Ancora Issues Letter to H.B. Fuller’s Board of Directors About the Need to Run a Comprehensive Strategic Review of Alternatives

Ancora Holdings Group, LLC (together with its affiliates, “Ancora” or “we”), a meaningful shareholder of H.B. Fuller Company (NYSE: FUL) (“H.B. Fuller” or the “Company”), today issued a letter to the Company’s Board of Directors (the “Board”) regarding its October 19, 2026 announcement.

The full text of the letter follows:

October 27, 2026

H.B. Fuller Company

Attn: The Board of Directors

1200 Willow Lake Boulevard, P.O. Box 64683

St. Paul, Minnesota 55164-0683

Members of the Board,

We are writing on behalf of Ancora to express our disappointment with your decision to reject our enhanced proposal to acquire H.B. Fuller’s Building Adhesive Solutions (“BAS”) segment for between $1.2 billion and $1.4 billion in cash. Despite the Board’s months-long unwillingness to engage in substantive discussions with us, we have nonetheless tried to be creative and solution-oriented to help address the Company’s dangerously high leverage and years of share price underperformance and mismanagement.

We understand that directors can fall into a malaise when they are insulated by defensive governance and a classified boardroom structure. But it is not too late for you to turn the page and pursue a value-enhancing outcome that earns applause from shareholders. After all, more than anything else, that should be your goal as fiduciaries.

We would generally view the announcement that you are running a “market check for select market segments and product lines” as a step in the right direction. However, with this Board, it just marks the continuation of an unfortunate trend of doing the very bare minimum to try to appease your shareholders. Selling a couple of small non-core assets will not meaningfully reduce the Company’s debt burden, and continuing to take cover under your classified Board structure with the window-dressing of a director refreshment will not solve the underlying problems of an elevated leverage profile, sluggish financial performance and a depressed valuation.

Perhaps if you had authentic conversations with us before, during and after our acquisition proposals, H.B. Fuller’s shares would not be trading so poorly. Clearly, the Board has lost the confidence of shareholders. Your message last week was muddled by an apparent resistance to conceding the need for an explicit strategic review of all assets, which is likely why the market shrugged off the news and the Company’s shares were down.

Poor market reactions are nothing new for you, of course. The Company’s share price is down more than 27% over the past five years¹ and has been hovering around the five-year low for the past month.² Since Celeste Mastin took over the CEO role in December 2022, the Company’s share price has declined by more than $30 per share, or 38%.³

Shareholders have not forgotten that they were promised Project Quantum Leap in 2025, which was billed as a transformative initiative to create shareholder value. Instead, they are now being asked to take a “quantum leap of faith” that hinges on the ability of an amateurish management team and Board to deliver tomorrow the value they have failed to produce today. Shareholders are being asked to do this while assuming still more debt and execution risk along the way.

We have been direct with you from Day 1 about our view that leadership’s best chance at creating value for shareholders is to show concrete traction on deleveraging, establishing 21^st-century governance, forgoing risky deals and maintaining a credible investor relations program. You have opted to double down on your value-destructive habits in a manner that could form the basis for a Harvard Business School case study on the consequences of corporate incompetence.

At this point, we call on the Board to initiate a comprehensive review of strategic alternatives, including a sale of the entire Company. Our repeated efforts to acquire BAS at a premium valuation representing more than 50% of H.B. Fuller’s equity value have been rebuffed without any outreach or engagement by the Board. Yet the Board has offered shareholders no basis to conclude that continued ownership will deliver greater value. Against this backdrop, the Board has not earned the benefit of the doubt in rejecting a premium proposal in favor of another promise of future improvement. Shareholders deserve a robust process that tests the value of every business, including the Company as a whole, rather than another “quantum leap of faith.”

We will not sit idly by while you continue to seemingly run the Company into the ground. We are reserving all our rights as they relate to upcoming deadlines and making a bid for the entirety of H.B. Fuller. Whether it is us or someone else, we are confident that there are those who see the inherent value in the Company’s egregiously mismanaged assets.

Regards,

About Ancora

Founded in 2003, Ancora Holdings Group, LLC offers integrated investment advisory, wealth management, retirement plan services and insurance solutions to individuals and institutions across the United States. The firm is a long-term supporter of union labor and has a history of working with union groups and public pension plans to deliver long-term value. Ancora’s comprehensive service offering is complemented by a dedicated team that has the breadth of expertise and operational structure of a global institution, with the responsiveness and flexibility of a boutique firm. Ancora Alternatives is the alternative asset management division of Ancora Holdings Group, investing across three primary strategies: activism, multi-strategy and commodities. For more information about Ancora Alternatives, please visit www.ancoraalts.com.

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