1. Mike Hilton
Senior VP and GM, Electronics
and Performance Materials
Bank of America
BASics / Industrials Conference
May 7, 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%)
Equipment & Europe
Healthcare Energy (32%)
(7%) (6%)
Electronics &
Canada/Latin
Performance Materials
America (5%)
(22%)
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. 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%
5

6. Transforming Air Products
More Less
focused cyclical
The APD
The APD
Transformation
Transformation
Higher Higher
growth return
6
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 (%) ………….. 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
7 * Comparisons are non-GAAP.

8. 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
8

9. 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
9

10. 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
10

11. Electronics
Continued Strong Growth
Global leader, double-digit top-line growth
~$1.3 billion bulk gas, specialty material
and equipment business
Driven principally by:
– Semiconductor (~85%)
– LCD (~10%)
Board markets: Silicon and compound
semiconductors, flat panel displays,
photovoltaic devices
Business trends:
– New materials for 45nm
– Asia growth
– Product simplification & controlling the
value chain
11

12. 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 initiative 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
12

13. Electronics & Performance Materials
Performance Metrics
$MM $MM
Operating Income & Margin
Sales 250 15.0%
2500
11% CAGR
200 12.0%
2000
150 9.0%
1500
100 6.0%
1000
50 3.0%
500
0 0.0%
0
2004 2005 2006 2007
2004 2005 2006 2007
• Strong top line growth over the past four
Revenue by region ($, FY07)
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%)
13

14. 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
14

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