1. Paul Huck
SVP and CFO
19th Annual Citi Chemicals Conference
December 2, 2008
,

2. Forward-
Forward-Looking Statements
Forward-Looking Statements
This presentation contains “for ard looking statements” within the safe harbor pro isions of the Pri ate Securities Litigation
“forward-looking ithin provisions Private Sec rities
Reform Act of 1995. These forward-looking statements are based on management’s reasonable expectations and assumptions
as of the date of this document regarding important risk factors. Actual performance and financial results may differ materially
from projections and estimates expressed in the forward-looking statements because of many factors, including, without
limitation,
limitation continuing deterioration in economic and business conditions; weakening demand for the company's products future
products,
financial and operating performance of major customers and industries served by the Company; unanticipated contract
terminations or customer cancellations or postponement of projects and sales; asset impairments due to economic conditions
or specific product or customer events; the impact of competitive products and pricing; interruption in ordinary sources of
supply of raw materials; the ability to recover unanticipated increased energy and raw material costs from customers; costs and
outcomes of litigation or regulatory activities; consequences of acts of war or terrorism impacting the United States’ and other
markets; the effects of a pandemic or epidemic or a natural disaster; charges related to current portfolio management and cost
reduction actions; the success of implementing cost reduction programs and achieving anticipated acquisition synergies; the
timing, impact,
timing impact and other uncertainties of future acquisitions or divestitures; the ability to attract hire and retain qualified
attract,
personnel in all regions of the world where the Company operates; significant fluctuations in interest rates and foreign
currencies from that currently anticipated; the continued availability of capital funding sources in all of the Company's foreign
operations; the impact of new or changed environmental, healthcare, tax or other legislation and regulations in jurisdictions in
which the Company and its affiliates operate; the impact of new or changed financial accounting standards; and the timing and
rate at which tax credits can be utilized. The Company disclaims any obligation or undertaking to disseminate any updates or
revisions to any forward-looking statements contained in this document to reflect any change in the Company’s assumptions,
beliefs or expectations or any change in events, conditions or circumstances upon which any such forward-looking statements
are based
based.
2

3. Air Products
At a glance
l
 $10.4B company
 Diverse markets and geographies
P ii
Positioned for continued long-term value
df i dl l
creation
Geographic Sales
Business Segment Sales
ROW (2%)
Asia
Merchant Tonnage (18%)
(
(40%)) (35%)
United
States
(41%)
Europe
(34%)
Electronics &
Equipment
Canada/Latin
Performance
&E
Energy
America (5%)
Materials
(4%)
(21%)
3

4. Air Products Value Proposition
Profitable G
P fit bl Growth
th
 Stability
– Long term contracts
– Consistent and predictable
cash flows
– Strong balance sheet
 Growth
– Project backlog
–EEnergy opportunities
t iti
 Improving returns
–MMargin improvement
ii t
– Productivity
– Increasing dividends
– Share buyback
4

5. Supply Modes
Durable B i
D bl Business M d l
Models
10,
10 15 and 20-year contracts
Take-or-pay minimum volumes
Contractual energy pass-through
Equipment &
Formula escalation
Onsite/Pipeline Services 13%
40%
Package Gases
3 5 year contracts
3-5 yea co t acts & Specialty
Regional business Materials
Liquid/Bulk
25%
22%
Cost pass-through/surcharges
5

6. APD Transformation
Creating Shareholder V l
C ti Sh h ld Value
FY08 Sales
FY00 Sales
$10.4B
$5.7B
Merchant Tonnage
(40%)
Tonnage (35%)
Merchant
Chemicals
Equipment
& Energy
Electronics
Electronics &
El t i
& P f M t’l
Perf Mat’ls Equipment
Performance
& Energy
Materials
(4%)
(21%)
6

7. Fiscal Year 2008:
Fifth Y
Year of D bl -Di it Growth*
f Double Digit G
Double- th*
Continuing Operations
gp Growth vs PY
vs.
FY07 FY08 $∆ %∆
($Millions)
Sales $9,148 $10,415 $1,267 14%
Operating Income 1,358 1,522 164 12%
Operating Margin 14 8% 14 6%
14.8% 14.6% (20bp)
Equity Affiliates Inc. 114 145 31 27%
Net Income 953 1,107
1 107 154 16%
EPS ($/share) 4.27 5.05 0.78 18%
ROCE (%) 12.5%
12 5% 13.0%
13 0% 50bp
50b
$787MM in shares repurchased, $650MM authorization remaining

 C ti
Continued to improve the portfolio, sold E l i
dt i th tf li ld Emulsions & HPPC, selling U S
HPPC lli U.S.
Healthcare business
7
* Comparison is non-GAAP, see appendix for reconciliation

8. Equity Affiliate Income $145M
FY08 R
Revenues 100% basis ~$2B
bi $2B
Italy
$580M
India
Mexico
$105M
Thailand
$630M
$100M
South Africa
$150M
8

9. Merchant Gases
Solid G
S lid Growth & P f
th Performance
$MM $MM
Operating Income & Margin
Sales 900 20%
14% CAGR
4500
18%
800
4000
16%
700
3500
14%
600
3000
12%
500
2500
10%
400
2000
8%
1500 300 6%
1000 200 4%
500
100 2%
0
0 0%
2004 2005 2006 2007 2008
2004 2005 2006 2007 2008
Revenue by region ($, FY08)
 C ti
Continue d li
delivering double-digit growth
i d bl di it th
Europe LB
– Growth in Asia
Europe PG
– Expanding in Eastern/Central Europe
No. Amer. LB
Europe HC
– New offerings success
Asia
 Achieve 20% operating margins
Equipment ROW
9

10. Merchant Gases
Growth through I
G th th h Innovation
ti
Cleanfire® HRi™ Efficient oxygen
burner plant design
A winning combination!
10

11. Electronics & Performance Materials
Margin Improvement F
M iI t Focus
$MM $MM
Operating Income & Margin
Sales 300 15%
2500
10% CAGR
%
250 12%
2000
200
9%
1500
150
6%
1000
100
3%
500 50
0 0%
0
2004 2005 2006 2007 2008
2004 2005 2006 2007 2008
Revenue by region ($, FY07)  Solid profit and return improvement
driven by both Electronics and
di b b th El t i d
Performance Materials
Asia
(40%)
 Targeting double-digit growth
North America
(40%)
 Achieve 15% operating margins
Latin America
(2%)
Europe
(
(18%)
)
11

12. Electronics
Thin-
Thin Fil Solar
Thi -Film S l – a growth opportunity
th t it
The value and differentiation we bring . . .
– Global leader in key products
– Comprehensive offerings and turnkey solutions
– Technical expertise in thin f
films
A 1 GW facility can
generate $150MM in
annual revenue
Equip/Services
Bulk
Dopants
Onsites
NF3
Silane
12

13. Tonnage Gases
High Growth S
Hi h G th Segment
t
$MM $MM
Operating Income & Margin
Sales 600 20%
4000 18% CAGR
18%
3500
500 16%
3000
14%
400
2500 12%
300 10%
2000
8%
1500
200 6%
1000
4%
100
500 2%
0 0%
0
2004 2005 2006 2007 2008
2004 2005 2006 2007 2008
Investment by Region
 Significant profit growth and
g p g
improvement in returns on capital
North America
while bringing on new investments
 Large plant bidding opportunities
(both H2 & O2) continue
Europe &
Middle East
 Anticipate continued 10%-15% H2
Asia
growth
13

14. Tonnage Gases
Growth from profitable new i
G th f fit bl investments
t t
Recent announcements:
R t t Superior returns:
 Tangshan O2
Continuous
 Nanjing O2 improvement
 Petaling O2
Operating
 Weihe O2 bonuses
 Isle of Grain N2
Additional
 Abu Dhabi O2 products
 Garyville H2
Franchise
 Baton Rouge H2
g positions
 Exxon Baytown H2
Base take
 Port Arthur H2 or pay
 Nanticoke O2
14

15. Refinery Hydrogen and Energy
Driving Hydrogen G
Di i Hd Growth
th
 Transport fuels growth
15%
 More heavy, sour crude
15%
45%
 Clean fuels legislation
 Increased outsourcing trend 25%
Conversion
Crude
Clean Fuels
Outsourcing
15

16. Major Hydrogen Pipeline
Positions – US / Canada / Europe
Sarnia
Canada 40
Baton Rouge
Edmonton,
40
Suncor
Louisiana
Canada Air Products
Plaquemine Canada
40
Geismar Shell
Refinery
Geismar
16
Lake
10
ST.
Pontchartrain
Cosmar 16
CLAIR
RIVER
Convent Petro-Canada
Imperial Oil
Nola
New Orleans
Taft Sherwood Corunna
Park 21
14
Chalmette
Rotterdam
14
Europoort
Pernis
Dominguez
Southern
Channel
91
California
405 Zwijndrecht
Botlek
190th
St.
710
To Moerdijk
Carson H2
Van Ness
Long
110
Ave.
Beach
Arpt.
Texas
BP Lake Charles
Sepulveda
Beaumont
Blvd
Carson
405
APD HyCO facilities
Shell Mont Belvieu 69
10
Wilmington
Conoco Phillips City of Houston
H2 pipeline
Battleground 73
Carson
1
CO pipeline
Port Arthur
10
Anaheim Street
Valero
Wilmington Baytown 2
Syngas pipeline
Conoco Phillips 610
Wilmington Wilmington H2
110
225
45
LaPorte
Pasadena Bayport
Clear Lake
Texas City
16

17. Margin Improvement Goal
17% in 2010
i
17% in 2010
Margin
Overhead
Maint&Distr Costs
Plant Costs
Efficiency
Price / Raw
Materials
M il
Volume $150MM Contribution to Operating
Profit in 2010
17

18. 2009 and Beyond
Profitable Growth and Margin Expansion
 Near term actions:
– Cost reduction
– Productivity
– Margin improvement
 Long term focus:
–LLeverage new opportunities for growth
t iti f th
– Sustainable double-digit EPS growth
– ROCE 3% - 5% above our cost of capital
b tf it l
18

19. Thank you
y
www.airproducts.com
p

20. Appendix
Full Y
F ll Year FY2008 Comparisons
C i
FY08 FY07
Operating Operating Cont Ops Operating Operating Cont Ops
Sales Income Margin Income EPS Sales Income Margin Income EPS
GAAP Measure $10,414.5 $1,495.8 14.4% $1,090.5 $4.97 $9,148.2 $1,375.6 15.0% $1,019.6 $4.57
Gain
G i on contract settlement
t t ttl t ($36.8)
($36 8) ($23.6)
($23 6) ($0.11)
($0 11)
Global cost reduction plan $13.7 $8.8 $0.04
Pension Settlement $26.3 $16.5 $0.08 $10.3 $6.4 $0.03
Donation/sale of cost investment ($5.0) ($19.8) ($0.09)
Tax Audit Settlements/Adjusts. (Q407) ($11.3) ($0.05)
Tax Audit Settlements/Adjusts. (Q307) ($27.5) ($0.12)
Non GAAP Measure $10,414.5 $1,522.1 14.6% $1,107.0 $5.05 $9,148.2 $1,357.8 14.8% $952.6 $4.27
Q408 vs. Q407 Gaap
GAAP Measure 14% 9% (60 bp) 7% 9%
Non GAAP Measure 14% 12% (20 bp) 16% 18%
20

21. Appendix:
ROCE
$ Millions
Quarter Ended Q406 Q107 Q207 Q307 Q407 Q108 Q208 Q308 Q408
Numerator
Operating Income Reported 321.6 313.6 360.0 380.4 380.4 348.6 393.7 373.1
Equity Affiliate Income 27.3 27.5 29.5 30.1 25.3 42.4 46.5 30.8
Earnings before tax as reported 348.9 341.1 389.5 410.5 405.7 391.0 440.2 403.9
Global Cost Reduction Plan 0.0
00 0.0
00 0.0
00 13.7
13 7 0.0
00 0.0
00 0.0
00 0.0
00
Gain on Contract Termination 0.0 0.0 0.0 (36.8) 0.0 0.0 0.0 0.0
Pension Settlement Charge 0.0 0.0 0.0 10.3 0.0 26.3 0.0 0.0
Donation/Sale of Cost Investment 0.0 0.0 0.0 (5.0) 0.0 0.0 0.0 0.0
U.S. Healthcare Impairment 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Earnings before tax ex items 348.9
348 9 341.1
341 1 389.5
389 5 392.7
392 7 405.7
405 7 417.3
417 3 440.2
440 2 403.9
403 9
Effective tax rate as reported 26.6% 26.5% 17.6% 18.4% 26.9% 25.3% 25.0% 23.3%
Earnings after tax as reported 256.1 250.7 320.9 335.0 296.6 292.1 330.2 309.8
Effective tax rate ex items 26.6% 26.5% 25.7% 25.6% 26.9% 26.1% 25.0% 23.3%
Earnings after tax ex items 256.1 250.7 289.4 292.2 296.6 308.4 330.2 309.8
4 Qtr trailing AT earnings (numerator) - as reported 1,162.7 1,203.2 1,244.6 1,253.9 1,228.7
4 Qtr trailing AT Earnings (numerator) - ex items 1,088.4 1,128.9 1,186.6 1,227.4 1,245.0
Denominator
Total Debt 2,846.1 3,146.8 3,305.3 3,772.5 3,667.8 3,972.5 4,383.9 4,027.3 3,966.8
Equity 4,924.0
4 924 0 5,111.5
5 111 5 5,276.5
5 276 5 5,456.3
5 456 3 5,495.6
5 495 6 5,603.0
5 603 0 5,524.3
5 524 3 5,568.7
5 568 7 5,030.7
5 030 7
Minority Interest in subsidiary cos. 88.6 96.5 83.5 88.6 92.9 99.3 117.4 115.5 136.2
Total Capital 7,858.7 8,354.8 8,665.3 9,317.4 9,256.3 9,674.8 10,025.6 9,711.5 9,133.7
5 Qtr Average Capital (denominator) 8,690.5 9,053.7 9,387.9 9,597.1 9,560.4
13.4% 13.3% 13.3% 13.1% 12.9%
ROCE as rptd (4 Qtr trail AT earnings / 5 pt avg capital)
12.5% 12.5% 12.6% 12.8% 13.0%
ROCE ex items (4 Qtr trail AT earnings/ 5 pt avg capital)
21