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Achieved Financial Close for NEOM Green Hydrogen Project

NEOM Green Hydrogen Company (NGHC) announced that following the signing of financial documents with 23 local, regional, and international banks, and investment firms, it has now achieved financial close on the world’s largest green hydrogen production facility located in NEOM’s Oxagon region, at a total value of 8.4 billion USD investment. NGHC has also concluded the engineering, procurement, and construction (EPC) agreement with Air Products as their nominated EPC contractor and system integrator for the entire facility.

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Real Actions. Real Commitments to Sustainability.

Air Products has made an additional set of commitments that further demonstrate our sustainability strategy in action. We are setting a new "Third by '30" CO₂ emissions intensity (kg CO₂ /MM BTU) goal for Scope 3 emissions, pledging to reach net zero carbon emissions by 2050, and bringing our capital commitment to first-mover projects to $15 billion through 2027.

These commitments complement and reinforce Air Products' growth strategy of building our business to deliver climate benefits and work alongside our customers on their sustainability journey.

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North America's Largest Sustainable Aviation Fuel Production Facility

Air Products is teaming up with World Energy to build a new $2 billion major expansion project at World Energy's Sustainable Aviation Fuel (SAF) production and distribution hub in Paramount, California. The site's total fuel capacity will be expanded to 340 million gallons annually, making it North America's largest and the world's most advanced SAF production facility.

The project includes a new hydrogen plant to be built, owned and operated by Air Products and renewable fuels manufacturing facilities to be operated by World Energy, as well as an extension and capacity increase of Air Products' existing hydrogen pipeline network in Southern California. Continuing Air Products' leadership in driving the energy transition, this U.S. megaproject will provide measurable sustainability benefits and advance California's decarbonization goals by producing a renewable fuel to meet the growing demands of the aviation industry.

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Photo: Joint Venture in Jazan, Saudia Arabia

$12 Billion ASU/Gasification/Power Joint Venture in Jazan, Saudi Arabia

Air Products announced the financial close and transfer of the second group of assets for the $12 billion gasification and power joint venture (JV) with Aramco, ACWA Power and Air Products Qudra in the Jazan Economic City (“Jazan”), Saudi Arabia.

The JV’s purchase of this second group of assets at Jazan follows the successful asset acquisition and project financing transactions for the first group of assets completed in late October 2021.

The JV owns and operates the facility under a 25-year contract for a fixed monthly fee, with Aramco supplying feedstock to the JV, and the JV producing power, steam, hydrogen and other utilities for Aramco.

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Landmark U.S. $4.5 Billion Louisiana Blue Hydrogen Clean Energy Complex

Air Products will invest $4.5B to build-own-operate the world's largest blue hydrogen production facility, producing over 750 MMSCFD of blue hydrogen in Louisiana, USA. A portion of the blue hydrogen will be compressed and supplied to customers by our U.S. Gulf Coast pipeline network; the balance will be used to make blue ammonia that will be transported around the world and converted back to blue hydrogen for transportation and other markets.

The megaproject will also capture over five million metric tons per year of CO2, making it the largest carbon capture for sequestration facility in the world. Numerous studies have shown that Louisiana's geology is some of the best in the world for permanent geologic sequestration.

The project is expected to be operational in 2026.

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Graphic: Capital Deployment Scorecard

Capital Deployment Scorecard

Air Products’ updated Capital Deployment Scorecard sees the company deploying or committing more than $30 billion of capital for the 10-year period from 2018-2027.

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2022 Annual Report

(Excerpt from Seifi Ghasemi's 2022 Shareholder Letter)

I am extremely proud that the people of Air Products again exceeded our financial goals in fiscal 2022, delivering impressive results despite the challenging macro-economic and geopolitical environment. I would like to thank each of our talented, dedicated and motivated employees for their exceptional efforts toward this strong performance. I am honored every day to be working alongside the team, as they continue to focus on delivering near-term results while executing on our long-term growth strategy.

There are two pillars to our growth strategy at Air Products, and sustainability is the foundation. Through our core industrial gases business, we supply customers in dozens of industries with critical products and expertise that lower emissions and increase efficiency and productivity. Through our blue and green hydrogen megaprojects, we will commit more than $15 billion by 2027 to deliver clean hydrogen at scale, helping to drive the energy transition and move humanity forward...

Investor Relations Contacts

Sidd Manjeshwar
Vice President, Treasury and Investor Relations

Sidd Manjeshwar

manjessj@airproducts.com
(610) 481-1872
Mun Shieh Photo
Director, Investor Relations

Mun Shieh

shiehmh@airproducts.com
(610) 481-2951
Liz Thomas Photo
Sr. Administrative Assistant

Elizabeth Thomas

thomasea@airproducts.com
(610) 481-4426