Earnings Teleconference Fourth Quarter Ended March 31, 2012 May 3, 2012

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This presentation contains statements that are forward looking. Forward-looking statements include the statements identified as forward-looking in the Company’s press release announcing its quarterly earnings, as well as any statement that is not based on historical fact, including statements containing the words “believes,” “may,” “plans,” “will,” “could,” “should,” “estimates,” “continues,” “anticipates,” “intends,” “expects” and similar expressions. All forward-looking statements are based on current expectations regarding important risk factors and should not be regarded as a representation by us or any other person that the results expressed therein will be achieved. Airgas assumes no obligation to revise or update any forward-looking statements for any reason, except as required by law. Important factors that could cause actual results to differ materially from those contained in any forward-looking statement include the factors identified in the Company’s press release announcing its quarterly earnings, as well as other factors described in the Company's reports, including its March 31, 2011 Form 10-K, subsequent Forms 10-Q, and other forms filed by the Company with the Securities and Exchange Commission.

Forward-Looking Statements

• Record Sales and Adj. EPS – Quarterly and Full Year • 4Q12 Summary

– Adjusted EPS* $1.11, +26% YOY – Same-Store Sales +11% YOY (Hardgoods +15%, Gas/Rent +9%)

Strength in U.S. manufacturing, petrochemical and energy customers

Distribution Segment SSS +10% YOY; Daily Sales +3% sequentially

– Adjusted Operating Margin* 12.2%, includes 90 bps negative impact from SAP costs Prior year Adj. Op. Margin* 12.2%, included only 50 bps negative impact from SAP costs

– Distribution Segment Op. Margin 13.1%, comparable to prior year

• FY12 Summary – Adjusted EPS* $4.11, +23% YOY – SSS +10% YOY (Consolidated and Distribution Segment) – Adjusted Operating Margin* 12.2%, includes 90 bps negative impact from SAP costs

Prior year Adj. Op. Margin* 12.2%, included only 40 bps negative impact from SAP costs

– FY12 Adj. Cash from Operations* $593 million; Free Cash Flow* $262 million – Return on Capital* 12.5%, +60 bps YOY

• FY13 Adj. EPS* guidance $4.70 - $4.85, represents +14% to +18% YOY growth – Includes ($0.12) to ($0.16) of SAP costs, net of expected benefits

Fourth Quarter and Full Year Recap

2 * See attached reconciliations of non-GAAP measures Note: SAP costs include implementation costs and depreciation expense

• Strategic Accounts sales up +11% YoY – New signings and existing customer cross-sell

– Strongest segments: Metal Fabrication and Oil, Gas & Chemicals

• Strategic Products* sales up +10% YoY – Safety +17%

– Bulk +8%

– Medical +5%

– Specialty Gas +9%

– CO2 & Dry Ice +5%

• Radnor® private label sales up +14%

Strategic Accounts, Strategic Products, and Radnor® Private Label – 4Q12 Overview

3 * See appendix for additional details.

Consolidated Results

4 * See attached reconciliations of non-GAAP measures Note: Prior period amounts have been recast for the Company's retrospective application of the change in the method of accounting for the portion of the Company's hardgoods

inventory valued using the last-in-first-out ("LIFO") inventory costing method to the average cost method. The impact of this change was immaterial to all periods presented.

Segment Results

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Note: Segment Operating Income and Operating Margin include SAP-related depreciation expense, as this expense will be ongoing post-implementation. SAP implementation costs have not been allocated to the reporting segments due to their temporary nature.

Note: Prior period amounts have been recast for the Company's retrospective application of the change in the method of accounting for the portion of the Company's hardgoods

inventory valued using the last-in-first-out ("LIFO") inventory costing method to the average cost method. The impact of this change was immaterial to all periods presented.

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Capital Expenditures ($ in millions)

Category FY12 FY11 Commentary

Cylinders & bulk tanks $ 104 $ 84 Revenue-generating assets to support gas and rent same-store sales growth

Machinery & equipment 58 49

Computers 13 6

Rental welders 23 1 Increased rental welder fleet to support growing demand in Red-D-Arc business

Capitalized SAP costs 12 32

CIP, buildings & land 104 58 New ASU in Clarksville TN; DC expansion in Duluth GA; new Bristol DC; BSC build-outs; multiple plant and branch expansions and consolidations

Other^ 43 26

TOTAL $ 357 $ 256

% of sales 7.5% 6.0% Excluding major projects, FY12 capex ~5% of sales

^ Includes vehicles, furniture & fixtures and other items not specifically identified.

• Guidance

• Guidance Assumptions – Continued modest economic expansion – Continued outperformance of hardgoods, relative to gas/rent – Tax rate 37.5% – 38.0% – Includes SAP implementation costs and depreciation expense, net of expected benefits – Excludes Division Business Support Center restructuring and related charges

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1Q13 & FY13 Guidance Summary

* See attached reconciliations of non-GAAP measures

1Q12 Results

1Q13 Guidance

FY12 Results

FY13 Guidance

Adjusted EPS*

YOY % Growth

$1.00

$1.12 - $1.16

12% - 16%

$4.11

$4.70 - $4.85

14% - 18%

SAP Implementation Costs and Depreciation Expense, Net of Expected Benefits, Included in Adjusted EPS*

$0.08 $0.08 $0.34 $0.12 - $0.16

Same-Store Sales Growth Mid to Upper Single Digits

Mid to Upper Single Digits

Adjusted Operating Margin 12.2% 12.8% to 13.3%

Capex % of Sales ~6.5%

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Path to 1Q13 and FY13 Adj. EPS* Guidance

Note: See guidance assumptions on slide 7. * See attached reconciliations of non-GAAP measures. ** Largest portion of full-year stock-based compensation expense falls in 1Q due to accelerated retiree vesting.

1Q13 FY13

4Q12 & FY12 Adjusted EPS* $1.11 $4.11

Stock-based compensation** (0.06) –

2 fewer selling days in FY13 vs. FY12 – (0.05) - (0.06)

Tax rate (0.02) (0.03)

Seasonality (CO2 / dry ice, net of 4Q12 strength in refrigerants) 0.06 –

SAP implementation costs, net of benefits – 0.18 - 0.22

Base business growth / Operating efficiencies Sequential Growth

0.03 - 0.07 3% - 6%

0.50 - 0.60 12% - 15%

1Q13 & FY13 Adjusted EPS Guidance* YOY Growth (1Q12 Adj. EPS $1.00)

$1.12 - $1.16 12% - 16%

$4.70 - $4.85 14% - 18%

Appendix

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Bulk Gas

Medical Sales

Safety Products

CO2/Dry Ice

4Q12: Broad-based improvement in core safety business, particularly in large industrial production and strategic account customers

Long-term: Strong cross-sell, customer base under-penetrated

4Q12: Increased demand in industrial manufacturing customer base, new customer signings

Long-term: Application growth, engineering solutions, sales force presence in the field

4Q12: New customer signings and stronger demand across most medical segments, including hospitals and long-term care facilities

Long-term: Population demographics for respiratory therapy, full range of supply modes, strong cross-sell

4Q12: YOY improvement in food & beverage and industrial; sequential decline due to normal seasonality of the business

Long-term: Food product applications, beverage market

Specialty Gas 4Q12: Higher volumes on improvement in demand for core spec gases,

including EPA protocols Long-term: Application growth, environmental regulations, enhanced

capabilities

+11%

+10%

4Q12 Organic Growth

Strategic Products represent more than 40% of total sales and have strong growth profiles due to:

Favorable customer segments Application development Increasing environmental regulation Strong cross-sell

Quarterly Sales Commentary / Long-Term Growth Accelerators Strategic Products

Strategic Products Overview

4Q12 Organic Growth

+17%

+8%

+5%

+9%

+5%

+4%

+2%

4Q12 Seq. DSR*

Growth

+6%

+1%

+3%

+5%

-8%

4Q12 Seq. DSR*

Growth

Total Same-Store Sales

Total Strategic Products

* DSR = Daily Sales Rate

Non-GAAP Reconciliations: Adjusted Earnings Per Diluted Share & Earnings Guidance

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Guidance for adjusted earnings per diluted share excludes Business Support Center restructuring charges and related costs. The Company believes its adjusted earnings per diluted share metric provides investors meaningful insight into its earnings performance without the impact of Business Support Center restructuring charges and related costs, asset impairment charges, costs (benefits) related to Air Products’ unsolicited takeover attempt, MEPP withdrawal charges, income tax benefits related to the LLC reorganization and foreign tax liability true-up, debt extinguishment charges, and a one-time interest penalty. Non-GAAP numbers should be read in conjunction with GAAP financial measures, as non-GAAP metrics are merely a supplement to, and not a replacement for, GAAP financial measures. It should also be noted that the Company’s adjusted earnings per diluted share metric may be different from adjusted earnings per diluted share metrics provided by other companies.

Mar. 31, Dec. 31, Mar. 31, Mar. 31, Mar. 31,2011 2011 2012 2011 2012

Earnings per diluted share $ 0.74 $ 0.93 $ 1.12 $ 2.94 $ 4.00 Adjustments to earnings per diluted share:

Restructuring and other special charges - 0.02 0.05 - 0.19 Costs (benefits) related to unsolicited takeover attempt 0.14 (0.01) - 0.33 (0.06) Multi-employer pension plan w ithdraw al charges - 0.03 - 0.03 0.04 Income tax benefits - - (0.06) - (0.06) Losses on the extinguishment of debt - - - 0.03 - One-time interest penalty - - - 0.02 -

Adjusted earnings per diluted share 0.88$ 0.97$ 1.11$ 3.35$ 4.11$ Year-over-year growth 26% 23%

2011 Low High 2012 Low HighEarnings per diluted share 0.94$ 1.10$ 1.14$ 4.00$ 4.64$ 4.79$ Adjustments to earnings per diluted share:

Restructuring and other special charges 0.10 0.02 0.02 0.19 0.06 0.06 Costs (benefits) related to unsolicited takeover attempt (0.05) - - (0.06) - - Multi-employer pension plan w ithdraw al charges 0.01 - - 0.04 - - Income tax benefits - - - (0.06) - -

Adjusted earnings per diluted share 1.00$ 1.12$ 1.16$ 4.11$ 4.70$ 4.85$ Year-over-year growth 12% 16% 14% 18%

Three Months Ended

ThreeMonthsEndedJun. 30,

(Guidance Range) (Guidance Range)Three Months Ending Year

EndedMarch 31,

Year EndingJune 30, 2012 March 31, 2013

Year Ended

Non-GAAP Reconciliations: Adjusted Effective Tax Rate

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The Company believes its adjusted effective tax rate metric helps investors assess its effective tax rate without the impact of income tax benefits resulting from the LLC reorganization and a foreign tax liability true-up, and income tax impacts related to other special items. Non-GAAP numbers should be read in conjunction with GAAP financial measures, as non-GAAP metrics are merely a supplement to, and not a replacement for, GAAP financial measures. It should also be noted that the Company’s adjusted effective tax rate metric may be different from the adjusted effective tax rate metrics provided by other companies.

Three Months Ended Year EndedMarch 31, March 31,

(In thousands) 2012 2012

Income taxes 42,027$ 178,792$ Adjustments to income taxes:

LLC reorganization and foreign tax liability true-up 4,924 4,924 Restructuring and other special charges 2,308 8,881 Costs (benefits) related to unsolicited takeover attempt - (2,912) Multi-employer pension plan withdrawal charges - 1,564

Adjusted income taxes 49,259$ 191,249$

Earnings before income taxes 129,994$ 492,166$ Adjustments to earnings before income taxes:

Restructuring and other special charges 6,187 24,448 Costs (benefits) related to unsolicited takeover attempt - (7,870) Multi-employer pension plan withdrawal charges - 4,304

Adjusted earnings before income taxes 136,181$ 513,048$

Effective tax rate 32.3% 36.3%

Adjusted effective tax rate 36.2% 37.3%

Non-GAAP Reconciliations: Adjusted Operating Income & Adjusted Operating Margin

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The Company believes its adjusted operating income and adjusted operating margin metrics help investors assess its operating performance without the impact of Business Support Center restructuring charges, asset impairment charges, costs (benefits) related to Air Products’ unsolicited takeover attempt, and MEPP withdrawal charges. Non-GAAP numbers should be read in conjunction with GAAP financial measures, as non-GAAP metrics are merely a supplement to, and not a replacement for, GAAP financial measures. It should also be noted that the Company’s adjusted operating margin metric may be different from the adjusted operating margin metrics provided by other companies.

Jun. 30, Sep. 30, Dec. 31, Mar. 31, Jun. 30, Sep. 30, Dec. 31, Mar. 31, Mar. 31, Mar. 31,($ in thousands) 2010 2010 2010 2011 2011 2011 2011 2012 2011 2012

Net sales 1,052,656$ 1,061,663$ 1,034,464$ 1,102,684$ 1,164,300$ 1,187,083$ 1,153,751$ 1,241,149$ 4,251,467$ 4,746,283$

Operating income 122,960$ 122,060$ 108,371$ 115,800$ 137,269$ 142,175$ 131,019$ 145,758$ 469,191$ 556,221$

Operating margin 11.7% 11.5% 10.5% 10.5% 11.8% 12.0% 11.4% 11.7% 11.0% 11.7%

Adjustments to operating income:Restructuring and other special charges - - - - 13,330 2,500 2,431 6,187 - 24,448 Costs (benefits) related to unsolicited takeover attempt 3,787 4,687 17,558 18,374 (6,700) - (1,170) - 44,406 (7,870) Multi-employer pension plan w ithdraw al charges 3,204 1,419 - - 900 - 3,404 - 4,628 4,304

Adjusted operating income 129,951$ 128,166$ 125,929$ 134,174$ 144,799$ 144,675$ 135,684$ 151,945$ 518,225$ 577,103$

Adjusted operating margin 12.3% 12.1% 12.2% 12.2% 12.4% 12.2% 11.8% 12.2% 12.2% 12.2%

SAP implementation costs & depreciationexpense included in adjusted operating income (3,566)$ (6,539)$ (2,847)$ (5,767)$ (10,507)$ (8,582)$ (12,457)$ (11,490)$ (18,719)$ (43,036)$

Impact on adjusted operating margin -30 bps -60 bps -30 bps -50 bps -90 bps -70 bps -110 bps -90 bps -40 bps -90 bps

Year EndedThree Months Ended

Non-GAAP Reconciliations: Adjusted Cash from Operations & Free Cash Flow

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The Company believes its free cash flow and adjusted cash from operations metrics provide investors meaningful insight into its ability to generate cash from operations, excluding the impact of cash used related to Air Products’ unsolicited takeover attempt and MEPP withdrawals, which is available for servicing debt obligations and for the execution of its business strategies, including acquisitions, the repayment of debt, the payment of dividends, or to support other investing and financing activities. Non-GAAP numbers should be read in conjunction with GAAP financial measures, as non-GAAP metrics are merely a supplement to, and not a replacement for, GAAP financial measures. It should also be noted that the Company’s free cash flow and adjusted cash from operations metrics may be different from free cash flow and adjusted cash from operations metrics provided by other companies.

($ in thousands) 2012 2011 2012 2011

Net cash provided by operating activities 165,355$ 186,876$ 506,406$ 275,301$

Adjustments to cash provided by operating activities: Cash used by the securitization of trade receivables - - - 295,000 Stock issued for Employee Stock Purchase Plan 3,895 3,982 15,256 14,997 Tax benefit realized from the exercise of stock options 6,602 2,071 17,516 8,444 Net cash expenditures related to unsolicited takeover attempt - 5,368 35,084 23,427 Cash expenditures related to MEPP withdrawals - - 18,323 - Adjusted cash from operations 175,852 198,297 592,585 617,169

Capital expenditures (93,116) (75,508) (356,514) (256,030)

Adjustments to capital expenditures: Proceeds from sales of plant and equipment 4,166 5,215 16,365 15,844 Operating lease buyouts - 3,475 9,218 9,893 Adjusted capital expenditures (88,950) (66,818) (330,931) (230,293)

Free cash flow 86,902$ 131,479$ 261,654$ 386,876$

Three Months Ended March 31,

Year EndedMarch 31,

Non-GAAP Reconciliations: Return on Capital

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The Company believes its return on capital metric helps investors assess how effectively it uses the capital invested in its operations. Non-GAAP numbers should be read in conjunction with GAAP financial measures, as non-GAAP metrics are merely a supplement to, and not a replacement for, GAAP financial measures. It should be noted as well that the Company’s return on capital metric may be different from the return on capital metrics provided by other companies.

($ in thousands) 2012 2011

Operating income - trailing four quarters 556,221$ 469,191$ Adjustments to operating income:

Restructuring and other special charges 24,448 - Costs (benefits) related to unsolicited takeover attempt (7,870) 44,406 Multi-employer pension plan withdrawal charges 4,304 4,628

Adjusted operating income - trailing four quarters 577,103$ 518,225$

Average of total assets 5,126,871$ 4,797,736$ Average of securitized trade receivables - 59,000 Average of current liabilities (exclusive of debt) (516,307) (498,618) Average capital employed 4,610,564$ 4,358,118$

Return on capital 12.5% 11.9%

March 31,