1. John McGlade
President & COO
Lehman Brothers March 29, 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 those expressed in the forward-
looking statements because of many factors, including those specifically referenced as future events or
outcomes that the company anticipates as well as, among other things, overall economic and business
conditions different than those currently anticipated and demand for Air Products’ goods and services during that
time; competitive factors in the industries in which it competes; interruption in ordinary sources of supply; the
ability to recover unanticipated increased energy and raw material costs from customers; uninsured litigation
judgments or settlements; changes in government regulations; 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 tax and other legislation and regulations in
jurisdictions in which Air Products and its affiliates operate; the impact of new 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
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 returns
4

5. 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
5
* Comparisons are non-GAAP. See appendix slide for GAAP reconciliation.

6. Merchant Gases:
Leveraging Strong Demand
Industrial gases, FY’06 Performance
certain medical /
vs. Prior Year:
specialty gases
supplied to a variety
Sales $2.7 billion
of markets up 10%
Liquid bulk,
Op. Inc. $470 million
packaged gases,
up 18%*
small on-sites
Strong volume performance
in all regions of the world,
supported by new customer
signings and price increases
despite hurricane impacts
6
* Comparisons are non-GAAP

7. Tonnage Gases
Investments Drive Growth
Industrial gases via
FY’06 Performance
large on-sites or
vs. Prior Year:
pipelines to refining,
chemical, metallurgical
Sales $2.2 billion
industries
up 28%
Growing hydrogen
Op. Inc. $341 million
franchise position;
up 39%*
gasification and new
oxygen technologies
Strong volumes from six
new refinery hydrogen plants
(35% capacity increase)
and base business growth
7
* Comparisons are non-GAAP

8. Equipment & Energy
LNG Drives Growth
Air sep, hydrocarbon FY’06 Performance
recovery/purification,
vs. Prior Year:
natural gas liquefaction,
helium distribution
Sales $537 million
equipment; future up 45%
energy technologies
Op. Inc. $69 million
Oil and gas, utilities,
up significantly*
chemical, metals markets
Driven by orders for
liquefied natural gas (LNG)
heat exchangers and
air separation units
8
* Comparisons are non-GAAP

9. Electronics & Performance Materials:
A Winning Combination
Specialty / bulk gases / FY’06 Performance
chemicals, services and
vs. Prior Year:
equipment for electronics;
performance chemical
Sales $1.9 billion
solutions for various end up 12%
markets
Op. Inc. $195 million
Surface science expertise
up 48%*
delivers performance
Strong volumes driven
by semiconductor and
flat-panel display market
demand and Tomah3
Products acquisition
9
* Comparisons are non-GAAP

10. Healthcare:
Focused on Improvement
Respiratory therapies, FY’06 Performance
home medical
vs. Prior Year:
equipment, infusion
services for patients in
Sales $571 million
their homes up 5%
Anticipate future
Op. Inc. $8 million
improvement from higher
down significantly*
U.S. volumes and lower
operating costs
Operational issues in the
U.S. and higher start-up
costs from a new U.K. home
oxygen contract
10
* Comparisons are non-GAAP

11. Air Products Europe
Positioned for Strategic Growth
$2.5B in Revenue in FY06
– Strong Positions in Core Regions
Market Leadership
– #1 in Refinery Hydrogen
– #1 in Electronics
– #2 in Healthcare
Targeted Growth
– BOC Poland Acquisition
– Focus on Central / Eastern Europe
– Technology Innovation
11

12. Europe:
Europe:
Strong Positions
Strong Positions
in Core Regions
in Core Regions
Post BOC Poland
Post BOC Poland
#1 position
#2 position
#3 position
12

13. Tonnage (+Liquid)
Europe:
Europe: Liquid only
Key Locations
Key Locations Chemicals
Post BOC Poland
Post BOC Poland Equipment
Manufacturing
13

14. Acquisition of BOC Poland
A Leadership Position
A leadership position in Europe’s fastest growing
region
– Poland is the largest economy
– Continued shift of manufacturing eastward
Good fit with existing central European businesses
– €176mm combined position
– Low risk integration
Provides talented people, management and facilities
– Low cost infrastructure for further regional growth
– Position for further expansion into Russia and
Ukraine
Solid foundation for double digit growth
14

15. Manufacturing Growth
Much higher in Central Europe
01-06 06-11
Euro Zone 1.6% 1.9%
Poland 8.9% 6.6%
Central Europe 8.8% 6.0%
Industrial gas usage grows at a multiple of
manufacturing growth
15

16. Consolidated Q1 Financials:
FY07 Off To A Good Start
Fav/(Unfav) vs.
Q1 FY07
($Millions) Q1 FY06 Q4 FY06*
● Sales $2,433 21% 3%
● Diluted EPS $1.03 29% 10%
● ORONA 11.8% 170bp 50bp
● SG&A as a % of Sales 11.7% 70bp 10bp
16
* Comparisons v. PQ are non-GAAP, see appendix for reconciliation

17. 2007
Delivering 12.5% ORONA
12.5%
ORONA Improvement
11.5%
10.5%
4 Qtr Rolling Avg
9.5%
Q1'05
Q2'05
Q3'05
Q4'05
Q1'06
Q2'06
Q3'06
Q4'06
Q1'07
Q2'07
Q3'07
Q4'07
17
* see appendix for ORONA calculation

18. Our FY’07 Commitments
Add Photo
Achieve 12.5% ORONA this year
Capture profitable growth
Improve Healthcare performance
Simplify Electronics
Restructure Chemicals
Drive productivity to the
bottom line
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19. Beyond 2007
Growth Levers
Large ($25MM+) projects on stream…9 in 2008
– 6 in Tonnage
– 3 in Electronics
New geographies
– Poland/Central and Eastern Europe
– Asia
New applications/products/markets
– Energy
– Performance Materials
Productivity
– Expand gross margins
– Electronics/Healthcare/Europe business
improvement
– Leverage SAP
19

20. 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
ROCE well above our cost of capital +3-5%
More Focused, Less Cyclical,
Higher Growth, Higher Returns
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21. Thank you
tell me more
www.airproducts.com

22. 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
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23. Appendix:
Non-GAAP Reconciliation
% Change
% FY06 Q4 Pro forma FY06 Non-GAAP
FY07 guidance - EPS Growth FY'07 FY'06 Change Adjustment(1) Pro forma Measure
Diluted EPS - Continuing Ops $3.98-$4.10 $3.29 21%-25% $0.21 $3.50 14%-17%
% Change
% FY06 Q4 Pro forma Non-GAAP
Q107 vs. Q406 - Total Company Q406 Q107 Change Adjustment(1) Q406 Q107 Measure
Operating Income 232.9 332.3 43% 72.1 305.0 332.3 9%
Net Income From Continuing Ops 163.5 230.3 41% 46.8 210.3 230.3 10%
Diluted EPS - Continuing Operations $0.73 $1.03 41% $0.21 $0.94 $1.03 10%
(1) Global Cost Reduction Plan
23

24. Appendix:
ORONA Calculation
$ Millions
Quarter Ended Sep-03 Dec-03 Mar-04 Jun-04 Sep-04 Dec-04 Mar-05 Jun-05 Sep 05 Dec-05 Mar-06 Jun-06 Sep-06 Dec-06
Operating Income
332.3
Operating Income 200.5 206.6 232.6 246.7 237.7 242.2 257.6 258.0 253.5 282.6 291.9 232.9
Proforma Option Expense (12.0) (12.1) (12.7) (12.2) (11.0) (10.9) (11.1) (14.9)
-
Global Cost Reduction Plan - - - - - - - - - - - 72.1
332.3
Op Inc ex Global Cost Red/incl Option Expense 188.5 194.5 219.9 234.5 226.7 231.3 246.5 243.1 253.5 282.6 291.9 305.0
Assets
Total Assets 9,473.5 9,786.6 9,962.5 9,930.0 10,040.4 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
765.6
Less Investment in Equity Affiliate 553.5 585.0 601.8 608.2 629.8 672.1 672.8 661.3 663.7 679.4 718.2 736.4 728.3
Less Current Assets Disc Ops 103.3 119.9 137.4 113.9 126.8 110.4 105.9 103.0 100.7 100.5 102.5 83.3 - -
-
Less Non-Current Assets Disc Ops 150.0 145.6 145.1 146.7 149.6 146.7 145.2 142.1 133.5 130.7 128.5 126.4 -
Net Assets from Cont Ops 8,666.7 8,936.1 9,078.2 9,061.2 9,134.2 9,724.2 9,783.4 9,403.4 9,510.9 9,714.3 10,083.3 10,344.7 10,452.4 10,734.4
ORONA ex Global Cost Reduction Plan with Option Expense in all periods
4 Qtr Trailing Op Income 837.4 875.6 912.4 939.0 947.6 974.4 1,025.7 1,071.1 1,133.0 1,211.8
5 Qtr Avg Net Assets from Cont Ops 8,975.3 9,186.8 9,356.2 9,421.3 9,511.2 9,627.2 9,699.1 9,811.3 10,021.1 10,265.8
ORONA ex Global Cost Reduction Plan with Option Expense 9.3% 9.5% 9.8% 10.0% 10.0% 10.1% 10.6% 10.9% 11.3% 11.8%
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25. Appendix:
ROCE Calculation
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