OUTLOOK
For the full year of 2004, Praxair expects sales growth in the range of 6% to 10%, and operating profit growth of 8% to 14% from 2003. Guidance for diluted earnings per share is $1.90 to $2.05, reflecting growth of 8% to 15%, and assuming a higher effective tax rate of 25%. Full-year capital expenditures are expected to be approximately $700 million, anticipating additional investment in hydrogen infrastructure and investment in China to supply new contracts awarded in 2003.

Praxair provides quarterly updates on operating results, material trends that may affect financial performance, and financial earnings guidance via quarterly earnings releases and investor teleconferences. In addition, Praxair issues press releases whenever significant events occur which may affect financial performance. These materials are available on our website: www.praxair.com.