Refreshing Air Products

Mantle Ridge LP is a top 10 shareholder of Air Products (NYSE: APD), holding approximately $1.3 billion worth of common shares. Eleven years ago, at a predecessor firm, we played a leading role in helping the Air Products Board effect board change and a leadership transition; this enabled a streamlining of the company that multiplied its value. We believe that, 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; inappropriate, 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. It’s time for urgent change on APD’s board following years of underperformance, dysfunctional governance, and failure to effect a transition from Ghasemi or rein in his misguided, value-destructive, and high-risk capital allocation strategy. Vote the blue proxy card FOR Mantle Ridge’s highly qualified nominees—Andrew Evans, Paul Hilal, Tracy McKibben, and Dennis Reilley—and WITHHOLD on Company nominees Charles Cogut, Lisa A. Davis, Seifollah “Seifi” Ghasemi, and Edward L. Monser.