Vote the BLUE Proxy Card Today “FOR” Mantle Ridge’s Four Highly Qualified Director Nominees

Leading Proxy Advisory Firms ISS, Glass Lewis, and Egan-Jones recommend Air Products shareholders vote “FOR” Mantle Ridge’s shareholder nominees and “WITHHOLD” on Air Products’ incumbent directors

Air Products’ 2025 Annual Meeting will be held on January 23, 2025. Every vote counts, no matter how many shares you own!

Vote “FOR” Andrew Evans, Paul Hilal, Tracy McKibben and Dennis Reilley – and “WITHHOLD” on the Company’s Nominees Charles Cogut, Lisa A. Davis, Seifollah Ghasemi and Edward L. Monser

Underperforming Industry Peers

Over the past five years, Air Products has significantly underperformed its industry peers, the S&P 500, and its own potential due to its flawed strategy, inappropriately high-risk capital allocation program, and poor execution. The root cause of these issues is a range of oversight and governance failures at the Board level, including its failure to replace CEO & Chairman Seifollah “Seifi” Ghasemi.

The five-year relative total shareholder return (“TSR”)1, ending October 4th, 2024, the day before announcing our efforts to press for change catalyzed a nearly 10% jump in the Company’s shares, tells a powerful story – Air Products has delivered roughly one-half of the TSR of competitor Air Liquide and the S&P 500, and less than one-third of the TSR of best-in-class competitor Linde Plc.


Source: Bloomberg, as of 10/4/2024, the trading day before Mantle Ridge’s surfacing. Returns in USD and assumes dividends are reinvested.

Our Nominees

Mantle Ridge’s four highly qualified director nominees will provide much needed independent voices in the boardroom and bring extensive expertise and relevant experience, including from the industrial gas industry to the Company’s Board. They will provide valuable insight on how to address the most pressing challenges the Company currently faces across corporate and operational strategy, capital allocation, and human capital. We believe these nominees can help instill accountability and governance on the Board while driving improved performance – and ultimately enhance value for all Shareholders.

Learn more about the Nominees:

Andrew
Evans

Former CEO/COO of AGL Resources (NYSE: AGL) and CFO of Southern Company (NYSE: SO)

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Paul
Hilal

Founder and CEO of Mantle Ridge LP

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Tracy
McKibben

Founder and CEO of MAC Energy Group

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Dennis
Reilley

Former Chairman, President and Chief Executive Officer of Praxair, Inc. (now part of Linde, Plc) (NASDAQ: LIN)

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