1. David J. Taylor
Vice President
Energy Businesses
Credit Suisse Chemicals Conference
September 17, 2008

2. Forward-
Forward-Looking Statements
NOTE: This document contains “forward-looking statements” within the safe harbor provisions of the Private
Securities Liti ti R f
S iti Litigation Reform A t of 1995 Th
Act f 1995. These forward-looking statements are based on management’s
f d l ki tt t b d t’
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 fl t ti
t i ti t ll ti t tf jt l i ifi t fluctuations in interest
i it t
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.
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2

3. Air Products
At a glance
l
 $10B in revenues
 Diverse markets and geographies
 Positioned for continued long-term value creation
FY07 Geographic Sales
FY07 S
Segment S l
t 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 G
P fit bl Growth
th
 Stability
y
– Long term contracts
– Consistent and predictable
cash flows
– Strong balance sheet
 Growth
– Solid project backlog
– High bidding activity
– Energy opportunities
 Improving returns
–MMargin improvement
ii t
– Productivity
– Increasing dividends
– Share buyback
4

5. Enabling Energy and Environmental
Solutions for Today and Tomorrow
Energy Conversion In-use
Air Products & Environmental Benefit
B fit
Enabler
E bl Applications
Low sulfur, cleaner
Hydrogen & burning fuels
Desulfurization /
Integration Solutions Refining / Upgrading Increased conversion
of a barrel of oil
Hydrogen & F li
Hd Fueling
Fuel Cells Enabling H2 economy
Solutions
Natural gas (remote &
Liquefied Natural Gas
non-conventional
ti l
(LNG) Heat Natural gas supply
liquefaction
Exchangers (remote, non-
Regasification conventional, liquefied
Nitrogen
Well fracturing
Solar PV Renewable energy
Electronic Gases
Gas to Liquids (GTL)
Oxygen & Integration
Fuel diversity
Solutions Coal to Liquids (CTL)

6. Enabling Energy and Environmental
Solutions for Today and Tomorrow
*Emerging Opportunities
Energy Conversion In-use
Air Products & Environmental Benefit
B fit
Enabler
E bl Applications
Energy efficiency &
Combustion
Oxygen & Integration
criteria pollutant
processes for steel
steel,
Solutions
reduction
cement, glass, etc.
Petcoke gasification Waste to energy
IGCC Power
Biomass Gasification Renewable energy
Oxygen & IGCC with CO2
Integration Solutions capture and Power with
& CO2 Capture sequestration (CCS) near zero
near-zero
CO2 emissions
Oxygen & Oxyfuel
Coal combustion
Integration Solutions
with CCS
& CO2 Capture
Oxygen for Significant cost
Ion Transport
gasification and reduction
Membrane (ITM)
combustion

7. Tonnage Gases
Market Leader in Refinery Hydrogen
 $3 billion in FY’07 sales
 Refinery, steel, chemicals H2 Plant Operating Years
 Global #1 hydrogen supplier APD . . .
Widening Gap
 Operating experience
 Significant global franchise
positions
 Disciplined capital 1995 2000 2005
investments APD Comp. X Comp. Y Others
 Strong economic drivers for
continued growth
7

8. Tonnage Gases
High Growth Segment
$MM $MM
Operating Income & Margin
Sales 450 20.0%
3500
16% CAGR 400
3000
18.0%
350
2500
300
16.0%
2000 250
200
1500 14.0%
14 0%
150
1000
100 12.0%
500 50
0 10.0%
0
2004 2005 2006 2007
2004 2005 2006 2007
Investment by Region
• Significant profit growth and improvement
g p g p
in returns on capital while bringing on new
North America
investments
• Significant large plant bidding opportunities
(both H2 & O2) continue
Europe &
Middle East
• Anticipate continued 10%-15% H2 growth
Asia
8

9. Major Hydrogen Pipeline
Positions - US/ Canada / Europe
Sarnia
Canada 40
Baton Rouge 40
Edmonton, Suncor
Louisiana
Canada Air Products
Plaquemine Canada
40
Geismar Shell
Refinery
Geismar
16
Lake
10
ST.
16
Pontchartrain
Cosmar CLAIR
RIVER
Convent Petro-Canada
Imperial Oil
Nola
New Orleans
Sherwood
Taft Corunna
Park 21
14
Chalmette
Rotterdam
14
Europoort
Dominguez Pernis
Southern
Channel
91
California
405 Zwijndrecht
Botlek
190th
St.
710
To Moerdijk
Carson H2
Van Ness
Long
110
Ave.
Beach
Arpt.
Texas
BP Lake Charles
Sepulveda
Blvd Beaumont
Carson
405
APD HyCO facilities
Shell Mont Belvieu 69
10
Wilmington
Conoco Phillips City of Houston
H2 pipeline
Battleground 73
1 Carson
CO pipeline
Port Arthur
10
Anaheim Street
Valero
Wilmington Baytown 2
Syngas pipeline
Conoco Phillips 610
Wilmington Wilmington H2
110
225
45
LaPorte
Pasadena Bayport
Clear Lake
Texas City
9

10. Refining Hydrogen and Energy
Driving Hydrogen G
Di i Hd Growth
th
 Transport fuels growth
15%
 More heavy, sou c ude
o e ea y, sour crude
15% 45%
 Clean fuels legislation 25%
 Increased outsourcing trend
 Future opportunities Conversion
– Gasification Crude
Clean Fuels
– GTL Outsourcing
– Oil sands
– Non-conventional fuels
10

11. Hydrogen Plant Integration
Adds Significant Value
Steam Power H2 to
to Others to Grid Pipeline
Hydrogen
Steam REFINERY
Power
HC Feeds
H2 Offgas
Fuel
Air Products H2 / cogen plant

12. Large ASU Market
Significant Opportunities...
Opport nities
 High energy prices, new demands for cleaner
fuels/air and greenhouse gas reduction
 Large oxygen requirements:
– Gas-to-liquids projects:> 30,000 TPD
– Gasification projects: >5,000 TPD per train
 Opportunities
pp in U.S./Europe for power
p p
generation using low-value fuels
 Opportunities
pp in Canadian Oil Sands for
additional processing capability, limiting
NG usage
 China

13. Tonnage Gases
Leading the Way on Gasification
 APD is one of the largest
g
suppliers of oxygen to
gasification facilities around the
world (>10 large units)
( g )
 Designed, built, own, and operate
units in Texas for syngas, H2 and
CO for pipeline systems:
pp y
– NG based POX units (LaPorte)
– Syngas cleanup / separation
facilities from heavy oil POX
unit (Baytown)
 Recently announced Tonnage
relationship on O2 and H2:
– Eastman Gasifier -Texas
– Wison II, Weihe in China
– BP Clean Power in California
13

14. APD’s Differentiated Oxyfuel CO2
Capture Technolog
Capt re Technology
 Eliminates N2 from flue gas by burning the fuel in O2
g y g
– Solution for retrofitting existing installed base of
coal/oil-fired power plants
– A li bl to new-build supercritical power plants
Applicable t b ild iti l lt
 APD’s patented Oxyfuel CO2 Capture and Purification
– Potential to yield overall CO2 capture rate as high as
98%
– Projected to be capable of removing up to 99% SOx
and NOx
d NO
– Eliminates co-disposal of mercury, SOx and NOx
wastes with the CO2 sequestration stream
– Unlike post-combustion capture, does not add new
chemicals into the process
Unlocking t ti l f
U l ki potential for stack-less
t kl
coal fired power generation

15. Oxyfuel Power Plant with APD
Technology
Thl
APD
CO2 Transport
Steam Boiler & Turbines
O2 Supply
& Sequestration
500 MWe
CO2 Purification
& Compression
Oxygen
~10,000 tpd
Flue Gas
Coal
Recycle APD Patented
Technology
gy

16. 50% of Global Natural Gas
Reserves are Remote
Russia
Iran
Algeria
Qatar
Trinidad Egypt
Nigeria
Malaysia
Venezuela Indonesia
Remote
Australia
Natural Gas
Source: APD, IEA
APD
Chile
16

17. Transforming the LNG Market
Maintaining Leadership Position
 APD world leader in LNG equipment
 Proprietary AP-X® technology helps make imported
LNG more viable
– 50% production increase from single train
 High NG prices mean more remote gas is economically
viable to develop
 Increasing number of receiving terminals in US Europe
US,
and China
 Anticipate 2 3 orders/year over next 5 years
2-3

18. LNG Value Chain…
APD - Best Positioned I d t i l G C
B t P iti d Industrial Gas Company
Pipeline gas
Distribution
Power
P
Generation
Liquefaction
Production Regasification
Shipping Distribution & Use
APD provides
APD supplies N2 APD provides N2
APD supplies LNG heat
offshore shipboard plants for BTU
exchanger and
systems for oil membrane adjustment
process technology
and gas systems to
license
recovery
deliver dry APD utilized LNG
nitrogen refrigeration for
making industrial
gases

19. Outlook for Industrial Gases
Continued Strength
C ti d St th
 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
19

20. 2008 and Beyond
Sustainable Double-Digit Growth
Double- g
at Superior Returns
 Targeting sustainable double-digit EPS growth
double digit
● Targeting 300bp margin improvement over
3 years
– Cost reduction and SG&A improvement
– Improved business mix
– Plant efficiency/incremental expansions
 Targeting a ROCE 3% to 5% above our cost of
capital
More Focused, Less Cyclical,
Higher Growth, Higher Returns
Growth
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21. Thank you
y
tell me more
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www.airproducts.com
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