UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 14A
Proxy Statement Pursuant to Section 14(a) of the
Securities Exchange Act of 1934
(Amendment No. )
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Preliminary Proxy Statement
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Definitive Proxy Statement
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Soliciting Material under §240.14a-12
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INGLES MARKETS, INCORPORATED
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Fee computed on table in exhibit required by Item 25(b) per Exchange Act Rules 14a-6(i)(1) and 0-11.
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On April 20, 2026, Ingles Markets, Incorporated, a North Carolina corporation, made available updated investor presentations which were originally made available on April 8, 2026 and April 10, 2026. A copy of the updated presentations immediately follows this page.
Important Additional Information
This communication relates to the solicitation of proxies by Ingles Markets, Incorporated, a North Carolina corporation (the “Company”) in connection with
the Company’s 2026 annual meeting of shareholders (the “Annual Meeting”). This is a contested solicitation. On April 1, 2026, the Company filed with the Securities and Exchange Commission (“SEC”) and began mailing to shareholders of record as of
March 12, 2026 a definitive proxy statement and WHITE universal proxy card in connection with the Annual Meeting.
BEFORE MAKING ANY VOTING DECISION, SHAREHOLDERS ARE STRONGLY ENCOURAGED TO READ THE COMPANY’S DEFINITIVE PROXY STATEMENT, THE WHITE UNIVERSAL PROXY CARD,
AND ANY OTHER PROXY MATERIALS FILED BY THE COMPANY WITH THE SEC, AS THEY CONTAIN IMPORTANT INFORMATION.
Shareholders may obtain the Company’s definitive proxy statement, the WHITE universal proxy card, any amendments or supplements thereto, and other
relevant documents filed with the SEC free of charge at the SEC’s website at www.sec.gov. Copies are also available free of charge on the Company’s investor relations website under the “Corporate” tab at www.ingles-markets.com or by contacting
Barbara Arnold.
The Company, its directors, and certain of its executive officers and employees may be deemed to be “participants” in the solicitation of proxies from
shareholders in connection with the matters to be considered at the Annual Meeting. Information regarding the identity of these participants and their direct or indirect interests in the solicitation is set forth in the Company’s definitive proxy
statement filed with the SEC on April 1, 2026, and may be supplemented in other materials filed with the SEC in connection with the Annual Meeting.
Leading Southeastern Supermarket Chain Well Positioned for
Significant,Sustainable Value Creation April 8, 2026
This communication includes certain “forward-looking statements” within the
meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements may address, among other things, the Company’s expected financial and operational results and the related assumptions underlying our expected
results. These forward-looking statements are distinguished by use of words such as “anticipate,” “aim,” “believe,” “continue,” “could,” “estimate,” “expect,” “intends,” “may,” “might,” “plan,” “possible,” “potential,” “predict,” “project,”
“should,” “will,” “would” and the negative of these terms, and similar references to future periods. These statements are based on management’s current expectations and are subject to uncertainty and changes in circumstances. Actual results
may differ materially from these expectations due to, among other things: business and economic conditions generally in the Company’s operating area, including inflation or deflation; shortages of labor, distribution capacity, and some
product shortages; inflation in food, labor and gasoline prices; the Company’s ability to successfully implement its expansion and operating strategies; pricing pressures and other competitive factors, including online-based procurement of
products the Company sells; sudden or significant changes in the availability of gasoline and retail gasoline prices; the maturation of new and expanded stores; general concerns about food safety; the Company’s ability to manage technology
and data security; the availability and terms of financing; and increases in costs, including food, utilities, labor and other goods and services significant to the Company’s operations. Detailed information about these factors and
additional important factors can be found in the documents that the Company files with the SEC, such as Form 10-K, Form 10-Q and Form 8-K. Forward-looking statements speak only as of the date the statements were made. The Company does not
undertake an obligation to update forward-looking information, except to the extent required by applicable law. Additional Information This communication relates to the solicitation of proxies by Ingles Markets, Incorporated, a North
Carolina corporation (the “Company”) in connection with the Company’s 2026 annual meeting of shareholders (the “Annual Meeting”). This is a contested solicitation. On April 1, 2026, the Company filed with the Securities and Exchange
Commission (“SEC”) and began mailing to shareholders of record as of March 12, 2026 a definitive proxy statement and WHITE universal proxy card in connection with the Annual Meeting. BEFORE MAKING ANY VOTING DECISION, SHAREHOLDERS ARE
STRONGLY ENCOURAGED TO READ THE COMPANY’S DEFINITIVE PROXY STATEMENT, THE WHITE UNIVERSAL PROXY CARD, AND ANY OTHER PROXY MATERIALS FILED BY THE COMPANY WITH THE SEC, AS THEY CONTAIN IMPORTANT INFORMATION. Shareholders may obtain the
Company’s definitive proxy statement, the WHITE universal proxy card, any amendments or supplements thereto, and other relevant documents filed with the SEC free of charge at the SEC’s website at www.sec.gov. Copies are also available free
of charge on the Company’s investor relations website under the “Corporate” tab at www.ingles-markets.com or by contacting Barbara Arnold. The Company, its directors, and certain of its executive officers and employees may be deemed to be
“participants” in the solicitation of proxies from shareholders in connection with the matters to be considered at the Annual Meeting. Information regarding the identity of these participants and their direct or indirect interests in the
solicitation is set forth in the Company’s definitive proxy statement filed with the SEC on April 1, 2026, and may be supplemented in other materials filed with the SEC in connection with the Annual Meeting. Shareholders are urged to vote
“FOR” the Company’s director candidates by using ONLY the Company’s WHITE universal proxy card. Using any other proxy card will revoke prior voting instructions. Forward Looking Statements
Executive Summary (1) Ingles is a leading regional grocer with strong
community relationships, a record of solid performance and a strategy that is delivering significant, sustainable shareholder returns Owned real estate is an important component of long-term growth The grocery industry requires long-term
focus and investment, day-to-day operations are just one driver of success Ingles Markets has 60+ years of market leadership — enabled by an experienced management team, vertically integrated operations, small town values, friendly
service, a variety of high-quality products and low prices The Ingles brand is differentiated by its long history as a trusted employer and community partner The Company has a record of strong financial performance on all core grocery
metrics. Our total shareholder return substantially exceeds relevant index and peer benchmarks We have been operating amidst unprecedented, unpredictable external challenges over past 5 years... yet Ingles is resilient, and those
challenges are now behind us. Fiscal first quarter results are significantly improved and indicate a path to upside ahead Our “one-stop” store strategy, vertically integrated operations, and investments in stores drive traffic, sales and
margins We are prudently investing to generate continued profitable growth and operating efficiencies Ingles’ owned real estate provides multiple advantages, including operational control, growth opportunities and long term value
creation
Executive Summary (2) We tried repeatedly to reach a constructive resolution
to avoid this proxy contest Ingles’ director candidates have the experience and independence to foster accountability, oversee execution to create value We believe any Sackler-employed representative on the Ingles Board would be bad for
Ingles, our communities and our stakeholders Ingles offered — on multiple occasions — to collaborate with Sacklers’ Summer Road on identifying an independent director unaffiliated with the Sacklers Summer Road rejected every proposal we
made — insisting on only Rory Held personally Sacklers’ Summer Road’s refusal to work with us to reach a reasonable resolution is one of many reasons why we strongly believe Summer Road and Rory Held are looking out for its interests, not
those of all Ingles shareholders Sacklers’ Summer Road and Rory Held are hiding material information from shareholders We believe any association with the Sackler family would lead to value destruction for Ingles The harm that the
Sacklers and opioids inflicted on our communities is recognized, remembered and reviled Ingles’ one-stop shop strategy depends on strong customer loyalty, which will erode if Rory Held gets elected to the Board, likely leading to lost
sales Experience shows that a threat of a boycott is real if Sackler employee, Rory Held, is elected to the Ingles Board Rory Held’s experience is dominated by his work at investment firms, not at shaping strategy for complex
organizations or leading companies Ingles’ director candidates were selected through a robust process designed to identify highly-qualified, independent candidates with “fit for purpose” experience Sackler’s Summer Road paints a distorted
view of the director selection process and the Board’s decision to nominate Rebekah Lowe and Dwight Jacobs — two outstanding independent director candidates
Executive Summary (3) The claims made by Sacklers’ Summer Road are flawed and
misleading. Contrary to those claims: It is apparent that Sacklers’ Summer Road and Rory Held do not understand the grocery industry or Ingles Ingles’ shareholder returns have consistently and significantly outperformed relevant
benchmarks Ingles’ financial trends are in line with industry trends Ingles’ ROIC is well within industry average for 2025 and well above on a longer-term horizon In the grocery industry, a narrow financial playbook is not the best way
to deliver significant, enduring value for shareholders — and has caused other grocers to fail Ingles’ Board includes the Company’s largest, long-term shareholders History shows that Rory Held is beholden to the Sacklers and not to
serving all shareholders’ best interests Ingles’ governance advances long-term focus and our corporate mission as well as preserving community connections Ingles’ compensation is market-aligned, recognizes leadership’s contributions and
incentivizes continued performance Assertions made by Sacklers’ Summer Road regarding Ingles’ owned properties show that Summer Road does not understand the long-time horizon involved in property development and real estate’s value
appreciation Sacklers’ Summer Road’s real estate and capital allocation suggestions would be value destructive Sacklers’ Summer Road and Rory Held do not understand Ingles’ most relevant peer groups
Ingles is a leading regional grocer with strong community relationships, a
record of solid performance and a strategy that is delivering significant, sustainable shareholder returns
The Grocery Industry Requires Long-Term Focus and Investment Day-to-Day
Operations Are Just One Driver of Success MERCHANDISE AND PRIVATE LABEL STRATEGY Developing store brands takes years of planning, sourcing and brand building. Merchandise mix is continuously evolving to meet changing consumer needs and
preferences SUPPLIER RELATIONSHIPS AND CONTRACTS Successful grocers build multi-year partnerships with distributors, consumer packaged goods brands and private-label manufacturers REAL ESTATE AND STORE FOOTPRINT Store locations are
selected years in advance for future growth INFRASTRUCTURE AND LOGISTICSDistribution networks, warehouses and cold transport require long-term capital investment and forecasting TECHNOLOGY INVESTMENTSE-commerce, buy online / pick up in
store, automation and inventory systems are multi-year transformations MARGIN STRATEGYGrocery runs on thin margins, so pricing architecture and cost control are planned carefully over time 7
Ingles Markets 60+ Years of Market Leadership Experienced Management Team.
Vertically Integrated. Small Town Values, Friendly Service, High Quality, Variety and Low Prices Approx figures as of year-end FY2025 experienced and stable leadership team with decades of combined grocery experience owned and
integrated distribution center strategically located within 300 miles of all stores North Carolina, Georgia, South Carolina, Tennessee, Virginia and Alabama sales loyalty members, our highest frequency customer grocery stores fuel
centers associates of supermarket inventory supplied by owned, centrally located distribution center and transport capabilities of milk sold by Ingles supplied through owned milk processing/packaging facility (Milkco). 81% of Milkco
sales to third parties across 18 states customers served annually retail pharmacies prescriptions dispensed annually customers served at fuel stations annually 20M 7M 150M 65% 60% 25,000+ 3.7M $5B 6 states 3rd generation
grocer 112 106 Distribution 197
Our Associates and Customers Are Friends. Our Communities Are Home The
Assembly, “A Homegrown Grocery Giant Stumbles After Helene,” Oct 8, 2024 Without Ingles, thousands of men, women and children in need would have gone without food. In big and small ways, Ingles has supported MANNA FoodBank, enabling them
to fulfill their mission of feeding those in need.” — $18M+ Tools for Schools since 2000 ~4K meals donated each day to MANNA food bank 30-40% locally sourced produce each summer One of the largest employers in the communities we
serve Benefit packages that recognize associates’ different needs, spanning health, dental, vision, profit-sharing, 401(k), scholarships for high school seniors Supplementary benefits to support life’s challenges, spouses, children Job
training, career advancement. Store managers were previous co-managers. Co-mangers were previous cashiers, baggers, deli clerks, meat clerks, stockers. Ingles’ CEO began his tenure as a bagger at 16 years
old! “ ASSOCIATES COMMUNITY based in nearby Black Mountain, the company remains a cornerstone of the community. It’s an anchor advertiser for media outlets such as the alt-weekly Mountain Xpress, a sponsor of sporting events including
UNC-Asheville baseball games, and a major donor to local nonprofits, among them MANNA FoodBank…Longtime Asheville residents often refer to their favorite locations using portmanteaus, like ‘Otingles’ for the store in Oteen.”1 “ Ingles’
Brand is Differentiated by Long History as Trusted Employer and Community Partner
Quarterly Dividend Paid for 164 Consecutive Quarters Over 41 years Record of
Strong Financial Performance Over the Long-Term… Sustainable Value Creation for Shareholders 10-Year1 192% TSR2 $291 value per share if $100 invested 10 years ago2 41% increase in net sales 42% increase in same store
sales 10 38% expansion of gross profit 54% net income growth 10% net income growth as a percent of net sales 4% EBITDA growth3 All performance metrics other than TSR are as of fiscal year ended September 2016 compared to fiscal
year ended September 2025 FactSet as of 3/27/26 For EBITDA here and throughout, see non-GAAP reconciliation
…With Shareholder Returns that Exceed Relevant Benchmarks Sustainable Value
Creation for Shareholders TOTAL SHAREHOLDER RETURNS1 YTD 1-Year 3-Year 5-Year 10-Year Ingles Markets 28.05% 39.20% 2.91%2(Hurricane Helene period – ’24, ‘25) 44.55% 191.91% S&P SmallCap
600 1.42% 16.10% 35.79% 21.02% 159.87% Grocer Peer Avg3 11.59% 5.08% 37.18% 77.38% 144.44% 11 Weis Markets is one of the few remaining public peers to Ingles For purposes of calculating TSR and relative performance, peers
throughout this presentation include conventional grocers Summer Road’s peer group is not an appropriate comparison because it includes specialty grocers, Natural Grocers and Sprouts Farmers Market, which have dramatically different
merchandise mixes FactSet as of 3/27/26 Includes impact from Hurricane Helene in FY24 and FY25 For peers here and throughout: Albertsons Companies Inc., Koninklijke Ahold Delhaize N.V., Kroger Co., Village Super Market Inc., Weis
Markets Inc.
COVID (2020-2021) Tight labor market, increased employee attrition, drove
wage inflation, increasing operating costs amid heightened competition for talent Category mix shifted to lower-margin, center-store staples, further pressuring gross margins Demand normalized as consumers shifted spend to restaurants,
travel and experiences, reducing traffic and basket size Government stimulus temporarily boosted demand, followed by a period that created volatility in sales and spending patterns, especially among low-income consumers HURRICANE HELENE
(FALL 2024-2025) $60B in damages across NC. Impact lasted well into 2025 Catastrophic flooding and destruction, extended power and communication outages, water outages, major road closures, loss of life Peak tourism season suffered
greatly ($600M loss in fourth quarter alone) 4 Ingles stores closed in immediate aftermath, but broader footprint impacted (payment processing capabilities, supply chain, infrastructure) Ingles’ warehouse and shipping facility did not
have full power for 2 weeks ~$30M inventory impairment; ~$5M property/equipment impairment We Have Been Operating Amidst Unprecedented, Unpredictable External Challenges Over Past 5 Years… Main corridor from Asheville to Knoxville still
under heavy construction and repair after being washed out. Full repairs not expected until 2028 Beacon Village near Ingles’ warehouse was completely under water SUPPLY CHAIN CRISIS (2020-2022) Surging freight and logistics costs,
further pressuring already thin industry margins Global logistics breakdown (ports, trucking, inputs) Out-of-stocks and SKU rationalization Vendor prioritization toward large retailers LABOR MARKET TIGHTNESS (2021–2023) Rising wages,
operating costs Worker shortages FOOD INFLATION SURGE (2021-2024) Broad-based inflation across food categories Grocery prices up ~23-27% vs. pre-pandemic levels Higher input costs (labor, energy, commodities) Increased price
sensitivity and trade-down behavior 12
…Yet, Ingles is Resilient, and Those Challenges Are Now Behind Us Fiscal Q1
2026 Year-Over-Year Results Significantly Improved and Indicate Path to Upside Ahead ~$55M-$65M revenue lost during the first three-week period of FY2025 due to ongoing Hurricane Helene impact 13 6.6% increase in net sales to
$1.37B1 6.2% increase in same store sales1 24.4% expansion of gross profit as % of net sales Nearly doubled net income from the prior-year period 25.1% increase in EBITDA Strong balance sheet
“One-Stop” Store Strategy with Vertically Integrated Operations Drive Traffic,
Sales, Margins As of year-end FY2025. Image is graphically designed; it is not intended to show revenue dollar mix 14 $5.3BNet Sales1 Each Touch Point Drives Sales. Together, They Create Synergies That Drive Repeat Trips and Stronger
Relationships Vertically Integrated Operations — Milk Production (One Of Highest Frequency Purchases), Distribution and Transportation — Contribute To Margins in a Thin Margin Business
Investments in Stores and Value Drive Traffic, Sales and Margins 15 PRODUCT
VARIETY Ready-to-eat options, home meal replacements (e.g. made to order pizza, sushi) — leaning into fresh, healthy convenience at scale Fresh deli, bakery, meat departments, staples High-quality private label lines — Harvest Farms,
Ingles Best, Laura Lynn MODERN, UPDATED STORES Remodeling store base Introducing self-service food offerings New, state-of-the-art lighting fixtures and equipment ONE-STOP SHOP Groceries, pharmacies, fuel stations — convenience,
loyalty, trip frequency, basket size LOW-PRICES Value to Customers Through Low Prices, Product Variety and Friendly Service in Modern, Updated Stores TECHNOLOGY Buy Online, Pick Up In-Store SAP merchandising / procurement
$120M to $160M of Capital Investments 2025-2026 to SupportProfitable Growth
and Operating Efficiencies 16 Deploying New Technology Expanding electronic coupons, electronic payment options, e-commerce options Remodeling Stores Up to 6 store remodels planned, making them more navigable through improved store
design and aisle expansion Equipment Upgrades Purchasing rolling stock Enhancing milk processing plant Upgrading warehouse and transportation equipment Store Openings Re-opening three temporarily closed stores due to Hurricane
Helene Opening a new store anticipated in late spring 2026 …And We Continue to Prudently Invest for the Future
Owned real estate is an important component of long-term growth 17
174 of 197 stores on owned property, either in free-standing stores or as
anchor tenant in Company-owned shopping center Warehouse and distribution center Milk processing and packaging facility Overview of Ingles’ Real Estate Portfolio Strategic ownership of quality assets — operational control, growth
opportunities, andlong-term value creation 18
Owned Real Estate Provides Multiple Advantages 19 Strategic Control Control
over shopping center conditions Control over co-tenants Growth opportunities Stronger Balance Sheet Hard assets = collateral, leading to cheaper debt, better credit ratings, higher enterprise value Operational Flexibility Freedom to
expand and rearrange store offerings based on constantly evolving customer preferences Rental Income Smaller parcels rented to other businesses Gross rent paid to Ingles tripled to $30.1M over past 10 years Strategic Control Control
over shopping center conditions Control over co-tenants Growth opportunities Operational Flexibility Freedom to expand and rearrange store offerings based on constantly evolving customer preferences Stronger Balance Sheet Hard
assets = collateral, leading to cheaper debt, better credit ratings, higher enterprise value Rental Income Smaller parcels rented to other businesses Gross rent paid to Ingles tripled to $30.1Mover past 10 years
Like Ingles’ Real Estate Portfolio Overall, Ingles’ 29 Undeveloped Sites Have
Multiple Avenues of Potential Value Creation 17 sites are designated for future development Sackler’s Summer Road misrepresents how many acres of “excess” land Ingles owns. Summer Road’s claim that Ingles has “1,800 acres that are not
used in its grocery or real estate rental business” is based on an unknown and clearly erroneous set of facts 12 sites are available for sale, ground lease or build-to-suit development Eight of these properties are less than ~5.5 acres,
with most being ~2 acres in size. The smallest property is 0.27 acres These properties are generally classified as outparcels as opposed to “mall sites” as Summer Road contends 20
Ingles’ two new highly-qualified director candidates have the experience and
independence to foster accountability, oversee execution and drive value creation
Process Designed to Identify Highly-Qualified, Independent Candidates with
“Fit for Purpose” Experience Robust process with numerous director candidates considered Ingles determined that Ms. Lowe and Mr. Jacobs were the right director candidates for Ingles’ Board Connection via HomeTrust Bancshares board
considered as well as fact that there were no other business, personal or social relationships with management, other directors or each other REBEKAH LOWE 25+ years experience leading large, customer-focused operations and guiding
organizations for growth – experience that is highly applicable to growing grocery company where human capital management and trusted customer relationships matter – and highly relevant public company board and board committee
experience DWIGHT JACOBS Seasoned public company C-suite and board leader whose blend of operational, supply chain, real estate and financial expertise is highly aligned with needs of grocery retailer navigating complex logistics, real
estate portfolio management and margin pressures Ingles told Sacklers’ Summer Road that the Board was open to appointing a new, independent director We offered to collaborate with Sacklers’ Summer Road on identifying an independent
director candidate – anyone not associated with the Sacklers because of the harm to the business we are convinced the Sacklers pose We made multiple attempts to work with Summer Road Sacklers’ Summer Road rejected all of Ingles’ offers,
demanding only Rory Held or nothing, saying it would launch a proxy fight if we didn’t appoint him Sacklers’ Summer Road’s refusal to reach a reasonable resolution is one of many reasons why we strongly believe Summer Road and Rory Held
are looking out for their own interests, not those of all Ingles shareholders
Ingles’ Independent Director Candidates Have Experience Needed to Foster
Accountability, Oversee Execution and Drive Value Creation REBEKAH LOWE DWIGHT JACOBS 20+ year career at Duke Energy (a Fortune 150 company) Oversaw a $16B supply chain and procurement function, where he increased profitability and
generated $4B in cost savings through vendor optimization, use of data and technology and enterprise-wide efficiency initiatives Strong track record instilling financial rigor into company performance and building operating resiliency as
public company Chief Accounting Officer, Head of FP&A, Chief Risk Officer As Duke’s Senior Vice President, Supply Chain, Real Estate and Chief Procurement Officer, oversaw company’s real estate portfolio, including strategic planning,
acquisitions and leasing, transactions and development, facilities management Offers meaningful M&A and integration experience, having played a key role in $7B of asset purchases at Duke predecessor Underscoring respect earned from
both public and private companies, chosen as an operating advisor to Kohlberg & Co and elected to both private and public company boards, including currently serving on the HomeTrust Bancshares board, where he serves on Audit and
Asset/Liability Committees Prior to Duke Energy, audit and business advisory partner at Arthur Andersen Distinguished career at Wachovia Bank As Regional President for Western North Carolina, led a billion-dollar operation spanning 7
business lines, overseeing 500+ employees Directed successful regional integration of the First Union/Wachovia merger – managing organizational redesign, leadership selection, board development, customer retention, stakeholder
communications Responsible for all regional lending, customer acquisition, financial performance. Region achieved highest customer service ratings in country for 7 consecutive years. Named Executive Vice President of Wachovia Bank in
2002 Built Wachovia’s leadership presence in Eastern Florida’s highly competitive market, driving growth across retail, commercial, wealth banking businesses Served as chief executive in a widespread geography that included Brevard, West
Palm Beach, Ft. Lauderdale, Miami — region of 6M+ people Managed integration of largest independent bank in Florida, coordinating cross-state teams, overseeing seamless conversion of systems, operations, customer portfolios Throughout
career, advanced innovation, including launching new branch formats, optimizing network strategy — experience that translates to store format innovation, footprint optimization, enhancing in-store customer engagement As Founder and Chief
Executive Officer of FizzyWork Executive Coaching, advises boards and senior executives, helping elevate performance, strengthen culture, achieve measurable impact Independent director of the publicly traded HomeTrust Bancshares, where
she serves on Governance and Nominating, Compensation and Human Capital, and Mergers and Acquisitions Committees
We believe that any Sackler employed representative on the Ingles Board would
be bad for Ingles, its shareholders, associates, customers and communities that we serve
Summer Road and Rory Held claim they want “transparency.” Yet Summer Road is
not being transparent with you Summer Road is not an “investment fund” It is an investment vehicle for members of the notorious Sackler family and controlled by David Sackler – the owners of Purdue Pharma who contributed substantially to
the opioid epidemic The Sackler family’s wealth was derived primarily from sales of OxyContin There is not one mention of the Sackler connection in Summer Road’s definitive proxy statement despite this direct connection1 The Summer
Road/Sackler connection was disclosed by Ingles because it is a fact that is material to shareholders and their investment decisions – you should know who is claiming to represent you and the risks they create History shows that Summer
Road and Rory Held are accountable to the Sacklers – not other shareholders. We believe Ingles’ shareholders should question why the Sacklers’ self-interested behavior would change now Sacklers’ Summer Road and Rory Held Are HidingMaterial
Information from Shareholders 1. Summer Road Definitive Proxy Statement, Mar 27, 2026 25
We Believe Any Association with the Sackler Family Would Lead to Value
Destruction for Ingles THE SACKLER FAMILY: Made up to $13B by pushing their company’s OxyContin drug with misleading statements about its risk of addiction Cited by law enforcement in all 50 states for their role in destroying hundreds
of thousands of families — including in the South, which had among the highest rates of opioid overdose deaths More than 16,500 opioid related deaths in North Carolina alone from 2000–2019 Required to pay $7.4B because of their personal
culpability in the opioid epidemic, including $150M to the state of North Carolina David Sackler, a former member of the board of directors of Purdue Pharma who also controls Summer Road, being sworn in to testify during a virtual hearing
of the U.S. House oversight committee ‘An evil family’: Sacklers condemned as they refuse to apologize for role in opioid crisis It is apparent to us that the Sacklers lack the ethics and moral standards that have guided Ingles since its
founding Source: Axios, The Sackler family withdrew billions from Purdue Pharma, 12/17/19 Source: The Guardian, ‘An evil family’: Sacklers condemned as they refuse to apologize for role in opioid crisis, 12/17/2020 Source: NC Department
of Health and Human Services, Opioid-Involved Overdoses, March 2021
The Devastation that the Sacklers and Opioids Inflicted on Our Communities is
Recognized, Remembered and Reviled “Of course, the Sackler family, which owns Purdue, has largely avoided any real pain from their role in addicting America, and that’s a national disgrace.” —Asheville Citizen Times “Purdue is owned by
the Sackler family, whose Forbes-rating fortune came almost entirely from the firm’s pushing of Oxycontin, an opiate, as a miracle painkiller safe for patients.” — Knoxville News Sentinel “Rural North Carolina has been devastated by opioid
addiction since the rise of prescription painkillers in the 1990s.” — The Assembly “On average, nine North Carolinians die every day from opioid overdose. It’s a sobering figure, and courts found it is directly related to drug companies
pushing doctors to prescribe more pain medication.” — Blue Ridge Public Radio “Under the Sacklers’ ownership, Purdue made and aggressively marketed opioid products for decades, fueling the largest drug crisis in the nation’s history.” — NC
Attorney General Jeff Jackson “The Sackler family knowingly drove an epidemic that shattered families and took thousands of lives.” — SC Attorney General Alan Wilson “For years, the Sackler family profited off other people’s pain –
destroying lives and families in Georgia and throughout the country” — GA Attorney General Chris Carr NC to receive millions from national settlement with Purdue Pharma, Sackler family We fear that electing the Sacklers’ Representative,
Rory Held, to Ingles’ Board would compromise the trust that our customers and communities place in Ingles Asheville
As a Community-based Grocery Store, Ingles Depends on the Loyalty of Our
Customers As of year-end FY2025. Image is graphically designed; it is not intended to show revenue dollar mix INGLES TODAY $5.3BNet Sales1 LOST GROCERY SALES… $XX?...Net Sales …LOST PHARMACY SALES… …$X?…Net Sales …LOST FUEL
SALES …$0?Net Sales Risk to Ingles After Being Compromised by the Sacklers, Summer Road and Sackler Representative, Rory Held We believe customers may choose to shop anywhere else but at a store whose Board includes a Sackler
Representative — particularly if they have experienced the loss of a family member or friend due to the addiction caused by the Sacklers’ OxyContin
Experience Shows — the Threat of a Boycott is Real if Sackler Employee Rory
Held is Elected Source: U.S. Bankruptcy Court, Southern District of New York, Memorandum of Decision, Aug 9, 2021 Source: Teton Gravity Research, Boycott any of the Peak “resorts,” Apr 2019 EVEN SUMMER ROAD’S GENERAL COUNSEL HAS
TESTIFIED UNDER OATH ABOUT THE KIND OF HARM WE BELIEVE THE SACKLERS POSE FOR INGLES’ BUSINESS FRANK S. VELLUCCI Summer Road’s General Counsel and Participant in Solicitation Against Ingles “Mr. Vellucci further testified that after
publication of a Richard Sackler family investment in a ski resort in Spring 2019, there were calls for boycotts of the resort.” “Mr. Vellucci similarly testified that he was informed that seven financial institutions terminated their
banking or broker-dealer relationships with the Richard Sackler family and associated business entities… these actions were motivated by concerns over the risk that such relationships would become public to the detriment of their
business” Benny Profane Banned old goat Registered User Whiteroom_Guardian DolphinSkiRegistered User
Rory Held’s Experience is Dominated by His Work at Investment Firms — There is
Little Evidence of His Claimed Experience and He Does Not Have Experience Shaping Strategy for Complex Organizations or Leading Companies Capital Allocation M&A Capital Markets Commercial Real Estate Finance / Accounting Human
Capital Knowledge of Region / Customer Base Public Company C-Suite / Board Enterprise Risk Management / Supply Chain Rory Held ? ? ? Rebekah Lowe Dwight Jacobs Rory Held
lacks expertise in areas highly relevant to Ingles’ business and/or where Ingles’ director candidates have much deeper, proven experience Any experience that he may provide does not compensate shareholders for the Sackler-causing value
destruction were he to serve on the Ingles Board
Sacklers’ Summer Road’s claims are flawed and misleading
32 Fact: Ingles Shareholder Returns Have Consistently and Significantly
Outperformed RELEVANT Benchmarks SUMMER ROAD CLAIM: “Lagging shareholder returns” FACT: Summer Road’s benchmarks are not relevant comparison Ingles is a small cap company; not in S&P 500 Weis Markets is one of the few regional
remaining public peers to Ingles For purposes of calculating TSR and relative performance, peers include conventional grocers Summer Road also cherry picks 2025 end date, misleading shareholders as it ignores business normalizing in
1Q2026 following Hurricane Helene TOTAL SHAREHOLDER RETURNS1 3 FactSet as of 3/27/26 Includes impact from Hurricane Helene in FY24 and FY25 For peers here and throughout: Albertsons Companies Inc., Koninklijke Ahold Delhaize N.V.,
Kroger Co., Village Super Market Inc., Weis Markets Inc.
Fact: Ingles’ Financial Performance Trends Are In Line With Industry Trends.
Sacklers’ Summer Road Ignores COVID Impact for the Entire Grocery Sector… SUMMER ROAD CLAIM: “Business fundamentals have materially declined over the past five years” FACT: Sacklers’ Summer Road conveniently ignores COVID impact on
grocery industry In 2024, grocery industry’s same-store sales growth and profit margins fell back to pre-pandemic levels overall. Ingles is no different Source: Grocery Dive, Grocery industry profit margins fall to pre-pandemic levels:
FMI, Jul 3, 2024 GROCERY INDUSTRY’S SAME STORE SALES AND PROFIT MARGINS PEAKED DURING COVID-19 PANDEMIC 33 (Ex. Fuel)
Fact: …Ingles Has Outperformed Peers on Substantially AllCore Grocer
Metrics SUMMER ROAD CLAIM: “Business fundamentals have materially declined over the past five years” FACT: Sacklers’ Summer Road is misleading shareholders. Ingles’ performance is better than peers on core grocer metrics 34 FactSet
as of 12/31/25 Two years impacted by Hurricane Helene RELATIVE 5-YEAR PERFORMANCE1 Ingles Peers Net Sales Growth(2) 2.8% 3.4% Same Store Sales Increase 4.8% 4.6% Gross profit as % of Sales 3.3% 2.3% Operating Margin
average 4.8% 3.4% Net Income as % of sales average 3.5% 2.1%
Fact: Ingles’ 2025 ROIC Is Well Within Industry Average – and Well Above on a
Longer-Term Horizon. Sacklers’ Summer Road’s Calculation of ROIC is Wrong SUMMER ROAD CLAIM: “deployed $1.5 billion in capital expenditures… ROIC of approximately 0.2% on ten years of reinvestment” FACT: CAPEX is not an accurate base
for calculating ROIC CAPEX includes items that are not intended to generate a return, such purchases of HVAC, technology, freezers, display cases, tractors, trailers, other equipment ROIC = (Operating Income *(1-tax rate)/(Average of
Net Debt + Total Book Value Equity) 35 ~6% in 2025 and Grocery ROIC is generally ~6–9%, with best-in-class formats approaching low teens and weaker operators below ~5%2 ~13% over 10-year average Ingles’ ROIC was Company ROIC data
as of year-end FY2025 over relevant period Sources: NYU Stern Damodaran datasets (2026); ReadyRatios (Grocery Stores industry financial ratios); company filings and aggregated data (e.g., FinanceCharts)
Winn-Dixie parent Southeastern Grocers is filing for bankruptcy “The question
is, will Lone Star invest enough money to make Southeastern competitive?” SUMMER ROAD CLAIM: “aggressive return of capital to shareholders likely represents the highest-return opportunity” Referring to Ingles’ real estate, “Mr. Held
intends to propose a formal study to evaluate the separation of the Company” FACT: Summer Road’s claim isn’t a strategy — it’s a road to ruin — because starving a business of reinvestment erodes the very engine that creates value. We
agree capital returns are important, and we have paid a dividend for 41 consecutive years. But capital returns are just one value-creating lever In the grocery industry, sustainable value is created operationally, not financially. Constant
reinvestment, and the financial strength to support it, are essential 36 Grocers who have prioritized capital returns over long-term investment — like Summer Road and Rory Held are recommending — have often gone out of business.
A&P Files for Bankruptcy and Aims to Sell 120 Stores. “…A&P struggled to invest in a new strategy at a time when its competitors were redesigning stores, opening new locations and experimenting with technology.” A&P made
one mistake that undermined its business “A&P not only failed in connecting and appealing to customers but also in modernizing its dated look.” Southeastern Files Chapter 11 “In this challenging environment, food retailers must
invest in operations to stay up to speed with the latest industry developments to survive” Source: Ingles Markets, Incorporated Declares Quarterly Cash Dividend, 03/30/26 Source: Business Insider, A&P made one mistake that undermined
its business, 7/22/15 Source: Supermarket News, Southeastern Files Chapter 11, 12/31/17 Source: The New York Times, A&P Files for Bankruptcy and Aims to Sell 120 Stores. 7/20/15 Source: Retail Dive: Winn-Dixie parent Southeastern
Grocers is filing for bankruptcy, 3/16/18 Fact: In the Grocery Industry, a Narrow Financial Playbook is Not the Best Way to Deliver Significant, Enduring Value for Shareholders
37 SUMMER ROAD CLAIM: Sacklers’ Summer Road is a “long-term, significant
shareholder” FACT: The Ingle family has been the Company’s largest shareholder for 60 years The Ingle family is the Company’s largest shareholder owning 23% of Ingles’ outstanding shares Fact: Ingles’ Board Includes Representatives of
the Company’s Largest, Long-Term Shareholders Source: Summer Road Definitive Proxy Statement, 03/27/26 A LONG-TERM SHAREHOLDER? Sacklers’ Summer Road first invested in Ingles 3 years ago Summer Road says its avg holding period is just
5.5 years So according to Summer Road’s record, it is on the cusp of selling its Ingles shares Sacklers’ Summer Road claims to own ~3% of the Company’s outstanding shares David Sackler, a former member of the board of directors of
Purdue Pharma who also controls Summer Road Rory Held, an employee of Summer Road, who has been nominated to the Ingles Board as the Sackler Representative Summer Road’s latest SEC 13F share ownership filing indicates 2,500 shares owned —
dramatically less than its claimed ownership in its nominating and proxy materials. Is this an error, misapplication of SEC rules or deliberate misrepresentation to the SEC, Ingles and its shareholders? Despite their call for
transparency, it appears the Sackler’s Summer Road SEC filings exclude information about their Ingles holdings based on a claim of “confidentiality” BUT, HOW MUCH DO THE SACKLERS REALLY OWN?
RORY HELD’S SERVICE ON PEAK RESORTS BOARD MARKED BY CONTROVERSY AND CLAIMS OF
SACKLER SELF-INTEREST Following agreement to sell Peak Resorts to Vail Resorts, a lawsuit was filed to stop the acquisition. Among other claims: Peak’s board of directors will be “the primary beneficiaries of the proposed transaction, not
the company’s public stockholders” — the same Board that included the Sackler Representative, Rory Held, as a Director.3,4 SUMMER ROAD CLAIM: Rory Held is “an experienced Board member” FACT: Rory Held has served on one public company
board — and he was a Sackler Representative Fact: Rory Held’s Only Public Company Board Experience Was as a Sackler Representative Rory Held has served on one public Board of Directors – Peak Resorts At Peak Resorts, Rory Held was a
Sackler representative Rory Held’s appointment to Peak Resorts Board was made in conjunction with Sackler’s Summer Road investment, not as an independent nomination process and shareholder election2 Rory Held’s board compensation was
transferred to Summer Road: “any compensation that would otherwise be payable to Mr. Held for his services as a director of the Company will be paid directly to Summer Road LLC as his employer” 2 38 1 Summer Road Definitive Proxy
Statement, 03/27/26 2 Peak Resorts Definitive Proxy Statement, 08/28/18 3 U.S. District Court for the Eastern District of Missouri, Field v. Peak Resorts, 08/29/29 4 SAM Magazine, Investor Sues to Stop Vail Acquisition of Peak Resorts,
Sep 2019
SUMMER ROAD CLAIM: Rory Held “is truly independent and aligned with all Class
A shareholders” He is “an experienced Board member” FACT: Rory Held is a Sackler employee and history shows he looks out for the Sacklers’ interests We believe Ingles’ shareholders should question why the Sacklers’ self-interested
behavior would change now Fact: History Shows — Rory Held is Beholden to the Sacklers — Not to Serving All Shareholders’ Best Interests 1 Peak Resorts Definitive Proxy Statement, 08/28/18 RORY HELD IS INEXTRICABLY LINKED TO AND
INTERTWINED WITH THE SACKLER FAMILY. The attempt to distance Rory Held from the Sacklers in the latest proxy materials filed by Sackler’s Summer Road underscores the risks the Sacklers pose Summer Road is a single-family office —
controlled by David Sackler Summer Road exists to manage the wealth of Sackler family members — wealth undoubtedly gained by sale of Purdue Pharma’s OxyContin Rory Held is one of just several employees of Summer Road — and he is paid by
the Sacklers through Summer Road The only time Rory Held has ever served on a public company board — was as a Sackler representative Rory Held’s appointment to his only public company Board — Peak Resorts — was made in conjunction with
Sacklers’ Summer Road investment, not as an independent nomination process and shareholder election1 When serving as a director, all compensation he was paid by Peak Resorts was transferred to Summer Road. As Peak Resorts disclosed — “any
compensation that would otherwise be payable to Mr. Held for his services as a director of the Company will be paid directly to Summer Road LLC as his employer” 1 39 David Sackler, former member of the board of directors of Purdue Pharma
who also controls Summer Road Rory Held is an employee of Summer Road — which is controlled by David Sackler. He is nominated to the Ingles Board as the Sackler Representative
Fact: Ingles’ Governance Advances Long-Term Focus and Our Corporate Mission,
Preserves Community Connections Nasdaq qualified ‘controlled company’ provides exemption from certain governance provisions, allows for Board and leadership team to focus on long-term strategic growth initiatives Dual-class ownership
structure reinforces the Ingles family’s enduring commitment to its customers and operating regions, highlighting the Company’s pivotal role as a community anchor Governance structure enables long-term value creation while protecting
Ingles shareholders from activist focus on short-term returns Board with extensive company knowledge allows for nimble and effective oversight Third generation family company, founded in 1963 Significant economic stake with Board Chair
Robert Ingle as largest shareholder, 23%, and member of founding family, closely aligning interests with that of long-term shareholders Highly-experienced Board and management with decades of grocery experience Directors are deeply
involved in Ingles communities – live, work, have daily interactions with customers and associates, providing unmatchable understanding of business dynamics Board members have provided consistent leadership through many disruptive economic
cycles and significant community hardship events Customer and community trust and relationships are drivers of success 2 new independent directors will be elected only by Class A shareholders with Class B having no voting rights A new
standalone Nominating and Governance Committee will be established following the Annual Meeting ENHANCING BOARD AND GOVERNANCE BOARD HAS DEEP COMMUNITY ROOTS AND INSTITUTIONAL KNOWLEDGE OF INGLES OPERATIONS CONTROLLED COMPANY STRUCTURE
SUPPORTS BOARD FOCUS ON LONG-TERM STEWARDSHIP
Fact: Ingles’ Compensation is Market Aligned, Recognizes Contributions and
Incentivizes Continued Performance Chairman Ingles’ compensation was designed to align pay with market benchmarks Pay levels recognize Chairman’s active engagement and significant day-to-day contributions in overseeing the business and
retain his critical institutional expertise Chairman compensation design accounts for significant existing equity holding, recognizing his leadership contributions without diluting shareholder ownership Say-on-Pay received broad support
among Ingles’ top 25 Class A shareholders in each of the last five years 2024 and 2025 total reported compensation for the Chairman and CEO has remained flat, with no increases from 2023 pay levels Over 80% of reported Chairman pay is
delivered in a variable bonus based on profitability and Company performance, at the discretion of the Audit/Compensation Committee Chairman, CEO and other NEOs’ compensation levels are reasonable and reflect prevailing pay opportunities
for comparable peer companies 41 SUMMER ROAD CLAIM: “increase in Chairman Ingle’s compensation is akin to added distribution to the Class B shareholders” FACT: Chairman Ingles’ compensation is market-aligned and reflects his active
oversight and management in driving strategic and operational execution SUMMER ROAD CLAIM: “performance metrics have been declining…while total executive compensation increasing” FACT: Chairman and CEO compensation has not increased
over the last two years
Grocery is a SUMMER ROAD CLAIM: “none of our portfolio companies have ever
experienced reputational harm” FACT: Sacklers’ Summer Road’s claim is simply not true Summer Road’s own General Counsel has testified — under oath — to the harm caused to a company as result of the Sackler association AND this harmed
company — Peak Resorts — had Rory Held on the Board! Fact: The Sackler Reputation Has Caused Harm to the Public Companies at Which Summer Road Has a Board Representative 42 FRANK S. VELLUCCI Summer Road’s General Counsel SUMMER
ROAD’S GENERAL COUNSEL HAS TESTIFIED UNDER OATH ABOUT THE HARM CAUSED BY THE SACKLERS TO OTHER CONSUMER FACING COMPANIES IN WHICH IT HAS INVESTED “Mr. Vellucci further testified that after publication of a Richard Sackler family investment
in a ski resort in Spring 2019, there were calls for boycotts of the resort.” “Mr. Vellucci similarly testified that he was informed that seven financial institutions terminated their banking or broker-dealer relationships with the Richard
Sackler family and associated business entities… these actions were motivated by concerns over the risk that such relationships would become public to the detriment of their business” Source: U.S. Bankruptcy Court, Southern District of New
York, Memorandum of Decision, Aug 9, 2021 Source: Teton Gravity Research, Boycott any of the Peak “resorts,” Apr 2019 Benny Profane Banned Whiteroom_Guardian old goat Registered User DolphinSkiRegistered User
It is apparent that Sacklers’ Summer Road and Rory Held do not understand the
grocery industry or Ingles
The Assertions Made by Sacklers’ Summer Road Regarding Ingles’ Owned
Properties Show that Summer Road Does Not Understand the Long-Time Horizon Involved in Property Development and Real Estate’s Value Appreciation 44 SUMMER ROAD CLAIM: Ingles “Owns 84% of its store locations – highest ownership rate”
FACT: Ingles’ strategic ownership of assets provides significant competitive, value creation advantages — operational control and growth opportunities (see slide 19) Ingles has been in the real estate development business since its
founding in 1963 The Company has long-standing expertise in real estate development Through this knowledge, Ingles has been able to build projects efficiently and specifically to their detailed design Sacklers’ Summer Road invested in
Ingles in large part because of the Company’s real estate
Sacklers’ Summer Road’s Real Estate Suggestions Would Be Value Destructive for
Ingles 45 The grocery industry has primarily two real estate models: Mostly lease Mostly own The grocers adopting each model have very different characteristics Sacklers’ Summer Road/Rory Held are applying the wrong model to Ingles
For grocers like Ingles, owning real estate is essential — providing future operating decisions (including investments in equipment and upgrades) SUMMER ROAD CLAIM: There is little to no value in owning real estate. It should be
separated FACT:
Sacklers’ Summer Road’s Capital Allocation Suggestions Would Be Value
Destructive for Ingles Investments in stores and operations must be made on an ongoing basis to stay competitive Strong balance sheets lower interest costs and provide foundation to realize benefits from owned real estate (see slide
19) In the grocery industry, capital returns are one value lever, but not necessarily the “greatest” 46 SUMMER ROAD CLAIM: The greatest value creation opportunity is an “aggressive” capital return FACT:
SUMMER ROAD CLAIM: Sacklers’ Summer Road and Rory Held Do Not Understand
Ingles’ Most Relevant Peer Groups 47 When compared to actual peers, Ingles’ TSR outperforms peers (see slide 11) Index Ingles is a small cap company. It is not part of the S&P 500 and does not have those companies’
characteristics The relevant index comparison is S&P SmallCap 600 Grocery Peers Not all grocers are the same. For example, Ingles does not compete against natural grocers; those customer demographics are different Ingles peers
include Albertsons Companies Inc., Koninklijke Ahold Delhaize N.V., Kroger Co., Village Super Market Inc., Weis Markets Inc. 47 SUMMER ROAD CLAIM: Ingles TSR is lagging FACT:
Ingles’ Nominees Will Ensure That Ingles Is Able to Continue Creating Enduring
Shareholder Value Ingles is a leading regional grocer with strong community relationships, a record of solid performance and a strategy that is delivering significant, sustainable shareholder returns Owned real estate is an important
component of long-term growth We tried repeatedly to reach a constructive resolution to avoid this proxy contest. We are open to change and new independent directors. We are not open to a Sackler representative Ingles’ director
candidates have the experience and independence to foster accountability, oversee execution to create value We believe any Sackler-employed representative on the Ingles Board would be bad for Ingles, our communities and our
stakeholders The claims made by Sacklers’ Summer Road are flawed and misleading It is apparent that Sacklers’ Summer Road and Rory Held do not understand the grocery industry or Ingles 48
Protect Your Investment 49 The Ingles Board unanimously recommends that
shareholders vote “FOR” only the Company’s director candidates — Rebekah Lowe and Dwight Jacobs — on the WHITE proxy card TODAY
Appendix
Non-GAAP Measures Reconciliation to GAAP (unaudited) As used in this
presentation, we believe that EBITDA, a non-GAAP financial measure, is useful in evaluating our performance because it eliminates interest, taxes, depreciation and amortization expense, which are not necessarily indicators of our operating
performance. EBITDA is also used by many of our investors, securities analysts, and other interested parties in evaluating our operational and financial performance across reporting periods. As used in this presentation, we believe that
Return on Invested Capital (“ROIC”) is useful to investors because it is a profitability metric that measures how effectively we deploy our capital. Additionally, we have presented ROIC as a direct rebuttal to certain arguments advanced
by Summer Road using their own version of this non-GAAP financial measure, which may not be calculated in the same manner as presented by us.
The Sacklers’ Summer Road and Rory Held Are Not Telling Ingles Shareholders
the Truth About Their Involvement with Peak Resorts and the Damage They Caused Material Information Is Being Hidden from Ingles Shareholders
What Sacklers’ Summer Road Fails to Disclose to Ingles Shareholders Summer
Road Works Very Hard to Hide that it is Controlled by Sacklers Through hundreds of entities and opaque SEC disclosures, members of the Sackler family hid their association with Summer Road when they invested in Peak Resorts — just as they
have done at Ingles Recall, Summer Road and Rory Held never acknowledged they were associated with the Sacklers until Ingles publicly stated it If the Sacklers are truly looking to serve the interests of all shareholders, why are they
hiding their identity? Why are their investments cloaked under obscurely named entities? What is behind the web they are weaving? Why aren’t the Sacklers transparent with Ingles, its shareholders and communities? In Aug 2015, “Cap 1,”
an Oklahoma entity managed by Sacklers’ Summer Road, disclosed a 6.1% investment in Peak Resorts There was no disclosure of the Sackler connection in any related disclosures or SEC filings Cap 1 is controlled by a family trust whose
beneficiaries were all named as defendants in the Purdue Pharma lawsuits relating to OxyContin1 In Aug 2016, Peak Resorts announced an agreement for a preferred equity investment by Cap 1 Even one year later and after a follow-on
investment, there was still no disclosure of Cap 1’s true identity as a Sackler controlled entity Instead, Cap 1 was obliquely described as a “family client of Summer Road.” Recall — members of the Sackler family control Cap 1 and Summer
Road. Summer Road’s sole existence is due to the Sacklers and the wealth the family has obtained through Purdue Pharma In 2018 — three years after the Sacklers’ Summer Road’s initial investment – a reporter for the St. Louis Business
Journal unveiled that Summer Road was really “the family office of the Richard Sackler family that developed oxycontin and owns Purdue Pharma”2 The bright light provided by the St. Louis Business Journal was the start of public scrutiny
and criticism of the Sacklers’ involvement with Peak Resorts — ultimately culminating in boycotts of Peak Resorts 1. The Washington Post, Purdue Pharma family profits from sale of ski resorts in regions plagued by opioid addiction,
9/29/2019 2. St. Louis Business Journal, How Tim Boyd conceived of Hidden Valley, the endangered ski resort in Wildwood, 1/5/2018 3. VTDigger, Sackler family has largest stake in Mount Snow’s parent company,4/18/19 3
What Sacklers’ Summer Road Fails to Disclose to Ingles
Shareholders Reputational, Governance, Financial Risks Are Created By Associating with the Sacklers… 1. Deerfield Valley News, Peak Resorts’ largest investor has ties to opioid manufacturer, 4/4/2019 2. The Boston Globe, The Sackler
family’s involvement in Mt. Snow stirs Controversy, 5/6/2019 3 : VTDigger, Sackler family has largest stake in Mount Snow’s parent company,4/18/19 4. : The Washington Post, Purdue Pharma family profits from sale of ski resorts in regions
plagued by opioid addiction, 9/29/2019 5. Summer Road Investor Presentation 4/6/2026 Sacklers’ Summer Road claims that “none of our portfolio companies have ever experienced reputational harm to their business due to our
involvement”5 However, public reporting, elected official commentary, community pushback, and consumer boycotts at Peak Resorts tell a different story The Sacklers’ efforts to obscure their true identity suggests to us that even they
recognize the toxicity associated with their record and the destruction caused by their Purdue Pharma’s OxyContin “the company’s connection to the Sackler family and their fortune built on the opiates that have devastated the community is
a concern. ‘It is disturbing… “1 Peak Resorts’ largest investor has ties to opioid manufacturer “one notable — some would say notorious — investor’s major stake in the resort has some people in Dover and the nearby Deerfield Valley town
of Wilmington feeling queasy about their association with the ski resort. Members of the Sackler family — whose pharmaceutical company, Purdue Pharma, makes the opioid OxyContin — have in recent years become the largest shareholders of
publicly traded Peak Resorts, Mount Snow’s owner.”2 “’It is clear that the Sacklers withdrew a huge amount of money from Purdue Pharma,’ said New Hampshire Associate Attorney General James Boffetti, who is the state’s lead attorney in
lawsuits against Purdue Pharma and individual Sackler family members, including Richard Sackler. ‘To the extent that was used for these investments, including in the ski resorts, that is money that they would have only because of this
deceptive marketing scheme that they have been running at Purdue.’” “’That they are trying to . . . make money off that investment in the very state that suffered so severely from their deceit is appalling,’’ said state Sen. Jeanne
Dietsch, of Peterborough.”4 3
What Sacklers’ Summer Road Fails to Disclose to Ingles Shareholders …Summer
Road’s Own Principals Have Testified to the Critical Business Relationships Lost and Meaningful Business Risks Associated with the Sacklers Source: U.S. Bankruptcy Court, Southern District of New York, Memorandum of Decision, Aug 9,
2021 Source: Teton Gravity Research, Boycott any of the Peak “resorts,” Apr 2019 FRANK S. VELLUCCI Summer Road’s General Counsel and Participant in Solicitation Against Ingles EVEN SUMMER ROAD’S GENERAL COUNSEL HAS TESTIFIED UNDER OATH
ABOUT THE KIND OF HARM WE BELIEVE THE SACKLERS POSE FOR INGLES’ BUSINESS “Mr. Vellucci similarly testified that he was informed that seven financial institutions terminated their banking or broker-dealer relationships with the Richard
Sackler family and associated business entities… these actions were motivated by concerns over the risk that such relationships would become public to the detriment of their business” “Mr. Vellucci further testified that after publication
of a Richard Sackler family investment in a ski resort in Spring 2019, there were calls for boycotts of the resort.” If our customers turned away from Ingles in protest, and if we lost even 5% of sales, it would significantly impact
Ingles’ business — costing us ~$250M of sales and ~$8.8M in profits.
What Sacklers’ Summer Road Fails to Disclose to Ingles Shareholders The
Sacklers Appear to Have Received Preferential Treatment at Peak Resorts While Their Employee Rory Held Served on the Peak Resorts Board Sacklers’ Summer Road investment in Peak Resorts was marred with transactions that appeared to have
shown preferential treatment to the Sacklers — serving the Sacklers’ Summer Road’s interests at the expense of other Peak Resorts shareholders In Sept 2018, to fund an acquisition, Peak Resorts relied on a loan from, and new preferred
equity issuance to, the Sacklers’ Cap 1 – both on preferential terms to the Sacklers’ Cap 1 $50M, two-year secured term loan, which we understand could have been at an above market interest rate1,2 $20M preferred stock and warrants to the
Sacklers’ Cap 1 giving the Sacklers the right to increase their investment under certain circumstances, possibly leading to eventual voting control There is no public evidence we are aware of to suggest that Peak Resorts sought competitive
funding options from other sources Cold comfort…Peak did caution that moving forward with the agreement contained a number of risks, including that Cap 1 could have the ability to control the outcome of future votes — which Cap 1 in fact
later did https://www.sec.gov/Archives/edgar/data/1517401/000114420418050456/tv503340_8k.htm https://fred.stlouisfed.org/data/MPRIME
What Sacklers’ Summer Road Fails to Disclose to Ingles Shareholders Summer
Road’s Investment in Peak Resorts Was Made with Money that was Not Honestly Earned Sources: Deerfield Valley News, Peak Resorts’ largest investor has ties to opioid manufacturer, 4/4/2019 Bloomberg, How the Sackler Family Shifted
Billions From Opioids to Trusts, 12/17/2019 Chicago Tribune, Editorial: The opioid epidemic is getting worse. Don’t reward one of the main culprits, 12/12/23 Sacklers’ Summer Road pats itself on the back, citing profits from their
investment in Peak Resorts as a reason Ingles’ shareholders should support them Sacklers’ Summer Road fails to disclose, however, that these gains were seen as dirty money, originally made on the misery of the people and communities that
were harmed by the Sacklers’ Purdue Pharma Peak Resorts’ largest investor has ties to opioid manufacturer “What the Sackler family did through Purdue Pharma with OxyContin, if the allegations stand, they are, if not primarily
responsible, very responsible for the opioid epidemic in Vermont and the US. And that’s reprehensible. It’s sad that their money is invested in Peak Resorts. It’s money that was not honestly earned.” - Deerfield Valley Rep. John
Gannon How the Sackler Family Shifted Billions From Opioids to Trusts “In one instance, $200 million passed through three Purdue affiliates before reaching partnerships linked to the heirs…The payments shine a light on the Sacklers’s
finances, which authorities are trying to untangle …The family’s diverse investments include ski resorts, oil companies and skin-care products. They’re held in trusts, holding entities and investment vehicles in jurisdictions such as
Delaware and Wyoming. They have names such as Hercules Trust and the somewhat blander BR Holdings Associates LP, as well as family offices like Summer Road LLC, run by David A. Sackler.” Editorial: The opioid epidemic is getting worse.
Don’t reward one of the main culprits “the Sacklers stripped more than $10 billion from their company, Purdue Pharma, and stashed the Dirty Money in trusts overseas.”
What Sacklers’ Summer Road Fails to Disclose to Ingles Shareholders Sacklers’
Summer Road is Viewed as a “Take the Money and Run” Investor Source: The Washington Post, Purdue Pharma family profits from sale of ski resorts in regions plagued by opioid addiction, 9/29/2019 Sacklers’ Summer Road characterizes itself
as a “long-term” investor However, it was in and out of Peak Resorts’ stock in just four years, stuffing their pockets with money extracted from the same communities where Peak Resorts operated and Purdue Pharma trafficked in OxyContin
The timing of the Sacklers’ exit from Peak Resorts, and the forced exit for all Peak Resorts shareholders, was dictated by the Sacklers’ Summer Road Notably, Sacklers’ Summer Road’s 5.5-year investment horizon is not long term in the
grocery industry “Mitchell Yeaton is battling a wave of opioid addiction from his counseling center in New Hampshire ski country, just a short drive from two winter resorts that are engines of the local economy…Yeaton and some public
officials say it is wrong that Richard Sackler, Purdue’s former chairman and president, and others in his immediate family would profit in a state profoundly harmed by opioid addiction. Some have suggested they share the proceeds with local
communities. ‘Look at the devastation that has been caused here,’’ said Yeaton, the chief executive of White Horse Addiction Center, where doses of the overdose antidote Narcan are mounted on the wall for emergency access. ‘Don’t take the
money and run.’’’
What Sacklers’ Summer Road Fails to Disclose to Ingles Shareholders Rory
Held’s Experience is Inflated and His Record at Peak Resorts Shows He’s No Champion of Good Corporate Governance Rory Held appointed to Peak Resorts Board in November 2016; Peak Resorts announced sale to Vail Resorts July 2019 Peak
Resorts Definitive Proxy Statement, 08/28/18 David Sackler Throughout their proxy materials, Summer Road and Rory Held tout their involvement with Peak Resorts, attempting to position Rory Held as an “experienced” public company board
member However, the facts tell a different story… Rory Held Rory Held was appointed to the Peak Resorts Board in November 2016 solely as the Sacklers’ Summer Road representative His board service in subsequent periods was assured
because he served as the Sacklers’ Summer Road designee Rory Held served on the Peak Resorts Board for 32 months. This has been his only public company board service1 The sale of Peak Resorts, which Summer Road credits Rory Held for
overseeing, was pre-ordained — the Sacklers controlled Peak Resorts as a result of their preferred equity investment in the Company Rory Held Serves at the Sacklers’ Direction “Pursuant to an arrangement between Mr. Held and Summer Road
LLC, any compensation that would otherwise be payable to Mr. Held for his services as a director of [Peak Resorts] will be paid directly to Summer Road LLC as his employer.”2
What Sacklers’ Summer Road Fails to Disclose to Ingles Shareholders Sacklers’
Summer Road Insisted Upon a Controlling Shareholder Governance Structure at Peak Resorts Related Party Transactions — excerpt from ISS’s 2017 Voting Recommendation1 Related Party Transactions — excerpt from ISS’s 2018 Voting
Recommendation When Sacklers’ Summer Road first invested in Peak Resorts and through all subsequent years until its sale, including when Rory Held served as a Peak Resorts director, the Peak Resorts Board included: 4/7 directors who were
affiliated with the Company or its management (including Rory Held would have been 5/7). The Board overall was not considered independent Many other Peak Resorts governance and compensation provisions were not considered best practice: A
non-independent director on a key Board Committee — the Nominating Committee Multiple directors who had pledged shares in the Company as security for loans Majority of directors with related party transactions Executive
compensation: Was not submitted for consideration by shareholders at any Annual Meeting Included tax gross-up provisions for several members of Peak Resorts management In addition to the Board composition and executive compensation, Peak
Resorts’ governance provisions were also criticized by ISS because they included provisions that restricted shareholders’ rights 9 “Cap 1” is an entity managed by Sacklers’ Summer Road
Sacklers’ Summer Road is Bad for Ingles, Bad for the Communities We Serve, Bad
for Shareholders, Bad for Associates and Bad for Customers Protect Your Investment The Ingles Board unanimously recommends that shareholders vote “FOR” only the Company’s director candidates — Rebekah Lowe and Dwight Jacobs — on the WHITE
proxy card TODAY
This communication includes certain “forward-looking statements” within the
meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements may address, among other things, the Company’s expected financial and operational results and the related assumptions underlying our expected
results. These forward-looking statements are distinguished by use of words such as “anticipate,” “aim,” “believe,” “continue,” “could,” “estimate,” “expect,” “intends,” “may,” “might,” “plan,” “possible,” “potential,” “predict,” “project,”
“should,” “will,” “would” and the negative of these terms, and similar references to future periods. These statements are based on management’s current expectations and are subject to uncertainty and changes in circumstances. Actual results
may differ materially from these expectations due to, among other things: business and economic conditions generally in the Company’s operating area, including inflation or deflation; shortages of labor, distribution capacity, and some
product shortages; inflation in food, labor and gasoline prices; the Company’s ability to successfully implement its expansion and operating strategies; pricing pressures and other competitive factors, including online-based procurement of
products the Company sells; sudden or significant changes in the availability of gasoline and retail gasoline prices; the maturation of new and expanded stores; general concerns about food safety; the Company’s ability to manage technology
and data security; the availability and terms of financing; and increases in costs, including food, utilities, labor and other goods and services significant to the Company’s operations. Detailed information about these factors and
additional important factors can be found in the documents that the Company files with the SEC, such as Form 10-K, Form 10-Q and Form 8-K. Forward-looking statements speak only as of the date the statements were made. The Company does not
undertake an obligation to update forward-looking information, except to the extent required by applicable law. Additional Information This communication relates to the solicitation of proxies by Ingles Markets, Incorporated, a North
Carolina corporation (the “Company”) in connection with the Company’s 2026 annual meeting of shareholders (the “Annual Meeting”). This is a contested solicitation. On April 1, 2026, the Company filed with the Securities and Exchange
Commission (“SEC”) and began mailing to shareholders of record as of March 12, 2026 a definitive proxy statement and WHITE universal proxy card in connection with the Annual Meeting. BEFORE MAKING ANY VOTING DECISION, SHAREHOLDERS ARE
STRONGLY ENCOURAGED TO READ THE COMPANY’S DEFINITIVE PROXY STATEMENT, THE WHITE UNIVERSAL PROXY CARD, AND ANY OTHER PROXY MATERIALS FILED BY THE COMPANY WITH THE SEC, AS THEY CONTAIN IMPORTANT INFORMATION. Shareholders may obtain the
Company’s definitive proxy statement, the WHITE universal proxy card, any amendments or supplements thereto, and other relevant documents filed with the SEC free of charge at the SEC’s website at www.sec.gov. Copies are also available free
of charge on the Company’s investor relations website under the “Corporate” tab at www.ingles-markets.com or by contacting Barbara Arnold at [email protected]. The Company, its directors, and certain of its executive officers and
employees may be deemed to be “participants” in the solicitation of proxies from shareholders in connection with the matters to be considered at the Annual Meeting. Information regarding the identity of these participants and their direct
or indirect interests in the solicitation is set forth in the Company’s definitive proxy statement filed with the SEC on April 1, 2026, and may be supplemented in other materials filed with the SEC in connection with the Annual
Meeting. Shareholders are urged to vote “FOR” the Company’s director candidates by using ONLY the Company’s WHITE universal proxy card. Using any other proxy card will revoke prior voting instructions. Forward Looking Statements