As I write this letter, it’s difficult finding words to describe the volatility and turbulence playing out in the world financial markets and the global economy, and the impact on all of us.

The financial crisis has spilled over into the general economy. The global manufacturing outlook has turned decidedly negative. And across various sectors, uncertainty is high.

In these unprecedented times, what I’ve been telling Air Products employees around the world is to stay focused on our four priorities: continuing to build on our growth, delivering superior financial returns, staying connected to the opportunities a changing world brings, and developing skills and translating them into a benefit for our company and society.

Despite these times, we are not wavering on our commitments to our investors, customers and employees in our quest to be a more focused, less cyclical, higher growth and higher return company. We have taken many important actions over the past few years to standardize our work processes and globalize our businesses. With a single global instance of SAP, we are speaking a universal language to rapidly share information, allowing us to

streamline our supply chain. Most importantly, we have built strong positions providing critical gases, related equipment and applications expertise to growing energy, environmental and emerging markets. While there are certainly challenges in the economy in the near term, these areas remain important drivers for growth in the long term.

Certain amounts and comparisons to the prior year in this letter are considered non-GAAP measures.
Click here for the comparable GAAP amounts and reconciliations.