Air Products Licensed by Research Frontiers to Make SPD Emulsions and Light- Control Films for Use in SPD-Smart(TM) Products

WOODBURY, N.Y., and LEHIGH VALLEY, Pa., May 7, 2003 -- Air Products and Chemicals, Inc. has been granted a worldwide non- exclusive license to manufacture suspended particle device (SPD) emulsions and SPD light-controlling film developed by Research Frontiers Incorporated . Air Products will sell these SPD emulsions and light- controlling film to authorized licensees of Research Frontiers for use in various SPD-Smart(TM) products.

In an SPD-Smart product, such as a window, sunroof, or other product utilizing this technology, the user can manually or automatically "tune" or adjust the amount of light, glare and heat coming into a home, office or vehicle. SPD-Smart film technology was recently awarded a "Best of What's New Award" from Popular Science magazine for home technology. Additional information about SPD-Smart windows and other products can be found at www.SmartGlass.com.

About Air Products and Chemicals

Air Products serves customers in technology, energy, healthcare and industrial markets worldwide with a unique portfolio of products, services and solutions, providing atmospheric gases, process and specialty gases, performance materials and chemical intermediates. The company is the largest global supplier of electronic materials, hydrogen, helium and select performance chemicals. Founded in 1940, Air Products is recognized for its innovative culture, operational excellence and commitment to safety and the environment. With annual revenues of $5.4 billion and operations in over 30 countries, the company's 17,200 employees build lasting relationships with their customers and communities based on understanding, integrity and passion. For more information, visit www.airproducts.com.

About SPD Technology and Research Frontiers Incorporated

Research Frontiers Incorporated (RFI) develops and licenses suspended particle device (SPD) technology used to power SPD-Smart(TM) light-control glass and plastic products. SPD technology, made possible by a flexible light-control film invented by RFI, allows the user to instantly and precisely control the shading of glass/plastic manually or automatically. SPD technology has numerous product applications, including: SPD-Smart(TM) windows, sunshades, skylights and interior partitions for homes and buildings; automotive windows, sunroofs, sun-visors, sunshades, rear-view mirrors, instrument panels and navigation systems; aircraft windows; eyewear products; and flat panel displays for electronic products. SPD technology is covered by approximately 365 patents and patent applications held by RFI worldwide. Currently 23 companies are licensed to use RFI's patented SPD light-control technology in emulsions, film, or end products. Additional information about RFI and its licensees can be found at http://www.smartglass.com/.

***NOTE: This release may contain forward-looking statements. Actual results could vary materially, due to changes in current expectations.