Company: NGVT
Filing Date: 2025-03-26
Form Type: DEFC14A
Source: 0001539497-25-001044
Chunk: 19

Company: Ingevity Corp
Filing Date: 2025-03-26
Form: DEFC14A
Chunk 19
---
 13, 2019, which is now known as the Company’s Advanced Polymers Technologies
segment (referred to as the “Capa business”), and (iii) the equity interests of Ozark Materials, LLC and Ozark Logistics, LLC, which closed on October 3, 2022 (referred to as “Ozark Materials”).

Performance periods related to February 24, 2025 at one-, three-, and five-year time periods.

S&P 400 Midcap Index (Bloomberg ticker: MID Index)

S&P 400 Midcap Chemicals Index (Bloomberg ticker: S4CHEM Index)

S&P 400 Midcap Materials Index (Bloomberg ticker: S4MATR Index)

Reflects performance of Ingevity Corporation as compared to the specified index, which is calculated as the Company’s
Total Shareholder Return for the applicable period minus the total index return for the specific index during the same period.

| 13 |

| NGVT compared to S&P Materials Index | (99.8)% | (9.2)% | (45.6)% | (92.3)% |

For all periods indicated
above, the S&P Materials Index has significantly outperformed the S&P Chemicals Index. We believe that if the Company had focused
on its Performance Materials business during these time periods, then the Company’s performance would have benefited from the higher
valuations and lower earnings volatility attributable to materials businesses (as reflected in the S&P Materials Index) as compared
to the Company’s Performance Chemicals business (as reflected in the S&P Chemicals Index). We also believe that the Company’s
underperformance during these periods was due, in part, to the Company’s decision to engage in acquisitions, each of which was debt
financed and introduced new operating and financial risks without a corresponding increase in profit or margin.9

<div align='center'>Ingevity Has Struggled to Effectively Implement its Corporate Strategy</div>

We are concerned with
the Board’s past actions, including the current Board’s actions relating to the following:

| ● | Failure by the existing Board to effectively implement its corporate strategy                                                          
 relating to capital allocation, including losses attributable to ill-advised acquisitions and the Board’s misguided focus on ill-timed 
 share repurchases rather than addressing its leverage or internal reinvestment alternatives;                                           |

| ● | Promotion of Mr. Fernandez-Moreno, an existing legacy director, to serve                                         
 as Interim