Additional Information$2.00This 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
Executive Summary (1)$3.00Ingles 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 mar
Executive Summary (2)$4.00We 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
Summer Road and Rory$5.00Held 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 signi
Margin Strategy$7.00Grocery runs on thin margins, so pricing architecture and cost control are planned carefully over time
Sustainable Value Creation for Shareholders
10-Year$1.00
TSR$2.00
Ingles Markets
S&P SmallCap
Grocer Peer Avg$3.00Weis 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
YTD
Total Shareholder Returns$1.00
10-Year
Asheville to Knoxville$12.00still under heavy construction and repair after being washed out. Full repairs not expected until 2028
Being Hidden from Ingles
Shareholders$1.00
OxyContin$1.00• 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 so
5. Summer Road Investor Presentation 4/6/2026$3.00Peak Resorts’ largest investor has ties to opioid manufacturer “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 “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 th
Peterborough.”$4.00
We Believe the Sacklers Pose
For Ingles’ Business$4.00“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 publicatio
Sacklers’ Summer$5.00Road’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 to have been an above market interest rate – $20M preferred stock and warrants to the Sackl
Purdue Pharma$6.00Sources: 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 Peak Resorts’ largest investor has ties to opioid manufacturer “What the Sackler family did thr
Sacklers’ Summer Road characterizes$7.00itself 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,
Company
Rory Held Serves at the Sacklers' Direction$8.00“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
Committee$9.00• Multiple directors who had pledged shares in the Company as security for loans • Majority of directors with related party transactions Related Party Transactions — excerpt from ISS’s 2018 Voting Recommendation 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 add
Investment
Lowe and Dwight Jacobs — on$10.00the WHITE proxy card TODAY
Additional Information$11.00This 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
Peer Average$3.00…and financial results that are better than peers on substantially all core grocer metrics.
Relative 5-Year Performance$4.00
Net Sales Growth$5.002.8% 3.4% Same Store Sales Increase
Where's Mt Snow?$7.00old goat
Registered User$7.00While I usually try to make a ski trip out to Ohio at least twice a year, I'm in on the boycott. It sucks to suck
Southeastern Files Chapter 1$112.00“food retailers must invest in operations to stay up to speed with the latest industry developments to survive”