Engineered Polymers

Michael Wilson & Stephen LewisAugust 7, 2019

Disclaimer: This presentation contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform

Act of 1995. Such forward looking statements generally include the words “may,” “could,” “should,” “believes,” “plans,” “intends,” “targets,” “will,” “expects,” “suggests,” “anticipates,” “outlook,” “continues,” “forecast,” “prospect,” “potential” or similar expressions. Forward-looking statements may include, without limitation, expected financial positions, results of operations and cash flows; financing plans; business strategies and expectations; operating plans; synergies and the potential benefits of the acquisition of Georgia-Pacific’s pine chemicals business and the acquisition of Perstorp Holding AB’s Capa caprolactone business (the “acquisitions”); capital and other expenditures; competitive positions; growth opportunities for existing products; benefits from new technology and cost-reduction initiatives, plans and objectives; markets for securities and expected future repurchase of shares, including statements about the manner, amount and timing of repurchases. Like other businesses, Ingevity is subject to risks anduncertainties that could cause its actual results to differ materially from its expectations or that could cause other forward-looking statements to prove incorrect. Factors that could cause actual results to materially differ from those contained in the forward-looking statements, or that could cause other forward-looking statements to prove incorrect, include, without limitation, risks that theexpected benefits from the acquisitions will not be realized or will not be realized in the expected time period; the risk that the acquired businesses will not be integrated successfully; significant transaction costs; unknown or understated liabilities; general economic and financial conditions; international sales and operations; currency exchange rates and currency devaluation; compliance with U.S. and foreign regulations; competition from infringing intellectual property activity; attracting and retaining key personnel; the impact of Brexit; conditions in the automotive market or adoption of alternative technologies; worldwide air quality standards; a decrease in government infrastructure spending; declining volumes and downward pricing in the printing inks market; the limited supply of crude tall oil (“CTO”); lack of access to sufficient CTO; access to and pricing of raw materials; competition from producers of alternative products and new technologies, and new or emerging competitors; a prolonged period of low energy prices; the provision of services by third parties at several facilities; natural disasters, such as hurricanes, winter or tropical storms, earthquakes, floods, fires; other unanticipated problems such as labor difficulties including renewal of collective bargaining agreements, equipment failure or unscheduled maintenance and repair; protection of intellectual property and proprietary information; information technology security breaches and other disruptions; government policies and regulations, including, but not limited to, those affecting theenvironment, climate change, tax policies, tariffs and the chemicals industry; and lawsuits arising out of environmental damage or personal injuries associated with chemical or other manufacturing processes. These and other important factors that could cause actual results or events to differ materially from those expressed in forward-looking statements that may have been made in thisdocument are and will be more particularly described in our filings with the U.S. Securities and Exchange Commission, including our Form 10-K for the year ended December 31, 2018 and our other periodic filings. Readers are cautioned not to place undue reliance on Ingevity’s projections and forward-looking statements, which speak only as the date thereof. Ingevity undertakes no obligation to publicly release any revision to the projections and forward-looking statements contained in this announcement, or to update them to reflect events or circumstances occurring after the date of this announcement.

Non-GAAP Financial Measures: This presentation includes certain non‐GAAP financial measures intended to supplement, not

substitute for, comparable GAAP measures. Reconciliations of non‐GAAP financial measures to GAAP financial measures are providedwithin the Appendix to this presentation. Investors are urged to consider carefully the comparable GAAP measures and the reconciliations to those measures provided.

3

Value-creating acquisition consistent with our strategy

Strategic Rationale Strong, market-leading business focused on high-

growth end-use applications

Complementary fit with Ingevity business model andcapabilities Technology-focused relationships drive

customer intimacy Similar manufacturing process and approach

Provides new avenues for strategic growth and value creation

Top-tier financial profile, enhances long term profitability

3

What is Caprolactone?

4

Capa® value chain

Feedsto

ck

Monom

er

Deri

vati

ves

Key performance enhancement benefits

Benzene Hydrogen peroxide

Caprolactone polyols

Caprolactonelactides

Cyclohexanone

Caprolactone thermoplastics

Compounds

Caprolactonemonomer

Capa molecules

Food friendly

More Flexible

Tougher

Brighter

Long-lasting

Better looking

More resistant

Biodegradable

Key applications

Resins and Coatings

Elastomers Adhesives Bioplastics

5

Strong, market-leading business focused on high-growth end-use applications

125

Projected Market Growth and Share by Product Segment

Monom

er

Poly

ols

Th

erm

opla

sti

c

46%

Polyols

synthesis

Reactive

modifier

Coating

additives

~4–5%

~6–7%

~4–5%

38%

Coatings

Elastomers

Adhesives ~7%

Additives for

adhesives

Shoe

components

Materials for

medical

devices

Components in

biodegradables

~8%

16%~3%

~8%

~>15%

Weighted average growth = ~6%

26%

48%

26%

2018 market split by volume Applications

Underlying market growth

Market

2018 revenueby product

Ingevity

Global market leader with unique technology and state-of-the-art manufacturing capabilities

Strategically targeted to high-value end-markets

Source: Company information, management estimates

74%derivatized

APAC

25%

EMEA

48%

Americas

27%

Revenue by geography (2018A)

Track record of strong growth in markets with significant penetration upsideCaprolactone <20% adopted in addressable markets

6

~10% ~30% ~10% <5%

490

175220

165

Total addressable market Caprolactones current share

Coatings & Resins

Elastomers Adhesives Bioplastics

Engineered polymersrevenue breakdown by application(FY18A)

Revenue CAGR(FY15A-18A)

~12% ~9% ~4% ~24%

9%

45%

46%

63%

34%

3% 18%

82%

100%

Monomer Polyols Thermoplastics

Estimated caprolactone current market size and addressable market potential ($M)

Significant untapped potential within existing key market segments for caprolactone to increase penetration

Offers a higher degree of formulating possibilities compared to other polyols

Industry leader in developing tailored caprolactone solutions with 40+ years of chemical know-how

Source: Company information, management estimates

Ingevity polyols offer significant advantages over alternatives

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Characteristics and advantages of caprolactone polyols

Strength

High durability

High quality finish

Resistant to wear and tear

Maintains form and function

SEALS MINING SCREENS WIND TURBINE

Performance advantage

TPU producer Pre-polymer supplierCoatings

formulator

Injection moulder Screen moulder OEM coatings applicator

Seal and gasket supplier Equipment producer Assembler

OEM, e.g. Parker, Freudenberg

OEM e.g. Steinhaus, Metso

End user windmillcontractor

End user – industrial Mine operator

Examples

Distinctive positioning of caprolactonepolyols

Caprolactone Polyols

Polycarbonatepolyols

PTMEG

Polyether polyols

Specialty

polyols

Polyester polyols

EO/PO polyethers

Ingevity polyols are highly effective in enhancing the vital properties within the various value chains in which it is used at relatively limited cost, offering significant advantagesover alternative substitutes

High durability High quality finish

Resistance to wear and tear

Maintains form and function

Polyol performance pyramid

Ingevity thermoplastics enhance or substitute in a variety of applications

Bioplastics Provides flexibility Biodegradable and compostable Offers an alternative to PBAT Enhances manufacturing processes

Films Paper coatings Disposable packaging, cups

and utensils Starch & PLA containing

biopolymers

PBAT PBS

Durable Strong Stiff

Moldable at 60°C Repeatedly reshapable Biodegradable

Radiation masks shapeddirectly on the patient serving to immobilize part of the body

Immobilization devices Splints

Cross linked Polyethylene

Wood castings

Characteristics and advantages of thermoplastics

Adhesives

Medical devices

Key benefits of caprolactone Alternatives End products

Low temperature processing Ease of thermoforming Rigidity Low shrinkage with no deformation No skin contact issues or irritation

Unrivalled durability Penetrates difficult substrates Provides flexibility Easier to process and apply vs.

competing products

TPU Surlyn Polyesters EVA Polyamide

Hot-melts Fabric lamination Shoe components adhesive

8

Examples

Sales from new business development (NBD) pipeline supporting growth

9

Pip

elin

e a

s of

Q4 2

018

New prospect Commercialization stageCustomer progress path

Revenue Potential

1 4 52 3Pipeline entry and sample

delivery

Sample approval

Successful trial /

up-scaling

Commercial agreement / first order

Recurring sales reported in

budget

Selective process for inclusion of leads at an early stage leading to a low

failure rate throughout the pipeline

Products are tailored to meet customer requirements, capitalizing on the

Innovation team’s expertise

At stage 5, the product becomes part of Ingevity’s recurring product portfolio

2011 2012 2013 2014 2015 2016 2017

Sale

s volu

me f

rom

N

BD

pip

elin

e

New management team with a particular

focus on NBD

Source: Company information

~$70M

~$25M ~$25M~$20M~$40M

Focus on growth through innovation supported by a strong new product pipeline

10

Continued development of new applications for existing markets and innovative downstream derivatives

5.3%

13.1%

FY15A FY18A

Strong Sales Growth from Innovation & Derivative Focus

Capa polyols in sports flooring applications

Capa polyols to produce a microcellular PU elastomer for railway damping pads

Capa thermoplastics as a heel counter material

Capa polyols to produce a resilient band material for medical applications

Capa polyols for partial adoption in polyester based synthetic PU leather applications

1) Innovation Sales defined as volume of derivatives products commercialized within preceding 5 years as a percentage of total derivatives volume.

Focus on derivative strategy lead to Innovation Sales1 growth of ~250% between 2015 and 2018

11

Value-creating acquisition consistent with our strategy

Ingevity is the established market leader in caprolactone monomer & derivative chemistry

We have targeted markets and applications with higher growth rates with significant upside in market penetration

Caprolactone provides product performance benefits and is superior to many alternative chemistries

The business is aligned with Ingevity’s strengths:

Technology-focused relationships drive customer intimacy

Reaction / purification process and focus on derivatives

Products & solutions that purify, protect and enhance

11

Appendix

12

World class assets and product development that supports growth

13

Manchester

London

Warrington

Liverpool

Wales

EnglandCambridge

Oxford

Bristol

Plymouth

Cardiff

Leeds

Brighton

Flexible manufacturing site with in-house innovation and technical capability

Monomer Plant

Central Lab

Polymer Plant

Pilot Reactor

Largest caprolactone plant in the world with flexible capabilities to support growth

Complex manufacturing process developed over 40 years

Hydrogen peroxide supply available on site via pipeline

Well-established continuous improvement program

Well maintained assets demonstrated by high plant reliability

Dedicated innovation lab and personnel

On-site pilot reactor

Technical services including product and application development support

Ingevity Engineered Polymers competitive advantages

14

Niche chemistry with defensible competitive advantage

Expensive to replicate a similar platform with comparable competencies

No new meaningful competitors have been able to gain a substantial foothold since 2001

Ingevity is the only player to have expanded production capacity in the last 10 years

Deep customer intimacy as key driver for relevant innovations

Technologies not available for licensing

Complex production process

Required access to monomer for polyols/thermoplastics

Significant upfront costs in light of current market size

Requirement for support and innovation capability

Ingevity is the established global leader with strong capabilities in downstream derivatives

15

Caprolactone producers

Major Producers

Monomer capacity

(kt)

Dedicated plant

LocationGeographic

marketsProcess

Vertical integration

Raw materials Downstream products

H2O2 Cyclohex. Polyols Thermopl.

~45 Warrington

(UK)Global

Hydrogen peroxide

~15 Hiroshima

(Japan)Global

Hydrogen peroxide

~9 Freeport, TX

(US)

US and EMEAmainly

Dicarboxylicacids producing

HDO and caprolatone

N.A.

None ExtensiveKey

Source: Company information, management estimates

Long history of executing strategy and delivering growth…

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Redefining Capa market leadership

Investing to support growth

Increased focus on derivative strategy

Focus on selected applications and capturing new customers

2007 2011 2014 2018 2022

Pre Perstorp

Dow closes US plant that included caprolactone production

Capa doubles monomer capacity to ensure availability of supply and support caprolactone market growth

Pilot plant built to support

Innovation

Investment into fast growing

bioplastics market

Scaling volumes of

derivatives in easier to

penetrate applications

Focus on five key strategic segments (resins, coatings, adhesives, elastomers, bioplastics)

Investment in application development to support Innovation and New Business Development

Updating monomer production technology

Capa lactides launched

Increasing shift towards higher margin derivatives

Developing own process for HDO manufacturing from residue stream

Abbreviations

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EO Ethylene Oxide

EVA Ethylene Vinyl Acetate

HDO 1,6-Hexanediol

PBAT Polybutylene Adipate Terephthalate

PBS Polybutylene Succinate

PLA Poly Lactic Acid

PO Propylene Oxide

PTMEG Poly-tetramethylene Glycol

PU Poly Urethane

PUE Polyurethane Elastomer

TPU Thermoplastic Polyurethane