1. Jeffry L. Byrne
VP/GM, Tonnage Gases
Oppenheimer 3rd Annual Industrials
Conference
October 2, 2008

2. Forward-Looking Statements
Note: This document contains “forward-looking statements” including, without limitation, statements about the
company’s expected fiscal fourth quarter results. These forward-looking statements are based on
management’s reasonable expectations and assumptions as of the date of this document. Market conditions
will continue to evolve, and additional investigation of damage from the fire and hurricanes and September
results could impact the estimates provided today. The company does not intend to update this information until
it announces fiscal fourth quarter results. Events or results described in forward looking statements may be
influenced by many factors not anticipated by management, including, without limitation, overall economic and
business conditions different than those currently anticipated; future financial and operating performance of
major customers and industries served by the Company; the impact of competitive products and pricing;
interruption in ordinary sources of supply of raw materials; consequences of acts of war or terrorism impacting
the United States’ and other markets; the effects of a pandemic or a natural disaster; the ability to attract, hire
and retain qualified personnel in all regions of the world where the company operates; unanticipated contract
terminations or customer cancellation or postponement of projects or sales; 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 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.
2

3. Air Products
At a glance
 $10B in revenues
 Diverse markets and geographies
 Positioned for continued long-term value creation
FY07 Segment Sales FY07 Geographic Sales
ROW (2%)
Asia
(17%)
Merchant Tonnage
Gases Gases
(34%) (31%) United
States
(44%)
Healthcare Europe
Electronics &
(7%) (32%)
Performance Materials
Equipment &
(22%) Canada/Latin
Energy
America (5%)
(6%)
3

4. APD Transformation
Creating Shareholder Value
FY00 Sales FY07 Sales
$5.7B $9.4B
Merchant Tonnage
Tonnage
Merchant
Electronics
& Perf Mat’ls
Healthcare
Equipment
Chemicals Healthcare
& Energy
Electronics &
Performance
Equipment
Materials
& Energy
4

5. Air Products Value Proposition
Profitable Growth
 Stability
– Long term contracts
– Consistent and predictable
cash flows
– Strong balance sheet
 Growth
– Solid project backlog
– High bidding activity
– Energy opportunities
 Improving returns
– Margin improvement
– Productivity
– Increasing dividends
– Share buyback
5

6. Supply Modes
Durable Business Models
10, 15 and 20-year contracts
Take-or-pay minimum
volumes
Contractual energy Equipment &
pass-through Services
18%
Onsite/Pipeline
Formula escalation
36%
3-5 year contracts Package Gases &
Liquid/Bulk
Regional business Specialty Materials
21%
Cost pass-through/surcharges 25%
6

7. A Healthy Report Card
Four consecutive years
FY07
FY04 FY05 FY06
$7.1 $9.4
$6.4 $8.2
Sales ($B)………………
EPS ($/share)……....... $3.35
$2.45 $4.20
$2.80
ORONA (%) ………….. 12.4%
11.3%
ROCE (%)…………….. 12.3%
11.2%
SG&A / Sales (%)…… 12.8%
14.7% 14.2% 12.2%
“A” rating
Balance Sheet………….
Dividend increase &
Shareholder Value…….
share repurchase
* Comparisons are non-GAAP.
7

8. Merchant Gases
Strong Growth & Performance
$MM
$MM
12% CAGR
Revenue by Region ($, FY07)
Europe LB
• Continue delivering double-digit growth
Solid growth in Asia
Europe PG
 Expanding in Eastern/Central Europe
North America
 New offerings success
Asia
• Achieve 20% operating margins
Equipment ROW
8

9. Electronics & Performance Materials
Performance Improvement
$MM
$MM
11% CAGR
Revenue by Region ($, FY07) • Profit and return improvement driven
largely by Electronics turn-around
Asia
• Continue delivering double-digit growth
(40%)
North America
• Growth in Photovoltaics
(40%)
• Achieve 15% operating margins
Latin America
(2%)
Europe
(18%)
9

10. Tonnage Gases
High Growth Segment
$MM $MM
16% CAGR
Investment by Region
• Significant profit growth and improvement
in returns on capital while bringing on new
North America
investments
• Significant large plant bidding
opportunities (both H2 & O2) continue
Europe &
Middle East
• Anticipate continued 10%-15% H2 growth
Asia
10

11. Refining Hydrogen and Energy
Driving Hydrogen Growth
 Transport fuels growth
15%
 More heavy, sour crude
15% 45%
 Clean fuels legislation 25%
 Increased outsourcing trend
 Future opportunities Conversion
Crude
– Gasification
Clean Fuels
– GTL Outsourcing
– Oil sands
– Non-conventional fuels
11

12. Major Hydrogen Pipeline
Positions – US / Canada / Europe
Sarnia
Canada 40
Baton Rouge 40
Edmonton, Suncor
Louisiana
Canada Air Products
Plaquemine Canada
40
Geismar Shell
Refinery
Geismar
16
Lake
10
ST.
16
Pontchartrain
Cosmar CLAIR
RIVER
Convent Petro-Canada
Imperial Oil
Nola
New Orleans
Sherwood
Taft Corunna
Park 21
14
Chalmette
14
Rotterdam
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
Blvd Beaumont
Carson
405
APD HyCO facilities
Shell Mont Belvieu 69
10
Wilmington
Conoco Phillips City of Houston
H2 pipeline
Battleground 73
1 Carson
CO pipeline
Port Arthur
Anaheim Street 10
Valero
Wilmington Baytown 2
Syngas pipeline
Conoco Phillips 610
Wilmington Wilmington H2
110
225
45
LaPorte
Pasadena Bayport
Clear Lake
Texas City
12

13. Hydrogen Plant Integration
Adds Significant Value
Steam Power H2 to
to Others to Grid Pipeline
Hydrogen
Steam REFINERY
Power
HC Feeds
H2 Offgas
Fuel
Air Products H2 / cogen plant

14. Tonnage Gases
Leading the Way on Gasification
 APD is one of the largest
suppliers of oxygen to
gasification facilities around the
world (>10 large units)
 Designed, built, own and operate
units in Texas for syngas, H2 and
CO for pipeline systems:
– NG based POX units (LaPorte)
– Syngas cleanup / separation
facilities from heavy oil POX
unit (Baytown)
 Recently announced Tonnage
relationship on O2 and H2:
– Eastman Gasifier -Texas
– Wison II, Weihe in China
– BP Clean Power in California
14

15. Air Products Outlook
 Future demand drivers are strong
– High energy costs  efficiencies
– High capital costs  debottlenecking
– Environmental pressures  new applications
 Globally well positioned with market leadership
– Hydrogen for clean fuels
– Oxygen for gasification
– Electronics
15

16. Margin Improvement Goal
17%
14%
2010
2007
300 BP Operating Margin Improvement from …
Cost
Plant Improved
Reduction
Efficiency Mix
200BP
50BP 50BP
16

17. Capital Spending Outlook
FY2008
PP&E CapEx $1.2B
Capital leases 0.2
Total $1.4B
FY2009 Forecast
Total $1.7-$2.0B
On-site includes long-term contracts reported in our Tonnage, Electronics and Merchant Gas business segments.
Merchant includes liquid & bulk gas, packaged gas, specialty and performance materials and equipment & services capital.
17 Support includes maintenance capital and other non-revenue generating capital spending.

18. 2009 and Beyond
Sustainable Double-Digit Growth
at Superior Returns
 Targeting sustainable double-digit EPS growth
● Targeting a total of 300BP margin improvement
in FY’07 – FY’10
– Cost reduction and SG&A improvement
– Improved business mix
– Plant efficiency / incremental expansions
 Targeting a ROCE 3% – 5% above our cost of
capital
More Focused, Less Cyclical,
Higher Growth, Higher Returns
18

19. Thank you
tell me more
www.airproducts.com