February 21, 2017

Consumer Analyst Group of New York

Ilene Gordon
Chairman, President and Chief Executive Officer

Jim Zallie
Executive Vice President, Global Specialties and President, Americas

Jorgen Kokke
Senior Vice President and President, Asia Pacific and EMEA

Jim Gray
Vice President, Corporate Finance

1
 Forward-Looking Statements
This presentation contains or may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and
Section 21E of the Securities Exchange Act of 1934, as amended. The Company intends these forward-looking statements to be covered by the safe harbor
provisions for such statements. Forward-looking statements include, among other things, any statements regarding the Companys prospects or future financial
condition, earnings, revenues, tax rates, capital expenditures, expenses or other financial items, any statements concerning the Companys prospects or future
operations, including managements plans or strategies and objectives therefor and any assumptions, expectations or beliefs underlying the foregoing. These
statements can sometimes be identified by the use of forward looking words such as may, will, should, anticipate, assume, believe, plan,
project, estimate, expect, intend, continue, pro forma, forecast, outlook, propels, opportunity, potential or other similar expressions or
the negative thereof. All statements other than statements of historical facts in this release or referred to in this release are forward-looking statements.
These statements are based on current circumstances or expectations, but are subject to certain inherent risks and uncertainties, many of which are difficult to
predict and are beyond our control. Although we believe our expectations reflected in these forward-looking statements are based on reasonable assumptions,
stockholders are cautioned that no assurance can be given that our expectations will prove correct. Actual results and developments may differ materially from
the expectations expressed in or implied by these statements, based on various factors, including the effects of global economic conditions, including,
particularly, continuation or worsening of the current economic, currency and political conditions in South America and economic conditions in Europe, and
their impact on our sales volumes and pricing of our products, our ability to collect our receivables from customers and our ability to raise funds at reasonable
rates; fluctuations in worldwide markets for corn and other commodities, and the associated risks of hedging against such fluctuations; fluctuations in the
markets and prices for our co-products, particularly corn oil; fluctuations in aggregate industry supply and market demand; the behavior of financial markets,
including foreign currency fluctuations and fluctuations in interest and exchange rates; volatility and turmoil in the capital markets; the commercial and
consumer credit environment; general political, economic, business, market and weather conditions in the various geographic regions and countries in which
we buy our raw materials or manufacture or sell our products; future financial performance of major industries which we serve, including, without limitation,
the food and beverage, paper, corrugated, and brewing industries; energy costs and availability, freight and shipping costs, and changes in regulatory controls
regarding quotas; tariffs, duties, taxes and income tax rates, particularly United States tax reform; operating difficulties; availability of raw materials, including
potato starch, tapioca, gum arabic and the specific varieties of corn upon which our products are based; our ability to develop new products and services at a
rate or of a quality sufficient to meet expectations; energy issues in Pakistan; boiler reliability; our ability to effectively integrate and operate acquired
businesses; our ability to achieve budgets and to realize expected synergies; our ability to complete planned maintenance and investment projects successfully
and on budget; labor disputes; genetic and biotechnology issues; changing consumption preferences including those relating to high fructose corn syrup;
increased competitive and/or customer pressure in the corn-refining industry; and the outbreak or continuation of serious communicable disease or hostilities
including acts of terrorism. Factors relating to the acquisition of TIC Gums that could cause actual results and developments to differ from expectations
include: the anticipated benefits of the acquisition, including synergies, may not be realized; and the integration of TIC Gums operations with those of
Ingredion may be materially delayed or may be more costly or difficult than expected. Our forward-looking statements speak only as of the date on which they
are made and we do not undertake any obligation to update any forward-looking statement to reflect events or circumstances after the date of the statement
as a result of new information or future events or developments. If we do update or correct one or more of these statements, investors and others should not
conclude that we will make additional updates or corrections. For a further description of these and other risks, see Risk Factors included in our Annual
Report on Form 10-K for the year ended December 31, 2015 and subsequent reports on Forms 10-Q and 8-K.

2
Strategic Overview
Ilene Gordon
Chairman, President and
Chief Executive Officer

3
 We are Ingredion
Turning grains, fruits, vegetables and other plants into value-added ingredients and
biomaterial solutions for the food, beverage, paper & corrugating, brewing and other industries.

100
approximately

serving customers in
more than 100 countries
11,000
talented and experienced
FORTUNE
500
employees company

$5.7
27
a global network of
Ingredion Idea Labs
billion
innovation centers, net sales in 2016
manufacturing facilities
and sales officespresence in headquartered outside of
40 countries Chicago in
Westchester, Illinois

4
More than 1,000 ingredient solutions
STARCHES SWEETENERS
NATURE- Corn Modified starches Stevia Non-GMO syrups
BASED Rice Resistant starches Glucose syrups Fructooligosaccharide
RAW Tapioca Pre-gel Glucose solids Galactooligosaccharide
MATERIALS Waxy corn Dextrin HFCS Isomaltooligosaccharide
Potato Gluten-free Maltose syrups Caramel color
Corn Flours Blends Maltodextrins Fermentation products
Functional native Others Dextrose Blends
starches Polyols
Tapioca

Potato

Stevia
FRUIT & VEGETABLE PRODUCTS OTHER
Fruit juice concentrates Pulse proteins Tapioca fiber
Rice Corn gluten feed Prebiotic soluble fiber
Vegetable juice concentrates
Purees and puree concentrates Corn gluten meal Biopolymers
Pulses Essences Crude corn oil Others
Distillates Refined corn oil
Pomace Hydrocolloids
Others Whole, sliced, diced strawberries

5
We are Ingredion
One of the worlds most global food ingredient companies
Our success is anchored in our core value propositions of texture, sweetness,
nutrition and our expertise in starch and hydrocolloid-based technology

We are the global expert in texture solutions, including our proprietary clean label
texture ingredients

Our goal is to continue to drive growth in specialty ingredients

Expanding our texture, sweetness, and nutritional offerings, adding new functionalities
and broadening our portfolio beyond starch and aligned to key consumer trends

We continue to generate strong cash flow

And along with our balance sheet, gives us the flexibility to more aggressively pursue
value enhancing opportunities

Our success to date has resulted in substantial shareholder value

creation

6
A proven Strategic Blueprint
A LEADING GLOBAL SUPPLIER OF INGREDIENT SOLUTIONS

SHAREHOLDER VALUE CREATION

Organic Broadening Geographic

Growth Ingredient Scope
Portfolio

OPERATING EXCELLENCE

7
 Operating excellence
SAFETY LEADERSHIP COMMITMENT TO QUALITY

World-class levels 100% of production from ISO:9001

Comprehensive strategy, strong
management commitment and
employee engagement
certified legacy facilities*
95% of facilities have achieved Global
Food Safety certification expect all
locations to be certified by end of 2017**

WORLD-CLASS
MANUFACTURING AND
CULTURE OF
GLOBAL SUPPLY
CONTINUOUS IMPROVEMENT
CHAIN MANAGEMENT
Using Lean Six Sigma methodologies
Focus on network optimization to improve performance
and operational excellence

CUSTOMER-FOCUSED CONTINUED FOCUS ON SUSTAINABILITY

Local supplier with extensive
manufacturing network
Business and technical teams
to serve regional and local
markets
Commitment to further our efforts in
environmental conservation
Promoting responsible and ethical business
practices across our supply chain

*Exclusive of Penford , Kerr and TIC Gum locations.

**Goal revised from end of 2016 to accommodate certification of recent acquisitions.

8
 Geographic opportunities for organic growth

EUROPE, MIDDLE
EAST AND AFRICA

10%
2016 net sales

NORTH AMERICA
ASIA-PACIFIC

60% 12%
2016 net sales
2016 net sales

SOUTH AMERICA

18%
2016 net sales

9
Shareholder value creation
Experienced management team;
aligned to shareholder
value creation
Record of strong Good risk
performance management

Strong
Proven
balance sheet
business model
and cash flow

Top-tier R&D/ Attractive growth

innovation capability opportunities
Operational
excellence

10
 Creating shareholder value along the way

INGR
$121.34
Feb 15, 2017
Index

S&P 500
$2,349.25
Feb 15, 2017

INGR S&P 500 INGR S&P 500

Total Shareholder Return + 491% + 216% Price Appreciation + 414% + 168%
CAGR + 26% + 16% CAGR + 23% + 13%

11
 Broadening our ingredient portfolio

Portfolio Portfolio expansion

Transformative transaction Portfolio expansion expansion Rice-based ingredients
Portfolio expansion Potato-based ingredients Hydrocolloid
ingredients

Announced
Acquisition Acquisition Acquisition acquisition

1998 2010 2012 2015 2016

Corn Products Portfolio expansion Capacity

begins trading on Fruit and vegetable expansion in
New York Stock ingredients Asia Pacific
Exchange
Shandong
Name Change Huanong
Acquisition Acquisition

12
Ingredions path forward

Success anchored in core value proposition of

texture, sweetness, nutrition and innovation focus
aligned with market trends

Growth driven by specialty ingredients

Strong cash generation

Substantial shareholder value creation

13
 2019 Long-term objectives*
Specialty ingredients exceed $2 billion in net sales

Specialty ingredients expected to be ~30% of revenue

2 percentage points margin expansion**

Low double-digit EPS Growth

ROCE greater than 10%

*The companys long-term objectives are considered internal goals based on 2014 year-end and as such, do not represent guidance
** Represents real gross margin absolute dollar growth; actual margins vary due to pass-through of changes in raw material costs

14
Geographic Capabilities
Around the World and
Specialties Innovation
Jim Zallie
Executive Vice President, Global Specialties
and President, Americas

Jorgen Kokke
Senior Vice President
and President, Asia-Pacific and EMEA

15
Our presence in North America

Extensive footprint with

manufacturing and service
operations in Canada, Mexico
and the United States

20 manufacturing plants
producing a range of specialty
starches, sweeteners, gums
and fruit and vegetable NORTH AMERICA

products
60%
2016 net sales
Global headquarters for
Ingredion Idea Labs state-
of-the-art innovation centers
in Bridgewater, New Jersey

16
Leveraging our position in
North America for value creation
Local production in Canada, United States and
Mexico provides network supply flexibility.
Mexican production used predominantly for
Mexican consumption

Efficient cost structure enables competitive input

costs for both specialty and core ingredients

Recent finishing channel capacity expansion

investments in United States and Mexico are
driving specialty growth

An innovation network across 7 Idea Labs

developing specialty solutions from sweeteners,
starches, hydrocolloids, and simple fruit and
vegetable ingredient technology

17
Our presence in South America
One of the largest manufacturers of corn
and tapioca-based starches and
sweeteners in South America
Successfully operating in the region for
more than 80 years
Nine strategically located manufacturing
SOUTH AMERICA
plants operating across Brazil, the
Southern Cone, and Andean sub-regions, 18%
2016 net sales
servicing customers in large urban areas
Breadth in core ingredients enables
customer-focused business model to
provide ingredient solutions and drive
specialties growth for developing markets
Three Ingredion Idea Labs innovation
centers located in So Paolo, Cali and
Buenos Aires
18
Leveraging our position in
South America for value creation
World-class, diversified manufacturing footprint in
Brazil provides supply to grow with both core and
specialties customers
Local manufacturing of stevia
Recent right sizing of our Brazilian network
optimized our cost structure
Only corn wet miller and specialty tapioca starch
manufacturer in Colombia
Strong ingredients portfolio in bakery
Largest corn wet miller in Argentina with broad-
based portfolio across sweeteners and starches
Specialties focus towards value propositions for a
growing middle class and a younger demographic

19
Our presence in Europe,
Middle East and Africa (EMEA)
EUROPE, MIDDLE
EAST AND AFRICA

Five manufacturing facilities 10%

2016 net sales
Germany, United Kingdom, Pakistan
Five regional Ingredion Idea Labs
Innovation Centers
Key labs in Hamburg and Manchester
Four sales offices in emerging markets
Russia, Kenya, Dubai and South Africa
Direct sales force complemented by
specialties distributor network

20
Leveraging our position in EMEA
for value creation
European business predominantly specialties
Leader in clean label innovation
Strong presence in Pakistan with good core growth
Building specialties platform
Growing specialties business in emerging markets in
Middle East, Eastern Europe and Africa

Breadth of customers in CPG and retail food

21
Our presence in Asia-Pacific
Nine manufacturing plants
Five corn-based (South Korea,
Australia and China)
Three tapioca-based (Thailand)
One gums (China)
12 regional Ingredion Idea Labs
innovation centers including key
locations in Singapore, Shanghai
and Seoul
ASIA-PACIFIC
Sales offices providing broad coverage
12 % across developing and emerging Asia
2016 net sales

22
Leveraging our position in Asia-Pacific
for value creation
Balanced mix of core and specialty products

Strong go-to-market presence throughout region

World class tapioca supply chain out of Thailand

Well positioned to benefit from urbanization and

growing middle class

Capacity expansions in China and Thailand to support

specialty growth

Leverage recent Shandong and TIC Gums acquisitions

23
How do we look at specialty ingredients?

Aligned with growing market and consumer trends

Growth potential in excess of underlying market

growth

Catalyzed by innovation, applications development,

technical service and marketing support

Differentiated with compelling value propositions

driving value-based pricing

24
Aligned to key consumer trends

Clean label
Natural
Trust Low/no
Convenience Authentic calorie
Cost
reduction &
affordability

Indulgence Food
protection
Health & wellness
Better for you
Functional foods
Specialty nutrition

25
 Ingredions Customer Benefit Platforms
Key areas of focus and growth based on global consumer trends

Natural & Added Recipe Savings Convenient Crispy,

Simple Nutrition & Reduced Foods & Crunchy,
Ingredients Protein Manufacturing Beverages Creamy,
Free-From Reduced Costs Processing Sweet Foods
Ingredients Sugar Stability Silky Creams
Organic & Fiber Extended & Lotions
Non-GMO Enriched Shelf Life Fresh

26
 Texturizers are a large part of the
ingredient landscape
Global ingredient sales ~ $140 B Total texture industry sales ~ $36 B
$B $B
$5
$2
$2 $6

$21

Starches & Hydrocolloids Fruits & Cultures & Enzymes Starches Emulsifiers
vegetables
Hydrocolloids Cultures & Enzymes
Flavors Emulsifiers Vitamines & minerals Proteins
Preservatives Acidulants Fibers
Proteins Colors Sweeteners

1Sources:Leatherhead Global Food Additives 2014, LMC Global Sweetener Market, LMC Global Starch
Market, Giract, Food Preservatives Market Global Trend to 2020, Ingredion internal intelligence

27
 High growth potential in texture space
Geographic growth potential
$M

Differentiation with texture

Sources: Markets and Markets report, Food Stabilizers (Blends/ Systems) Markets 2013, Euromonitor, : Mintel GNPD, Ingredion internal intelligence
28
TIC Gums acquisition deepens
and expands our texture capabilities
Complementary, higher-value
specialty products and systems

Expertise in texture and sensory

appeal of foods and beverages
meets growing consumer eating
and drinking trends

Builds on Ingredions work in

formulating for clean and simple
product labels

Certified-organic gums and new

soluble fibers address consumer
needs in digestive health and
energy management

29
 Creating value in the
wholesome clean label space
Collaboration with key dairy manufacturers to create and
develop a new market positioning that consumers want

Market Drivers
Free from chemical additives
Simple ingredient listing
Minimally processed foods using traditional
techniques that are understood by consumers
Chilled and ambient yoghurt - a large and
growing category
Consumer & Customer Value
Ingredion Innovation & Solutions:
Simple labels that the consumer
NOVATION functional native starches are understands
labelled simply as starch on the food label, a Natural and simple ingredients
food ingredient instead of a food additive. which consumers trust
Same benefits as traditional modified starches Process stability and excellent
with the advantage of a consumer-friendly label shelf life

30
 Satisfying the sweet tooth
of Asian consumers
Reduce/remove sugars without compromising sweetness

Market Drivers
Fast-paced growth of sugar consumption in
developing countries

Increase of urban obesity and healthcare cost

Active health awareness promotion and
government sugar tax proposals

Ingredion Innovation & Solutions: Consumer & Customer Value

Broad product portfolio of alternative sugars
Sugar/calorie reduction
Customized sweetener solution using formula
science: Sweetis Sucrose-like taste profile
Shorten time and minimize
Natural HIS: Enliten and Bestevia
quality impact of reformulation
Functional sweetener: Bioligo

31
 Seizing the power of pulses
Expanding the market opportunities for pulse-based
legume proteins and flours

Market Drivers

Growth momentum from 2016 Year of Pulses

campaign
Plant-based protein alternatives to animal proteins
Gluten-free and non-GMO
Clean and consumer preferred label Consumer & Customer Value
Sustainability
Preferred home-style textures
Ingredion Innovation & Solutions: Non-allergenic profile
Relationship with AGT Foods, a leader in pulses Expanded application range:
HOMECRAFT Pulse flours and VITESSENCE High-protein snacks or pasta
protein concentrates Gluten-free foods
New clean taste options launched at IFT 2016 , Dairy and dairy alternative
access to new opportunities products
Complements Ingredions portfolio Soups, sauces, and dressings
32
 Addressing consumers top
health and nutrition concerns
FDA-approved qualified health claim for proprietary resistant starch

Market Drivers
Incidence of pre-diabetes and type 2 diabetes has
been on the rise for years
400 million people living with diabetes worldwide*
Among the top five diet-related diseases globally
Growing consumer demand for foods that can
positively impact their health

Ingredion Innovation & Solutions: Consumer & Customer Value

HI-MAIZE 260 Resistant Starch Easily incorporated into

everyday foods (e.g. pasta, bread,
Qualified health claim approved by the FDA for muffins and other baked goods,
reduction of risk for type 2 diabetes smoothies)
Based on eight clinicals at leading academic Neutral taste
institutions and research organizations
Corn starch labeling
*International Diabetes Foundation; #World Health Organization

33
Significant investments made
to drive specialty growth

More than
~$41M 350
invested in R&D in 2016 scientists worldwide

27 Ingredion Idea Labs innovation

centers around the world focused on new-product
development and customer collaboration

Capital investments expanding on our

specialties capabilities in Brazil, China, Colombia,
Germany, Mexico, Thailand and the United States

34
Takeaways
Our specialties offer differentiated value propositions that are aligned
with key consumer trends
Five Customer Benefit Platforms:
Clean and Simple
Health and Nutrition
Sensory Experience
Affordability
Convenience and Performance
Strong growth opportunities focused on texture, sweetness, and nutrition
Our strong technology capabilities and global innovation network
are key reasons why customers prefer to work with us
We have made and are making significant investments to drive specialty
ingredient growth

35
Financial Results and
Long-term Outlook
Jim Gray
Vice President, Corporate Finance

36
 Solid returns and financial performance

2016 2015 2014

Return on Capital Employed* ** 12.6% 11.5% 10.6%

Specialty % of Net Sales 26% 25% 24%

Gross Profit Margin % 25% 22% 20%

Adjusted Earnings Per Share** $7.13 $5.88 $5.20

*ROCE reflects adjusted net operating profit after-tax and opening Capital Employed balances
**See appendix for a reconciliation of these non-GAAP financial measures to U.S. GAAP measures.

37
 Strong balance sheet provides flexibility

2016 2015 2014

Investment Grade Rating BBB BBB BBB

- S&P and Fitch
- Moodys
Baa2 Baa2 Baa2

Net Debt / Adjusted EBITDA* 1.4x 1.6x 1.5x

Adjusted EBITDA
16x 15x 13x
Interest Coverage*

Net Debt to Capitalization* 34% 37% 33%

*See appendix for a reconciliation of these non-GAAP financial measures to U.S. GAAP measures.

38
Consistent cash generation

Cash Principles 2016 Annual Cash Flows

$ Millions
Maintain investment-grade
status $283

Dividend payout ratio $771 $141

target of 25-30%
$347

Share repurchases to
offset dilution

Pursue value-enhancing
acquisitions

39
Balanced earnings growth algorithm
Higher specialty growth rate, selling prices, margins expected
to fuel compounding earnings and cash flow growth

Long Term Growth Driver

Volume / Sales Mix +2-4%
Specialty growth rate >2X core
GP Mix +2pp Specialty margin % >2X core
~2/3
SG&A Leverage +2pp Grow SG&A < sales
Operating Income 6%-8%

Strategic deployment +4pp M&A, share repurchases,

of cash ~1/3 financing cost leverage
Earnings Per Share Low Double-Digit 2017 EPS Guidance
$7.40 - $7.80
15 Year EPS CAGR: 16%
10 Year EPS CAGR: 16%
5 Year EPS CAGR: 9%
1 Year EPS CAGR: 21%

1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009* 2010* 2011* 2012* 2013 2014* 2015* 2016* 2017E
Note: CAGR is calculated based on adjusted EPS for 2009 2012, and 2014 - 2016.
*See appendix for a reconciliation of these non-GAAP financial measures to U.S. GAAP measures.
40
 2019 long-term objectives*

Specialty ingredients exceed $2 billion in net sales

Specialty ingredients expected to be ~30% of revenue

2 percentage points margin expansion**

Low-double-digit EPS Growth

ROCE greater than 10%

*The companys long-term objectives are considered internal goals and as such, do not represent guidance
** Represents real gross margin absolute dollar growth; actual margins vary due to pass-through of changes in raw material costs

41
Closing Remarks
Ilene Gordon
Chairman, President and Chief Executive Officer

42
Closing remarks
Our Strategic Blueprint serves us well
and guides our future as a leading
ingredient solutions company

We have the R&D capability and

customer-centric innovation to meet
consumer needs and win in the
marketplace

We have driven significant shareholder

value creation

With our strong financial profile and

innovation-driven outlook for growth,
we expect to be able to deliver further
shareholder value going forward

43
Questions and
Answers

44
45
 Appendix
To supplement the consolidated financial results prepared in accordance with Generally Accepted Accounting Principles (GAAP),
the Company uses non-GAAP historical financial measures, which exclude certain GAAP items such as acquisition and integration
costs, impairment and restructuring costs, and certain other unusual items. The Company uses the term adjusted when referring
to these non-GAAP amounts.

Management uses non-GAAP financial measures internally for strategic decision making, forecasting future results and evaluating
current performance. By disclosing non-GAAP financial measures, management intends to provide investors with a more
meaningful, consistent comparison of the Companys operating results and trends for the periods presented. These non-GAAP
financial measures are used in addition to and in conjunction with results presented in accordance with GAAP and reflect an
additional way of viewing aspects of our operations that, when viewed with our GAAP results, provide a more complete
understanding of factors and trends affecting our business. These non-GAAP measures should be considered as a supplement to,
and not as a substitute for, or superior to, the corresponding measures calculated in accordance with generally accepted accounting
principles.

Non-GAAP financial measures are not prepared in accordance with GAAP; therefore, the information is not necessarily
comparable to other companies. A reconciliation of each non-GAAP historical financial measure to the most comparable GAAP
measure is provided in this Appendix.

46
47
Reconciliation of non-GAAP net income and
earnings per share
Year Ended Year Ended
December 31, 2016 December 31, 2015
(in millions) EPS (in millions) EPS

Net income attributable to Ingredion $484.9 $6.55 $402.2 $5.51

Add back (deduct):

Income tax settlement 27.0 0.36 - -

Impairment/restructuring charges, net of income tax benefit of $4.7 million and $9.7
million for the years ended December 31, 2016 and December 31, 2015, respectively 14.6 0.20 18.3 0.25

Integration / acquisition costs, net of income tax benefit of $1.1 million and $2.9 million
for the years ended December 31, 2016 and December 31, 2015, respectively 1.9 0.03 7.2 0.10

Litigation settlement, net of income tax benefit of $2.5 million - - 4.3 0.06

Gain on sale of plant, net of income taxes of $0.9 million - - (8.9) (0.12)

Charge for fair value mark-up of acquired inventory, net of income tax benefit of $3.8
million - - 6.4 0.09

Non-GAAP adjusted net income $528.4 $7.13 $429.5 $5.88

48
Reconciliation of non-GAAP ROCE metric
ReturnonCapitalEmployed(dollarsinmillions) 2016 2015 2014
Total equity * $ 2,180 $ 2,207 $ 2,429
Add:
Cumulative translation adjustment * 1,025 701 489
Share-based payments subject to redemption* 24 22 24
Total debt * 1,838 1,821 1,803
Less:
Cash and cash equivalents * (434) (580) (574)
Capital employed * (a) $ 4,633 $ 4,171 $ 4,171

Operating income $ 808 $ 660 $ 581

Adjusted for:
Impairment/restructuring charges 19 28 33
Acquisition /integration costs 3 10 2
Charge for fair value mark-up of acquired inventory 10
Litigation settlement 7
Gain on sale of plant (10)
Adjusted operating income $ 830 $ 705 $ 616
Income taxes (at effective tax rates of 29.4% in 2016,
31.8% in 2015, and 28.3% in 2014) (244) (224) (174)
Adjusted operating income, net of tax (b) $ 586 $ 481 $ 442

Return on Capital Employed (b/a) 12.6% 11.5% 10.6%

* Balance sheet amounts used in computing capital employed represent beginning of period balances.
49
Reconciliation of non-GAAP adjusted effective
income tax rate to GAAP effective income tax rate

Income before Provision for Effective Income Tax

Income Taxes (a) Income Taxes (b) Rate (b/a)
2016 2016 2016

(Dollars in millions) Fourth Qtr Full Year Fourth Qtr Full Year Fourth Qtr Full Year

As Reported $ 170.6 $ 741.8 $ 74.0 $ 245.7 43.4% 33.1%

Add (deduct):

Income tax settlement - - (27.0) (27.0)

Restructuring charges 4.0 19.3 1.5 4.7

Acquisition / integration costs 1.4 3.0 0.5 1.1

Adjusted non-GAAP $ 176.0 $ 764.1 $ 49.0 $ 224.5 27.8% 29.4%

50
Reconciliation of non-GAAP adjusted effective
income tax rate to GAAP effective income tax rate

Income before Provision for Effective Income Tax

Income Taxes (a) Income Taxes (b) Rate (b/a)
2015 2015 2015

(Dollars in millions) Fourth Qtr Full Year Fourth Qtr Full Year Fourth Qtr Full Year

As Reported $ 155.8 $ 598.6 $ 48.6 $ 186.9 31.2% 31.2%

Add (deduct):

Impairment/restructuring charges 3.8 28.0 1.2 9.7

Acquisition / integration costs 0.7 10.1 0.2 2.9

Litigation settlement 6.8 6.8 2.5 2.5

Gain on sale of plant (9.8) (9.8) (0.9) (0.9)

Charge for fair value mark-up of

acquired inventory 1.8 10.2 0.7 3.8

Adjusted non-GAAP $ 159.1 $ 643.9 $ 52.3 $ 204.9 32.9% 31.8%

51
Reconciliation of non-GAAP credit metrics as
of December 2016

NetDebttoAdjustedEBITDAratio(dollarsinmillions) 2016 2015 2014

Short-term debt $ 106 $ 19 $ 23
Long-term debt 1,850 1,819 1,798
Less: Cash and cash equivalents (512) (434) (580)
Short-term investments (4) (6) (34)
Total net debt (a) $ 1,440 $ 1,398 $ 1,207
Net income attributable to Ingredion $ 485 $ 402 $ 355
Add back (deduct):
Impairment/restructuring charges 19 28 33
Acquisition /integration costs 3 10 2
Charge for fair value mark-up of acquired inventory 10
Litigation settlement 7
Gain on sale of plant (10)
Net income attributable to non-controlling interest 11 10 8
Provision for income taxes 246 187 157
Financing costs, net of interest income of $10, $14, and $13
respectively 66 61 61
Depreciation and amortization 196 194 195
Adjusted EBITDA (b) $ 1,026 $ 899 $ 811
Net Debt to Adjusted EBITDA ratio (a b) 1.4 1.6 1.5

52
Reconciliation of non-GAAP credit metrics as
of December 2016

NetDebttoCapitalizationpercentage(dollarsinmillions) 2016 2015 2014

Short-term debt $ 106 $ 19 $ 23
Long-term debt 1,850 1,819 1,798
Less: Cash and cash equivalents (512) (434) (580)
Short-term investments (4) (6) (34)
Total net debt (a) $ 1,440 $ 1,398 $ 1,207
Deferred income tax liabilities $ 171 $ 139 $ 180
Share-based payments subject to redemption 30 24 22
Total equity 2,595 2,180 2,207
Total capital $ 2,796 $ 2,343 $ 2,409
Total net debt and capital (b) $ 4,236 $ 3,741 $ 3,616

Net Debt to Capitalization percentage (a/b) 34.0 % 37.4 % 33.4 %

53
Reconciliation of non-GAAP credit metrics as
of December 2016

AdjustedEBITDAinterest coverage ratio(dollarsinmillions) 2016 2015 2014

Net income attributable to Ingredion $ 485 $ 402 $ 355
Add back (deduct):
Impairment/restructuring charges 19 28 33
Acquisition /integration costs 3 10 2
Charge for fair value mark-up of acquired inventory 10
Litigation settlement 7
Gain on sale of plant (10)
Net income attributable to non-controlling interest 11 10 8
Provision for income taxes 246 187 157
Financing costs, net of interest income 66 61 61
Depreciation and amortization 196 194 195
Adjusted EBITDA (a) $ 1,026 $ 899 $ 811

Interest Expense, net of interest income (b) 66 61 61

Net Debt to Adjusted EBITDA ratio (a b) 16 15 13

54