Based on the risks and future prospects of the Group which have been outlined in this report, no risks have been identified in the 2008 financial year which might have a lasting or significant negative impact on the net assets, financial position and results of operations of The Linde Group.

However, the global economic environment has worsened considerably since the assessment we made in the 2007 annual report. The extreme volatility of the financial markets increases the difficulty of making a precise assessment of the future net assets, financial position and results of operations of The Linde Group. If the global economic crisis lasts for a long time or becomes more severe, not only may some potential new business dry up, but the financial risks for The Linde Group will also increase, especially the risk of counterparty default.

Nevertheless, the total amount which relates to individual risks within the risk fields will not adversely affect the viability of the Group as a going concern. If there is a change in external circumstances, risks which are currently unknown or deemed to be immaterial might have a negative impact on our business operations. We have made all the necessary organisational arrangements to ensure that we become aware at an early stage of any apparent changes in risk situations.