MANTLE RIDGE ISSUES STATEMENT

Core Viewpoint - Mantle Ridge LP, a significant shareholder of Air Products and Chemicals Inc., has withdrawn its push for a board overhaul, leading to a 2.3% drop in the company's stock price in pre-open trading [1][2]. Group 1: Board Restructuring - Mantle Ridge is advocating for a restructuring of the board to enhance executive success and board performance, proposing a mix of ongoing incumbent directors and new independent members [1]. - The proposal includes nominating four new independent candidates, resulting in six out of nine directors being new and independent [2]. - The board slate aims to replace the four most problematic directors and initiate a process to replace the current CEO [3]. Group 2: Shareholder Engagement - Mantle Ridge has taken the initiative to propose a board solution due to the board's lack of engagement in a collaborative reconstruction process, reflecting shareholder preferences for change [4]. - The firm expresses gratitude for the support from fellow shareholders and optimism for the company's future [4]. Group 3: Proxy Solicitation - Mantle Ridge and its affiliates plan to file a preliminary proxy statement with the SEC to solicit proxies for the election of their director nominees at the 2025 annual stockholders meeting [7]. - The Mantle Ridge Parties collectively own approximately 4,107,521 shares, representing about 1.8% of the outstanding shares of Air Products [9].