Taiyo Nippon Sanso Corporation

Jefferies 2013 Global Industrials Conference August 13, 2013

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Taiyo Nippon Sanso Corporation (TNSC)

One of the five global gas majors 5th largest industrial gas supplier in the world Largest in Japan Global sales > $5 billion 5.5% 10-year CAGR Founded in 1910 Nippon Sanso (1910) and Taiyo Toyo Sanso (1946) merged in 2004 Over 11,000 employees Global network in 17 countries Technology Development Portfolio includes space simulation, superconductivity, hydrogen fueling, healthcare, semiconductor manufacturing, and, of course, air separation

1 TNSC Business Overview

Industrial Gases: 63% Medical Care: 4% On-site gas supply Synthesized-air (pure air) Liquefied gases supply systems Packaged gases Liquid oxygen systems for Cutting & welding home-based oxygen treatments equipment Water-18O stable isotope Electronics: 19% LP Gas: 8% Semiconductor material LPG: Eco-friendly clean energy gases Automated gas stations for High purity gases motor vehicles MOCVD equipment Micro-cogenerators Cylinder cabinets GHP (gas heat pumps)

Plants & Engineering: 2% Others: 4% (Housewares Business) Large-scale air separation units Ultra-high-purity nitrogen gas generators Space-simulation chambers Helium containers

TNSC Global Network

* Sales by regional segment Asia US 9% 22% Japan 69%

2 Q1 2014 Results

Q1 FY14 Q1 FY13 (Millions of JPY) YoY YoY % (June 2013 *1) (June 2012) Net sales 123,130 112,378 +10,751 +9.6% Operating income 7,373 6,194 +1,179 +19.0% OI margin 6.0% 5.5% - - Net income 4,492 3,059 +1,433 +46.8%

EBITDA 16,237 13,995 +2,242 +16.0%

Sales Growth + 9.6% Excluding FX Impact - 5.0% Growth on Local Currency Basis + 4.6% Japan + 0.1% *1 Q1 FY2014 is three months ended June 2013. However U.S., China and some US + 9.1% Asian subsidiaries’ Q1 FY2014 is three Asia +45.0% months ended March 2013.

Q1 2014 – by Business Segment Billions of JPY Sales to third parties Industrial Gas 140 Strong sales in US & Asia Decline in Japan due to low plant orders 120 +16.6% -5.6% Electronics 100 Sales increased in equipment in Japan +10.4% Other *1 and in semiconductor gases in US 80 Energy Energy *2 Propane sales price declined based on 60 Saudi Aramco Contract Price decrease Electronics 40 +10.7% EBITDA Q1 YOY Growth Industrial FY14 vs. FY13 20 Gas Industrial Gas +5.2% 0 Electronics +101.3% Q1 Q1 Q1 FY12 FY13 FY14 Energy -22.3% Other +11.6% *1 Medical and Thermos Business *2 Japanese LP Gas Business

3 Q1 2014 – by Regional Segment Billions Japan of JPY Sales to third parties Strong sales in Electronics equipment 140 offset by decline in plant sales US 120 +67.7% Sales increased due to strong orders in Package Gas / Propane and favorable 100 +27.3% foreign exchange rate Asia 80 Asia Sales increased due to the new consolidation and favorable foreign 60 exchange rate US 40 +0.1% EBITDA Q1 YOY Growth Japan FY14 vs. FY13 20 Japan +7.4%

0 US +40.3% Q1 Q1 Q1 Asia +48.7% FY12 FY13 FY14

Regional Growth Initiatives

Japan Create ¥20 billion sales through newly developing products

US (MATHESON) Vertical Integration of Bulk and Distribution – M&A Electronics Strategic Customers and High-valued Products Specialty Gases Network Expansion

Asia Proactive investments in existing business regions and further strengthen our market position Entry into new countries through Leeden Limited

4 Creation of New Business

Hydrogen Filling Station Japanese government plans to build 100 hydrogen filling stations by 2015 for FCV TNSC has achieved 50% cost reduction, the highest filling pressure of 70 MPa and a filling * Mobile hydrogen station speed of 5 kg of hydrogen per 3 minutes

Water-18O Stable Isotope The FDG-PET examination method to grow worldwide for early diagnosis of cancer, and Alzheimer’s evaluation TNSC production capacity expansion June 2013 October 2015 100kg/year 300kg/year 600kg/year

* Water-18O plant at Chiba factory

Asian Business Expansion Strategy

Vietnam Japan Gas Co., Ltd. 4 ASUs + New ASU to be completed in January 2015

Matheson K-Air India Pvt. Ltd. New ASU to be completed in December 2013

Ingasco, Inc. 3 ASUs +New ASU to be completed in July 2014 Leeden Limited Expansion to other countries through Leeden

5 Strategies and Major Initiatives

Vertical Integration of Bulk and Distribution – M&A Profitable Growth Total Customer Focus Electronics Strategic Customers and High-valued Products

s s e n t n Specialty Gases Network o a s o i r i t e t l o a c a p

r Expansion n r S e o u p F C O

Sales System Drives New Business Growth Quality System Drives Continuous Improvement Safety System Drives Process & Procedure

Vertical Integration of Bulk and Distribution – M&A

Dickinson - 2013

Vacaville - 2004 Grimes - 2010

Waverly - 2006

Mesa - 2014 Vernon - 2006 Albuquerque Irving Irwindale - 2004 Legend

6 Legacy Matheson Tri-Gas ASUs Waxahachie - 2004 DeLisle - 2004 Odessa 6 Acquired Air Liquide ASUs in 2004 Pasadena San Antonio I -2004 MATHESON ASUs 2 ASUs in 2006 Westlake - 2004 San Antonio II – 2010 Stafford 2 ASUs in 2010 Lakeland - 2013

2 ASUs in 2013 West Palm Beach

1 ASU in 2014

6 Vertical Integration of Bulk and Distribution – M&A

Linweld – 2006 Valley National Gases – 2009

Aeris – 2008

Other Acquired Companies Five Star – 2008 Polar- 2007 Western Intl - 2010 Quimby - 2011 A&F Welding - 2012 Evergreen Supply- 2012 US Airweld – 2012

Specialty Gases Network Expansion

Portland, OR New Brighton, MN South Portland, ME

Joliet, IL Twinsburg, OH Gloucester, MA Newark, CA Greensburg, PA

Waverly, NE Joliet, IL Twinsburg, OH Newark, CA

Manassas, VA

Legend New Johnsonville, TN Rancho Cucamonga, CA Albuquerque, NM World-class Specialty Gas facility Morrow, GA Dallas, TX Hub Plants LaPorte, TX

Houston, TX

Miami, FL

7 Full Year FY2014 Outlook FY14 FY13 (Millions of JPY) Projection Actual YoY YoY % (March 2014) (March 2013) Net sales 514,000 468,387 +45,613 +9.7% Operating income 31,500 24,884 +6,616 +26.6% OI margin 6.1% 5.3% - - Net income (loss) 17,100 (2,071) +19,171 - EBITDA 68,600 57,277 +11,323 +19.8%

Sales Growth Sales Growth with FX impact w/o FX impact + 9.7 % + 6.6%

Sales by Region (excluding currency effect *)

Millions of USD 6,000 60%

50.0% 50%

4,000 40%

30.6% 29.6% 26.1% 30% 24.9% 25.8% 23.7% 24.2% 21.0% 20.6% 19.9% 2,000 20%

10%

0 0% FY05 FY08 FY11 FY14 Japan US Asia Overseas sales ratio * Exchange Rate: USD 1 = JPY 100

8 Thank you!