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Chemed Corporation Purchases a Second Corporate Jet - MMI Investments Demands an End to Chemed Corporate Largesse
Date:4/2/2009

The MMI Director Nominees Will Bring Much-Needed Independence and Stockholder Representation to the Chemed Board

NEW YORK, April 2 /PRNewswire/ -- MMI Investments, L.P. ("MMI") today announced that it has sent a letter to the newly-elected Chairman of Chemed Corporation ("Chemed"), George J. Walsh III, demanding that Chairman Walsh promptly dismantle Chemed's culture of corporate largesse, as embodied in Chemed's November 2008 purchase of a corporate jet for nearly $9 million.

MMI President Clay B. Lifflander stated: "This November when many of America's largest companies were being publicly excoriated for wasting stockholder capital on corporate jets, Chemed's management and board decided to double its own fleet, acquiring a second 15-seat Hawker private jet. Yet even though this purchase accounted for more than 36% of 2008 capital expenditures for the whole company, there was no mention of it on the fourth quarter conference call and no disclosure in the company's 2008 10K as to why 2008 corporate level capital expenditures were nearly 50 and 70 times 2007 and 2006 levels, respectively."

"MMI nominated a highly qualified slate of independent director candidates for the Chemed Board because of entrenchment such as this. We fear that Chemed's management and Board simply do not understand that they are merely stewards of stockholder capital -- not owners of it."

The full text of MMI's letter to Chairman Walsh follows:

    April 2, 2009

    Chairman George J. Walsh III
    Chemed Corporation
    2600 Chemed Center
    255 East Fifth Street
    Cincinnati, Ohio 45202-4726

Dear Chairman Walsh,

As a major long-term stockholder in Chemed Corporation ("Chemed"), MMI Investments, L.P. ("MMI") believes that one of your first priorities as Chemed's new Chairman should be the dismantling of Chemed's culture of corporate largesse. The m
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SOURCE MMI Investments, L.P.
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