Sieve Capital Issues Letter Urging Americold Shareholders to Vote AGAINST Chairman Mark Patterson and Director Andy Power at Annual Meeting

Sieve Capital LLC (collectively with its affiliates, “Sieve” or “we”), a shareholder of Americold Realty Trust, Inc. (“Americold” or the “Company”), today issued the following open letter urging shareholders to vote “AGAINST” the reelection 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”). Of note, Messrs. Patterson and Power currently serve together as directors of Digital Realty Trust, Inc. (NYSE: DLR) and Americold. They are also alumni of the same investment bank.

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Fellow Shareholders of Americold,

Sieve believes it is in the best interest of the Company and all of its shareholders to vote “AGAINST” the reelection of Chairman Mark Patterson and Director Andrew Power at the Annual Meeting scheduled to be held on May 18, 2026. Since these long-time associates and colleagues joined the Board in 2018, they have presided over ineffective capital allocation, poor governance and significant value destruction. Put simply, their decisions and oversight have clearly had a punishing impact on the Company’s relative performance and total shareholder returns:¹

	Since IPO	Patterson Tenure	5 years	3 years	1 year
Americold	-20.13%	-53.51%	-66.44%	-55.73%	-47.43%
MSCI US REIT Index	65.91%	47.15%	29.38%	32.31%	5.94%
NAREIT Index	66.58%	45.18%	21.35%	24.03%	2.90%
S&P 600 Index	72.44%	77.43%	23.96%	34.66%	18.69%

As we disclosed last month, our concerns about Mr. Patterson and his close allies also extend to boardroom conduct and ethics. Shareholders should consider the following issues with respect to Messrs. Patterson and Power before voting at the Annual Meeting:

1. Summary of Issues at Paramount Group, Inc. (“Paramount Group”) – We believe Americold shareholders should be very concerned with allegations pertaining to Mr. Patterson’s tenure at Paramount Group, where he once received less than a majority of votes cast by shareholders at an annual meeting before being unilaterally re-added to the board of directors by seemingly friendly leadership.² It was subsequently reported that the Securities and Exchange Commission (the “SEC”) is investigating financial dealings between Mr. Patterson and his reported ally and former Paramount Group CEO, Albert Behler.³ This investigation is reportedly ongoing, although there is no disclosure pertaining to it in Americold’s recent proxy statement.

2. Summary of Issues at Digital Realty Trust, Inc. (“Digital Realty”) – We believe Americold shareholders should also be very concerned with allegations pertaining to Mr. Patterson’s ongoing involvement at Digital Realty, where he and Mr. Power (Digital Realty’s Chief Executive Officer) serve as directors together. Digital Realty’s former Chairman previously issued a noisy resignation letter that repeatedly accused Mr. Patterson of disregarding corporate governance norms, including when it came to “lobbying for Andy Power to be made President or even CEO” outside of proper channels.⁴ The letter also includes assertions that Mr. Patterson disparaged and worked to oust two female directors shortly after they joined Digital Realty. In our view, any shareholder of Americold should read the letter in question for themselves to understand the extent to which seemingly credible individuals oppose Mr. Patterson’s boardroom behavior (read full letter here).

3. Summary of Recent Issues at Americold – In addition to fostering an environment that tolerates dismal capital allocation and questionable interlocks among directors, Mr. Patterson appears to have omitted material aspects of his background from Company disclosures. Since the Company’s April 2022 proxy statement, shareholders have not been informed that Mr. Patterson previously served as Chairman and CEO of Boomerang Systems, Inc., which filed for bankruptcy in 2015 following his tenure. Mr. Patterson has also been described in Company disclosures as a certified public accountant; however, it appears that his Texas CPA license may have lapsed decades ago. Mr. Patterson also appears to be focused on an entrenchment agenda in the face of reported offers from credible buyers to purchase all or part of Americold.⁵ He seems to be a strong advocate for joint venture transactions, which can have a negative impact on both cash flow and future transaction optionality. We do not see how the Patterson-led Board can forgo a broad assessment of acquisition interest via a disclosed strategic review, particularly when shareholders have suffered so significantly under the long-term stewardship of Messrs. Patterson and Power. We assert there is a clear connection between these individuals’ decisions and the Company’s terrible long-term performance.

In Americold’s recently filed proxy statement, the Company claims that its Nominating & Corporate Governance Committee – which is chaired by Mr. Patterson – evaluated the aforementioned issues before it “reconfirmed its decision that Mr. Patterson is the right leader for the Board”.⁶ We find this decision particularly troubling. Shareholders should question the integrity of every member of the Board that voted to renominate Mr. Patterson and reaffirm his position as Chairman of the Board.

Shareholders are also being asked to believe that Mr. Patterson’s experience as a director and in real estate represents a benefit, despite the fact that his purported experience has delivered nothing of value for shareholders over the past eight years. The proxy statement also suggests that the Board unanimously supports Mr. Patterson’s re-election, leaving us in disbelief. Given what we deem to be questionable and sparse disclosures in the proxy statement, we believe shareholders should find the Board’s level of candor and transparency completely insufficient.

At bottom, we contend there is no reason for shareholders to continue supporting the Patterson-Power domination of the Board. Americold’s sustained value destruction under their watch speaks for itself. By voting “AGAINST” the re-election of Messrs. Patterson and Power, we believe shareholders will rid the Board of negative influences and send the rest of the Company’s leadership a clear message about the importance of focusing on viable paths to value creation.

Sincerely,

Gavin Richey

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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.

¹ Source: Bloomberg; total shareholder returns include reinvested dividends and run through 3/29/2026 (the day before Sieve announced the initiation of its public campaign).

² Source: Current Report on Form 8-K filed by Paramount Group with the SEC on May 17, 2021, disclosing that “Mr. Patterson received less than a majority of the votes cast in connection with his election to the Board and in accordance with the Company’s Corporate Governance Guidelines, Mr. Patterson offered to tender his resignation as a director of the Company on May 13, 2021.”

³ Source: The Real Deal, “Questions about Paramount Group extend to CEO’s dealings with board member,” dated September 15, 2025 (link).

⁴ Source: Current Report on Form 8-K filed by Digital Realty with the SEC on June 7, 2023, disclosing the resignation letter of former Chairman Laurence Chapman.

⁵ Source: Semafor, “Cold-storage giant Americold fields private equity interest,” dated December 29, 2025 (link) and Yahoo! Finance, “Americold (COLD) Jumps 5% on Acquisition Offer Buzz,” dated December 31, 2025 (link).

⁶ Source: Definitive proxy statement filed by Americold with the SEC on April 8, 2026.

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