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Luan ASU

Why Invest in Air Products?

Growth, Profitability and Stability

Stability

There is a high degree of stability in our business model and earnings. Here's why:

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Long-term, Take-or-Pay Contracts

• On-site business generates long-term, secured cash flow
• No input risks: all raw materials and energy pass through
• No output risks: revenue not price/volume dependent
• Contract duration > 15 years

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Higher Percent of On-site Business Compared to Competitors

• More than half of total business is on-sites
• The proportion of the on-site business will continue to grow

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Experience Executing Large/Complex Projects

• Ability to build, own and operate megaprojects around the world

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Global Reach, Diverse End Markets

• Operating in over 50 countries
• Supplying over 30 different industries

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Local Facilities Serving Broad Customer Base

• Industrial gas is a local business
• More than 750 facilities serving over 170,000 customers

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Experience and History

• Nearly 8 decades in the business
• Developed in-depth knowledge of the industrial gas processes and the best-in-class project execution and operating expertise

Profitability

• The most profitable industrial gas company in the world
• EPS CAGR of 13% from 2014 to 2019
• Commitment to growing EPS more than 10% over the long term
• Strong cash flow due to high margin plus low maintenance capex
• Increased annual dividend for 38 straight years
• Maintaining debt balance to maintain targeted A/A2 rating

* Non-GAAP financial measure.  See xxxxxxx for reconciliation.
* Non-GAAP financial measure. See xxxxxxx for reconciliation.
5 Point Plan

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