Air Products Reports Q1 EPS Up 16% on Volume Growth and Improved Margins; Raises 2008 Full Year EP... ((133.5) Proceeds from stock option ...)

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Air Products Reports Q1 EPS Up 16% on Volume Growth and Improved Margins; Raises 2008 Full Year EPS Guidance

Date:1/23/2008

(133.5)

Proceeds from stock option exercises 33.0 37.0

Excess tax benefit from share-based

compensation/other 21.5 6.7

CASH PROVIDED BY FINANCING ACTIVITIES 21.9 80.1

AIR PRODUCTS AND CHEMICALS, INC. and Subsidiaries

CONSOLIDATED STATEMENTS OF CASH FLOWS (CONTINUED)

(Unaudited)

(Millions of dollars)

Three Months Ended

31 December

2007 2006

DISCONTINUED OPERATIONS

Cash (used for) provided by operating activities (1.3) 9.0

Cash provided by (used for) investing activities 65.8 (6.2)

Cash used for financing activities -- --

CASH PROVIDED BY DISCONTINUED OPERATIONS 64.5 2.8

Effect of Exchange Rate Changes on Cash 1.7 (.4)

Increase in Cash and Cash Items 56.0 26.3

Cash and Cash Items - Beginning of Year 40.5 31.0

Cash and Cash Items - End of Period $96.5 $57.3

(a) Pension plan contributions in 2008 and 2007 were $69.8 and $239.9,

respectively.

(b) Excludes capital lease additions in 2008 and 2007 of $.7 and $.6,

respectively.

AIR PRODUCTS AND CHEMICALS, INC. and Subsidiaries

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

(Millions of dollars)

1. NEW ACCOUNTING STANDARD The Company adopted Financial Accounting Standards Board (FASB) Interpretation No. 48, "Accounting for Uncertainty in Income Taxes-an interpretation of FASB Statement
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Air Products Reports Q1 EPS Up 16% on Volume Growth and Improved Margins; Raises 2008 Full Year EP...((133.5) Proceeds from stock option ...),Health