MAKE YOUR VOICE HEARD: MANTLE RIDGE SENDS OPEN LETTER ASKING AIR PRODUCTS AND CHEMICALS, INC. SHAREHOLDERS TO VOTE AT ANNUAL MEETING
Change is In the Air:
All of the Leading Independent Proxy Advisory Firms – ISS, Glass Lewis, and Egan-Jones – Recommend Replacing CEO
Air Products'
Mantle Ridge Urges Shareholders to Vote Online "FOR" All Four of its Superbly Qualified Director Nominees –
View Related Materials and Voting Instructions at www.RefreshingAirProducts.com
The full text of the letter is included below, attached, and available at www.RefreshingAirProducts.com.
Change is In the Air!
Dear Fellow Shareholders,
The Annual Meeting of
We can achieve this if we all vote our shares. Given how close we are to the Annual Meeting date, we ask that you look up the online voting instructions at the website listed on the BLUE proxy card, or on the voting instruction form you have received. We ask you to vote today FOR the four strong, independent shareholder representatives nominated by
Voting is easy, but how are shareholders to know which choice to make on their ballots? Indeed, it is hard to reconcile the starkly different claims put forth by
Fortunately, three firms – the independent proxy advisors – are staffed with experts who sort through the competing claims in contests such as these, analyze them, and publish their findings and recommendations. We are humbled and deeply gratified that all three of them – ISS, Glass Lewis, and Egan-Jones[1] – recommend replacing CEO
The resounding findings of the proxy advisory firms regarding the credibility of the statements made by each side come, we believe, as little surprise to the employees and to those shareholders who have had the opportunity to follow this closely. But they may be clarifying to others.
A Clear Path to Prosperity
The four exceptional shareholder nominees
If afforded the opportunity to serve, all four are eager to join the Board and work collaboratively with the other directors on day one. They will work to help the refreshed Board implement best-in-class governance and reassess the alignment of the Company's compensation plan, strategy, and capital allocation, with an eye exclusively to serving the best interests of the Company and its shareholders.
They will also be able to ensure that Air Products runs a renewed, bona fide CEO search process, expanded to include the most qualified candidates, enabling the Company to recruit the best possible leadership. Refreshed with the shareholder nominees, the Board will have the opportunity to consider re-uniting what the investment research community has dubbed the "Dream Team" of industrial gas industry legends:
Refreshed with the four new shareholder nominees proposed by
With a Board refreshed by the shareholders, and new CEO leadership of the caliber and experience of
To see what the ISS, Glass Lewis and Egan-Jones reports say, and to find out more about our superb nominees and compelling case for change, please visit www.RefreshingAirProducts.com.
The Choice is Clear. The Time is Now
The reports from all three of the independent proxy advisory firms — ISS, Glass Lewis, and Egan-Jones — provide compelling third-party validation of
Air Products' 2025 Annual Meeting is fast approaching – you have just days left to cast your vote. Will we, the shareholders, seize this historic opportunity to help Air Products turn toward a brighter future, or will we allow this golden chance to slip past us?
If you need help casting your vote or have additional questions, please submit a question on our website www.RefreshingAirProducts.com and we will get back to you quickly.
We thank you for your attention and support.
Respectfully,
The Mantle
To Enhance Air Products' Performance and Create the Long-Term Value that You Deserve, Mantle Ridge Urges You to Vote Online at the Voting Website Listed on Your BLUE proxy card or voting instruction form
"FOR"
Time is Short: To ensure your votes are counted, we urge you to vote online via the voting website located on your BLUE Proxy Card or Voting Instruction Form.
Visit www.RefreshingAirProducts.com for important information regarding the ISS, Glass Lewis and Egan-Jones reports,
About
Founded in 2016,
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS
The information herein contains "forward-looking statements." Specific forward-looking statements can be identified by the fact that they do not relate strictly to historical or current facts and include, without limitation, words such as "may," "will," "expects," "believes," "anticipates," "plans," "estimates," "projects," "potential," "targets," "forecasts," "seeks," "could," "should" or the negative of such terms or other variations on such terms or comparable terminology. Similarly, statements that describe our objectives, plans or goals are forward-looking. Forward-looking statements are subject to various risks and uncertainties and assumptions. There can be no assurance that any idea or assumption herein is, or will be proven, correct. If one or more of the risks or uncertainties materialize, or if any of the underlying assumptions of
Investor Contact
Edward McCarthy
Tel: (212) 493-6952
Media Contacts
Tel: (212) 257-4170
Email: RefreshingAPD@gasthalter.com
[1] The full names of the proxy advisory firms referenced include:
[2] For further information, see pages 6, 23 and 109 of Mantle Ridge's investor presentation entitled "Refreshing Air Products" (
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