Total Return to Shareholders since 1986 Initial Public Offering

Airgas

10,057%

S&P 500

1,045%

Russell 2000

795%

Total Return to Shareholders calculated as share price (split-adjusted) plus dividends reinvested, measured from
December 19, 1986 through March 31, 2013.

Airgas is a company of hard working men and women dedicated to helping our customers succeed. When a challenge arises, we provide the right solutions, leveraging our many years of industry process expertise and our extensive gases, welding, and safety products offering.

We had to climb many mountains this past year, from a weaker than expected economy to major change initiatives that we launched to make Airgas an even more efficient, innovative, and customer-focused company.

It was a year of tremendous change and challenge. And through it all, we produced solid results and continued to provide customers with the products, services, and expertise they expect from Airgas. It wasn't always easy, but we never stopped moving forward. We made it through the gauntlet this year, and while there are still challenges ahead, we're stronger than ever before and well positioned for growth in the years to come.

Contribution to 10,057% (19% CAGR)
Total Return to Shareholders Since 1986 IPO:

2013 returns