1. Bank of America
37th Annual Investment Conference
September 18, 2007
Mike Hilton
VP and GM, Electronics and
Performance Materials

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
$9B in sales FY’06
Diverse markets and geographies
Positioned for continued long-term value
creation
FY06 Geographic Sales
FY06 Segment Sales
ROW
Canada/Latin
Tonnage (2%)
Merchant America (4%)
Gases
Gases (25%)
(31%)
Asia United States
(16%) (49%)
Equipment &
Energy
Healthcare (6%)
(6%) Europe
(29%)
Electronics &
Chemicals
Performance
(10%)
Materials
(22%)
3

4. Value Proposition
Profitable Growth
Stability
– Long term contracts
– Consistent and predictable
cash flows
– Strong balance sheet
Earnings growth
– Volume loading
– Pricing/margins
– Productivity
Improving margins
– Strong deal quality
– Good progress to date
– 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
Three consecutive years
FY04 FY05 FY06
$7.8
$7.0 $8.9
Sales ($B)……………
$3.50
$2.53 $2.93
EPS* ($/share)…….......
9.3% 10.0%
ORONA* (%) ………….. 11.3%
SG&A as % of Sales*.... 12.2%
14.2% 13.5%
Balance Sheet…………. “A” rating
Dividend increase &
Shareholder Value…….
share repurchase
6
* Comparisons are non-GAAP. See appendix slide for GAAP reconciliation.

7. Consolidated ’07 YTD Financials:
Continued Solid Performance
Q3 YTD Q3 YTD
FY06 FY07 Change
Sales ($B) $6.5 $7.5 16%
Diluted EPS ($/share)* $2.56 $3.21 25%
ORONA (%)** 10.9% 12.2% 130bp
SG&A as a % of Sales* 12.4% 11.8% (60bp)
* Continuing Operations
7 ** Comparisons are non-GAAP, see appendix for reconciliation

8. Electronics & Performance Materials:
A natural extension of what
Air Products does best
$2B+ segment under-pinned by technology,
innovation
Franchise positions / global leadership
Strategic positions with leading customers
Operationally excellent global supply chain
Global process engineering capability
Leading edge applied technology
8

9. Electronics
Continued Strong Growth…..
Global Leader
~$1.3 billion bulk gas, specialty material and
equipment business
Driven principally by:
– Semiconductor (~85%)
– LCD (~10%)
Strong Volume Growth:
– 20% CAGR over last 4 years
Business Trends:
– New materials for 45nm
– Asia growth
– Product simplification & controlling the value
chain
9

10. Performance Materials
Growth through Differentiation
A global platform with >$700MM in sales
#1 or #2 positions in targeted markets
– Performance based sale
3 key product lines + new initiatives
platforms
– Epoxy curing Agents
– Specialty Surfactants
– Polyurethane Additives
~50% of sales outside of North America
Formulated products that drive leadership
positions
Global supply chain, R&D, applied
technology infrastructure
10

11. Electronics & Performance Materials
Performance Metrics
$MM $MM
Operating Income & Margin
Sales 250 15.0%
2500
10% CAGR
200 12.0%
2000
150 9.0%
1500
100 6.0%
1000
50 3.0%
500
0 0.0%
0
2004 2005 2006 2007E
2004 2005 2006 2007E
• Strong top line growth over the past 4
Revenue by region ($, FY07F)
years
• Excellent profit and return improvement
Asia
(40%)
• Near term focus on further improvement:
North America
(40%)
Electronics Performance Materials
- continued strong hit rate - mix improvement
Latin America
- portfolio restructuring - growth in adjacent
(2%)
Europe markets
(18%)
11

12. Our FY’07 Commitments
Achieve 12.5% ORONA this year
Add Photo
Capture profitable growth
Improve Healthcare performance
Simplify Electronics
Restructure Chemicals
Drive productivity to the
bottom line
12

13. Beyond 2007
Growth Levers
Large ($25MM+) projects on stream …10 in 2008
– 6 in Tonnage
– 4 in Electronics
Geographical Expansions
– Central and Eastern Europe
– Middle East
– India
– Asia
New applications/products/markets
– Energy
– Performance Materials
Productivity
– Expand gross margins
– Electronics/Healthcare/Europe business
improvement
13
– Leverage SAP

14. Beyond 2007
Sustainable Double-Digit Growth
At Superior Returns
Targeting EPS growth between 10-15%
6-7% Market growth
2-4% New geographies/applications/products
2-4% Productivity/margin expansion
10-15% Total
More Focused, Less Cyclical,
Higher Growth, Higher Returns
14

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

16. Appendix:
Non GAAP Reconciliation
($ Millions, except per share data)
GAAP Measure Proforma adjusts Non GAAP Measure
Stock Option Expense
FY04 FY05 FY06 FY04 FY05 FY06(1) FY04 FY05 FY06
Sales 7,031.9 7,768.3 8,850.4 7,031.9 7,768.3 8,850.4
SG&A 956.2 1,013.6 1,080.7 39.4 38.5 995.6 1,052.1 1,080.7
SG&A% of Sales 13.6% 13.0% 12.2% 14.2% 13.5% 12.2%
Diluted EPS - Continuing Ops $2.66 $3.06 $3.29 (0.13) (0.13) 0.21 $2.53 $2.93 $3.50
(1) Global cost reduction plan charge
16

17. Appendix:
ORONA Non-GAAP Reconciliation
$ Millions
Quarter Ended Jun-05 Sep 05 Dec-05 Mar-06 Jun-06 Sep-06 Dec-06 Mar-07 Jun-07
Operating Income
Operating Income 257.6 258.0 253.5 282.6 291.9 232.9 332.3 324.7 364.6
Proforma Option Expense (11.1) (14.9)
Global Cost Reduction Plan - - - - - 72.1 - - -
Op Inc ex Global Cost Red/incl Option Expense 246.5 243.1 253.5 282.6 291.9 305.0 332.3 324.7 364.6
Assets
Total Assets 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
Less Investment in Equity Affiliate 661.3 663.7 679.4 718.2 736.4 728.3 765.6 796.2 817.9
Less Current Assets Disc Ops 103.0 100.7 100.5 102.5 83.3 - - - -
Less Non-Current Assets Disc Ops 142.1 133.5 130.7 128.5 126.4 - - - -
Net Assets from Cont Ops 9,403.4 9,510.9 9,714.3 10,083.3 10,344.7 10,452.4 10,734.4 11,081.8 11,750.9
ORONA ex Global Cost Reduction Plan with Option Expense in all periods
4 Qtr Trailing Op Income 939.0 947.6 974.4 1,025.7 1,071.1 1,133.0 1,211.8 1,253.9 1,326.6
5 Qtr Avg Net Assets from Cont Ops 9,421.3 9,511.2 9,627.2 9,699.1 9,811.3 10,021.1 10,265.8 10,539.3 10,872.8
ORONA ex Global Cost Red. Plan w/ Option Exp. 10.0% 10.0% 10.1% 10.6% 10.9% 11.3% 11.8% 11.9% 12.2%
ORONA for the Quarter (Op inc x 4 / 2 pt avg net assets) 10.3% 10.3% 10.5% 11.4% 11.4% 11.7% 12.5% 11.9% 12.8%
17