Matthews International Issues Statement Following ISS Report

Core Viewpoint - Matthews International Corporation strongly disagrees with the recommendation from Institutional Shareholder Services (ISS) regarding Barington's positions, arguing that ISS fails to provide substantive analysis of Barington's plans and nominees [1][2]. Company Actions and Strategies - The company emphasizes that Barington's "four-step plan" lacks new ideas beneficial to shareholders, as most initiatives have already been initiated by Matthews [2]. - Matthews highlights the lack of relevant skills and understanding of its business among Barington's nominees, criticizing their track records and preparedness [3]. - The current Board has taken significant actions to enhance shareholder value, including support from GAMCO Asset Management, which holds approximately 4.38% of Matthews' shares [4]. - The Board has developed the Memorialization segment into a leading cash-generating business, allowing for substantial capital returns and reinvestment into high-growth areas like Dry Battery Electrode (DBE) technology [5]. - Following a favorable arbitration outcome against Tesla, Matthews plans to resume marketing its DBE solutions to the electric vehicle market [5]. - The strategic disposition of the SGK business is expected to provide $350 million in upfront consideration, reflecting the company's strategic investments and cost-saving initiatives [5]. - Matthews is engaging J.P. Morgan to evaluate strategic alternatives for its businesses and anticipates announcing several initiatives to drive shareholder value in the 2025 fiscal year [5]. - The Board has welcomed three new independent directors since 2020 and plans to continue refreshing its membership, demonstrating a commitment to governance [5]. Voting and Shareholder Engagement - The company urges shareholders to vote "FOR" its nominees using the WHITE proxy card and to withhold votes for Barington's nominees [6][8]. - Matthews emphasizes the importance of shareholder votes and provides instructions for voting [9].