1. Paul Huck
Senior VP and CFO
Goldman Sachs
Basic Materials Conference
May 21, 2008

2. Forward-Looking Statements
NOTE: This document contains “forward-looking statements” within the safe harbor provisions of
the Private Securities Litigation 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, 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; 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 a
natural disaster; the ability to attract, hire and retain qualified personnel in all regions of the world
where the company operates; charges related to portfolio management, goodwill recoverability,
business restructuring and cost reduction actions; the success of implementing cost reduction
programs; the timing, impact, and other uncertainties of future acquisitions or divestitures;
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 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.
2

3. Air Products
At a glance
$10B company
Diverse markets and geographies
Positioned for continued long-term value creation
FY07 Geographic Sales
FY07 Segment 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. 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
4

5. Transforming Air Products
Creating Shareholder Value
FY07 Sales
FY00 Sales
$9.4B
$5.7B
Merchant Tonnage
Tonnage
Merchant
Electronics
& Perf Mat’ls
Healthcare
Equipment
Chemicals Healthcare
& Energy
Electronics &
Performance
Equipment
Materials
& Energy
5

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

7. Equity Affiliate Income $114M
FY07 Revenues 100% basis $2B
Italy
$480M
India
Mexico
$90M
Thailand
$550M
$85M
South Africa
$135M
7

8. Merchant Gases
Continued Solid Performance
$MM $MM
Operating Income & Margin
Sales 700 20.0%
3500
12% CAGR
600
3000
18.0%
500
2500
16.0%
400
2000
300
1500 14.0%
200
1000
12.0%
100
500
0 10.0%
0
2004 2005 2006 2007
2004 2005 2006 2007
•
Revenue by region ($, FY07)
Continue delivering double-digit
Europe LB
growth
- Strong growth in Asia
Europe PG
North America
- Expanding in Eastern/Central
Europe
Asia
- New offerings success
Equipment ROW
• Achieve 20% operating margins
8
8

9. Tonnage Gases
High Growth Segment
$MM $MM
Operating Income & Margin
Sales 450 20.0%
3000
18% CAGR 400
2500 18.0%
350
300
2000
16.0%
250
1500
200
14.0%
150
1000
100 12.0%
500
50
10.0%
0
0
2004 2005 2006 2007
2004 2005 2006 2007
• Significant profit growth and
Investment by Region
improvement in returns on capital
North America
while bringing on new investments
• Significant large plant bidding
opportunities (both H2 & O2)
continue
Europe &
Middle East
• Anticipate continued 10%-15% H2
Asia
growth
9
9

10. Strong Hydrogen Pipeline Positions
Sarnia
Canada 40
Baton Rouge 40
Edmonton, Suncor
Louisiana
IL
RA
Canada
Plaquemine
CN
Air Products
Canada
40
Geismar Shell
Refinery
Geismar
16
16
10
Lake ST.
16
Cosmar 16
Pontchartrain CLAIR
RIVER
Petro-Canada
Convent
Imperial Oil
Nola
New Orleans
Taft Sherwood Corunna
Park 21
21
14
14 630
630
Chalmette
Rotterdam
14
14
Europoort
Pernis
Dominguez
Southern
SF Bay Channel
Refineries 91
California
405 Zwijndrecht
Botlek
Tarragona
190th
Refinery
St.
710
To Moerdijk
Carson H2
Long
110
VAN NESS Beach Lake Charles
AVE. Arpt. Beaumont
BP
Sepulveda
Texas
Blvd Carson
Mont Belvieu
405
69
APD HyCO facilities
10
Shell City of Houston Battleground
Conoco Phillips 73
Wilmington
H2 pipeline
Carson
1 Port Arthur
10
CO pipeline
Anaheim Valero Baytown 2
Street 610
Wilmington
Syngas pipeline
Conoco Phillips
Wilmington Wilmington H2 225
110
45
LaPorte
Pasadena Bayport
Clear Lake
Texas City
10
10

11. Electronics & Performance Materials
Continued Margin Improvement
$MM $MM
Operating Income & Margin
Sales 250 15.0%
2500
11% CAGR
200 12.0%
2000
150 9.0%
1500
100 6.0%
1000
50 3.0%
500
0 0.0%
0
2004 2005 2006 2007
2004 2005 2006 2007
Revenue by region ($, FY07)
• Strong top line growth over the
past four years
Asia
(40%)
• Excellent profit and return
North America
improvement
(40%)
• Near term focus on further
Latin America
(2%)
margin improvement
Europe
(18%)
11
11

12. Margin Improvement Focus
17%
14%
2010
2007
300 basis point operating margin improvement from …
Cost
Plant Improved
reduction
efficiency mix
200bp
50bp 50bp
12
12

13. 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 (%) ………….. 9.6% 12.4%
9.9% 11.3%
ROCE (%)…………….. 9.6% 10.1% 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
13 * Comparisons are non-GAAP.

14. Consolidated ’08 YTD Financials:
Delivering Leverage
Q2 YTD Q2 YTD
FY07 FY08 Change
Sales ($B) $4.8 $5.1 11%
SG&A as a % of Sales 12.2% 12.0% (20bp)
Operating Margin 13.7% 14.5% 80bp
Diluted EPS ($/share) $1.96 $2.39 22%
ROCE (%) 11.7% 12.4% 70bp
Comparisons are non-GAAP
14

15. Outlook for Industrial Gases
Continued Strength
Global outlook for gases tracking on forecast
Future demand drivers are strong
– High energy costs efficiencies
– High capital costs debottlenecking
– Environmental pressures new applications
Well positioned globally with market leadership
– Hydrogen for clean fuels
– Oxygen for gasification
– Electronics
15

16. 2008 and Beyond
Sustainable Double-Digit Growth
at Superior Returns
Targeting sustainable double-digit EPS growth
– 15% to 19% EPS growth in FY 08
● Targeting 300bp margin improvement over
3 years
– Cost reduction and SG&A improvement
– Accelerated productivity
– 100 basis points in FY’08
Targeting a ROCE 3% to 5% above our cost of
capital
More Focused, Less Cyclical,
Higher Growth, Higher Returns
16

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