About Mantle Ridge

Who We Are

Mantle Ridge’s primary mission is to support the boards with which we engage, and to help them most effectively create durable long-term value for shareholders and other stakeholders.

Mantle Ridge’s structure is closely aligned with our “permanent ownership” mentality.  None of our affiliated entities is a hedge fund or other investment vehicle with a structurally short-term incentive.  This fundamentally differentiates us from other market actors who are known to engage with boards. Those who know us do not compare us to “activists”, they contrast us with them. “Engaged, long-term owner-steward” better describes our firm.

The Mantle Ridge Approach 

Mantle Ridge is dedicated to working closely with the boards in which we engage through principled discussions with a quiet, collegial and constructive tone. We strive to prove ourselves as a worthy partner to all directors with whom we work. As such, we do not take the step of publicly nominating directors lightly. We have historically engaged in a collaborative process with boards with whom we engage, and every one of our prior engagements has been settled amicably. This so-called “proxy contest” is the first one we have been involved in since our formation more than eight years ago.

Our entities are a family of single-idea, special-purpose vehicles funded by long-term capital. A new set of entities is formed for each new investment, and each holds an exposure to just one company. They are of indefinite life, and enable the General Partner to maintain its equity interest indefinitely – well beyond when we may choose to return our partners’ capital. Upon the return of capital to our limited partners, the General Partner receives a performance allocation in the form of Company shares (i.e. there is no cash out or exit). These allocated shares, combined with those purchased outright by the General Partner, form the basis of the General Partner’s permanent equity interest and long-term alignment.

The power of our long-term alignment cannot be overstated. We remain committed to achieving the best path forward for the longest-term stakeholders of the companies we serve.

“Mantle Ridge has added two former Linde Executives (Dennis Reilly and Eduardo Menezes) to reshape APD’s sustainability growth strategy. This ‘Dream Team’ could make a difference in the battle for control given strong track records and experience.”

– Wells Fargo, 10/15/24

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Disclaimer


This Website and the information contained herein (collectively, this “Website”) are being made publicly available, including, without limitation, to all shareholders of Air Products and Chemicals, Inc., a Delaware corporation (the “Company”). The information contained on this Website is provided for discussion and general informational purposes only and does not constitute an offering or the solicitation of the offer to purchase an interest in any investment

The views expressed on this Website are those of Mantle Ridge LP and its affiliates (collectively, “Mantle Ridge”) and are based on or derived from Mantle Ridge’s independent research and analysis and publicly available information. Certain financial information and data used on this Website have been obtained or derived from filings made with the U.S. Securities and Exchange Commission (“SEC”) by the Company and other public sources. Except as may be expressly set forth on this Website, Mantle Ridge has not sought or obtained consent from any third party to use any statements or information indicated on this Website as having been obtained or derived from statements made or published by third parties, nor has it paid for any such statements or information. Any such statements or information should not be viewed as indicating the support of such third party for the views expressed on this Website. The materials on this Website have not been prepared or endorsed by the Company and may not be attributed to the Company in any way. No warranty is made as to the accuracy of the data or information obtained or derived from filings made with the SEC by the Company or from any third party source. Facts have been obtained from sources considered reliable but are not guaranteed.

This Website may contain links to articles and/or videos (collectively, “Media”). The views and opinions expressed in such Media or those of the author(s)/speaker(s) referenced or quoted in such Media, unless specifically noted otherwise, do not necessarily represent the opinions of Mantle Ridge.

Mantle Ridge recognizes that there may be confidential or otherwise non-public information with respect to the Company that could alter its opinions were such information known. This Website does not purport to contain all of the information that may be relevant to an evaluation of the Company, the Company’s securities, or the matters described on this Website.

The information expressed on this Website is unaudited, reflects the judgment of Mantle Ridge only through the date it is published on this Website, and is subject to change at any time. Mantle Ridge disclaims any obligation to correct, update or revise this Website or to otherwise provide any additional materials to any visitor to this Website.

All registered or unregistered service marks, trademarks, and trade names referred to on this Website are the property of their respective owners, and Mantle Ridge’s use on this Website does not imply an affiliation with, or endorsement by, the owners of such service marks, trademarks and trade names

CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS

The information on this Website 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 set forth on this Website 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 or any of the other participants in the proxy solicitation described on this Website 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. There is no assurance or guarantee with respect to the prices at which any securities of the Company will trade, and such securities may not trade at prices that may be implied on this Website. This Website does not recommend the purchase or sale of any security, and should not be construed as legal, tax, investment or financial advice, and the information contained on this Website should not be taken as advice on the merits of any investment decision.

CERTAIN INFORMATION CONCERNING THE PARTICIPANTS

Mantle Ridge LP and the other Participants (as defined below) have filed a definitive proxy statement (the “Definitive Proxy Statement”) and accompanying BLUE universal proxy card or voting instruction form with the SEC to be used to solicit proxies for, among other matters, the election of its slate of director nominees at the 2025 annual meeting of stockholders of the Company (the “2025 Annual Meeting”). Shortly after filing the Definitive Proxy Statement with the SEC, Mantle Ridge LP furnished the Definitive Proxy Statement and accompanying BLUE universal proxy card or voting instruction form to some or all of the stockholders entitled to vote at the 2025 Annual Meeting.

The participants in the proxy solicitation are Mantle Ridge LP, Eagle Fund A1 Ltd, Eagle Advisor LLC, Paul Hilal (all of the foregoing persons, collectively, the “Mantle Ridge Parties”), Andrew Evans, Tracy McKibben and Dennis Reilley (such individuals, collectively with the Mantle Ridge Parties, the “Participants”).

IMPORTANT INFORMATION AND WHERE TO FIND IT

MANTLE 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.

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