FORM 10-K - Praxair

(1) On July 25, 2007, the company’s board of directors approved a share repurchase program pursuant to which
the company could repurchase up to $1 billion of shares of its common stock from time to time at prices and
on terms satisfactory to the company. On July 23, 2008, the company’s board of directors approved the
repurchase of an additional $1 billion of its common stock which could take place from time to time on the
open market (which could include the use of 10b5-1 trading plans) or through negotiated transactions,
subject to market and business conditions.
(2) As of December 31, 2008, the company completed the $1 billion of share repurchases authorized under the
2007 program and had purchased $622 million of its common stock pursuant to the 2008 program, leaving
an additional $378 million remaining authorized for purchase under the 2008 program. The 2008 program
does not have any stated expiration date.
Peer Performance Table – The graph below compares the most recent five-year cumulative returns of
Praxair’s common stock with those of the Standard & Poor’s 500 Index and the S5 Materials Index which covers
28 companies, including Praxair. The figures assume an initial investment of $100 on December 31, 2003 and
that all dividends have been reinvested.
Dollars
$350
$300
$250
$200
$150
$100
$50
2003 2004 2005 2006 2007 2008
14
Praxair
Standard & Poor's 500
S5 Materials Index