Global Basic Materials Conference
Paul Huck, Senior Vice President and CFO
February 25, 2010
Morgan Stanley Global Basic Materials Conference
• On February 11, 2010, Air Products Distribution, Inc., a wholly owned subsidiary of Air Products and
Chemicals, Inc. ("Air Products"), commenced a cash tender offer for all the outstanding shares of
common stock of Airgas, Inc. ("Airgas") not already owned by Air Products, subject to the terms and
conditions set forth in the Offer to Purchase dated as of February 11, 2010 (the "Offer to Purchase"). The
purchase price to be paid upon the successful closing of the cash tender offer is $60.00 per share in
cash, without interest and less any required withholding tax, subject to the terms and conditions set
forth in the Offer to Purchase, as amended. The offer is scheduled to expire at midnight, New York City
time, on Friday, April 9, 2010, unless further extended in the manner set forth in the Offer to Purchase.
• This communication does not constitute an offer to buy or solicitation of an offer to sell any securities.
The tender offer is being made pursuant to a tender offer statement on Schedule TO (including the
Offer to Purchase, a related letter of transmittal and other offer materials) filed by Air Products with the
U.S. Securities and Exchange Commission) on February 11, 2010. INVESTORS AND SECURITY HOLDERS OF
AIRGAS ARE URGED TO READ THESE AND OTHER DOCUMENTS FILED WITH THE SEC CAREFULLY IN THEIR
ENTIRETY BECAUSE THEY CONTAIN IMPORTANT INFORMATION ABOUT THE PROPOSED TRANSACTION.
Investors and security holders can obtain free copies of these documents and other documents filed
with the SEC by Air Products through the web site maintained by the SEC at http://www.sec.gov. The
Offer to Purchase and related materials may also be obtained for free by contacting the Information
Agent for the tender offer, MacKenzie Partners, Inc., at 212-929-5500 or toll-free at 800-322-2885.
• In connection with the proposed transaction