LEADING PROXY ADVISORY FIRM GLASS LEWIS RECOMMENDS AIR PRODUCTS AND CHEMICALS, INC. SHAREHOLDERS VOTE "FOR" ALL FOUR MANTLE RIDGE DIRECTOR NOMINEES ANDREW EVANS, PAUL HILAL, TRACY MCKIBBEN, AND DENNIS REILLEY

Glass Lewis' Recommendations - Glass Lewis recommends shareholders vote "WITHHOLD" on Air Products' nominees Charles Cogut, Lisa A Davis, Seifi Ghasemi, and Edward L Monser [1] - Glass Lewis supports all four of Mantle Ridge's director nominees, stating they provide a clear, credible, and proportionate alternative [2][13] - Glass Lewis finds a compelling case for change at Air Products due to years of poor performance, high-cost strategic expeditions, and a faulty succession effort [7][13] Air Products' Performance and Governance Issues - Air Products has generated subpar value for investors due to its capital-intensive non-core strategy [7] - The board has overseen a faulty succession effort, leaving CEO Seifi Ghasemi in an indefinite position of influence [7][13] - The board's relationship with Ghasemi suggests it operates at the direction of the senior executive, undermining governance [16] - Air Products' capital allocation and execution across multiple challenged projects have been poor [9] Mantle Ridge's Nominees and Strategy - Mantle Ridge's nominees are highly qualified, with relevant industry expertise and experience in capital allocation, renewable energy, and energy transition [15] - Paul Hilal is positioned as a shareholder advocate with strong familiarity with Air Products and the industrial gas sector [15] - Dennis Reilley, former CEO of Praxair, brings substantial industry expertise and operational experience [15] - Mantle Ridge's strategy aims to restore performance, fix capital allocation missteps, and ensure long-term leadership stability [13] Air Products' Strategic and Succession Challenges - Air Products' two-pillar growth strategy has faced scrutiny due to delays, scale revisions, and an inability to de-risk projects [16] - The board's succession process, ongoing since January 2023, is criticized for its lengthy timeline and lack of clarity on Ghasemi's future role [16] - The board's recent actions appear reactive and indicative of lax legacy oversight, with disingenuous claims of credit for performance gains [19] Mantle Ridge's Position and Engagement - Mantle Ridge, an engaged long-term owner-steward, holds approximately $1.3 billion of Air Products' common shares [13] - The firm has a history of constructive engagement with companies to create durable long-term value [17] - Mantle Ridge urges shareholders to vote the BLUE proxy card "FOR" its four director nominees and "WITHHOLD" on Air Products' nominees [4][13]