Air Products and Chemicals (APD) 8-K Regulation FD Disclosure

Exhibit 99.1

APD Materials Technologies business segment restatement to discontinued operations

We are providing this supplemental non-GAAP financial disclosure to assist in updating models to reflect our Materials Technologies (MT) business segment in discontinued operations. Additionally, we’ve included a GAAP/non-GAAP reconciliation for your reference.

The presentation of non-GAAP measures is intended to enhance the usefulness of financial information by providing measures which, when viewed together with our financial results computed in accordance with GAAP, provide a more complete understanding of the factors and trends affecting our historical financial performance and projected future results.

We define Adjusted EBITDA as net income from continuing operations (including noncontrolling interests) excluding certain disclosed items, which we do not believe to be indicative of underlying business trends, before interest expense, income tax provision, and depreciation and amortization expense. Adjusted EBITDA margin is calculated by dividing Adjusted EBITDA by sales.

Required information associated with the finalization of the PMD transaction was provided separately in a Form 8-K filing.

Some of the changes to previously reported information include:

• Rare gases product line and certain delivery systems equipment were previously reported in our MT business segment and are now included in Air Products Industrial Gases regional segments.

• Market-priced gases which were previously transferred at cost to the MT business segment.

• Certain utility operations move from the Corporate segment to the MT business segment.

• Stranded costs move to the Corporate segment.

• Minor changes to our FY16 continuing operations EPS of $5.64 (estimated FY16 continuing operations EPS provided Oct. 27, 2016 was $5.74) primarily due to tax & inventory adjustments.

Unaudited Consolidated Summary Financial Information, Non-GAAP

(Millions of dollars, except per share data)
	FY 2016												FY2016			FY 2015			FY 2014
	Q1			Q2			Q3			Q4			Total			Total			Total
Sales		1,866.3			1,777.4			1,914.5			1,945.5			7,503.7			7,824.3			8,384.0
Operating Income		384.5			391.7			418.3			425.4			1,619.9			1,388.6			1,250.6
Operating Margin		20.6	%		22.0	%		21.8	%		21.9	%		21.6	%		17.7	%		14.9	%
Adjusted EBITDA		632.5			637.9			673.9			677.2			2,621.5			2,399.4			2,275.1
Adjusted EBITDA Margin		33.9	%		35.9	%		35.2	%		34.8	%		34.9	%		30.7	%		27.1	%
Net Income Attributable to Air Products
Income from Continuing Operations		292.9			297.9			313.8			325.7			1,230.3			1,060.8			951.4
Diluted Earnings per Common Share
Income from Continuing Operations		1.35			1.37			1.44			1.49			5.64			4.88			4.42

Segments, Restated Non-GAAP (MT in Disc Ops)

Unaudited Consolidated Summary Financial Information

(Millions of dollars)
	FY 2016												FY 2016			FY 2015			FY 2014
	Q1			Q2			Q3			Q4			Total			Total			Total
Sales
Industrial Gases - Americas		836.3			798.1			832.3			877.4			3,344.1			3,694.5			4,079.1
Industrial Gases - EMEA		439.6			421.8			428.7			414.3			1,704.4			1,866.4			2,150.8
Industrial Gases - Asia		414.6			407.9			449.0			448.9			1,720.4			1,661.3			1,545.5
Industrial Gases - Global		104.3			86.6			150.8			157.1			498.8			286.7			296.0
Corporate and other		71.5			63.0			53.7			47.8			236.0			315.4			312.6
Segment Total		1,866.3			1,777.4			1,914.5			1,945.5			7,503.7			7,824.3			8,384.0
Operating Income
Industrial Gases - Americas		211.6			223.5			234.0			224.1			893.2			806.1			754.9
Industrial Gases - EMEA		92.3			90.0			104.0			98.3			384.6			331.3			351.2
Industrial Gases - Asia		117.3			105.0			118.7			110.0			451.0			389.3			317.2
Industrial Gases - Global		(19.3	)		(10.8	)		(13.9	)		22.7			(21.3	)		(51.6	)		(57.3	)
Corporate and other		(17.4	)		(16.0	)		(24.5	)		(29.7	)		(87.6	)		(86.5	)		(115.4	)
Segment Total		384.5			391.7			418.3			425.4			1,619.9			1,388.6			1,250.6
Operating Margin
Industrial Gases - Americas		25.3	%		28.0	%		28.1	%		25.5	%		26.7	%		21.8	%		18.5	%
Industrial Gases - EMEA		21.0	%		21.3	%		24.3	%		23.7	%		22.6	%		17.8	%		16.3	%
Industrial Gases - Asia		28.3	%		25.7	%		26.4	%		24.5	%		26.2	%		23.4	%		20.5	%
Segment Total		20.6	%		22.0	%		21.8	%		21.9	%		21.6	%		17.7	%		14.9	%
Adjusted EBITDA
Industrial Gases - Americas		335.1			341.0			362.1			351.3			1,389.5			1,288.2			1,229.5
Industrial Gases - EMEA		146.7			145.4			160.4			154.3			606.8			568.0			615.7
Industrial Gases - Asia		180.9			171.2			183.0			171.6			706.7			645.3			566.1
Industrial Gases - Global		(17.7	)		(9.0	)		(11.9	)		25.2			(13.4	)		(35.9	)		(44.5	)
Corporate and other		(12.5	)		(10.7	)		(19.7	)		(25.2	)		(68.1	)		(66.2	)		(91.7	)
Segment Total		632.5			637.9			673.9			677.2			2,621.5			2,399.4			2,275.1
Adjusted EBITDA Margin
Industrial Gases - Americas		40.1	%		42.7	%		43.5	%		40.0	%		41.6	%		34.9	%		30.1	%
Industrial Gases - EMEA		33.4	%		34.5	%		37.4	%		37.2	%		35.6	%		30.4	%		28.6	%
Industrial Gases - Asia		43.6	%		42.0	%		40.8	%		38.2	%		41.1	%		38.8	%		36.6	%
Segment Total		33.9	%		35.9	%		35.2	%		34.8	%		34.9	%		30.7	%		27.1	%

Segments, As Reported Non-GAAP

Unaudited Consolidated Summary Financial Information

(Millions of dollars)
	FY 2016												FY 2016			FY 2015			FY 2014
	Q1			Q2			Q3			Q4			Total			Total			Total
Sales
Industrial Gases - Americas		836.1			797.9			832.2			877.4			3,343.6			3,693.9			4,078.5
Industrial Gases - EMEA		438.3			420.3			427.4			414.3			1,700.3			1,864.9			2,150.7
Industrial Gases - Asia		413.2			406.4			447.6			448.9			1,716.1			1,637.5			1,527.0
Industrial Gases - Global		104.3			86.6			150.8			157.1			498.8			286.8			296.0
Materials Technologies		490.0			494.3			520.0			515.2			2,019.5			2,087.1			2,064.6
Corporate and other		73.9			65.7			56.4			50.1			246.1			324.7			322.2
Segment Total		2,355.8			2,271.2			2,434.4			2,463.0			9,524.4			9,894.9			10,439.0
Operating Income
Industrial Gases - Americas		211.8			224.2			234.5			224.7			895.2			808.4			762.6
Industrial Gases - EMEA		91.7			89.4			103.4			98.3			382.8			330.7			351.2
Industrial Gases - Asia		116.7			104.4			118.1			109.9			449.1			380.5			310.4
Industrial Gases - Global		(19.3	)		(10.9	)		(13.9	)		22.8			(21.3	)		(51.6	)		(57.3	)
Materials Technologies		127.2			129.3			135.2			138.5			530.2			476.7			379.0
Corporate and other		(5.5	)		(4.5	)		(17.5	)		(10.0	)		(37.5	)		(51.5	)		(78.5	)
Segment Total		522.6			531.9			559.8			584.2			2,198.5			1,893.2			1,667.4
Operating Margin
Industrial Gases - Americas		25.3	%		28.1	%		28.2	%		25.6	%		26.8	%		21.9	%		18.7	%
Industrial Gases - EMEA		20.9	%		21.3	%		24.2	%		23.7	%		22.5	%		17.7	%		16.3	%
Industrial Gases - Asia		28.2	%		25.7	%		26.4	%		24.5	%		26.2	%		23.2	%		20.3	%
Materials Technologies		26.0	%		26.2	%		26.0	%		26.9	%		26.3	%		22.8	%		18.4	%
Segment Total		22.2	%		23.4	%		23.0	%		23.7	%		23.1	%		19.1	%		16.0	%
Adjusted EBITDA
Industrial Gases - Americas		335.1			341.3			362.3			351.7			1,390.4			1,289.9			1,237.9
Industrial Gases - EMEA		146.0			144.9			159.8			154.3			605.0			567.4			615.5
Industrial Gases - Asia		180.1			170.3			182.1			171.5			704.0			629.5			553.7
Industrial Gases - Global		(17.7	)		(9.1	)		(12.0	)		25.3			(13.5	)		(35.9	)		(44.4	)
Materials Technologies		147.2			149.5			154.3			158.3			609.3			571.7			480.7
Corporate and other		(1.7	)		(0.4	)		(13.7	)		(6.4	)		(22.2	)		(38.5	)		(67.7	)
Segment Total		789.0			796.5			832.8			854.7			3,273.0			2,984.1			2,775.7
Adjusted EBITDA Margin
Industrial Gases - Americas		40.1	%		42.8	%		43.5	%		40.1	%		41.6	%		34.9	%		30.4	%
Industrial Gases - EMEA		33.3	%		34.5	%		37.4	%		37.2	%		35.6	%		30.4	%		28.6	%
Industrial Gases - Asia		43.6	%		41.9	%		40.7	%		38.2	%		41.0	%		38.4	%		36.3	%
Materials Technologies		30.0	%		30.2	%		29.7	%		30.7	%		30.2	%		27.4	%		23.3	%
Segment Total		33.5	%		35.1	%		34.2	%		34.7	%		34.4	%		30.2	%		26.6	%

Change attributable to MT (Restated v. As Reported)

Unaudited Consolidated Summary Financial Information

(Millions of dollars)
	FY 2016												FY 2016			FY 2015			FY 2014
	Q1			Q2			Q3			Q4			Total			Total			Total
Sales
Industrial Gases - Americas		0.2			0.2			0.1			—			0.5			0.6			0.6
Industrial Gases - EMEA		1.3			1.5			1.3			—			4.1			1.5			0.1
Industrial Gases - Asia		1.4			1.5			1.4			—			4.3			23.8			18.5
Industrial Gases - Global		—			—			—			—			—			(0.1	)		—
Materials Technologies		(490.0	)		(494.3	)		(520.0	)		(515.2	)		(2,019.5	)		(2,087.1	)		(2,064.6	)
Corporate and other		(2.4	)		(2.7	)		(2.7	)		(2.3	)		(10.1	)		(9.3	)		(9.6	)
Segment Total		(489.5	)		(493.8	)		(519.9	)		(517.5	)		(2,020.7	)		(2,070.6	)		(2,055.0	)
Operating Income
Industrial Gases - Americas		(0.2	)		(0.7	)		(0.5	)		(0.6	)		(2.0	)		(2.3	)		(7.7	)
Industrial Gases - EMEA		0.6			0.6			0.6			—			1.8			0.6			—
Industrial Gases - Asia		0.6			0.6			0.6			0.1			1.9			8.8			6.8
Industrial Gases - Global		—			0.1			—			(0.1	)		—			—			—
Materials Technologies		(127.2	)		(129.3	)		(135.2	)		(138.5	)		(530.2	)		(476.7	)		(379.0	)
Corporate and other		(11.9	)		(11.5	)		(7.0	)		(19.7	)		(50.1	)		(35.0	)		(36.9	)
Segment Total		(138.1	)		(140.2	)		(141.5	)		(158.8	)		(578.6	)		(504.6	)		(416.8	)
Total Operating Margin		-1.6	%		-1.4	%		-1.2	%		-1.8	%		-1.5	%		-1.4	%		-1.1	%
Adjusted EBITDA
Industrial Gases - Americas		—			(0.3	)		(0.2	)		(0.4	)		(0.9	)		(1.7	)		(8.4	)
Industrial Gases - EMEA		0.7			0.5			0.6			—			1.8			0.6			0.2
Industrial Gases - Asia		0.8			0.9			0.9			0.1			2.7			15.8			12.4
Industrial Gases - Global		—			0.1			0.1			(0.1	)		0.1			—			(0.1	)
Materials Technologies		(147.2	)		(149.5	)		(154.3	)		(158.3	)		(609.3	)		(571.7	)		(480.7	)
Corporate and other		(10.8	)		(10.3	)		(6.0	)		(18.8	)		(45.9	)		(27.7	)		(24.0	)
Segment Total		(156.5	)		(158.6	)		(158.9	)		(177.5	)		(651.5	)		(584.7	)		(500.6	)
Total Adjusted EBITDA Margin		0.4	%		0.8	%		1.0	%		0.1	%		0.5	%		0.5	%		0.5	%

Sales Walk and Non-GAAP EPS Walk

	Total
Consolidated Sales Analysis
FY2016 % change vs PY		-4	%
Volume		3	%
Price		0	%
Energy/RM pass thru		-4	%
Currency		-3	%
EPS Analysis
FY2015 Diluted Cont Ops EPS	$	4.88
FY2016 Diluted Cont Ops EPS	$	5.64
Total change	$	0.76
Volume	$	(0.01	)
Price/raw material	$	0.12
Cost	$	0.83
Currency	($	0.13	)
Equity affiliate income	($	0.02	)
Interest expense	($	0.04	)
Tax rate	($	0.01	)
Non-controlling interest	$	0.05
Shares outstanding	($	0.03	)
Total change	$	0.76

Reconciliation of Non-GAAP Financial Measures

	FY 2016								FY 2016		FY 2015			FY 2014
GAAP	Q1		Q2		Q3		Q4		Total		Total			Total
Operating Income		372.5		371.6		394.6		391.0		1,529.7		1,233.2			924.2
Net Income From Continuing Operations (1)		280.9		278.9		250.3		289.4		1,099.5		933.3			696.7
Diluted EPS From Continuing Operations (1)		1.29		1.28		1.15		1.32		5.04		4.29			3.24
	FY 2016								FY 2016		FY 2015			FY 2014
Non-GAAP Adjustments	Q1		Q2		Q3		Q4		Total		Total			Total
Operating Income
Business separation costs		12.0		7.4		9.5		21.7		50.6		7.5			—
Business restructuring and cost reduction actions		—		10.7		13.2		10.6		34.5		180.1			11.1
Pension settlement loss		—		2.0		1.0		2.1		5.1		19.3			5.2
Goodwill and intangible asset impairment charge		—		—		—		—		—		—			310.1
Gain on previously held equity interest		—		—		—		—		—		(17.9	)		—
Gain on land sales		—		—		—		—		—		(33.6	)		—
Total Adjustments - Operating Income		12.0		20.1		23.7		34.4		90.2		155.4			326.4
Net Income From Continuing Operations (1)
Business separation costs		12.0		8.9		6.5		19.3		46.7		7.5			—
Tax costs associated with business separation		—		—		47.7		4.1		51.8		—			—
Business restructuring and cost reduction actions		—		8.8		8.7		7.2		24.7		132.9			7.2
Pension settlement loss		—		1.3		0.6		1.4		3.3		12.4			3.4
Goodwill and intangible asset impairment charge		—		—		—		—		—		—			275.1
Gain on previously held equity interest		—		—		—		—		—		(11.2	)		—
Gain on land sales		—		—		—		—		—		(28.3	)		—
Loss on extinguishment of debt		—		—		—		4.3		4.3		14.2			—
Income tax items		—		—		—		—		—		—			(31.0	)
Total Adjustments - Net Income From Continuing Operations		12.0		19.0		63.5		36.3		130.8		127.5			254.7
Diluted EPS From Continuing Operations (1)
Business separation costs		0.06		0.04		0.03		0.09		0.21		0.03			—
Tax costs associated with business separation		—		—		0.22		0.02		0.24		—			—
Business restructuring and cost reduction actions		—		0.04		0.04		0.03		0.11		0.61			0.03
Pension settlement loss		—		0.01		—		0.01		0.02		0.06			0.02
Goodwill and intangible asset impairment charge		—		—		—		—		—		—			1.27
Gain on previously held equity interest		—		—		—		—		—		(0.05	)		—
Gain on land sales		—		—		—		—		—		(0.13	)		—
Loss on extinguishment of debt		—		—		—		0.02		0.02		0.07			—
Income tax items		—		—		—		—		—		—			(0.14	)
Total Adjustments - Diluted EPS From Continuing Operations		0.06		0.09		0.29		0.17		0.60		0.59			1.18
	FY 2016								FY 2016		FY 2015			FY 2014
Adjusted EBITDA	Q1		Q2		Q3		Q4		Total		Total			Total
Income from Continuing Operations (2)		287.2		284.7		255.7		294.4		1,122.0		965.9			691.0
Add: Interest expense		22.2		25.7		35.1		32.2		115.2		102.8			124.0
Add: Income tax provision		96.4		93.5		145.9		96.8		432.6		300.2			258.1
Add: Depreciation and amortization		214.7		213.9		213.5		212.5		854.6		858.5			875.6
Add: Business separation costs		12.0		7.4		9.5		21.7		50.6		7.5			—
Add: Business restructuring and cost reduction actions		—		10.7		13.2		10.6		34.5		180.1			11.1
Add: Pension settlement loss		—		2.0		1.0		2.1		5.1		19.3			5.2
Add: Goodwill and intangible asset impairment charge		—		—		—		—		—		—			310.1
Less: Gain on previously held equity interest		—		—		—		—		—		17.9			—
Less: Gain on land sales		—		—		—		—		—		33.6			—
Add: Loss on extinguishment of debt		—		—		—		6.9		6.9		16.6			—
Adjusted EBITDA		632.5		637.9		673.9		677.2		2,621.5		2,399.4			2,275.1
NON-GAAP MEASURES	Q1		Q2		Q3		Q4		Total		Total			Total
Operating Income		384.5		391.7		418.3		425.4		1,619.9		1,388.6			1,250.6
Net Income From Continuing Operations (1)		292.9		297.9		313.8		325.7		1,230.3		1,060.8			951.4
Diluted EPS From Continuing Operations (1)		1.35		1.37		1.44		1.49		5.64		4.88			4.42
Adjusted EBITDA		632.5		637.9		673.9		677.2		2,621.5		2,399.4			2,275.1

(1) Attributable to Air Products

(2) Includes net income attributable to noncontrolling interests