is in compliance with
Sanctions Laws. For certain business units, Linde also has a separate export control organization that provides, among other things, operative support, including screening against the Specially Designated Nationals and Blocked Persons List
maintained by the U.S. Department of the Treasury&#146;s Office of Foreign Assets Control (&#147;<U>OFAC</U>&#148;), designed to ensure compliance with export control regulations promulgated by the U.S. Department of Commerce&#146;s Bureau of
Industry and Security as well as facilitating due diligence of actual and potential counterparties. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">An important part of Linde&#146;s
compliance program includes protocols and targeted guidance requiring the recusal of personnel and directors who are U.S. persons in connection with aspects of Linde&#146;s business that implicate U.S. sanctions. Such protocols and targeted guidance
generally provide that (i)&nbsp;U.S. persons shall not </P>

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be requested or permitted to become involved in discussions or decision-making concerning current or prospective transactions or business planning involving countries, entities or individuals
that are targets of U.S. sanctions and (ii)&nbsp;any delegations of authority permitting decisions on such pending or prospective transactions or planning can only be made by persons who are not U.S. persons, without any involvement of U.S. persons.
</P> <P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><U>Linde&#146;s Contacts in Iran</U> </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Linde notes that a management decision was made by the company in September 2010 that Linde would no longer conduct any new business in Iran.
The effect of this decision was to dramatically reduce Linde&#146;s activities in Iran, and major contracts under execution were suspended or terminated. Since the implementation of the Joint Comprehensive Plan of Action relating to Iran (the
&#147;<U>JCPOA</U>&#148;) in January 2016, Linde has begun to <FONT STYLE="white-space:nowrap">re-commence</FONT> limited business involving Iran in compliance with applicable Sanctions Laws. Since the implementation of the JCPOA, Linde&#146;s
activities relating to Iran primarily consist of pursuing potential new projects and seeking to revive certain engineering contracts executed prior to the 2010 decision. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">In response to the Staff&#146;s comment, Linde respectfully submits the following details about Linde&#146;s Iranian contacts mentioned in the
Staff&#146;s comment: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left">(a)</TD>
<TD ALIGN="left" VALIGN="top">In August 2016, Linde executed one agreement with Iran-based Kian Petrochemical Co. (&#147;<U>Kian</U>&#148;) pursuant to which Linde agreed to provide engineering support for the design of an olefin, butadiene,
hydrodealkylation and benzene plant. The contract, which is not denominated in U.S. dollars, is valued at approximately &#128;35&nbsp;million. Linde&#146;s performance under the contract is expected to be completed in September 2017. In addition to
this project, Linde has also entered into other agreements under which engineering services, spare parts and some equipment have been or will be delivered; </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(b)</TD>
<TD ALIGN="left" VALIGN="top">In October 2016, Linde opened a small office in Tehran, Iran. This office employs approximately seven (7)&nbsp;personnel, none of which are U.S. persons. Dedicated personnel in the Tehran office are responsible for due
diligence and shareholder analysis of local contacts, which supports Linde&#146;s compliance program described above; </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(c)</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">In January 2017, Linde executed an agreement with Delvar Afzar Industrial Gases Co. (&#147;<U>Delvar</U>&#148;),
part of the Delvar Afzar Industrial Group, to form a joint venture to be known as Linde Delvar Afzar Gas Company </P></TD></TR></TABLE>

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<TD WIDTH="8%">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">
PJSC. The joint venture will import, sell and distribute industrial gases and medical gases in Iran. Pursuant to the agreement, Linde will supply to the joint venture medical gases and helium
from Turkey, and provide application <FONT STYLE="white-space:nowrap">know-how</FONT> and healthcare business development <FONT STYLE="white-space:nowrap">know-how,</FONT> and Delvar will supply to the joint venture industrial gases from its air
separation unit and contribute to the joint venture its existing bulk and packaged gas products business. The joint venture will also source some of its products from Delvar&#146;s own production plants in Iran. The joint venture is currently
expected to become operational before the end of 2017; and </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(d)</TD>
<TD ALIGN="left" VALIGN="top">In response to the Staff&#146;s comment, Linde respectfully acknowledges that Linde has discussed opportunities in Iran together with Mitsui. However, unlike as has been suggested by certain press articles in the past,
there is no contractual agreement by Linde to invest $4&nbsp;billion in Iran&#146;s petrochemical industry. In particular, a press report from February 2016 which stated that Linde, &#147;along with Mitsui&nbsp;&amp; Co, Ltd., will invest
$4&nbsp;billion in various petrochemical projects in Iran,&#148; was factually incorrect. </TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Linde&#146;s sales to Iran for the
three prior fiscal years and Q1 2017 were as follows: </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="92%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:8pt" ALIGN="center">


<TR>
<TD WIDTH="62%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2014</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2015</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2016</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Q1&nbsp;2017</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Total sales (&#128;)</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">506,308</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">2,497,858</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">7,743,551</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">9,066,264</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">To the best of Linde&#146;s knowledge, Linde does not have any agreements, commercial arrangements or other
contracts with the government of Iran, nor does it have any contacts with the government of Iran, other than contacts incidental to maintaining an office in Iran and conducting the business described in this response. A pension fund for the benefit
of Iranian military personnel holds an indirect, controlling interest in Kian, to whom Linde provides engineering support pursuant to the contract described above. Except for the contract with Kian, which was entered into in compliance with
Linde&#146;s internal rules and procedures and applicable Sanctions Laws, including authorization from German export authorities, to the best of Linde&#146;s knowledge, Linde does not have any agreements, commercial arrangements or other contracts
with entities controlled by the government of Iran, nor does it have any contacts with entities controlled by the government of Iran, other than contacts incidental to maintaining an office in Iran and conducting the business described in this
response. Other than the office in Tehran, Iran described above, Linde does not currently maintain any physical presence in Iran. </P>

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<TD VALIGN="top">Ms. Long</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">-11-</TD></TR></TABLE> <P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>

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<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>10.</B></TD>
<TD ALIGN="left" VALIGN="top"><B>You also disclose that both Praxair and Linde conduct operations in the Middle East and Africa. Syria and Sudan, countries located in those regions, are designated by the U.S. State Department as state sponsors of
terrorism and are subject to U.S. economic sanctions and export controls. Please describe to us the nature and extent of any contacts with those countries by Praxair and Linde, and any anticipated contacts by Linde plc, whether through subsidiaries,
affiliates, distributors or other direct or indirect arrangements. You should describe any services or products provided to Syria or Sudan, directly or indirectly, and any agreements, commercial arrangements, or other contacts with the governments
of those countries or entities they control. </B></TD></TR></TABLE> <P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><U>Linde</U> </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><I>Compliance </I></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Linde
respectfully acknowledges that Sudan and Syria are designated by the U.S. State Department as state sponsors of terrorism and are subject to U.S. economic sanctions and export controls. As discussed in the response to Comment No.&nbsp;9, Linde notes
that it is Linde&#146;s policy that all business activities carried out by the company, whether directly by itself or through subsidiaries, affiliates, distributors or other direct or indirect arrangements, are to be conducted in full compliance
with applicable Sanctions Laws. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Linde notes that, under the current U.S. sanctions regime against Syria and Sudan, foreign entities that
are not owned or controlled by U.S. persons, such as Linde AG, are not prohibited from engaging in most Syrian-related and Sudanese-related transactions that do not implicate U.S. jurisdiction or involve U.S. persons. However, Linde is subject to,
and to the best of Linde&#146;s knowledge, in compliance with, all EU Sanctions Laws against Syria and Sudan, which include comprehensive arms embargoes against Syria and Sudan and prohibitions against exporting certain equipment and technology to
Syria and providing funds or economic resources, directly or indirectly, to certain listed persons entities and organizations in Syria, Sudan and South Sudan. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><I>Syria </I></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">In response to the
Staff&#146;s comment, Linde respectfully submits that, in the last three years, Linde has made a small number of sales to Syria, which sales represent a <I>de minimis</I> portion of Linde&#146;s aggregate sales. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">To the best of Linde&#146;s knowledge, Linde does not have any agreements, commercial arrangements or other contracts with the government of
Syria, nor does it have any contacts with the government of Syria, other than contacts </P>

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<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Ms. Long</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">-12-</TD></TR></TABLE> <P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">
incidental to conducting the business described in this response. To the best of Linde&#146;s knowledge, Linde does not have any agreements, commercial arrangements or other contracts with
entities controlled by the government of Syria, nor does it have any contacts with entities controlled by the government of Syria, other than contacts incidental to conducting the business described in this response. Linde does not currently
maintain, nor has it in the past maintained, any physical presence in Syria. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><I>Sudan </I></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">In response to the Staff&#146;s comment, Linde respectfully submits that, in the last three years, Linde has made a small number of sales to
Sudan, which sales represent a <I>de minimis</I> portion of Linde&#146;s aggregate sales. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">To the best of Linde&#146;s knowledge, Linde
does not have any agreements, commercial arrangements or other contracts with the government of Sudan, nor does it have any contacts with the government of Sudan, other than contacts incidental to conducting the business described in this response.
To the best of Linde&#146;s knowledge, Linde does not have any agreements, commercial arrangements or other contracts with entities controlled by the government of Sudan, nor does it have any contacts with entities controlled by the government of
Sudan, other than contacts incidental to conducting the business described in this response. Linde does not currently maintain, nor has it in the past maintained, any physical presence in Sudan. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><U>Praxair</U> </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">To the best of
Praxair&#146;s knowledge, Praxair does not have any agreements, commercial arrangements, contracts or other contacts with Syria or Sudan. Praxair does not currently maintain, nor has it in the past maintained, any physical presence in Syria or
Sudan, nor is, to the best of Praxair&#146;s knowledge, any of its revenue for the past three fiscal years and the subsequent interim period attributable to such sanctioned countries. </P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>11.</B></TD>
<TD ALIGN="left" VALIGN="top"><B>Please discuss the materiality of any contacts with Iran, Syria and Sudan you describe in response to the comments above, and whether those contacts constitute a material investment risk for your security holders.
You should address materiality in quantitative terms, including the approximate dollar amounts of any associated revenues, assets, and liabilities for the last three fiscal years and the subsequent interim period. Also, address materiality in terms
of qualitative factors that a reasonable investor would deem important in making an investment decision. You should address the potential impact of the investor sentiment evidenced by such actions directed toward companies that have operations
associated with Iran, Syria or Sudan. </B></TD></TR></TABLE>

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<TD VALIGN="top">Ms. Long</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">-13-</TD></TR></TABLE> <P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><U>Linde</U> </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><I>Iran </I></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Linde respectfully
submits that Linde&#146;s sales, assets and liabilities in Iran represent a <I>de minimis</I> portion of Linde&#146;s aggregate sales, assets and liabilities. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Linde&#146;s sales to Iran for the three prior fiscal years and Q1 2017 were as follows: </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="92%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:8pt" ALIGN="center">


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<TD WIDTH="62%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2014</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2015</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2016</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Q1&nbsp;2017</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Total sales (&#128;)</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">506,308</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">2,497,858</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">7,743,551</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">9,066,264</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
</TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">As demonstrated above, Linde&#146;s sales to Iran constitute a <I>de minimis </I>portion of Linde&#146;s
aggregate sales in the relevant time period. Linde anticipates that its future sales to Iran will continue to constitute only a <I>de minimis</I> portion of its total sales and be conducted in full compliance with applicable Sanctions Laws. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Other than the small office mentioned in the response to Comment No.&nbsp;9 above, Linde currently does not have any physical assets located in
Iran. The remainder of Linde&#146;s assets and liabilities related to Iran arise from contracts and other commercial arrangements discussed in the Company&#146;s response to Comment No.&nbsp;9. Linde respectfully submits that, in the normal conduct
of its business and the preparation of its financial accounts, Linde does not record aggregate assets or liabilities in Iran. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><I>Syria
</I></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Linde respectfully submits to the Staff that Linde&#146;s sales, assets and liabilities in Syria represent a <I>de minimis</I> portion
of Linde&#146;s aggregate sales, assets and liabilities. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">As noted above, in the past three years, Linde has made a small number of sales
to Syria, which sales represent a <I>de minimis</I> portion of Linde&#146;s aggregate sales. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Linde has no current plans to expand its
contacts in Syria and anticipates that its direct and indirect sales to Syria will continue to constitute only a <I>de minimis</I> portion of its aggregate sales and be conducted in full compliance with applicable Sanctions Laws. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Linde does not have any physical assets located in Syria. Linde&#146;s assets and liabilities related to Syria arise solely from contracts and
other commercial arrangements discussed in the Company&#146;s response to Comment No.&nbsp;10. Linde respectfully submits that, in the normal conduct of its business and the preparation of its financial accounts, Linde does not record aggregate
assets or liabilities in Syria. </P>

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<TD VALIGN="top">Ms. Long</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">-14-</TD></TR></TABLE> <P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><I>Sudan </I></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Linde respectfully submits that Linde&#146;s sales, assets and liabilities in Sudan represent a <I>de minimis</I> portion of Linde&#146;s
aggregate sales, assets and liabilities. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">As noted above, in the past three years, Linde has made a small number of sales to Sudan, which
sales represent a <I>de minimis</I> portion of Linde&#146;s aggregate sales. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Linde has no current plans to expand its contacts in Sudan
and anticipates that its direct and indirect sales to Sudan will continue to constitute only a <I>de minimis</I> portion of its aggregate sales and be conducted in full compliance with applicable Sanctions Laws. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Linde does not have any physical assets located in Sudan. Linde&#146;s assets and liabilities related to Sudan arise solely from contracts and
other commercial arrangements discussed in the Company&#146;s response to Comment No.&nbsp;10. Linde respectfully submits that, in the normal conduct of its business and the preparation of its financial accounts, Linde does not record aggregate
assets or liabilities in Sudan. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><I>Materiality </I></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Linde does not believe that its <I>de minimis</I> sales, assets, liabilities and contacts with Iran, Syria and Sudan constitute a material
investment risk for its security holders (or for the future security holders of the Company), taking into account both quantitative and qualitative factors that a reasonable investor would consider important in making an investment decision. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">As discussed above, Linde&#146;s contacts with Iran, Syria and Sudan are quantitatively immaterial considering Linde&#146;s total revenues,
assets and liabilities. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Linde also believes that its contacts with Iran, Syria and Sudan are immaterial from a qualitative perspective.
Linde notes that pursuant to the JCPOA, the United States and certain countries in the European Union, including Germany, have implemented certain sanctions relief regarding Iran. The United States has waived its nuclear-related secondary sanctions
related to Iran, and the United States&#146; sanctions regime against Iran does not prohibit foreign entities that are not owned or controlled by U.S. persons from engaging in most Iran-related transactions that do not implicate U.S. jurisdiction or
involve U.S. persons. </P>

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<TD VALIGN="top">Ms. Long</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">-15-</TD></TR></TABLE> <P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">
Furthermore, the United States&#146; sanctions regime against Syria and Sudan does not prohibit foreign entities that are not owned or controlled by U.S. persons from engaging in most
Syrian-related and Sudanese-related transactions that do not implicate U.S. jurisdiction or involve U.S. persons. Linde believes that, considering these facts, reasonable investors would expect some <FONT STYLE="white-space:nowrap">non-U.S.</FONT>
companies and <FONT STYLE="white-space:nowrap">non-U.S.</FONT> subsidiaries of U.S. companies to pursue certain lawful business involving Iran, Syria and Sudan. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Linde is subject to numerous laws and regulations, including Sanctions Laws. The failure to comply with such laws and regulations may harm
Linde&#146;s reputation and adversely impact its business or results of operations. For a more fulsome discussion of this risk, Linde respectfully refers the Staff to the risk factor contained on pages 59 and 60 of Amendment No.&nbsp;1. Linde does
not believe that its contacts with Iran, Syria and Sudan present any additional risks in this respect that have not already been disclosed. Furthermore, as noted above, Linde&#146;s current contacts with, and any possible future activities related
to, Iran, Syria and Sudan are and will be conducted only in accordance with its internal policies designed to ensure compliance with applicable Sanctions Laws. In addition, as agreed in the business combination agreement, Linde, Praxair and the
Company will use their reasonable best efforts to develop and adopt an economic sanctions compliance plan for the combined group that will become effective upon closing of the transaction to ensure compliance with applicable Sanctions Laws. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Accordingly, Linde believes its contacts with Iran, Syria and Sudan would not be material to a reasonable investor in making an investment
decision and would not materially affect Linde&#146;s or the Company&#146;s reputation and share value. Linde recognizes that certain U.S. investors have adopted divestment initiatives regarding investment in companies that engage in certain
business with countries sanctioned by OFAC, such as Iran, Syria and Sudan, even if that business does not violate any Sanctions Laws. It is possible that some of these investors may choose not to invest in Linde or the Company, but Linde and the
Company do not expect any such decisions of a limited number of investors to materially affect the share value of Linde or the Company. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><U>Praxair</U> </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">As submitted in
response to the Staff&#146;s Comment No.&nbsp;10, to the best of Praxair&#146;s knowledge, Praxair does not have any agreements, commercial arrangements, contracts or other contacts with Syria or Sudan. </P>

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<TD VALIGN="top">Ms. Long</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">-16-</TD></TR></TABLE> <P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>

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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>12.</B></TD>
<TD ALIGN="left" VALIGN="top"><B>Please tell us whether any contacts with Iran, Syria and Sudan you describe in response to the comments above involve dual use products and, if so, describe for us the military uses of the products.
</B></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><U>Linde</U> </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><I>Iran </I></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">The products that
Linde exported to customers in Iran are not considered <FONT STYLE="white-space:nowrap">&#147;dual-use&#148;</FONT> products under applicable law &#150; <I>i.e</I>., items that have both commercial and military or proliferation applications. To the
best of Linde&#146;s knowledge, the products exported to customers in Iran have not been put to military uses by Iran. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><I>Syria </I></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">The products that Linde exported to Syria are not considered <FONT STYLE="white-space:nowrap">&#147;dual-use&#148;</FONT> products under
applicable law. To the best of Linde&#146;s knowledge, the products exported to customers in Syria were not put to military uses by Syria. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><I>Sudan </I></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">The products that
Linde exported to Sudan are not considered a <FONT STYLE="white-space:nowrap">&#147;dual-use&#148;</FONT> product under applicable law. To the best of Linde&#146;s knowledge, the products exported to customers in Sudan were not put to military uses
by Sudan. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><U>Praxair</U> </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">As submitted in response to the Staff&#146;s Comment No.&nbsp;10, to the best of Praxair&#146;s knowledge, Praxair does not have any
agreements, commercial arrangements, contracts or other contacts with Syria or Sudan. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Background of the Business Combination, page 90 </U></B></P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>13.</B></TD>
<TD ALIGN="left" VALIGN="top"><B>For each financial advisor, please disclose the method of selection of that particular advisor. See Item 1015(b)(3) of Regulation <FONT STYLE="white-space:nowrap">M-A.</FONT> </B></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">In response to the Staff&#146;s comment, the Company has revised the disclosures on pages 93 and 96 of Amendment No.&nbsp;1. </P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>14.</B></TD>
<TD ALIGN="left" VALIGN="top"><B>Please clarify when each of the financial advisors that rendered a fairness opinion to Praxair or the Linde executive or supervisory boards was engaged for this purpose and how they were selected. In addition, please
clarify why each of the Linde executive board and supervisory board engaged two financial advisors to render fairness opinions. In this regard please clarify whether there were any material differences in the scope of the engagement or instructions
given to each of the financial advisors. </B></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">In response to the Staff&#146;s comment, the Company has revised the
disclosures on pages 93 and 96 of Amendment No.&nbsp;1. </P>

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<TD VALIGN="top">Ms. Long</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">-17-</TD></TR></TABLE> <P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>

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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>15.</B></TD>
<TD ALIGN="left" VALIGN="top"><B>Please disclose the feasibility issues discussed at various meetings. In this regard, we note that in June of 2016, the parties agreed that the feasibility of any business combination should be analyzed by both
companies with the assistance of legal and financial advisors prior to the commencement of any discussion on terms and conditions of a transaction. Please elaborate on the role of the financial advisors, including which financial advisors
participated in these feasibility evaluations on behalf of each company and how they were selected. Please also elaborate on the outcome of the feasibility evaluations, including any potential issues and recommendations raised by each company and
its advisors. </B></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">In response to the Staff&#146;s comment, the Company has revised the disclosures on pages 93 and 94 of
Amendment No.&nbsp;1. </P> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>16.</B></TD>
<TD ALIGN="left" VALIGN="top"><B>Please revise your disclosure to elaborate on the strategic options that were discussed at the July&nbsp;21, 2015 meeting. Please also elaborate on the reasons for terminating the discussions. </B></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">In response to the Staff&#146;s comment, the Company has revised the disclosure on page 92 of Amendment No.&nbsp;1. </P>
<P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>17.</B></TD>
<TD ALIGN="left" VALIGN="top"><B>Please disclose the &#147;several potential strategic alternatives&#148; that Praxair&#146;s senior management evaluated in late 2015. </B></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">In response to the Staff&#146;s comment, the Company has revised the disclosure on page 93 of Amendment No.&nbsp;1. </P>
<P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>18.</B></TD>
<TD ALIGN="left" VALIGN="top"><B>Please disclose the challenges identified at the June&nbsp;14, 2016 meeting. </B></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">In
response to the Staff&#146;s comment, the Company has revised the disclosure on page 93 of Amendment No.&nbsp;1. </P> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>19.</B></TD>
<TD ALIGN="left" VALIGN="top"><B>Please revise your disclosure to include a discussion of the events leading up to Linde communicating its position on August&nbsp;11, 2016 that it will not accept anything other than a
<FONT STYLE="white-space:nowrap">50-50</FONT> ownership structure. </B></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">In response to the Staff&#146;s comment, the Company
has revised the disclosure on page 94 of Amendment No.&nbsp;1. </P>

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<TD VALIGN="top">Ms. Long</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">-18-</TD></TR></TABLE> <P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>

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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>20.</B></TD>
<TD ALIGN="left" VALIGN="top"><B>Please expand your disclosure to discuss the reasons why Linde&#146;s shareholder representatives recommended that the talks with Praxair be terminated on September&nbsp;12, 2016. </B></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">In response to the Staff&#146;s comment, the Company has revised the disclosure on page 95 of Amendment No.&nbsp;1. </P>
<P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>21.</B></TD>
<TD ALIGN="left" VALIGN="top"><B>We note that both of Linde&#146;s executive and supervisory boards continually review Linde&#146;s operations, competitive positions and strategic alternatives. We also note that it was Linde&#146;s executive board
that determined to terminate talks with Praxair in September of 2016. Please briefly explain the difference in the membership and authority or role of each of the executive and supervisory boards with respect to this transaction.
</B></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">German corporate law provides for a <FONT STYLE="white-space:nowrap">two-tier</FONT> board structure. The governance
distinguishes the executive board (consisting of the CEO and the other executive directors) from the supervisory board (consisting of the <FONT STYLE="white-space:nowrap">non-executive</FONT> directors, 50&nbsp;% of whom are appointed by the
shareholder meeting and 50&nbsp;% of whom are employee representatives). The supervisory board appoints the members of the executive board and controls and oversees their actions. While it is the primary responsibility of the executive board to
develop and to implement the strategy of the company, the supervisory board is to be consulted as a &#147;sounding board&#148; about all issues of major strategic importance. In addition thereto, as a consequence of the control function of the
supervisory board, the decision of the executive board to enter into a business combination agreement with Praxair regarding the envisaged merger of equals was subject to the approval by the supervisory board. </P>
<P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>22.</B></TD>
<TD ALIGN="left" VALIGN="top"><B>Please disclose the &#147;other strategic options&#148; that the Linde executive board discussed on November&nbsp;28, 29, and 30, 2016. </B></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">In response to the Staff&#146;s comment, the Company has revised the disclosure on page 96 of Amendment No.&nbsp;1. </P>
<P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>23.</B></TD>
<TD ALIGN="left" VALIGN="top"><B>Please revise to discuss the material differences between the initial terms and the terms included in the proposal when the parties decided to reengage in negotiations. In this regard, we note it appears that the
terms of the transaction, both before the September termination and after, contemplated a <FONT STYLE="white-space:nowrap">50-50</FONT> ownership structure. </B></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">In response to the Staff&#146;s comment, the Company has revised the disclosures on pages 95 and 96 of Amendment No.&nbsp;1. </P>

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<TD VALIGN="top">Ms. Long</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">-19-</TD></TR></TABLE> <P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>

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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>24.</B></TD>
<TD ALIGN="left" VALIGN="top"><B>Please discuss the reasons behind Dr.&nbsp;B&uuml;chele&#146;s decision to offer to resign on December&nbsp;7, 2016. </B></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">In response to the Staff&#146;s comment, the Company has revised the disclosure on page 96 of Amendment No.&nbsp;1. </P>
<P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>25.</B></TD>
<TD ALIGN="left" VALIGN="top"><B>We note your disclosure regarding a Praxair board meeting held on December&nbsp;20, 2016 where Praxair&#146;s board approved key terms of the business transaction. Please revise your background section to provide
details regarding the negotiations that led to the finalization of such key terms of the business combination. For example, it is not clear how the parties determined the amount of consideration. </B></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">In response to the Staff&#146;s comment, the Company has revised the disclosure on page 97 of Amendment No.&nbsp;1. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Praxair&#146;s Reasons for the Business Combination, page 95 </U></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Other Factors Considered by the Praxair Board of Directors, page 96 </U></B></P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>26.</B></TD>
<TD ALIGN="left" VALIGN="top"><B>Please expand the disclosure in the second bullet point to discuss the specific aspects of the current and prospective business climate that the Praxair board considered in support of its determination that the
business combination is in the best interests of the Praxair shareholders. </B></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">In response to the Staff&#146;s comment, the
Company has revised the disclosure on page 100 of Amendment No.&nbsp;1. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Linde&#146;s Reasons for the Business Combination, page 98 </U></B></P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>27.</B></TD>
<TD ALIGN="left" VALIGN="top"><B>Please revise the discussion to disclose the vote by which the supervisory board determined that the proposed combination is in the best interest of Linde shareholders. </B></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">In response to the Staff&#146;s comment, the Company has revised the disclosure on page 103 of Amendment No.&nbsp;1. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Other Factors, page 99 </U></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Alternatives, page
100 </U></B></P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>28.</B></TD>
<TD ALIGN="left" VALIGN="top"><B>Please expand your disclosure to discuss the advantages and disadvantages of each of the several alternatives that the Linde board considered. </B></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">In response to the Staff&#146;s comment, the Company has revised the disclosures on pages 104 and 105 of Amendment No.&nbsp;1. </P>

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<TD VALIGN="top">Ms. Long</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">-20-</TD></TR></TABLE> <P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Certain Unaudited Forward-Looking Financial Information, page 102 </U></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Certain Synergy and Cost Reduction Estimates, page 106 </U></B></P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>29.</B></TD>
<TD ALIGN="left" VALIGN="top"><B>Please summarize the assumptions underlying and limitations on all of the projections disclosed. For example, we note that the pro forma synergy and cost reduction estimates were based on &#147;numerous variables and
assumptions.&#148; Please ensure that you discuss all material assumptions upon which such synergy and cost reduction estimates and other forecasted information were based. </B></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">In response to the Staff&#146;s comment, the Company has revised the disclosures on pages 107 and 111 of Amendment No.&nbsp;1. In response to
the Staff&#146;s comment regarding material assumptions upon which the synergy and cost reduction estimates and other forecasted information were based, the Company believes that all material assumptions underlying the synergy and cost reduction
estimates have been disclosed. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Other Matters, page 113 </U></B></P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>30.</B></TD>
<TD ALIGN="left" VALIGN="top"><B>We note your disclosure that Credit Suisse and its affiliates have in the past provided and/or are currently providing investment banking and other financial advice and services to Praxair and Linde. Please revise
your disclosure to provide a quantitative description of the fees paid to Credit Suisse for such services. See Item 1015(b)(4) of Regulation <FONT STYLE="white-space:nowrap">M-A.</FONT> Please note this comment also applies to your disclosure
regarding Goldman Sachs, Morgan Stanley, and Perella Weinberg. With respect to Perella Weinberg, please include both qualitative and quantitative disclosure, if applicable. </B></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">In response to the Staff&#146;s comment, the Company has revised the disclosures on pages 118, 133, 148, 160 and
<FONT STYLE="white-space:nowrap">B-3</FONT> of Amendment No.&nbsp;1. The Company supplementally confirms that it has been informed by Credit Suisse Securities (USA) LLC that during the past two years Credit Suisse Securities (USA) LLC and its
affiliates did not receive any fees from Linde AG or its affiliates for providing investment banking advice and services. </P>

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<TD VALIGN="top">Ms. Long</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">-21-</TD></TR></TABLE> <P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Other Factors, page 118 </U></B></P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>31.</B></TD>
<TD ALIGN="left" VALIGN="top"><B>Please disclose the &#147;mergers of equals&#148; transactions that BofA Merrill Lynch analyzed and that are referred to in the second bullet point on page 119. </B></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">In response to the Staff&#146;s comment, the Company has revised the disclosures on pages 124 and 125 of Amendment No.&nbsp;1. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Opinion of Morgan Stanley, Financial Advisor to Linde, page 128 </U></B></P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>32.</B></TD>
<TD ALIGN="left" VALIGN="top"><B>We note the disclosure on pages <FONT STYLE="white-space:nowrap">128-29</FONT> that &#147;[n]one of Morgan Stanley&#146;s opinion, the summary thereof or Morgan Stanley&#146;s financial analysis set forth in this
document is being provided for the use of any Praxair shareholders.&#148; Given that Praxair&#146;s shareholders are entitled to rely on the disclosure in the registration statement, please revise this language accordingly. Alternatively, provide
the disclosures recommended by the Division of Corporation Finance accessible via the link below as being necessary to clarify security holders&#146; right to rely on such materials.
<FONT STYLE="white-space:nowrap">http://www.sec.gov/divisions/corpfin/guidance/ci111400ex_regm-a.htm.</FONT> </B></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">In response
to the Staff&#146;s comment, the Company has revised the disclosure on page 135 of Amendment No.&nbsp;1. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Regulatory Approvals Related to the
Business Combination, page 156 </U></B></P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>33.</B></TD>
<TD ALIGN="left" VALIGN="top"><B>Please expand your disclosure to discuss when you filed the required applications with each regulatory body. </B></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">In response to the Staff&#146;s comment, the Company has revised the disclosure on page 163 of Amendment No.&nbsp;1. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>The Business Combination Agreement, page 176 </U></B></P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>34.</B></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt"><B>We note your cautionary statements on page 200 concerning the representations and warranties in the merger
agreement. Please note that disclosure regarding an agreement&#146;s representations or covenants in a proxy statement/prospectus (whether through incorporation by reference or direct inclusion) constitutes a disclosure to investors, and you are
required to consider whether additional disclosure is necessary in order to put the information into context so that such information is not misleading. Please refer to Report of Investigation Pursuant to Section&nbsp;21(a) of the Securities
Exchange Act of 1934 and Commission Statement on potential Exchange Act Section&nbsp;10(b) and Section&nbsp;14(a) liability, Exchange Act Release No.&nbsp;51283 (Mar. 1, 2005). In this regard, we note your statement that the
</B></P></TD></TR></TABLE>

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<TD VALIGN="top">Ms. Long</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">-22-</TD></TR></TABLE> <P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>

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<TD WIDTH="4%">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"><B>
representations and warranties were in some cases qualified by matters contained in separate disclosure letters, and that information concerning the representations and warranties does not
purport to be accurate as of the date of the proxy statement/prospectus and may have changed since the date of business combination agreement. Please clarify that you have and will continue to provide additional disclosure in the proxy
statement/prospectus and your public reports to the extent that you are or become aware of the existence of any material facts that are required to be disclosed under federal securities law and that might otherwise contradict the representations and
warranties contained in or incorporated into your proxy statement/prospectus. </B></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">In response to the Staff&#146;s comment,
the Company has revised the disclosure on page 207 of Amendment No.&nbsp;1. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>The Exchange Offer - Determination of Material Adverse Change, page 205
</U></B></P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>35.</B></TD>
<TD ALIGN="left" VALIGN="top"><B>We note the disclosure that the exchange offer is conditioned on no material adverse change occurring &#147;prior to the expiration of the acceptance period.&#148; However, in this section, you describe a process by
which this will be determined by an independent third party expert mutually agreed upon by Praxair and Linde AG. You further note the possibility that any report of such expert might not be received by the expiration of the acceptance period. Please
clarify. </B></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">In response to the Staff&#146;s comment, the Company has revised the disclosure on page 212 of Amendment
No.&nbsp;1. Additionally, the Company respectfully directs the Staff to the disclosures on pages <FONT STYLE="white-space:nowrap">ALT-132</FONT> and <FONT STYLE="white-space:nowrap">ALT-133</FONT> of Amendment No.&nbsp;1. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Additional Acceptance Period, page 208 </U></B></P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>36.</B></TD>
<TD ALIGN="left" VALIGN="top"><B>See our comment above. Clarify how quickly after the expiration of the acceptance period the results of the offer will be published, such that the additional acceptance period will begin. In addition, clarify how
soon after publication the additional acceptance period will commence. </B></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">In response to the Staff&#146;s comment, the
Company has revised the disclosure on page 215 of Amendment No.&nbsp;1. Additionally, the Company respectfully directs the Staff to the Company&#146;s response to the Staff&#146;s Comment No.&nbsp;4 above. </P>

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<TD VALIGN="top">Ms. Long</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">-23-</TD></TR></TABLE> <P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Put Right Period, page 208 </U></B></P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>37.</B></TD>
<TD ALIGN="left" VALIGN="top"><B>Since the put right period is an alternate means by which target shareholders may have their target shares purchased by the bidder, consider including a description of it in the Summary section at the forepart of the
prospectus. This section should highlight any differences between putting target shares to the bidder versus tendering into the exchange offer. </B></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">In response to the Staff&#146;s comment, the Company has revised the disclosures on page 13 and in the summary section of the exchange offer
prospectus on page <FONT STYLE="white-space:nowrap">ALT-32</FONT> of Amendment No.&nbsp;1. Except for the revisions on page 13 of Amendment No.&nbsp;1, the Company respectfully advises the Staff that it does not believe that additional disclosures
regarding a potential put right of Linde shareholders are warranted in the summary section of the proxy statement/prospectus for the Praxair special meeting. Additionally, the Company notes that a put right will not be triggered under German law
unless the Company, directly or indirectly, holds at least 95% of Linde AG&#146;s voting share capital at the time of the publication of the results of the acceptance period (or the exchange offer has been accepted by Linde shareholders such that
the Company, directly or indirectly, would hold at least 95% voting share capital at the completion of the exchange offer). </P> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>38.</B></TD>
<TD ALIGN="left" VALIGN="top"><B>Clarify whether shares purchased by Linde plc pursuant to the put right would or could be purchased more quickly than shares tendered into the exchange offer. </B></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">In response to the Staff&#146;s comment, the Company respectfully directs the Staff to the disclosures on pages 215 and 216 of Amendment
No.&nbsp;1 regarding the settlement of any Linde shares put to the Company in a potential put right period. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Comparative Per Share Market
Information, page 217 </U></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>39.&nbsp;&nbsp;&nbsp;&nbsp;Please provide the information required by Item 3(g) of Form
<FONT STYLE="white-space:nowrap">S-4.</FONT> </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">In response to the Staff&#146;s comment, the Company has revised the disclosure on page
224 of Amendment No.&nbsp;1. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Unaudited Pro Forma Condensed Combined Financial Information, page 224 </U></B></P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>40.</B></TD>
<TD ALIGN="left" VALIGN="top"><B>Please provide us the analysis of all the material facts and circumstances you considered and how these facts and circumstances resulted in your conclusion that Praxair is the accounting acquirer, including your
consideration of the factors outlined in ASC <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">805-10-55-12</FONT></FONT></FONT> through <FONT STYLE="white-space:nowrap">55-15.</FONT>
</B></TD></TR></TABLE>

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<TD VALIGN="top">Ms. Long</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">-24-</TD></TR></TABLE> <P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">In response to the Staff&#146;s comment, set forth below is a summary of the analysis of the
considerations for determining that Praxair, Inc. is the accounting acquirer in accordance with ASC 805. For purposes of this response &#147;we&#148;, &#147;us&#148; or &#147;our&#148; refers to both Praxair, Inc. and Linde AG, collectively. </P>
<P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left">(a)</TD>
<TD ALIGN="left" VALIGN="top">ASC <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">805-10-25-4</FONT></FONT></FONT> states: </TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><I>&#147;For each business combination, one of the combining entities shall be identified as the acquirer.&#148;</I> </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">ASC <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">805-10-25-5</FONT></FONT></FONT> states:
</P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><I>&#147;The guidance in the General Subsections of Subtopic <FONT STYLE="white-space:nowrap">810-10</FONT> related to determining the
existence of a controlling financial interest shall be used to identify the acquirer&#151;the entity that obtains control of the acquiree. If a business combination has occurred but applying that guidance does not clearly indicate which of the
combining entities is the acquirer, the factors in paragraphs <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">805-10-55-11</FONT></FONT></FONT> through <FONT STYLE="white-space:nowrap"><FONT
STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">805-10-55-15</FONT></FONT></FONT> shall be considered in making that determination.&#148;</I> </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Because there is no clear indication of which of the combining entities is the accounting acquirer based on ASC
<FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">805-10-25-5,</FONT></FONT></FONT> the Company applied the factors in paragraphs <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap"><FONT
STYLE="white-space:nowrap">805-10-55-11</FONT></FONT></FONT> through <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">805-10-55-15</FONT></FONT></FONT> to determine the accounting acquirer. This
analysis follows. </P> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left">(b)</TD>
<TD ALIGN="left" VALIGN="top">ASC <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">805-10-55-11</FONT></FONT></FONT> states: </TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><I>&#147;In a business combination effected primarily by transferring cash or other assets or by incurring liabilities, the acquirer usually is
the entity that transfers the cash or other assets or incurs the liabilities.&#148;</I> </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">The Company believes the above criteria is not
applicable in this situation because the merger and the exchange offer, respectively, will each be effected solely by exchanging equity interests. </P> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(c)</TD>
<TD ALIGN="left" VALIGN="top">ASC <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">805-10-55-12</FONT></FONT></FONT> states: </TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><I>&#147;In a business combination effected primarily by exchanging equity interests, the acquirer usually is the entity that issues its equity
interests. However, in some business combinations, commonly called reverse acquisitions, the issuing entity is the acquiree. Subtopic <FONT STYLE="white-space:nowrap">805-40</FONT> provides guidance on accounting for reverse acquisitions. Other
pertinent facts and circumstances also shall be considered in identifying the acquirer in a business combination effected by exchanging equity interests&#133;.&#148;</I> </P>

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<TD VALIGN="top">Ms. Long</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">-25-</TD></TR></TABLE> <P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Although the newly formed entity, Zamalight plc, will issue its equity interests to effect the
business combination, the Company believes that either Linde AG or Praxair, Inc. should be identified as the accounting acquirer. Thus, the Company considered other pertinent facts and circumstances. </P>
<P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(d)</TD>
<TD ALIGN="left" VALIGN="top">ASC <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">805-10-55-12a</FONT></FONT></FONT> states: </TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><I>&#147;The relative voting rights in the combined entity after the business combination. The acquirer usually is the combining entity whose
owners as a group retain or receive the largest portion of the voting rights in the combined entity. In determining which group of owners retains or receives the largest portion of the voting rights, an entity shall consider the existence of any
unusual or special voting arrangements and options, warrants, or convertible securities.&#148;</I> </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">The exchange ratios set forth in the
business combination agreement for the conversion of Praxair shares into shares of the Company and exchange of Linde shares for shares of the Company, including the impact of outstanding equity awards, results in approximately equal ownership of the
combined entity by each of Praxair and Linde shareholders. However, this assumes that 100% of the existing shareholders of both combining entities will receive shares of the Company. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">For Praxair shareholders, the threshold for achieving a 100% conversion of shares in the merger is the affirmative vote of the holders of a
majority of the Praxair shares outstanding and entitled to vote at the Praxair special meeting. However, for Linde shareholders a 100% exchange of shares assumes that all Linde shares are tendered and not withdrawn in the exchange offer, while the
minimum acceptance condition for the exchange offer requires a tender rate of 75% of the Linde shares outstanding. The Company expects that, with respect to the exchange offer, a 100% exchange of shares will not be achieved and, accordingly, there
will be a continuing minority interest in Linde AG at the time of the completion of the business combination of up to 25% of Linde shares. Therefore, even though the business combination is structured to provide equal ownership of the Company by
former Praxair and Linde shareholders, it is highly probable that more than 50% of the initial shareholder group of the combined entity will be composed of former Praxair shareholders. The exchange offer and post-completion reorganization is
described in more detail in the sections &#147;The Exchange Offer&#148; and &#147;The Business Combination &#151; Potential Post-Completion Reorganization Regarding Linde&#148; in Amendment No.&nbsp;1. </P>

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<TD VALIGN="top">Ms. Long</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">-26-</TD></TR></TABLE> <P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Therefore, based on the likely composition of the shareholder group of the combined entity upon
the consummation of the business combination, the Company concluded that ASC <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">805-10-55-12a</FONT></FONT></FONT> favors Praxair, Inc. as the accounting
acquirer. </P> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(e)</TD>
<TD ALIGN="left" VALIGN="top">ASC <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">805-10-55-12b</FONT></FONT></FONT> states: </TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><I>&#147;The existence of a large minority voting interest in the combined entity if no other owner or organized group of owners has a
significant voting interest. The acquirer usually is the combining entity whose single owner or organized group of owners holds the largest minority voting interest in the combined entity.&#148;</I> </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">There will be no such large minority voting interest in the combined entity. Therefore this factor is considered to be not applicable. </P>
<P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(f)</TD>
<TD ALIGN="left" VALIGN="top">ASC <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">805-10-55-12c</FONT></FONT></FONT> states: </TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><I>&#147;The composition of the governing body of the combined entity. The acquirer usually is the combining entity whose owners have the
ability to elect or appoint or to remove a majority of the members of the governing body of the combined entity.&#148;</I> </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">The composition
of the Linde plc board of directors is outlined in the section &#147;Business and Certain Information About Linde plc - Corporate Governance Structure of Linde plc - Corporate Governance of Linde plc After the Business Combination&#148; in Amendment
No.&nbsp;1. Based on Prof. Dr.&nbsp;Reitzle becoming Chairman of the board of directors of Linde plc and Mr.&nbsp;Stephen Angel becoming CEO of Linde plc and also based on the equal representation on the Linde plc board of directors of former
Praxair and Linde directors, the nomination and selection process, and the lack of ability for any one combining party to influence the process, the Company concluded that ASC <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap"><FONT
STYLE="white-space:nowrap">805-10-55-12c</FONT></FONT></FONT> is neutral in the determination of the accounting acquirer. </P> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(g)</TD>
<TD ALIGN="left" VALIGN="top">ASC <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">805-10-55-12d</FONT></FONT></FONT> states: </TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><I>&#147;The composition of the senior management of the combined entity. The acquirer usually is the combining entity whose former management
dominates the management of the combined entity.&#148;</I> </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Under the terms of the business combination agreement, Mr.&nbsp;Stephen&nbsp;F.
Angel, current Chairman and Chief Executive Officer of Praxair, Inc. will become Chief Executive Officer of the combined group. The combined group will have a </P>

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<TD VALIGN="top">Ms. Long</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">-27-</TD></TR></TABLE> <P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">
Management Committee that will constitute the senior leadership team of the combined group. The Management Committee will initially be comprised of six executive officers, the Chief Financial
Officer, the Head of Global Functions, the Head of America Gases, the Head of Linde Engineering, the Head of APAC Gases and the Head of EMEA Gases, three of which will be designated by Praxair, Inc. and three of which will be designated by Linde AG,
respectively. The members of the Management Committee are, to the extent known, named in the section &#147;Business and Certain Information About Linde plc &#151; Corporate Governance Structure of Linde plc &#151; Corporate Governance of Linde plc
After the Business Combination &#151; Management Committee of the Combined Group&#148; in Amendment No.&nbsp;1. Each member of the Management Committee will report to Mr.&nbsp;Stephen&nbsp;F. Angel, the Chief Executive Officer of the combined group.
</P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Based on the management positions named to date (specifically, that the Chief Executive Officer of the Company will be the current Chief
Executive Officer of Praxair, Inc.), and the reporting of the Management Committee to the Chief Executive Officer of the Company, the Company concluded that ASC <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap"><FONT
STYLE="white-space:nowrap">805-10-55-12d</FONT></FONT></FONT> favors Praxair, Inc. as the accounting acquirer. </P> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(h)</TD>
<TD ALIGN="left" VALIGN="top">ASC <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">805-10-55-12e</FONT></FONT></FONT> states: </TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><I>&#147;The terms of the exchange of equity interests. The acquirer usually is the combining entity that pays a premium over the <FONT
STYLE="white-space:nowrap">pre-combination</FONT> fair value of the equity interests of the other combining entity or entities.&#148;</I> </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">The exchange ratio used to calculate the number of shares transferred to Linde shareholders is fixed at 1.54 shares of the Company for each
Linde share, while the Praxair exchange ratio is fixed at 1:1. The exchange ratio was established based on information at November&nbsp;17, 2016 (the date that was used by the combining entities for purposes of determining the exchange ratio in
connection with the business combination) and was designed to create equal ownership in the combined entity by former shareholders of Linde and Praxair. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">As of November&nbsp;17, 2016, the market capitalization of Praxair ($33,179 million) exceeded the market capitalization of Linde ($30,110
million). Therefore, using the market capitalization of the combining entities as of November&nbsp;17, 2016, the 1.54 Linde exchange ratio indicates that the Linde shareholders are receiving a premium. Therefore, the Company concluded that ASC <FONT
STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">805-10-55-12e</FONT></FONT></FONT> favors Praxair, Inc. as the accounting acquirer. </P>

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<TD VALIGN="top">Ms. Long</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">-28-</TD></TR></TABLE> <P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>

<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(i)</TD>
<TD ALIGN="left" VALIGN="top">ASC <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">805-10-55-13</FONT></FONT></FONT> states: </TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><I>&#147;The acquirer usually is the combining entity whose relative size (measured in, for example, assets, revenues, or earnings) is
significantly larger than that of the other combining entity or entities.&#148;</I> </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Based on the analysis of the relative size of the
combining entities, although Linde is larger than Praxair when measured by revenue, operating cash flows (&#147;<U>OCF</U>&#148;), and total assets, Praxair generates higher operating and OCF margins and has a higher market capitalization.
Therefore, the Company concluded that ASC <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">805-10-55-13</FONT></FONT></FONT> is neutral in the determination of the accounting acquirer. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">The table below summarizes the factors considered by the Company in connection with determining the relative size of the combining entities.
The amounts and percentages in bold font indicate which of the combining entities appears to be favored for a particular factor. If no amount or percentage is indicated, the factor is considered to be neutral (dollars in millions): </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="76%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="80%"></TD>
<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" NOWRAP STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman"><B>Factor<SUP STYLE="font-size:85%; vertical-align:top">(1)</SUP></B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Praxair</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" NOWRAP ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Linde<SUP STYLE="font-size:85%; vertical-align:top">(2)</SUP></B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Revenue</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">10,534</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>$</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>18,242</B></TD>
<TD NOWRAP VALIGN="bottom"><B></B>&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Operating Profit (&#147;OP&#148;)</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">2,238</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">2,292</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">OP Margin</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B></B>&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right"><B>21.2%</B></TD>
<TD NOWRAP VALIGN="bottom"><B></B>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B></B>&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right"><B></B>12.6%</TD>
<TD NOWRAP VALIGN="bottom"><B></B>&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Net Income (Continuing Operations)</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">1,500</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">1,500</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Operating Cash Flows (&#147;OCF&#148;)</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">2,773</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>$</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>3,379</B></TD>
<TD NOWRAP VALIGN="bottom"><B></B>&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">OCF Margin</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B></B>&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right"><B>26.3%</B></TD>
<TD NOWRAP VALIGN="bottom"><B></B>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B></B>&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right"><B></B>18.5%</TD>
<TD NOWRAP VALIGN="bottom"><B></B>&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Total Assets</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">19,665</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>$</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>39,034</B></TD>
<TD NOWRAP VALIGN="bottom"><B></B>&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Market Capitalization as of November 17, 2016</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>$</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>33,179</B></TD>
<TD NOWRAP VALIGN="bottom"><B></B>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B></B>$</TD>
<TD VALIGN="bottom" ALIGN="right"><B></B>30,110</TD>
<TD NOWRAP VALIGN="bottom"><B></B>&nbsp;</TD></TR>
</TABLE> <P STYLE="line-height:8.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000;width:10%">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><I>1)</I></TD>
<TD ALIGN="left" VALIGN="top"><I>Balance sheet amounts are taken from the U.S. GAAP unaudited pro forma combined balance sheet at March&nbsp;31, 2017, income statement amounts are taken from the U.S. GAAP unaudited pro forma combined statement of
income for the year ended December&nbsp;31, 2016, as disclosed in the section &#147;Unaudited Pro Forma Condensed Combined Financial Information&#148; in Amendment No.&nbsp;1, and cash flow amounts are derived from the respective combining
entities&#146; latest annual public filings. The market capitalization amounts were calculated by multiplying the combining entities&#146; respective diluted shares outstanding by the stock price as of November&nbsp;17, 2016.</I> </TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><I>2)</I></TD>
<TD ALIGN="left" VALIGN="top"><I>Linde&#146;s U.S. dollar OCF figures are based on the USD/EUR 2016 average exchange rate of 1.1069. Linde&#146;s OCF amount reflects a $384&nbsp;million U.S. GAAP adjustment related to interest payments, which are
classified as a financing activity for IFRS purposes and as an operating activity for U.S. GAAP purposes.</I> </TD></TR></TABLE>

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<TD WIDTH="48%"></TD></TR>
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<TD VALIGN="top">Ms. Long</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">-29-</TD></TR></TABLE> <P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>

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<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(j)</TD>
<TD ALIGN="left" VALIGN="top">ASC <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">805-10-55-14</FONT></FONT></FONT> states: </TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><I>&#147;In a business combination involving more than two entities, determining the acquirer shall include a consideration of, among other
things, which of the combining entities initiated the combination, as well as the relative size of the combining entities, as discussed in the preceding paragraph.&#148;</I> </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">The chronology of discussions between Praxair, Inc. and Linde AG is outlined in the section &#147;The Business Combination &#151; Background of
the Business Combination&#148; in Amendment No.&nbsp;1. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">As noted in this section, Praxair, Inc. and Linde AG continually review their
respective company&#146;s results of operations and competitive positions in the industries in which they operate as well as strategic alternatives. In connection with these reviews, each of Praxair, Inc. and Linde AG from time to time evaluates
potential transactions that would further its strategic objectives, including opportunities that would enhance shareholder value. As part of this evaluation of potential transactions, Praxair, Inc. and Linde AG have from time to time discussed a
potential business combination or regional acquisition transactions including potential business or asset swaps, but none of these discussions progressed beyond preliminary stages. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">In the course of 2015, representatives from Linde and Praxair met twice, first in Munich, Germany on January&nbsp;19, 2015 and then in New
York, New York on July&nbsp;21, 2015 to discuss certain strategic options between the two companies. While the possibility of a potential business combination of Linde and Praxair was raised by the Praxair representatives, the Linde representatives
responded at the January&nbsp;19, 2015 meeting that Linde was not prepared to engage in such discussions at such time, and at the July&nbsp;21, 2015 meeting, the Linde representatives confirmed that Linde was not interested in pursuing such
discussion, and discussions on that subject were terminated after this meeting. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">On February&nbsp;23, 2016, Praxair held a meeting of its
board of directors to discuss strategic options, including a potential business combination with Linde. During the meeting Praxair senior management reviewed the potential strategic and financial benefits of such a combination. On June&nbsp;8, 2016,
Mr.&nbsp;Stephen Angel, the CEO of Praxair, and Dr.&nbsp;Wolfgang B&uuml;chele, then the Chairman of the executive board of Linde, discussed scheduling a meeting where they could explore the merits and feasibility of a potential transaction between
the two parties, and on June&nbsp;14, 2016, Mr.&nbsp;Angel, Dr.&nbsp;B&uuml;chele and Prof. Dr.&nbsp;Reitzle met in Munich, Germany and discussed the idea of a potential business combination between Linde and Praxair. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">On August&nbsp;16, 2016, following reports in the press on August 15, 2016 regarding the parties&#146; discussions, Linde and Praxair each
issued press releases confirming their preliminary discussions. Between August&nbsp;22 and September&nbsp;10, 2016, the parties exchanged drafts of the <FONT STYLE="white-space:nowrap">non-binding</FONT> term sheet; however, on September&nbsp;12,
2016, Linde terminated the discussions. </P>

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<TD WIDTH="48%"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Ms. Long</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">-30-</TD></TR></TABLE> <P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">On November&nbsp;23, 2016, Praxair sent a revised proposal letter and draft <FONT
STYLE="white-space:nowrap">non-binding</FONT> term sheet to Linde, and on December&nbsp;20, 2016, Linde AG and Praxair, Inc. executed the <FONT STYLE="white-space:nowrap">non-binding</FONT> term sheet and, after subsequent discussions, on
June&nbsp;1, 2017, the two parties signed a Business Combination Agreement. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Based on the above, the Company concluded that Praxair, Inc.
was the primary initiator of the business combination. Thus, the Company concluded that ASC <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">805-10-55-14</FONT></FONT></FONT> favors Praxair, Inc. as
the accounting acquirer. </P> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(k)</TD>
<TD ALIGN="left" VALIGN="top">ASC <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">805-10-55-15</FONT></FONT></FONT> states: </TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><I>&#147;A new entity formed to effect a business combination is not necessarily the acquirer. If a new entity is formed to issue equity
interests to effect a business combination, one of the combining entities that existed before the business combination shall be identified as the acquirer by applying the guidance in paragraphs <FONT STYLE="white-space:nowrap"><FONT
STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">805-10-55-10</FONT></FONT></FONT> through <FONT STYLE="white-space:nowrap">55-14.</FONT> In contrast, a new entity that transfers cash or other assets or incurs liabilities as consideration
may be the acquirer.&#148;</I> </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">This guidance was previously discussed, analyzed and concluded on as part of the ASC <FONT
STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">805-10-55-11</FONT></FONT></FONT> and ASC
<FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">805-10-55-12</FONT></FONT></FONT> sections above. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><I>Conclusion </I></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">The following
table summarizes the conclusion for each criteria in the accounting acquirer determination: </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="84%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="68%"></TD>
<TD VALIGN="bottom" WIDTH="10%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="10%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="10%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom" NOWRAP> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00pt solid #000000; width:50.85pt; font-size:8pt; font-family:Times New Roman"><B>Criteria&nbsp;(ASC)</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Praxair,&nbsp;Inc.</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Linde&nbsp;AG</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Neutral&nbsp;or&nbsp;N/A</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">
<P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">805-10-55-11</FONT>
</FONT></FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">X</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">
<P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">805-10-55-12</FONT>
</FONT></FONT></P></TD>
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<TD VALIGN="bottom"></TD>
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<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">X</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">
<P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">805-10-55-12a</FONT>
</FONT></FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">X</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
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<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">
<P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">805-10-55-12b</FONT>
</FONT></FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
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<TD VALIGN="bottom"></TD>
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<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
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<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">X</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">
<P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">805-10-55-12c</FONT>
</FONT></FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">X</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">
<P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">805-10-55-12d</FONT>
</FONT></FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">X</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">
<P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">805-10-55-12e</FONT>
</FONT></FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">X</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">
<P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">805-10-55-13</FONT>
</FONT></FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">X</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">
<P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">805-10-55-14</FONT>
</FONT></FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">X</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
</TABLE>

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<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">

<TR>
<TD WIDTH="50%"></TD>
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<TD WIDTH="48%"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Ms. Long</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">-31-</TD></TR></TABLE> <P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Based on the above analysis in consideration of the applicable accounting guidance, the Company
concluded that Praxair, Inc. should be deemed the accounting acquirer in the business combination. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>1. Description of the Business Combination, page
229 </U></B></P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>41.</B></TD>
<TD ALIGN="left" VALIGN="top"><B>Please expand your disclosures to address the accounting implications related to the treatment of Praxair and Linde AG stock-based awards in connection with the business combination. </B></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">In response to the Staff&#146;s comment, the Company has revised the disclosure on page 236 of Amendment No.&nbsp;1. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>2. Basis of Presentation, page 229 </U></B></P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>42.</B></TD>
<TD ALIGN="left" VALIGN="top"><B>We note your statement that the combined group will be a domestic registrant under SEC rules rather than a foreign issuer and/or foreign private issuer. In this regard, we note that Linde plc is incorporated in
Ireland and intends to be a tax resident of the United Kingdom. Please tell us the specific facts and circumstances that you considered in arriving at your conclusion. Please refer to Rule 405 of Regulation C and Rule
<FONT STYLE="white-space:nowrap">3b-4</FONT> of the Securities Exchange Act of 1934. Please also address the need to revise and/or expand your disclosures, as appropriate. </B></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">In response to the Staff&#146;s comment, the Company has revised the disclosure on page 237 of Amendment No.&nbsp;1. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">The Company believes that the combined group will not qualify as a &#147;foreign private issuer&#148; as defined in Rule 405 under the
Securities Act and Rule <FONT STYLE="white-space:nowrap">3b-4(c)</FONT> under the Exchange Act. Although the Company is incorporated in Ireland and thus a &#147;foreign issuer&#148; as defined in Rule 405 under the Securities Act and Rule <FONT
STYLE="white-space:nowrap">3b-4(c)</FONT> under the Exchange Act, the Company currently expects that following the completion of the business combination approximately 53% of outstanding shares of the Company will be owned by residents of the United
States, assuming that all Linde shares are tendered and not withdrawn in the exchange offer. Accordingly, United States ownership would exceed the majority threshold pursuant to the first prong of the &#147;foreign private issuer&#148; definition
set forth in Rule 405 under the Securities Act and Rule <FONT STYLE="white-space:nowrap">3b-4(c)(1)</FONT> under the Exchange Act. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">In
addition, the Company anticipates that, at the time of the completion of the business combination, an evaluation of the executive officers and directors test, the location of assets test, and/or the business administration test as described in Rule
405 under the Securities Act and Rule <FONT STYLE="white-space:nowrap">3b-4(c)</FONT> under the Exchange Act will </P>

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<TD VALIGN="top">Ms. Long</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">-32-</TD></TR></TABLE> <P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">
conclude that the second prong of the &#147;foreign private issuer&#148; definition as set forth in Rule 405 under the Securities Act and Rule <FONT STYLE="white-space:nowrap">3b-4(c)(2)</FONT>
under the Exchange Act will not be satisfied. As disclosed in the section &#147;Business and Certain Information About Linde plc &#151; Corporate Governance Structure of Linde plc &#151; Corporate Governance of Linde plc After the Business
Combination &#151; Management Committee of the Combined Group&#148; in Amendment No.&nbsp;1, six executive officers will initially comprise the Management Committee of the combined group, each reporting to Mr.&nbsp;Stephen&nbsp;F. Angel, current
Chairman and Chief Executive Officer of Praxair, Inc., who will become Chief Executive Officer of the combined group. The Company believes that a majority of such executive officers of the combined group will be citizens or resident in the United
States. Additionally, pursuant to the business combination agreement, the Chief Executive Officer of the combined group will be based in Danbury, Connecticut. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Thus, the Company expects that the combined group will not qualify as a &#147;foreign private issuer&#148; as defined in Rule 405 under the
Securities Act and Rule <FONT STYLE="white-space:nowrap">3b-4(c)</FONT> under the Exchange Act. </P> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>43.</B></TD>
<TD ALIGN="left" VALIGN="top"><B>We note your disclosure that as you obtain additional information and perform additional analysis, you may identify additional differences in accounting policies that could have a material impact. While we understand
that your process may not have been as comprehensive as will be required when you complete the business combination, it is unclear how or why your process would not be expected to at least identify all material adjustments. Please revise your
disclosures to provide a better understanding of the procedures used to identify materially differing accounting policies, along with what additional procedures you will perform once the business combination is completed and why you are not able to
perform those procedures for purposes of preparing the pro forma financial statements. </B></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">In response to the Staff&#146;s
comment, the Company has revised the disclosure on page 237 of Amendment No.&nbsp;1. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>3. Calculation of Purchase Consideration, page 230
</U></B></P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>44.</B></TD>
<TD ALIGN="left" VALIGN="top"><B>Please expand your disclosures to explain why you are using the closing price of Praxair&#146;s common shares as of April&nbsp;28, 2017. In this regard, we note that you filed the Form
<FONT STYLE="white-space:nowrap">S-4</FONT> on June&nbsp;5, 2017. </B></TD></TR></TABLE>

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<TD VALIGN="top">Ms. Long</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">-33-</TD></TR></TABLE> <P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">In response to the Staff&#146;s comment, the Company has revised the disclosures on pages 231,
233, 237, 238 and 239 of Amendment No.&nbsp;1. In future amendments the Company will continue to update the stock price to a recent date of the filing, as practical. In addition, the Company updated the stock price sensitivity analysis which allows
an investor to understand the magnitude and impact to the financial statements with regards to changes in the stock price. </P> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>45.</B></TD>
<TD ALIGN="left" VALIGN="top"><B>Please provide all of the disclosures required by ASC <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">805-10-50,</FONT></FONT> ASC
<FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">805-20-50,</FONT></FONT> and ASC <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">805-30-50</FONT></FONT> for Praxair&#146;s acquisition of Linde AG.
</B></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">In response to the Staff&#146;s comment, the Company has reviewed the aforementioned disclosure requirements and revised
the disclosures on page 240 of Amendment No.&nbsp;1 to specifically state that goodwill is not expected to be tax deductible. The Company believes that all required disclosures have been provided and further advises the Staff that, upon consummation
of the transaction and when determined, additional disclosures will be provided, including disclosure of goodwill by reportable segments. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>4. Notes
to Unaudited Pro Forma Condensed Combined Balance Sheet, page 231 </U></B></P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>46.</B></TD>
<TD ALIGN="left" VALIGN="top"><B>Please address the impact change in control clauses may have on your consolidated financial statements. Please refer to your disclosures on page 40. </B></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">In response to the Staff&#146;s comment, the Company has revised the disclosure on page 241 of Amendment No.&nbsp;1. </P>
<P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>47.</B></TD>
<TD ALIGN="left" VALIGN="top"><B>Please expand footnote (d)&nbsp;to provide the estimated fair value for each category of tangible assets, given the variation in useful lives. Please also disclose the estimated useful lives for each category and how
the useful lives were estimated. </B></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">In response to the Staff&#146;s comment, the Company has revised the disclosure on page
239 of Amendment No.&nbsp;1. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>5. Notes to Unaudited Pro Forma Condensed Combined Statement of Income, page 233 </U></B></P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>48.</B></TD>
<TD ALIGN="left" VALIGN="top"><B>Please expand footnotes (e)&nbsp;and (h) to provide investors with sufficient information to understand how each adjustment was calculated. Please refer to Article <FONT STYLE="white-space:nowrap">11-02(b)(6)</FONT>
of Regulation <FONT STYLE="white-space:nowrap">S-X</FONT> for guidance. </B></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">In response to the Staff&#146;s comment, the
Company has revised the disclosures on pages 241 and 242 of Amendment No.&nbsp;1. </P>

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<TD VALIGN="top">Ms. Long</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">-34-</TD></TR></TABLE> <P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>

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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>49.</B></TD>
<TD ALIGN="left" VALIGN="top"><B>Please expand footnote (g)&nbsp;to disclose the estimated total transaction costs to be incurred, noting that an adjustment has not been included. </B></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">In response to the Staff&#146;s comment, the Company has revised the disclosure on page 242 of Amendment No.&nbsp;1. </P>
<P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>50.</B></TD>
<TD ALIGN="left" VALIGN="top"><B>Please expand footnote (l)&nbsp;to disclose the estimated cash payments to be made to the holders of Linde&#146;s outstanding share based compensation awards and explain why this amount is not reflected in the pro
forma balance sheet. </B></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">In response to the Staff&#146;s comment, the Company has revised the disclosure on page 243 of
Amendment No.&nbsp;1. The Company respectfully advises the Staff that the estimated cash payment related to these compensation awards is $18&nbsp;million. The Company considered this amount to be immaterial as it relates to the pro forma financial
statements and revised footnote 5(l) in Amendment No.&nbsp;1 accordingly to include this conclusion. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>6. Adjustments to Linde&#146;s Historical
Financial Statements to Conform to U.S. . . ., page 235 </U></B></P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>51.</B></TD>
<TD ALIGN="left" VALIGN="top"><B>Please rename the title of the line item, EBIT From Continuing Operations, to discontinue use of EBIT, which also is not used in Linde or Praxair&#146;s historical financial statements. In this regard, EBIT is
commonly considered a <FONT STYLE="white-space:nowrap">non-GAAP</FONT> measure title. Please refer to Items 10(e)(1)(ii)(a) and 10(e)(1)(ii)(c) of Regulation <FONT STYLE="white-space:nowrap">S-K.</FONT> </B></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">In response to the Staff&#146;s comment, the Company has revised the disclosures on pages 247 and 248 of Amendment No.&nbsp;1. </P>
<P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>52.</B></TD>
<TD ALIGN="left" VALIGN="top"><B>For footnote (u)(1), please provide a more comprehensive discussion of the specific differences and how the adjustment amounts were calculated. Specifically, please explain the difference in discount rates being
applied, what the discount rate would be under US&nbsp;GAAP, and how the difference in the discount rates impact the financial position as of March&nbsp;27, 2017, and the statements of profit and loss presented. Please also disclose the expected
rates of returns used, explain how you estimated these rates, and the impact to your financial position as of March&nbsp;27, 2017, in addition to your statements of profit and loss presented. </B></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">In response to the Staff&#146;s comment, the Company has revised the disclosures on pages 163, 164, 250 and 251 of Amendment No.&nbsp;1. </P>

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<TD VALIGN="top">Ms. Long</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">-35-</TD></TR></TABLE> <P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Management&#146;s Discussion and Analysis of Financial Condition and Results . . ., page 311 </U></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U><FONT STYLE="white-space:nowrap">Non-GAAP</FONT> Financial Measures, page 358 </U></B></P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>53.</B></TD>
<TD ALIGN="left" VALIGN="top"><B>Please revise your presentation of all <FONT STYLE="white-space:nowrap">non-GAAP</FONT> measures to include the most comparable US&nbsp;GAAP measure with equal or greater prominence here and throughout the Form <FONT
STYLE="white-space:nowrap">S-4.</FONT> When you present a percentage or ratio that is calculated using <FONT STYLE="white-space:nowrap">non-GAAP</FONT> measures, please present the calculation of that percentage or ratio using US&nbsp;GAAP measures
with equal or greater prominence. Please refer to Item 10(e)(1)(i)(a) of Regulation <FONT STYLE="white-space:nowrap">S-K</FONT> and Question 102.10 of the updated <FONT STYLE="white-space:nowrap">Non-GAAP</FONT> Compliance and Disclosure
Interpretations issued on May&nbsp;17, 2016, for guidance. </B></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">In response to the Staff&#146;s comment, the Company has
revised the disclosures on pages 31, 320, 322, 337, and 367 to 374 and <FONT STYLE="white-space:nowrap">ALT-17</FONT> of Amendment No.&nbsp;1. In addition, the Company respectfully advises the Staff that it reviewed all presentations of <FONT
STYLE="white-space:nowrap">Non-GAAP</FONT> financial measures throughout Amendment No.&nbsp;1 and made revisions in Amendment No.&nbsp;1, as requested. The Company respectfully advises the Staff that it eliminated the presentation of Return on
Praxair, Inc. Shareholders&#146; Equity and <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">Debt-to-adjusted</FONT></FONT> EBITDA throughout Amendment No.&nbsp;1. </P>
<P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>54.</B></TD>
<TD ALIGN="left" VALIGN="top"><B>Please revise the titles for your presentation of <FONT STYLE="white-space:nowrap">after-tax</FONT> Return on Capital and Return on Praxair, Inc. Shareholders&#146; Equity that are calculated using <FONT
STYLE="white-space:nowrap">non-GAAP</FONT> measures to reflect this fact. Please refer to Item 10(e)(1)(ii)(e) of Regulation <FONT STYLE="white-space:nowrap">S-K</FONT> for guidance. </B></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">In response to the Staff&#146;s comment, the Company has revised the disclosures on pages 31, 320, 322, 337, 369, 370, 373 and 374 of Amendment
No.&nbsp;1. </P> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>55.</B></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt"><B>We note that you present the heading, Performance Measures, over the presentation of <FONT
STYLE="white-space:nowrap">after-tax</FONT> return on capital, return on equity, <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">debt-to-capital,</FONT></FONT>
<FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">debt-to-adjusted</FONT></FONT> EBITDA, and Adjusted EBITDA. However, the presentation of these amounts in Selected Historical Financial Information of Praxair and MD&amp;A follows the
presentation and/or discussion and analysis of liquidity measures. As such, it is unclear why you would characterize these measures as performance measures rather than liquidity measures. To the extent that you continue to present any and/or all of
these measures in the liquidity section of MD&amp;A and/or following US&nbsp;GAAP liquidity measures, </B></P></TD></TR></TABLE>

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<TD WIDTH="48%"></TD></TR>
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<TD VALIGN="top">Ms. Long</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">-36-</TD></TR></TABLE> <P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>

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<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"><B>
please ensure you are reconciling these measures from the most comparable US&nbsp;GAAP liquidity measure. Please refer to Item 10(e)(1)(i)(b) of Regulation
<FONT STYLE="white-space:nowrap">S-K</FONT> for guidance. </B></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">In response to the Staff&#146;s comment, the Company has
revised the disclosures on pages 322, 326, 337, 342, 356, and 358 of Amendment No.&nbsp;1. </P> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>56.</B></TD>
<TD ALIGN="left" VALIGN="top"><B>Please revise your reconciliations for <FONT STYLE="white-space:nowrap">after-tax</FONT> Return on Capital, Return on Praxair, Inc. Shareholders&#146; Equity, and Adjusted EBITDA, Adjusted EBITDA Margin and <FONT
STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">Debt-to-Adjusted</FONT></FONT> EBTIDA Ratio to begin the reconciliations with the most comparable US&nbsp;GAAP measure. Please refer to Item 10(e)(1)(i)(b) of Regulation <FONT
STYLE="white-space:nowrap">S-K</FONT> for guidance. </B></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">In response to the Staff&#146;s comment, the Company has revised the
disclosures on pages 367 to 374 of Amendment No.&nbsp;1. </P> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>57.</B></TD>
<TD ALIGN="left" VALIGN="top"><B>For the <FONT STYLE="white-space:nowrap">tax-effected</FONT> <FONT STYLE="white-space:nowrap">non-GAAP</FONT> measures, please present adjustments on a gross basis with income taxes shown as a separate adjustment.
Please refer to Question 102.11 of the updated <FONT STYLE="white-space:nowrap">Non-GAAP</FONT> Compliance and Disclosure Interpretations issued on May&nbsp;17, 2016, for guidance. </B></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">In response to the Staff&#146;s comment, the Company has revised the disclosures on pages 367 to 374 of Amendment No.&nbsp;1. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Selected Historical Financial Information of Linde, page 391 </U></B></P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>58.</B></TD>
<TD ALIGN="left" VALIGN="top"><B>Please revise the title of the <FONT STYLE="white-space:nowrap">non-IFRS</FONT> measure, Group operating profit from continuing operations, in accordance with Item 10(e)(1)(ii)(e) of Regulation <FONT
STYLE="white-space:nowrap">S-K.</FONT> Please also ensure that you consistently use the same title here and throughout the Form <FONT STYLE="white-space:nowrap">S-4</FONT> for this <FONT STYLE="white-space:nowrap">non-IFRS</FONT> measure.
</B></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">The Company respectfully advises the Staff that &#147;Operating profit&#148; is the measure of segment profit
established in accordance with IFRS 8. &#147;Group operating profit&#148; represents the total of all segments, which is included in the last column of the segment information. &#147;Group operating profit from continuing operations&#148; omits the
discontinued Gist segment. The Company has retained the description &#147;Group operating profit&#148; which readers can find in the segment information and reconciled the income statement line item &#147;Profit for the period from continuing
operations&#148; to the segment measure. </P>

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<TD VALIGN="top">Ms. Long</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">-37-</TD></TR></TABLE> <P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">In addition, in response to the Staff&#146;s comment, the Company has revised the title of
operating profit to Group operating profit on pages 33 and 398 and throughout the remainder of Amendment No.&nbsp;1. </P> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>59.</B></TD>
<TD ALIGN="left" VALIGN="top"><B>We note your presentation of return on capital employed (before special items) without presenting return on capital employed calculated using the most comparable IFRS amounts. Please follow the guidance in Item
10(e)(1)(i)(a) of Regulation <FONT STYLE="white-space:nowrap">S-K</FONT> and Question 102.10 of the updated <FONT STYLE="white-space:nowrap">Non-GAAP</FONT> Compliance and Disclosure Interpretations issued on May&nbsp;17, 2016 to present this ratio
on an IFRS basis with equal or greater prominence. </B></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">In response to the Staff&#146;s comment, the Company has revised the
disclosures on pages 428 and ALT-23 of Amendment No.&nbsp;1. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Management&#146;s Discussion and Analysis of Financial Condition and Results of . . .,
page 393 </U></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Factors Affecting Results of Operations, page 394 </U></B></P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>

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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>60.</B></TD>
<TD ALIGN="left" VALIGN="top"><B>Please revise your disclosures regarding total expenses for the two efficiency programs to clarify whether the &#128;&nbsp;660&nbsp;million is to be incurred during fiscal year 2017, or if this is the total expenses
from the initiation of the two programs through December&nbsp;31, 2017. </B></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">In response to the Staff&#146;s comment, the
Company has revised the disclosure on page 403 of Amendment No.&nbsp;1. </P> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>61.</B></TD>
<TD ALIGN="left" VALIGN="top"><B>Regarding your disclosure for the impact of the competitive bidding processes, please disclose the impact to the first quarter of fiscal year 2017 revenue and net profit on operating activities.
</B></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">In response to the Staff&#146;s comment, the Company has revised the disclosure on page 404 of Amendment No.&nbsp;1.
</P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Consolidated Results of Operations, page 400 </U></B></P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>62.</B></TD>
<TD ALIGN="left" VALIGN="top"><B>We note that the components of other comprehensive income have materially impacted total comprehensive income for each period presented. Please provide a discussion and analysis of the specific facts and
circumstances impacting each material category (i.e., hedging instruments, currency translation, and defined benefit plans). The analysis should include an explanation for the variability between the periods presented. </B></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">In response to the Staff&#146;s comment, the Company has revised the disclosures on pages 406, 407, 408, 410 and 411 of Amendment No.&nbsp;1.
</P>

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<TD VALIGN="top">Ms. Long</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">-38-</TD></TR></TABLE> <P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Segment Discussion, page 404 </U></B></P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>63.</B></TD>
<TD ALIGN="left" VALIGN="top"><B>Please expand your disclosure regarding gas price pass-through effects to explain why there is an impact to revenue but not also operating profit. In this regard, we note there are often timing differences between
when raw material costs change and when the pricing of those changes are passed on to the customer. </B></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">In response to the
Staff&#146;s comment, the Company has revised the disclosures on pages 412, 413, 415 and 416 of Amendment No.&nbsp;1. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Contractual Obligations, page
418 </U></B></P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>64.</B></TD>
<TD ALIGN="left" VALIGN="top"><B>Please include a footnote to disclose how you calculated interest payments for your variable rate debt. </B></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">In response to the Staff&#146;s comment, the Company has revised the disclosure on page 426 of Amendment No.&nbsp;1. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U><FONT STYLE="white-space:nowrap">Non-IFRS</FONT> Financial Measures, page 419 </U></B></P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>65.</B></TD>
<TD ALIGN="left" VALIGN="top"><B>Please revise your reconciliation for Group operating profit from continuing operations to begin with the IFRS measure. Please refer to Item 10(e)(1)(i)(b) of Regulation <FONT STYLE="white-space:nowrap">S-K</FONT>
and Question 102.10 of the updated <FONT STYLE="white-space:nowrap">Non-GAAP</FONT> Compliance and Disclosure Interpretations issued on May&nbsp;17, 2016 for guidance. </B></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">In response to the Staff&#146;s comment, the Company has revised the disclosures on pages 427 and 428 of Amendment No.&nbsp;1. </P>
<P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>66.</B></TD>
<TD ALIGN="left" VALIGN="top"><B>Please disclose and quantify the components of the special items adjustment for each period presented. </B></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">In response to the Staff&#146;s comment, the Company has revised the disclosures on pages 427 and 428 of Amendment No.&nbsp;1. </P>
<P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>67.</B></TD>
<TD ALIGN="left" VALIGN="top"><B>We note that the equity including <FONT STYLE="white-space:nowrap">non-controlling</FONT> interests line item of the capital employed &#150; continuing operations does not agree to the Group Statements of Financial
Position. Please comply with the disclosure requirements of Item 10(e)(1)(i) of Regulation <FONT STYLE="white-space:nowrap">S-K</FONT> for this <FONT STYLE="white-space:nowrap">non-IFRS</FONT> measure. </B></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">In response to the Staff&#146;s comment, the Company has revised the disclosures on pages 427 and 428 of Amendment No.&nbsp;1. </P>

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<TD VALIGN="top">Ms. Long</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">-39-</TD></TR></TABLE> <P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Index to Zamalight plc Financial Statements, page <FONT STYLE="white-space:nowrap">F.1-1</FONT>
</U></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>1. Organization and basis of presentation, page <FONT STYLE="white-space:nowrap">F.1-4</FONT> </U></B></P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>68.</B></TD>
<TD ALIGN="left" VALIGN="top"><B>Please disclose Zamalight&#146;s fiscal year end. </B></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">In response to the Staff&#146;s
comment, the Company has revised the disclosure on page <FONT STYLE="white-space:nowrap">F.1-4</FONT> of Amendment No.&nbsp;1. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Index to Linde AG
Group Financial Statements, page <FONT STYLE="white-space:nowrap">F.3-1</FONT> </U></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>[1] Basis of preparation and accounting policies, page <FONT
STYLE="white-space:nowrap">F.3-10</FONT> </U></B></P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>69.</B></TD>
<TD ALIGN="left" VALIGN="top"><B>Please disclose, if true, that the interim financial statements were prepared in accordance with IAS 34. See Instruction 4 to Item 8.A.5 of Form <FONT STYLE="white-space:nowrap">20-F.</FONT> </B></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">In response to the Staff&#146;s comment, the Company has revised the disclosure on page <FONT STYLE="white-space:nowrap">F.3-10</FONT> of
Amendment No.&nbsp;1. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Group Statements of Cash Flows, page <FONT STYLE="white-space:nowrap">F.3-20</FONT> </U></B></P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>70.</B></TD>
<TD ALIGN="left" VALIGN="top"><B>Please tell us why you have not included an adjustment to profit before tax from continuing operations for stock-based compensation expense and the impairment loss for trade receivables. </B></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">The Company respectfully advises the Staff that (i)&nbsp;impairment losses on trade receivables are included in the line item &#147;Changes in
trade receivables&#148;, as required by IAS 7.20(b) and (ii)&nbsp;share-based payment expenses are, due to their immaterial amount, not separately presented but included in the line item &#147;Change in other assets and liabilities.&#148; </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Segment Information, page <FONT STYLE="white-space:nowrap">F.3-23</FONT> </U></B></P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>71.</B></TD>
<TD ALIGN="left" VALIGN="top"><B>Please provide the disclosures required by IFRS 8.32 for your product lines within your reportable segments. In this regard, we note your disclosure of your four product areas for the Linde Gases Division on page
372, and your disclosure of your four product lines for the Engineering Division on page 393 along with the revenues on page 410. </B></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">In response to the Staff&#146;s comment, the Company has revised the disclosure on page <FONT STYLE="white-space:nowrap">F.3-85</FONT> of
Amendment No.&nbsp;1. </P>

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<TD VALIGN="top">Ms. Long</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">-40-</TD></TR></TABLE> <P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>[5] Accounting policies, page <FONT STYLE="white-space:nowrap">F.3-30</FONT> </U></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Principles of consolidation, page <FONT STYLE="white-space:nowrap">F.3-30</FONT> </U></B></P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>72.</B></TD>
<TD ALIGN="left" VALIGN="top"><B>Please revise your consolidation accounting policy to more fully communicate the principles you apply for the presentation and preparation of consolidated financial statements and for assessing whether you control
investees in accordance with IFRS 10. </B></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">In response to the Staff&#146;s comment, the Company has revised the disclosure on
page <FONT STYLE="white-space:nowrap">F.3-31</FONT> of Amendment No.&nbsp;1. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Intangible assets, page <FONT STYLE="white-space:nowrap">F.3-31</FONT>
</U></B></P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>73.</B></TD>
<TD ALIGN="left" VALIGN="top"><B>Please disclose the useful lives of your definite-lived intangible assets in accordance with IAS 38.118(a). </B></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">In response to the Staff&#146;s comment, the Company has revised the disclosure on page <FONT STYLE="white-space:nowrap">F.3-33</FONT> of
Amendment No.&nbsp;1. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Tangible assets, page <FONT STYLE="white-space:nowrap">F.3-32</FONT> </U></B></P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>74.</B></TD>
<TD ALIGN="left" VALIGN="top"><B>Please disclose the useful lives for land rights and machinery. </B></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">In response to the
Staff&#146;s comment, the Company has revised the disclosure on page <FONT STYLE="white-space:nowrap">F.3-33</FONT> of Amendment No.&nbsp;1. In addition, the Company respectfully advises the Staff that the term land rights was removed from Amendment
No.&nbsp;1, because there are not any land rights recognized in tangible assets of Linde. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Long-term construction contracts, page <FONT
STYLE="white-space:nowrap">F.3-35</FONT> </U></B></P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>75.</B></TD>
<TD ALIGN="left" VALIGN="top"><B>Please provide your accounting policy for variations, claims, and changes in estimates. </B></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">In response to the Staff&#146;s comment, the Company has revised the disclosures on pages <FONT STYLE="white-space:nowrap">F.3-36</FONT> and <FONT
STYLE="white-space:nowrap">F.3-37</FONT> of Amendment No.&nbsp;1. </P>

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<TD VALIGN="top">Ms. Long</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">-41-</TD></TR></TABLE> <P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>[6] Revenue, page <FONT STYLE="white-space:nowrap">F.3-41</FONT> </U></B></P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>76.</B></TD>
<TD ALIGN="left" VALIGN="top"><B>Please separately present revenue from the sale of goods and from services as required by IAS 18.35(b). </B></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">The Company respectfully advises the Staff that service-related sales amount to less than 10% of total sales. Accordingly, the Company deems it
appropriate to disclose sales of goods and services on a combined basis. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>[8] Other information on the Group statement of profit or loss, page <FONT
STYLE="white-space:nowrap">F.3-42</FONT> </U></B></P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>77.</B></TD>
<TD ALIGN="left" VALIGN="top"><B>Please provide disclosure of expenses by nature of expenses, including depreciation, amortization, changes in inventories of finished goods and work in progress, raw materials and consumables used, et cetera, in
addition to personnel costs as required by IAS 1.104 and IAS 2.36(d). </B></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">In response to the Staff&#146;s comment, the
Company has revised the disclosure on page <FONT STYLE="white-space:nowrap">F.3-44</FONT> of Amendment No.&nbsp;1. In addition, the Company respectfully advises the Staff that the amount of depreciation and amortization is disclosed on the face of
the cash flow statement and in notes [12] Goodwill/other intangible assets and [13] Tangible assets on pages F.3-48, <FONT STYLE="white-space:nowrap">F.3-49,</FONT> F.3-51 and <FONT STYLE="white-space:nowrap">F.3-52</FONT> of Amendment No.&nbsp;1,
respectively. Personnel expenses are disclosed in note [8] Other information on the Group statement of profit or loss on page <FONT STYLE="white-space:nowrap">F.3-43</FONT> of Amendment No.&nbsp;1. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>[9] Financial income and expenses, page <FONT STYLE="white-space:nowrap">F.3-43</FONT> </U></B></P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>78.</B></TD>
<TD ALIGN="left" VALIGN="top"><B>Please expand your table for financial expenses to separately present interest expense from financial debt. </B></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">The Company respectfully advises the Staff that the amount of interest expense from financial debt is included in the table in note [27]
Financial instruments on page <FONT STYLE="white-space:nowrap">F.3-77</FONT> of Amendment No.&nbsp;1. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>[10] Taxes on income, page <FONT
STYLE="white-space:nowrap">F.3-43</FONT> </U></B></P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>79.</B></TD>
<TD ALIGN="left" VALIGN="top"><B>Regarding your disclosure for the carrying amount of deferred tax assets, please revise your disclosure to clearly provide the information required by IAS 12.81(e) and clarify how this information relates to the
table for the deferred tax assets and liabilities. </B></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">In response to the Staff&#146;s comment, the Company has revised the
disclosure on page <FONT STYLE="white-space:nowrap">F.3-46</FONT> of Amendment No.&nbsp;1. </P>

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<TD VALIGN="top">Ms. Long</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">-42-</TD></TR></TABLE> <P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>

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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>80.</B></TD>
<TD ALIGN="left" VALIGN="top"><B>Please expand your disclosure for the &#128;&nbsp;112&nbsp;million of tax loss carryforwards and tax credits recognized as deferred tax assets to discuss the nature of the taxable profit supporting the recognition as
required by IAS 12.82. </B></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">In response to the Staff&#146;s comment, the Company has revised the disclosure on page <FONT
STYLE="white-space:nowrap">F.3-47</FONT> of Amendment No.&nbsp;1. </P> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>81.</B></TD>
<TD ALIGN="left" VALIGN="top"><B>Please revise the table for tax loss carryforwards not yet used to clarify whether these amounts have been recognized as deferred tax assets. </B></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">In response to the Staff&#146;s comment, the Company has revised the disclosure on page <FONT STYLE="white-space:nowrap">F.3-47</FONT> of
Amendment No.&nbsp;1. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>[18] Cash and cash equivalents, page <FONT STYLE="white-space:nowrap">F.3-55</FONT> </U></B></P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>82.</B></TD>
<TD ALIGN="left" VALIGN="top"><B>Please tell us how the &#128;&nbsp;464&nbsp;million for bilateral Credit Support Annexes deposited as collateral under agreements with banks meets the definition of cash equivalents in accordance with IAS 7.6 and .7.
</B></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">IAS 7 &#147;Statement of Cash Flows&#148; defines cash equivalents as short-term, highly liquid investments that are
readily convertible to known amounts of cash and which are subject to an insignificant risk of change in value. Cash equivalents are held for the purpose of meeting short-term cash commitments. The Company respectfully advises the Staff that the
definition in IAS 7 does not preclude restricted cash from being cash or a cash equivalent. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">The &#128;&nbsp;464&nbsp;million related to
bilateral Credit Support Annexes present cash collateral holdings in derivative transactions. The cash deposit amount bears interest to the account of Linde at a market rate. The cash deposit amount is not used to settle expiring derivative
transactions. Linde settles realized losses from expiring derivatives in cash from different bank accounts it owns. A settlement of the underlying derivative transactions results in a repayment of the deposit amount. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">In analyzing the requirements of IAS 7, Linde has concluded that such deposits meet the requirements for presentation as cash and cash
equivalents. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>[21] Provisions for pensions and similar obligations, page <FONT STYLE="white-space:nowrap">F.3-58</FONT> </U></B></P>

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<TD VALIGN="top">Ms. Long</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">-43-</TD></TR></TABLE> <P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>

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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>83.</B></TD>
<TD ALIGN="left" VALIGN="top"><B>Please disclose what the growth in pensions represents and how this percentage was estimated. </B></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">In response to the Staff&#146;s comment, the Company has revised the disclosure on page <FONT STYLE="white-space:nowrap">F.3-61</FONT> of
Amendment No.&nbsp;1. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>[22] Miscellaneous provisions, page <FONT STYLE="white-space:nowrap">F.3-64</FONT> </U></B></P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>84.</B></TD>
<TD ALIGN="left" VALIGN="top"><B>Please provide the disclosures required by IAS 37.84 and .85 for each class. Please also tell us your consideration of separately presenting restructuring costs. In this regard, we note your disclosures throughout
the Form <FONT STYLE="white-space:nowrap">S-4</FONT> of your Focus and LIFT programs, which appear to have resulted in material charges recognized during fiscal years 2016 and 2015. </B></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">The Company respectfully advises the Staff that the disclosure in accordance with IAS 37.84 and .85 is only required for material classes of
provisions. Information about the effect of any change in the discount rate (&#128;&nbsp;4 million) is only provided in the aggregate due to its insignificance while information on timing and uncertainties are included in note [22] Miscellaneous
provisions on page <FONT STYLE="white-space:nowrap">F.3-66</FONT> and note [5] Accounting policies on page <FONT STYLE="white-space:nowrap">F.3-35</FONT> and <FONT STYLE="white-space:nowrap">F.3-36.</FONT> </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">In addition, in response to the Staff&#146;s comment, the Company has revised the disclosures on pages
<FONT STYLE="white-space:nowrap">F.3-66</FONT> and <FONT STYLE="white-space:nowrap">F.3-67</FONT> of Amendment No.&nbsp;1. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>[27] Financial
instruments, page <FONT STYLE="white-space:nowrap">F.3-72</FONT> </U></B></P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>85.</B></TD>
<TD ALIGN="left" VALIGN="top"><B>Please provide disclosures that explain how the information presented in the tables on pages <FONT STYLE="white-space:nowrap">F.3-73,</FONT> <FONT STYLE="white-space:nowrap">F.3-74,</FONT> <FONT
STYLE="white-space:nowrap">F.3-75,</FONT> and <FONT STYLE="white-space:nowrap">F.3-79</FONT> relate to the amounts recognized as financial income and financial expenses on the group statements of profit or loss and detailed in Note 9. Please also
ensure that it is clear what amounts are gains/income and what amounts are losses/expenses in the tables. </B></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">In response to
the Staff&#146;s comment, the Company has revised the disclosures on pages <FONT STYLE="white-space:nowrap">F.3-75,</FONT> <FONT STYLE="white-space:nowrap">F.3-76,</FONT> <FONT STYLE="white-space:nowrap">F.3-77,</FONT>
<FONT STYLE="white-space:nowrap">F.3-81</FONT> and <FONT STYLE="white-space:nowrap">F.3-82</FONT> of Amendment No.&nbsp;1. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">In addition,
the Company respectfully advises the Staff that the information presented in note [27] Financial instruments provides all the comprehensive disclosures required by IFRS 7. The IFRS 7 disclosure does not match financial income and financial expense
for the following reasons: (1)&nbsp;The tables on pages <FONT STYLE="white-space:nowrap">F.3-75,</FONT> <FONT STYLE="white-space:nowrap">F.3-76,</FONT> <FONT STYLE="white-space:nowrap">F.3-77,</FONT> F.3-81 and F.3-82 include gains and losses from
financial instruments, which can either be related to financing activities, e.g., debt </P>

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<TD VALIGN="top">Ms. Long</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">-44-</TD></TR></TABLE> <P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">
instruments, or operating activities, e.g. trade receivables in foreign currency; (2)&nbsp;there are types of income and expenses recorded in the financial result which do not result from
financial instruments and accordingly are not included in the information presented in note [27] Financial instruments in the tables on pages F.3-75, <FONT STYLE="white-space:nowrap">F.3-76,</FONT> <FONT STYLE="white-space:nowrap">F.3-77,</FONT> and
<FONT STYLE="white-space:nowrap">F.3-81,</FONT> <I>e.g.</I>, interest income from long-term provisions. </P> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>86.</B></TD>
<TD ALIGN="left" VALIGN="top"><B>Please provide a more comprehensive explanation for the increase in the impairment recognized for trade receivables and also the increase in the percentage of cumulative impairment loss to gross trade receivables for
fiscal year 2016. </B></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">In response to the Staff&#146;s comment, the Company has revised the disclosure on page <FONT
STYLE="white-space:nowrap">F.3-77</FONT> of Amendment No.&nbsp;1. </P> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>87.</B></TD>
<TD ALIGN="left" VALIGN="top"><B>Please tell us why the contractual undiscounted expected future cash flows from financial liabilities are not included in the contractual obligations table on page 418. </B></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">The Company respectfully advises the Staff that the table of contractual obligations only includes expected future cash outflows from long-term
debt obligations, <I>i.e.</I>, the current and <FONT STYLE="white-space:nowrap">non-current</FONT> portion thereof. It does not include cash flows from debt that was short-term at issuance. The disclosure in note [27] Financial instruments, however,
encompasses such short-term debt instruments which are not included in the table of contractual obligations. The Company concluded that the guidance included in Item 5.F.1 of Form <FONT STYLE="white-space:nowrap">20-F</FONT> supports its
presentation. </P> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>88.</B></TD>
<TD ALIGN="left" VALIGN="top"><B>Please expand your disclosures here or on page 422 to detail the specific hedging activities that reduced your gross exchange rate risk by 78%. </B></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">In response to the Staff&#146;s comment, the Company has revised the disclosure on page 429 of Amendment No.&nbsp;1. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>[33] Contingent liabilities and other financial information, page <FONT STYLE="white-space:nowrap">F.3-85</FONT> </U></B></P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>89.</B></TD>
<TD ALIGN="left" VALIGN="top"><B>Please provide the disclosures required by IAS 37.86 for your environmental and litigation contingent liabilities to the extent it is possible you have incurred a liability. </B></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">The Company respectfully advises the Staff that there are no material environmental and litigation contingent liabilities that would require
disclosures under IAS 37.86. </P>

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<TD VALIGN="top">Ms. Long</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">-45-</TD></TR></TABLE> <P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Annex <FONT STYLE="white-space:nowrap">B-Opinion</FONT> of Perella Weinberg Partners UK LLP </U></B></P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>90.</B></TD>
<TD ALIGN="left" VALIGN="top"><B>We note the language in the opinion, &#147;This Opinion is solely for the information and assistance of the Executive Board . . .&#148; Please have Perella Weinberg Partners remove the word &#147;solely&#148; from
its opinion. Refer to Section II.D.1 of the Current Issues and Rulemaking Projects Outline (November 14, 2000). </B></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">In
response to the Staff&#146;s comment, Perella Weinberg Partners has removed the word &#147;solely&#148; from its opinion. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Exchange Offer Prospectus
Cover Page, <FONT STYLE="white-space:nowrap">ALT-1</FONT> </U></B></P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>91.</B></TD>
<TD ALIGN="left" VALIGN="top"><B>Please revise to include the information required by Item 501 of Regulation <FONT STYLE="white-space:nowrap">S-K.</FONT> </B></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">In response to the Staff&#146;s comment, the Company has revised the disclosures on page ALT-59 of Amendment No.&nbsp;1, which is the cover
page of the exchange offer document. The cover page of the exchange offer document will be the cover page of the prospectus that the Company intends to file pursuant to Rule 424 under the Securities Act after the Commission declares the Registration
Statement effective. The Company has revised page <FONT STYLE="white-space:nowrap">ALT-1</FONT> of Amendment No.&nbsp;1 to clarify that the cover page referenced therein will be the cover page of Annex 3 to the exchange offer document. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Can the ADRs be tendered?, page <FONT STYLE="white-space:nowrap">ALT-5</FONT> </U></B></P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>92.</B></TD>
<TD ALIGN="left" VALIGN="top"><B>Rather than stating that American Depositary Receipts of Linde AG &#147;are not subject to the exchange offer,&#148; consider revising to more clearly state that ADRs cannot be tendered unless they are converted into
direct share form. Your revised disclosure on this point should estimate how long (later in the offer materials you describe the period as several days) needed to effect this change in the form of ownership of Linde shares, such that holders can
participate in the exchange offer. </B></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">In response to the Staff&#146;s comment, the Company has revised the disclosures on
pages 13, 163, 183, 208, <FONT STYLE="white-space:nowrap">ALT-5,</FONT> <FONT STYLE="white-space:nowrap">ALT-76,</FONT> ALT-77, <FONT STYLE="white-space:nowrap">ALT-82,</FONT> ALT-141 and ALT-142 of Amendment No.&nbsp;1. </P>

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<TR>
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<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="48%"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Ms. Long</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">-46-</TD></TR></TABLE> <P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>

<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>93.</B></TD>
<TD ALIGN="left" VALIGN="top"><B>Clarify whether, if the exchange offer is not completed, the shares underlying the ADRs can be redeposited back into ADR form. Note whether there would be a fee associated with redeposit. </B></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">In response to the Staff&#146;s comment, the Company has revised the disclosures on pages 163, 208,
<FONT STYLE="white-space:nowrap">ALT-5,</FONT> <FONT STYLE="white-space:nowrap">ALT-76,</FONT> <FONT STYLE="white-space:nowrap">ALT-77,</FONT> <FONT STYLE="white-space:nowrap">ALT-141</FONT> and ALT-142 of Amendment No.&nbsp;1. </P>
<P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>94.</B></TD>
<TD ALIGN="left" VALIGN="top"><B>Include the estimate of the fees associated with dissolving the ADRs pursuant to the deposit agreement here. </B></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">In response to the Staff&#146;s comment, the Company has revised the disclosures on pages 163, 208,
<FONT STYLE="white-space:nowrap">ALT-5,</FONT> <FONT STYLE="white-space:nowrap">ALT-76,</FONT> ALT-77, <FONT STYLE="white-space:nowrap">ALT-141</FONT> and <FONT STYLE="white-space:nowrap">ALT-142</FONT> of Amendment No.&nbsp;1. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>What are the most significant conditions to the exchange offer?, page <FONT STYLE="white-space:nowrap">ALT-6</FONT> </U></B></P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>95.</B></TD>
<TD ALIGN="left" VALIGN="top"><B>Please revise to clarify that all conditions, other than regulatory conditions, must be satisfied or waived before the additional acceptance period begins. </B></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">In response to the Staff&#146;s comment, the Company respectfully directs the Staff to the disclosure on page
<FONT STYLE="white-space:nowrap">ALT-6</FONT> of Amendment No.&nbsp;1. As disclosed, the conditions to the exchange offer must be satisfied at or prior to the end of the acceptance period or, where permissible, waived at least one working day prior
to the end of the acceptance period, except for the regulatory condition, which may be satisfied after the end of the acceptance period. Because the acceptance period expires before the additional acceptance period begins, the Company believes that
no revisions to the disclosure are warranted in response to the Staff&#146;s Comment No.&nbsp;95. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>When do you expect the exchange offer to be
completed and when will the . . ., page <FONT STYLE="white-space:nowrap">ALT-6</FONT> </U></B></P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>96.</B></TD>
<TD ALIGN="left" VALIGN="top"><B>Revise to more clearly state that the new shares to be issued in the exchange offer may not be issued for over a year after the end of the acceptance, depending on when and if the regulatory conditions to the
exchange offer are satisfied. Clarify that withdrawal rights will not be available during a possibly extended period of time during which the regulatory conditions could be pending. Consider noting the existence of the
<FONT STYLE="white-space:nowrap">as-tendered</FONT> trading market here as a substitute for withdrawal rights. </B></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">In
response to the Staff&#146;s comment, the Company has revised the disclosure on page <FONT STYLE="white-space:nowrap">ALT-7</FONT> of Amendment No.&nbsp;1. Additionally, the Company respectfully </P>

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<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">

<TR>
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<TD WIDTH="48%"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Ms. Long</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">-47-</TD></TR></TABLE> <P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">
directs the Staff to the disclosure on page <FONT STYLE="white-space:nowrap">ALT-7</FONT> of Amendment No.&nbsp;1. As disclosed, after the end of the acceptance period Linde shareholders may not
withdraw their tendered shares but will be permitted to trade their tendered shares on an <FONT STYLE="white-space:nowrap">&#147;as-tendered&#148;</FONT> basis. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Tax Consequences of the Exchange Offer to U.S. Holders of Linde Shares, page <FONT STYLE="white-space:nowrap">ALT-40</FONT> </U></B></P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>97.</B></TD>
<TD ALIGN="left" VALIGN="top"><B>We note your disclosure that &#147;the exchange offer is expected to be an exchange described in Section&nbsp;351(a) and may also be a &#145;reorganization&#146; within the meaning of Section&nbsp;368(a) of the Code
for U.S. federal income tax purposes.&#148; We note your disclosure that a U.S. holder who receives Linde plc shares pursuant to the exchange offer will not recognize any income. Please file an opinion of counsel supporting the tax consequences as
described here or explain to us why the tax consequences are not material to an investor. See Staff Legal Bulletin No.&nbsp;19 for guidance. </B></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">The Company respectfully acknowledges the Staff&#146;s comment and advises the Staff that Cravath, Swaine&nbsp;&amp; Moore, LLP, U.S. tax
counsel to Linde, will deliver a tax opinion that the exchange of Linde shares for Linde plc shares should qualify as an exchange described in Section&nbsp;351(a) of the Code or as an exchange pursuant to a plan of &#147;reorganization&#148; within
the meaning of Section&nbsp;368(a) of the Code, or both, for U.S. federal income tax purposes. Accordingly, on the basis of such qualification and except with respect to any cash received in lieu of a fractional Linde plc share, a U.S. holder (as
defined in the exchange offer prospectus) of Linde shares should not recognize any income, gain or loss upon the exchange of Linde shares for Linde plc shares in the exchange offer. The tax opinion will be filed as an exhibit in a future amendment.
</P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Withdrawal Rights, page <FONT STYLE="white-space:nowrap">ALT-70</FONT> </U></B></P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>98.</B></TD>
<TD ALIGN="left" VALIGN="top"><B>Clarify here that withdrawal rights will not be available if regulatory conditions remain outstanding at the end of the acceptance period or the additional acceptance period. </B></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">In response to the Staff&#146;s comment, the Company has revised the disclosure on page <FONT STYLE="white-space:nowrap">ALT-73</FONT> of
Amendment No.&nbsp;1. </P>

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<TD VALIGN="top">Ms. Long</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">-48-</TD></TR></TABLE> <P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">Any questions or comments with respect to the Registration Statement may be communicated to the
undersigned at <FONT STYLE="white-space:nowrap">(212)&nbsp;558-4175</FONT> or by email (clarkinc@sullcrom.com), Keith A. Pagnani at (212) <FONT STYLE="white-space:nowrap">558-4397</FONT> or by email (pagnanik@sullcrom.com), Krishna Veeraraghavan at
(212) <FONT STYLE="white-space:nowrap">558-7931</FONT> or by email (veeraraghavank@sullcrom.com), David Mercado at +44 20 7453 1060 or by email (dmercado@cravath.com), Richard Hall at (212) <FONT STYLE="white-space:nowrap">474-1293</FONT> or by
email (rhall@cravath.com), or Aaron M. Gruber at <FONT STYLE="white-space:nowrap">(212)&nbsp;474-1456</FONT> or by email (agruber@cravath.com). Please send copies of any correspondence relating to this filing to Catherine M. Clarkin by email and
facsimile, at (212) <FONT STYLE="white-space:nowrap">291-9025,</FONT> with the original by mail to Sullivan&nbsp;&amp; Cromwell LLP, 125 Broad Street, New York, New York 10004. </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
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<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Yours truly,</P> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ Catherine M. Clarkin</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Catherine M. Clarkin</TD></TR>
</TABLE></DIV> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">(Enclosure) </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">cc:</TD>
<TD ALIGN="left" VALIGN="top">Christina E. Chalk </TD></TR></TABLE> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Frank J. Pigott </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Tracey Houser </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Terence
O&#146;Brien </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">(Securities and Exchange Commission) </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Christopher Cossins </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Andrew
Brackfield </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">(Zamalight plc) </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Guillermo Bichara </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">(Praxair,
Incorporated) </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Dr.&nbsp;Christoph Hammerl </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">(Linde Aktiengesellschaft) </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Keith
A. Pagnani </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Krishna Veeraraghavan </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">(Sullivan&nbsp;&amp; Cromwell LLP) </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">David Mercado </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Richard Hall </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Aaron M. Gruber </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">(Cravath,
Swaine&nbsp;&amp; Moore LLP) </P>
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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
