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Mantle Ridge Sends Open Letter to Air Products and Chemicals, Inc. Shareholders and Employees

1. Mantle Ridge nominates four directors to Air Products' board. 2. They urge shareholders to support their nominees using the BLUE Proxy Card. 3. Mantle Ridge owns approximately $1.3 billion in Air Products’ shares. 4. The goal is to enhance Air Products’ performance and long-term shareholder value. 5. Mantle Ridge promotes a long-term approach, avoiding short-term incentives.

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FAQ

Why Bullish?

The backing of highly qualified director nominees could strengthen management and boost APD's performance, similar to changes seen at other firms after board reconstitutions.

How important is it?

The nomination of new directors and the strategic intent behind it are crucial for APD's future performance and governance.

Why Long Term?

These changes are expected to create sustained value, reflecting Mantle Ridge’s long-term investment strategy.

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APD
Answers Frequently Asked Questions Received from Employee Shareholders About Vote Anonymity Mantle Ridge's Director Nominees Reaffirm Commitment to Working Constructively with Air Products' Continuing Directors as Part of a Reconstituted Board to Create Value for All Shareholders If ElectedUrges Shareholders to Vote the BLUE Proxy Card "FOR" All Four of Mantle Ridge's Superbly Qualified Director Nominees – Andrew Evans, Paul Hilal, Tracy McKibben, and Dennis Reilley – and "WITHHOLD" on the Company Nominees Charles Cogut, Lisa A. Davis, Seifollah "Seifi" Ghasemi, and Edward L. MonserView the Letter and Related Materials at www.RefreshingAirProducts.com, /PRNewswire/ -- Mantle Ridge LP, which, together with its affiliates (collectively, "Mantle Ridge"), beneficially owns approximately $1.3 billion of the outstanding common shares of Air Products and Chemicals, Inc. (NYSE: APD) ("Air Products" or the "Company"), today sent a letter to the Company's shareholders and employees addressing frequently asked questions it has received regarding its nomination of four highly qualified director candidates – Andrew Evans, Paul Hilal, Tracy McKibben, and Dennis Reilley – to Air Products' Board of Directors. Refreshing Air Products - Mantle Ridge Letter to Shareholders and Employees The full text of the open letter is attached and accessible online here. To Enhance Air Products' Performance and Create the Long-Term Value that Shareholders Deserve, Mantle Ridge Urges Shareholders to Vote the BLUE Proxy Card "FOR" Mantle Ridge's Four Highly Qualified Director Nominees – Andrew Evans, Paul Hilal, Tracy McKibben, and Dennis Reilley – and "WITHHOLD" on the Company Nominees Charles Cogut, Lisa A. Davis, Seifollah "Seifi" Ghasemi and Edward L. Monser. Additional information regarding Mantle Ridge's highly qualified nominees, as well as voting instructions, may be found at www.RefreshingAirProducts.com.About Mantle RidgeFounded in 2016, Mantle Ridge LP is an engaged, long-term owner-steward that works closely and constructively with company boards to create durable long-term value for all stakeholders. None of Mantle Ridge's affiliated entities is a hedge fund or other investment vehicle with a structurally short-term incentive. Mantle Ridge engages with the expectation of maintaining an ownership position over the very long-term. Mantle Ridge has raised separate, single-investment, five-year special purpose vehicles to support its previous engagements with companies including CSX Corporation, Aramark, and Dollar Tree. For more information, visit https://www.mantleridge.com/.CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTSThe 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 Mantle Ridge LP and its affiliates (collectively, "Mantle Ridge") or any of the other participants in the proxy solicitation described herein prove to be incorrect, the actual results may vary materially from outcomes indicated by these statements. Accordingly, forward-looking statements should not be regarded as a representation by Mantle Ridge that the future plans, estimates or expectations contemplated will ever be achieved.Certain statements and information included herein may have been sourced from third parties. Mantle Ridge does not make any representations regarding the accuracy, completeness or timeliness of such third party statements or information. Except as may be expressly set forth herein, permission to cite such statements or information has neither been sought nor obtained from such third parties, nor has Mantle Ridge paid for any such statements or information. Any such statements or information should not be viewed as an indication of support from such third parties for the views expressed herein.Mantle Ridge disclaims any obligation to update the information herein or to disclose the results of any revisions that may be made to any projected results or forward-looking statements herein to reflect events or circumstances after the date of such information, projected results or statements or to reflect the occurrence of anticipated or unanticipated events.IMPORTANT INFORMATION AND WHERE TO FIND ITMANTLE RIDGE LP STRONGLY ADVISES ALL STOCKHOLDERS OF THE COMPANY TO READ ITS DEFINITIVE PROXY STATEMENT, ANY AMENDMENTS OR SUPPLEMENTS TO SUCH PROXY STATEMENT AND OTHER PROXY MATERIALS FILED BY MANTLE RIDGE LP WITH THE SEC AS THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION. SUCH PROXY MATERIALS WILL BE AVAILABLE AT NO CHARGE ON THE SEC'S WEBSITE AT WWW.SEC.GOV. THE DEFINITIVE PROXY STATEMENT AND OTHER RELEVANT DOCUMENTS ARE ALSO AVAILABLE ON THE SEC'S WEBSITE, FREE OF CHARGE, OR BY DIRECTING A REQUEST TO THE PARTICIPANTS' PROXY SOLICITOR, D.F. KING & CO., INC., 48 WALL STREET, 22ND FLOOR, NEW YORK, NEW YORK 10005. STOCKHOLDERS CAN CALL TOLL-FREE: (888) 628-8208.Information about the Participants and a description of their direct or indirect interests by security holdings or otherwise can be found in the Definitive Proxy Statement.Investor ContactD.F. King & Co., Inc.Edward McCarthy Tel: (212) 493-6952Media ContactsJonathan Gasthalter / Nathaniel GarnickGasthalter & Co.Tel: (212) 257-4170Email: [email protected]SOURCE Mantle Ridge LP WANT YOUR COMPANY'S NEWS FEATURED ON PRNEWSWIRE.COM? 440k+ Newsrooms & Influencers 9k+ Digital Media Outlets 270k+ Journalists Opted In

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