Sieve Capital Issues Presentation Detailing Shareholders’ Opportunity to Improve the Board at Americold

Urges Americold Shareholders to Vote “AGAINST” the Reelection of Chairman Mark Patterson and Director Andrew Power Because of Their Disqualifying Conflicts of Interest

Board Change Needed Following Devastating Collapse in Shareholder Value During Mark Patterson’s Tenure as Chairman

Reports of Acquisition Interest Warrant Attention from the Board to Assess Potential Creation of Shareholder Value

DALLAS--(BUSINESS WIRE)--Sieve Capital LLC (collectively with its affiliates, “Sieve” or “we”), a shareholder of Americold Realty Trust, Inc. (NYSE: COLD) (“Americold” or the “Company”), today issued a detailed presentation explaining why shareholders should vote “AGAINST” the re-election of Mark Patterson and Andrew Power to the Company’s Board of Directors (the “Board”) at Americold’s upcoming Annual Meeting of Shareholders (the “Annual Meeting”). Mr. Power is subject to what we view as an irreconcilable conflict of interest because his compensation as CEO of Digital Realty Trust (“Digital Realty”) is controlled, in part, by Mr. Patterson, a member of Digital Realty’s Compensation Committee. Additionally, Mr. Patterson’s de minimis ownership of COLD shares and excessive annual compensation as Chairman, at a ~50% premium to peers, arguably creates a financial incentive for him to obstruct a sale of Americold. Shareholders should vote “AGAINST” Messrs. Patterson and Power, as their removal, in our opinion, would strengthen Americold’s Board.

CLICK HERE TO DOWNLOAD THE PRESENTATION

Gavin Richey, Managing Member of Sieve Capital, commented:

“Our presentation lays out a clear and compelling case for voting against Chairman Mark Patterson and Director Andy Power, who are multi-decade associates that have exhibited a shared tolerance for poor corporate governance practices, harmful capital allocation policies, persistent underperformance and catastrophic value destruction at Americold. We contend that their eight-year tenure on Americold’s Board is defined by ineffective decisions and self-interested actions that have only perpetuated losses. For example, it seems that Mr. Patterson’s brazen choice to serve as Chairman of the Board and Chair of the Nominating & Governance Committee has enabled him to protect his seat on the Board and handpick the CEO without a normal search process. When you factor in Mr. Patterson’s well-documented issues at Paramount Group and Digital Realty, where his corrosive behavior was identified as another director’s reason for resigning, it is confounding that the rest of Americold’s directors chose to put forward these two individuals for re-election. We strongly believe that Americold shareholders deserve better than crony capitalism and the threat of even more value destruction.”

About Us

Sieve Capital is a private investment firm that pursues opportunities across public and private markets through fundamental research. Contact us at www.sievecap.com.

This is not a solicitation of authority to vote your proxy. Do not send us your proxy card. Sieve is not asking for your proxy card and will not accept proxy cards if sent. Sieve is not able to vote your proxy, nor does this communication contemplate such an event.

The views expressed in this release should not be construed as investment advice and are not intended to be a forecast of future events or a guarantee of future results. The opinions provided in this release are for general information only and should not be considered a recommendation to buy or sell any of the Company’s securities. It should not be assumed that investments in such securities have been or will be profitable. The information contained in this release has been prepared from sources believed reliable but is not guaranteed by us as to its timeliness or accuracy, and is not a complete summary or statement of all available data.