Pentwater Capital Management LP Submits Letter to Board of Directors of Airgas, Inc.

Pentwater Capital Management LP (“Pentwater Capital”) today submitted a letter to the Board of Directors of Airgas, Inc. (NYSE: ARG), the United States’ largest distributor of industrial, medical, and specialty gases and related equipment, safety supplies and MRO products and services to industrial and commercial markets.

Full text of the letter can be found below.

About Pentwater Capital Management LP:
Pentwater Capital Management LP is an investment firm headquartered in Chicago.

Media Contact:

David Zirin
Pentwater Capital Management LP
312-589-6400

December 9, 2010

The Board of Directors
Airgas, Inc.
259 N. Radnor – Chester Road – Suite 100
Radnor, PA 19087-5283

Dear Members of the Board of Directors,

Pentwater Capital Management is the second largest institutional shareholder of Airgas stock, owning more than 6% of the shares outstanding. We are writing to you because we believe that it is important that you understand our view (which we believe is a view shared by the substantial majority of Airgas shareholders) regarding Air Products’ $70.00 tender offer.

Pentwater unequivocally believes the announcement today by Air Products of its $70.00 per share tender offer combined with the market’s immediate reaction leaves the Board with only one clear and obvious choice. The Board should run an expedited auction process in an effort to sell Airgas to the highest bidder on or before January 14, 2011. At the conclusion of that auction process, if the Board has been unable to find a buyer willing to pay Airgas shareholders greater than $70.00 per share, the Board must withdraw the poison pill and allow Airgas shareholders to tender into the Air Products offer.

The vast majority of Airgas shareholders are sophisticated investors who have formed their own views as to the value of Airgas in a sale. Those shareholders elected Air Products’ Board nominees in September because the shareholders were frustrated with the then-current Board’s unwillingness to engage in an auction process to sell the company. Air Products’ $70.00 per share offer makes the Board’s past decisions to “just say no” no longer an acceptable alternative. Pentwater therefore urges the Board to fulfill its fiduciary duty and not deny Airgas shareholders the opportunity to sell their shares at a substantial premium.

Regards,

Pentwater Capital Management LP