In 2008, despite the difficult environment in the financial markets, we have continued to use the capital markets. In the course of these activities, we have succeeded in improving the maturity profile of our financial debt, thereby ensuring the long-term financing of our Group. Following the issue of a five-year EUR 300m fixed-rate bond in September, Linde Finance B.v. placed a seven-year EUR 600m benchmark bond at the year-end. Over the course of the year, three private placements of bonds were made totalling EUR 184m and JPY 6bn.

Under the EUR 10bn Debt Issuance Programme, issues amounting to around EUR 3.5bn in various currencies were outstanding at the year-end.

The unconverted amount (EUR 102m) of the EUR 550m convertible bond issued in 2004 was converted in the first four months of the year into 1,853,668 Linde shares.