# DEAR VALUED SHAREHOLDERS

_Source: `DeepSeekOCR_Ardian_pruned_1k/consumer-defensive-packaged-foods/NYSE_INGR_2021/NYSE_INGR_2021.mmd` · pages 1-7_

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DEAR VALUED SHAREHOLDERS

In 2021, Ingredion continued to advance its Driving Growth Roadmap to deliver solid net sales and profit growth. We continued to invest in our business, capitalizing on key trends that are shaping the global food and beverage industry to better position Ingredion to meet the rising demand for on-trend ingredients from our specialty growth platforms. Specialty ingredients performed exceptionally well across our four regions led by texturants and sugar reduction delivering net sales growth in the high teens, and now specialties represent 33 percent of our overall net sales.

## STRONG FINANCIAL PERFORMANCE AND COST DISCIPLINE

We generated net sales of \(6.9 billion in 2021, up 15 percent from the previous year, reflecting over \)600 million of price mix improvement. The results include full year reported and adjusted operating income of \(310 million and \)685 million, respectively, and reported and adjusted earnings of \(1.73 and \)6.67 per share, respectively, with full year reported results reflecting the impact of a $340 million charge related to the contribution of our operations to a joint venture in Argentina. We also returned cash to shareholders of $172 million in dividends.

## 2021
QUARTERLY
NET SALES

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Our team successfully completed our three-year Cost Smart program, delivering $170 million of cumulative run-rate savings and exceeding our original $125 million target by 36 percent. We will now carry forward this momentum as part of a rebranded strategic pillar called Cost Competitiveness, which will focus on operating excellence and driving continued efficiencies across our business.

## ADVANCING THE
DRIVINGROWD ROADMAP

Over the last four years, Ingredion's product portfolio has been significantly broadened through more than $700 million of organic growth investments and M&A. Last year alone, we invested approximately $140 million in our specialty growth platforms through acquisitions and capital investments to drive organic growth. These strategic investments are further differentiating us in the marketplace and are expanding our higher-value ingredient portfolio and formulating capabilities. We have built a solid position in plant-based proteins in the U.S. and Canada with significant headroom for growth, and we have acquired, partnered, and invested our way to being the market leader in high-intensity natural sweeteners with a rapidly growing position in stevia and Reb M. With our broadened capabilities, we continue to reimagine the way we connect with customers. I am particularly proud of how our go-to-market and technical support teams have engaged and co-created on disruptive food innovations for consumers, positioning us to be part of our customers' new product launches.

We are very proud of the progress we made against our bold sustainability commitment, outlined in our 2030 All Life plan. Notably, we advanced our goal to sustainably source 100 percent of our priority crops by 2025, reaching 33 percent, up eight percent from the previous year, while expanding customer engagements going forward.

## OUR PURPOSE AND VALUES-DRIVEN
GROWTH CULTURE CONTINUE TO
UNDERPIN OUR SUCCESS

It was a proud moment for our employees to learn that Ingredion was, once again, named one of the World's Most Admired Companies by Fortune magazine for the 13 \( ^{th} \)  consecutive year. We were also honored to be included on Bloomberg's Gender-Equality Index for the fifth consecutive year. Finally, we earned a near-perfect score on the Human Rights Campaign Foundation's Corporate Equality Index for the second consecutive year. These external acknowledgments are a testament to the commitment and values that our people bring to work every day in support of our diverse and inclusive work culture.

Ingredion continues to benefit from its diverse and experienced board. I want to offer my sincere appreciation to Barbara Klein for her dedication and commitment in serving Ingredion as she stepped down after 17 years. At the same time, we announced two new board members in 2021, Catherine Suever and Chuck Magro. We look forward to their contributions and the relevant and global perspectives they will provide.

In closing, I want to thank our shareholders, who continue to see the long-term growth potential of Ingredion, and our employees for their continued commitment and focus as we effectively met the unique challenges of 2021. We look forward to building on the progress in 2022.

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James P. Zallie,
President & CEO
April 7, 2022