1. Paul Huck, SVP & CFO
2007 Citi Basic Materials Symposium
New York City
December 5, 2007

2. Forward-Looking Statements
NOTE: This presentation 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 presentation 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 Air Products; 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 portfolio management and cost
reduction actions; the success of implementing cost reduction programs and achieving anticipated acquisition
synergies; the timing, impact and other uncertainties of future acquisitions or divestitures or unanticipated
contract terminations; significant fluctuations in interest rates and foreign currencies from that currently
anticipated; the impact of new or changed tax and other legislation and regulations in jurisdictions in which Air
Products 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 presentation 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 sales FY’07
Diverse markets and geographies
Positioned for continued long-term value creation
FY07 Geographic Sales
FY07 Segment Sales
ROW (2%)
Tonnage
Asia
Merchant Gases
(17%)
Gases (26%)
(32%)
United
States
Equipment & (44%)
Energy
Healthcare (6%)
(6%) Europe
(32%)
Electronics &
Chemicals
Performance
(10%)
(9%) Canada/Latin
Materials America (5%)
(21%)
(22%)
3

4. Value Proposition
Profitable Growth
Stability
– Long term contracts
– Consistent and predictable
cash flows
– Strong balance sheet
Earnings growth
– New projects
– Margin improvement
– Productivity
Improving returns
– Good progress
– Continued opportunity
4

5. Supply Modes
Durable Business Models
10, 15 and 20-year contracts
Take-or-pay minimum volumes
Contractual energy pass-through Equipment &
Formula escalation Services 19%
Onsite/Pipeline
34%
3-5 year contracts Package Gases &
Liquid/Bulk
Regional business Specialty Materials
21%
Cost pass-through/surcharges 26%
% of consolidated revenues
5
(excludes Chemicals segment)

6. A Healthy Report Card
Four consecutive years
FY07
FY04 FY05 FY06
$7.7 $10.0
$6.9 $8.8
Sales ($B)………………
EPS* ($/share)……....... $3.49
$2.52 $4.37
$2.92
ORONA* (%) ………….. 9.4% 10.0% 12.5%
11.4%
ROCE* (%)…………….. 9.9% 10.5% 12.7%
11.6%
SG&A / Sales (%)*…… 12.3%
14.3% 13.6% 11.8%
“A” rating
Balance sheet………….
Dividend increase &
Shareholder value…….
share repurchase
6
* Comparisons are non-GAAP. See appendix slide for GAAP reconciliation.

7. Equity Affiliate Income >$100M
FY07 Revenues 100% basis ~$1.6B
Italy
$470M
India
Mexico
$85M
Thailand
$515M
$80M
South Africa
$130M
7

8. Merchant Gases
Drive a Local Business on a Global Chassis
$3.2 billion in FY’07 sales
Liquid/Bulk, cylinder and small onsite
gases to diverse industrial markets
Global business model
– Marketing Local
Business
– Application development
Regional
– Supply chain Global Roles/Global
Differentiators
Collaboration
Local execution
– Logistics
– Sales and pricing Margin
Improvement
– Customer service & Growth
Future opportunities
– Improve margins
– Eastern Europe & Asia growth
8

9. Merchant Gases
Strong Growth & 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
- Explosive growth in Asia
Europe PG
North America
- Expanding in Eastern/Central
Europe
Asia
- New offerings success
Equipment ROW
• Achieve 20% operating margins
9

10. Tonnage Gases
Market Leader in Refinery Hydrogen
H2 Plant Operating Years
Global #1 HyCO Position
Onstream 2007
APD . . .
APD Widening Gap
(1940MMscfd)
Comp Z
Comp X
Comp Y
2000 2005
1995
APD Comp. X Comp. Y Others
4,600 Million SCFD
10

11. 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
11

12. 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
12

13. Tonnage Gases
Leading the Way on Gasification
A leading O2 supplier to
gasification facilities
Designed, built, own, and
operate units for syngas, H2
and CO for pipeline
systems:
O2 for Gasification/ ATR Customers
– NG-based POX units
(TPD)
– Syngas cleanup/separation 25,000
facilities from POX unit
20,000
Recent wins:
15,000
– Eastman Gasifier in Texas 10,000
– Wison II in China 5,000
– BP Clean Power in 0
California APD Comp X Comp Y Comp Z
13

14. Hydrogen from Eastman Gasifier
Project vs. “Off-Gas” Facilities
Typical “Off-Gas” Facility
Ethylene, etc
Raw Chemical
Materials Hydrogen
plant H2 purification
~ 85% - 95% O/S
Eastman facility
APD O2
Spare
Hydrogen to
#3
Pet Coke Air Products
>99% O/S
#2
Methanol
Gasifier
Syngas
#1 Ammonia
14

15. Equipment and Energy
Positioned for continued growth
$.6 billion in FY’07 sales
Broad customer base
– Oil & gas, utilities, chemicals and
metals
Products
– LNG heat exchangers, large air
separation units, hydrocarbon
separators, helium containers,
hydrogen fueling systems…
Strategy
– Leverage existing relationships
– Develop energy projects
– Leverage engineering technology
and products to grow gases
businesses
15

16. LNG Heat Exchangers
Market Leadership
US Natural Gas Gap
APD world leader in LNG
equipment technology Consumption
Sustainable competitive 25%
advantage with AP-X® Net Imports
BCFD
technology 15%
Production
US import terminals
– 6 constructed; 7 bcfd
US NG Imports 2006 & 2020
– 22 approved; 37 bcfd
– 27 proposed; 25 bcfd
Anticipate 2-3 LNG orders
BCFD
per year over next 5 years
2020
2006
16

17. Electronics & Performance Materials:
A natural extension of what Air Products
does best
$2.1B segment underpinned
by technology, innovation
Franchise positions / global
leadership
Strategic positions with
leading customers
Operationally excellent global
supply chain
Leading edge applied
technology, new products
17

18. Electronics & Performance Materials
Strong Performance
$MM $MM
Operating Income & Margin
Sales 250 15.0%
2500
10% CAGR
200 12.0%
2000
150 9.0%
1500
100 6.0%
1000
50 3.0%
500
0 0.0%
0
2004 2005 2006 2007E
2004 2005 2006 2007E
• Excellent profit and return
Revenue by region ($, FY07F)
improvement driven largely by
Asia
Electronics turn around
(40%)
• Continue delivering double-digit
North America
(40%)
growth
Latin America
• Achieve 15% operating margins
(2%)
Europe
(18%)
18

19. Fiscal Year 2007:
Fourth Year of Double-Digit Growth
Continuing Operations *
Growth vs. PY
$∆ %∆
FY06 FY07
($Millions)
Sales $8,753 $10,038 $1,285 15%
Operating Income 1,128 1,390 262 23%
Net Income 792 976 184 23%
EPS ($/share) 3.49 4.37 0.88 25%
ORONA (%) 11.4% 12.5% 110bp
$567 million in shares repurchased
Additional $1B authorization announced
Continued to improve the portfolio
19 * Comparison is non-GAAP, see appendix for reconciliation

20. Margin Improvement Focus
17%
14%
2010
2007
300 basis point operating margin improvement from …
Cost
Plant Improved
reduction
efficiency mix
200bp
50bp 50bp
20

21. 2008 and Beyond
Sustainable Double-Digit Growth
at Superior Returns
Targeting EPS growth between 10-15%
11 large ($25MM+) projects on stream in ‘08
New geographies
New applications/products/markets
Cost reduction/productivity
ROCE well above our cost of capital +3-5%
More Focused, Less Cyclical,
Higher Growth, Higher Returns
21

22. Thank you
tell me more
www.airproducts.com
22

23. Appendix:
Non-GAAP Reconciliation
23

24. Appendix:
FY2008 Guidance
Full Year %
FY07 FY08 Guidance Change
($/share)
Diluted EPS - Continuing Operations
GAAP $4.67 $4.80-$5.00 3%-7%
Adjustments (1) ($0.30)
Non GAAP $4.37 $4.80-$5.00 10%-14%
(1) See previous appendix for listing of adjustments
24

25. Appendix:
FY2007 – Q4 vs. Q3
Fav / (Unfav)
FY2007 Q4 FY2007 Q3 FY2007 - Q4 vs Q3
Operating Income from EPS Operating Income from EPS Operating Income from EPS
Income Cont. Ops Cont. Ops Income Cont. Ops Cont. Ops Income Cont. Ops Cont. Ops
GAAP Measure $389.1 $301.7 $1.35 $363.9 $284.5 $1.28 7% 6% 5%
Gain on contract termination ($36.8) ($23.6) ($0.11)
Supp. pension plan charge $10.3 $6.4 $0.03
Global cost reduction plan $13.7 $8.8 $0.04
Donation/sale of cost investment ($5.0) ($19.8) ($0.09)
Tax adjustments ($11.3) ($0.05)
Tax audit resolution ($27.5) ($0.12)
Non GAAP Measure $371.3 $262.2 $1.17 $363.9 $257.0 $1.16 2% 2% 1%
25

26. Appendix:
ORONA Non-GAAP Reconciliation
$ Millions
Quarter Ended Dec-04 Mar-05 Jun-05 Sep 05 Dec-05 Mar-06 Jun-06 Sep-06 Dec-06 Mar-07 Jun-07 Sep-07
Operating Income
Op. Inc. Reported 235.9 238.8 256.8 259.3 253.2 280.3 290.8 231.3 331.2 323.5 363.9 389.1
Proforma Option Expense (11.0) (10.9) (11.1) (14.9) - - - - - - - -
Op. Inc. Reported with Option Exp all periods 224.9 227.9 245.7 244.4 253.2 280.3 290.8 231.3 331.2 323.5 363.9 389.1
Disclosed Items:
Global Cost Reduction Plan - - - - - - - 72.1 - - - 13.7
Pension Settlement charge 10.3
Gain on contract termination - - - - - - - - - - - (36.8)
Donation/sale of cost investment - - - - - - - - - - - (5.0)
Op Inc incl Option Expense, ex items 224.9 227.9 245.7 244.4 253.2 280.3 290.8 303.4 331.2 323.5 363.9 371.3
Assets
Total Assets 10,653.4 10,707.3 10,309.8 10,408.8 10,624.9 11,032.5 11,290.8 11,180.7 11,500.0 11,878.0 12,568.8 12,668.9
Less Investment in Equity Affiliate 672.1 672.8 661.3 663.7 679.4 718.2 736.4 728.3 765.6 796.2 817.9 855.4
Less Current Assets Disc Ops 141.8 142.9 137.4 136.8 134.6 136.1 116.8 32.2 31.5 30.0 28.5 28.5
Less Non-Current Assets Disc Ops 208.9 205.9 204.6 194.1 189.3 185.8 182.6 56.6 54.4 54.3 55.5 39.8
Net Assets from Cont Ops 9,630.6 9,685.7 9,306.5 9,414.2 9,621.6 9,992.4 10,255.0 10,363.6 10,648.5 10,997.5 11,666.9 11,745.2
ORONA with Option Expense in all periods - reported
4 Qtr Trailing Op Income 971.2 1,023.6 1,068.7 1,055.6 1,133.6 1,176.8 1,249.9 1,407.7
5 Qtr Avg Net Assets from Cont Ops 9,531.7 9,604.1 9,717.9 9,929.4 10,176.2 10,451.4 10,786.3 11,084.3
ORONA with Option Expense in all periods - reported 10.2% 10.7% 11.0% 10.6% 11.1% 11.3% 11.6% 12.7%
ORONA for the Quarter (Op inc x 4 / 2 pt avg net assets) 10.6% 11.4% 11.5% 9.0% 12.6% 12.0% 12.8% 13.3%
ORONA with Option Expense in all periods - ex items
4 Qtr Trailing Op Income 971.2 1,023.6 1,068.7 1,127.7 1,205.7 1,248.9 1,322.0 1,389.9
5 Qtr Avg Net Assets from Cont Ops 9,531.7 9,604.1 9,717.9 9,929.4 10,176.2 10,451.4 10,786.3 11,084.3
ORONA w/ Option Exp all periods - ex items 10.2% 10.7% 11.0% 11.4% 11.8% 11.9% 12.3% 12.5%
ORONA for the Quarter (Op inc x 4 / 2 pt avg net assets) 10.6% 11.4% 11.5% 11.8% 12.6% 12.0% 12.8% 12.7%
26

27. Appendix:
ROCE Non-GAAP Reconciliation
$ Millions
Quarter Ended Dec-04 Mar-05 Jun-05 Sep 05 Dec-05 Mar-06 Jun-06 Sep-06 Dec-06 Mar-07 Jun-07 Sep-07
Numerator
Operating Income Reported 235.9 238.8 256.8 259.3 253.2 280.3 290.8 231.3 331.2 323.5 363.9 389.1
Proforma Option Expense (11.0) (10.9) (11.1) (14.9)
Equity Affiliate Income 25.5 25.2 26.3 28.4 27.8 24.3 25.9 29.7 30.1 32.4 35.5 33.8
Earnings before tax before items 250.4 253.1 272.0 272.8 281.0 304.6 316.7 261.0 361.3 355.9 399.4 422.9
Global Cost Reduction Plan 0.0 0.0 0.0 0.0 0.0 0.0 0.0 72.1 0.0 0.0 0.0 13.7
Gain on Contract Termination 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 (36.8)
Pension Settlement Charge 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 10.3
Donation/Sale of Cost Investment 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 (5.0)
Earnings before tax ex items 250.4 253.1 272.0 272.8 281.0 304.6 316.7 333.1 361.3 355.9 399.4 405.1
Effective tax rate before items 29.3% 28.7% 26.1% 29.2% 27.0% 27.5% 26.7% 24.6% 26.9% 27.0% 18.0% 18.9%
Earnings after tax before items 177.0 180.5 201.0 193.1 205.1 220.8 232.1 196.8 264.1 259.8 327.5 343.0
Effective tax rate ex items 29.3% 28.7% 26.1% 29.2% 27.0% 27.5% 26.7% 27.2% 26.9% 27.0% 25.9% 26.0%
Earnings after tax ex items 177.0 180.5 201.0 193.1 205.1 220.8 232.1 242.5 264.1 259.8 296.0 299.8
4 Qtr Trailing Earnings after tax (numerator) - before items 779.7 820.0 851.1 854.8 913.8 952.8 1,048.2 1,194.4
4 Qtr Trailing Earnings after tax (numerator) - ex items 779.7 820.0 851.1 900.5 959.5 998.5 1,062.4 1,119.7
Denominator
Total Debt 2,559.0 2,505.3 2,508.7 2,493.7 2,601.9 2,796.6 2,973.3 2,849.8 3,150.2 3,313.9 3,778.9 3,677.2
Equity 4,740.8 4,910.1 4,614.9 4,545.5 4,708.8 4,967.7 5,046.6 4,924.0 5,111.5 5,276.5 5,456.3 5,504.0
Minority Interest 183.8 186.1 179.1 181.1 180.5 191.7 171.2 178.0 188.8 178.4 176.0 177.3
Total Capital 7,483.6 7,601.5 7,302.7 7,220.3 7,491.2 7,956.0 8,191.1 7,951.8 8,450.5 8,768.8 9,411.2 9,358.5
5 Qtr Average Capital (denominator) 7,419.9 7,514.3 7,632.3 7,762.1 8,008.1 8,263.6 8,554.7 8,788.2
ROCE before items 10.5% 10.9% 11.2% 11.0% 11.4% 11.5% 12.3% 13.6%
ROCE before items for the Quarter (earnings after tax x 4 / 2 pt avg capital) 11.2% 11.4% 11.5% 9.8% 12.9% 12.1% 14.4% 14.6%
ROCE ex items 10.5% 10.9% 11.2% 11.6% 12.0% 12.1% 12.4% 12.7%
ROCE ex items for the Quarter (earnings after tax x 4 / 2 pt avg capital) 11.2% 11.4% 11.5% 12.0% 12.9% 12.1% 13.0% 12.8%
27

28. Appendix:
ROCE Tax Rate Reconciliation
Q105 Q205 Q305 Q405 Q106 Q206 Q306 Q406 Q107 Q207 Q307 Q407
Reported
Income from Cont. Ops. Before Tax and Min. Int 233.5 234.3 257.2 261.2 254.7 279.3 287.3 222.7 322.2 318.1 355.2 380.8
Minority Interest (4.3) (4.5) (8.3) (5.6) (6.1) (10.2) (6.4) (7.1) (7.9) (7.4) (8.3) (8.8)
Income from Cont. Ops. Before Tax 229.2 229.8 248.9 255.6 248.6 269.1 280.9 215.6 314.3 310.7 346.9 372.0
Proforma Option Expense (11.0) (10.9) (11.1) (14.9) 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Income from Cont. Ops. Before Tax w/ Option Exp. 218.2 218.9 237.8 240.7 248.6 269.1 280.9 215.6 314.3 310.7 346.9 372.0
Tax Expense 63.9 62.8 62.0 70.2 67.0 74.0 75.1 53.0 84.7 83.8 62.4 70.3
Tax Rate Reported 29.3% 28.7% 26.1% 29.2% 27.0% 27.5% 26.7% 24.6% 26.9% 27.0% 18.0% 18.9%
ITEMS
Operating Income
Global Cost Reduction Plan 72.1 13.7
Gain on Contract Termination (36.8)
Supp. Pension Plan Charge 10.3
Donation/Sale of Cost Investment (5.0)
Tax Exp
Tax Audit Settlement 27.5
Global Cost Reduction Plan 25.3 4.9
Gain on Contract Termination (13.2)
Supp. Pension Plan Charge 3.9
Donation/Sale of Cost Investment 14.8
Tax adjustments 11.3
Ex Items
Income from Cont. Ops. Before Tax w/ Option Exp. 218.2 218.9 237.8 240.7 248.6 269.1 280.9 287.7 314.3 310.7 346.9 354.2
Tax Expense 63.9 62.8 62.0 70.2 67.0 74.0 75.1 78.3 84.7 83.8 89.9 92.0
Tax Rate ex Items 29.3% 28.7% 26.1% 29.2% 27.0% 27.5% 26.7% 27.2% 26.9% 27.0% 25.9% 26.0%
28