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AIR PRODUCTS & CHEMICALS INC.
7201 HAMILTON BOULEVARD
ALLENTOWN, PA 18195-1501
(610) 481 - 4911
www.airproducts.com
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UPGRADE  &  DOWNGRADE  HISTORY
 
Date Grading From To Analyst
8 Feb 01 UPGRADE   Market Outperform  Recommended List Goldman Sachs
9 Jan 01 DOWNGRADE   Buy  LT Buy JP Morgan
23 Aug 00 UPGRADE   Hold  Buy UBS Warburg
17-Aug-00 INITIATED   at Market Perform   Banc of America Securities
26-June-00 UPGRADE   Neutral  Outperform Lehman Brothers
11-May-00 INITIATED   at Buy   ING Barings
11-May-00 UPGRADE   NT Neutral  NT Buy Merrill Lynch
20-Mar-00 UPGRADE   Hold  Accumulate Janney Montgomery Scott
29-Nov-99 UPGRADE   Market Perform  Buy JP Morgan
23-Nov-99 INITIATED   at Perform-In-Line   Schroder & Co
12-Nov-99 UPGRADE   Market Perform  Top Pick DLJ
17-May-99 DOWNGRADE      Buy  Hold CSFB
20-Apr-99 DOWNGRADE   Accumulate  Hold Deutsche Bank
5-Mar-99 INITIATED   at NT Neutral/LT Buy   Merrill Lynch
22-Jan-99 DOWNGRADE   Buy  Accumulate Deutsche Bank