Air Products to Build New Nitrogen Plants and Extend Pipeline Network in Penang, Malaysia

KUALA LUMPUR,Malaysia,April 6,2023 -- Air Products (NYSE: APD),a world leading industrial gases company serving Malaysia for nearly 50 years,today announced it will build,own,and operate two nitrogen plants in Penang's Bayan Lepas Free Industrial Zone and Batu Kawan Industrial Park. The company will also further extend its pipeline network in both areas. This strategic investment in additional capacity and infrastructure will strengthen Air Products' leading position in Northern Malaysia and its capability to meet market needs.

Air Products has established a strong presence in Northern Malaysia with two advanced air separation units in the Prai Industrial Area and a comprehensive pipeline network that covers Prai Industrial Area,Bukit Minyak Industrial Area,Penang Science Park,Batu Kawan Industrial Park,and Valdor Industrial Area. To support growing customer demand,Air Products will build a nitrogen plant at its greenfield site in Batu Kawan Industrial Park,which is home to a host of world-class manufacturing companies and integrate the plant into its existing pipeline network.

The company will also build a new nitrogen plant in the Bayan Lepas Free Industrial Zone to serve the fast-growing demand from the electrical,electronics and other manufacturing industries. Air Products brought its first nitrogen plant in the zone onstream in 2021.

By converting hauled-in liquified nitrogen to gaseous nitrogen supply via pipeline,Air Products brings greater reliability and cost-effectiveness to customers,especially those with high-volume demand. This conversion also helps customers reduce carbon emissions and improve sustainability.

"Air Products has a long-standing presence in Malaysia with a leading position in the Northern Region. Our latest investment in this fast-growing industrial district demonstrates our ongoing commitment to the country's sustainable growth," said Ramani Velu,Air Products' Southeast Asia president. "We are dedicated to growing with our customers along their growth and sustainability journey with our safety,reliability,efficiency and excellent service."

Air Products has been serving Malaysia since 1974 and is recognized for its excellence in safe and reliable operations. With nine state-of-the-art production facilities and depots strategically located throughout the country,the company supplies high-purity and high-quality industrial gases to diverse markets,including electronics,steel,chemicals processing,metals processing,food,glass,and more.

About Air Products

Air Products (NYSE:APD) is a world-leading industrial gases company in operation for over 80 years focused on serving energy,environmental,and emerging markets. The Company has two growth pillars driven by sustainability. Air Products' base business provides essential industrial gases,related equipment and applications expertise to customers in dozens of industries,including refining,chemicals,metals,electronics,manufacturing,and food. The Company also develops,engineers,builds,owns and operates some of the world's largest industrial gas and carbon-capture projects,supplying world-scale clean hydrogen for global transportation,industrial markets,and the broader energy transition. Additionally,Air Products is the world leader in the supply of liquefied natural gas process technology and equipment,and globally ­provides turbomachinery,membrane systems and cryogenic containers.

The Company had fiscal 2022 sales of $12.7 billion from operations in over 50 countries and has a current market capitalization of about $60 billion. More than 21,000passionate,talented and committed employees from diverse backgrounds are driven by Air Products' higher purpose to create innovative solutions that benefit the environment,enhance sustainability and reimagine what's possible to address the challenges facing customers,communities,and the world. For more information,visit www.airproducts.comor follow us on LinkedIn,Twitter,Facebookor Instagram.

Cautionary Note Regarding Forward-Looking Statements: This release contains "forward-looking statements" within the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are based on management's expectations and assumptions as of the date of this release and are not guarantees of future performance. While forward-looking statements are made in good faith and based on assumptions,expectations and projections that management believes are reasonable based on currently available information,actual performance and financial results may differ materially from projections and estimates expressed in the forward-looking statements because of many factors,including the risk factors described in our Annual Report on Form 10-K for the fiscal year ended September 30,2022 and other factors disclosed in our filings with the Securities and Exchange Commission. Except as required by law,we disclaim any obligation or undertaking to update or revise any forward-looking statements contained herein to reflect any change in the assumptions,beliefs or expectations or any change in events,conditions or circumstances upon which any such forward-looking statements are based.