#1www TATE & LYLE TATE & LYLE PLC INVESTOR PRESENTATION FEBRUARY 2021#2INTRODUCING TATE & LYLE Formed in 1921 following merger of Henry Tate & Sons and Abram Lyle & Sons Member of FTSE 250 Headquartered in London £2.9bn revenue¹ and £331m profit 1,2 Food, beverage, industrial and pharma customers in > 120 countries Plants, labs and offices in > 30 countries 17 application and technical service labs globally c.4,200 employees worldwide ~1.5m acres of corn processed each year 1 For the year ended 31 March 2020 2 Adjusted profit before tax • . Our Strategy Growing Food & Beverage Solutions by building leading positions in three categories globally - beverage, dairy, and soups, sauces and dressings - and in two or three additional categories in each region where we have expertise. Managing Sucralose to generate cash. Driving value from Primary Products by optimising its portfolio to deliver steady earnings and generate cash. SAFETY Values Safety Behaviours Partnership Integrity Agility RESPECT EXECUTION Respect Execution TATE & LYLE 2#3Living our Purpose Improving Lives for Generations We believe we can successfully grow our business and have a positive impact on society Supporting healthy living We help people make healthier and tastier choices when they eat and drink, and lead more balanced lifestyles Building thriving communities We help build thriving communities where we operate and support people to achieve their potential New Commitments for 10 years to 2030 Caring for our planet We care for our planet and help protect its natural resources for the benefit of future generations TATE & LYLE 3#4An Integrated Business Food & Beverage Solutions Business divisions Shared customers Primary Products Provides solutions for customers globally that meet consumer demand for healthier and tastier food and drink. Innovation and Commercial Development Shared assets ...supported by Global Operations Provides high volume food and industrial products primarily for customers in the North American market. Support Functions TATE & LYLE 4#5Investment Case A Clear Strategy • FOOD & BEVERAGE SOLUTIONS TOP AND BOTTOM LINE GROWTH By building leading positions in: Three global categories - beverage, dairy, and soups, sauces and dressings Two or three additional categories in each region where we have local expertise SUCRALOSE MANAGE FOR CASH - HIGH RETURN ON ASSETS PRIMARY PRODUCTS STABLE EARNINGS AND CASH GENERATION By managing its portfolio to: • Optimise product and category mix • Drive operational efficiency • Diversify into new and growing end-markets Accelerating Performance Through Three Priorities SHARPEN - Focus on Customer • Product to category Integrated commercial organisation ACCELERATE - Portfolio Development • New product commercialisation • Partnerships and Open Innovation • More active focus on acquisitions Deliver Returns for Shareholders EARNINGS PER SHARE - Accelerate growth • SIMPLIFY - and Drive Productivity Drive faster decision-making • Integrated productivity agenda ORGANIC RETURN ON CAPITAL EMPLOYED - Improve returns DIVIDEND - Maintain progressive dividend policy TATE & LYLE 5#6Three Key Priorities Supporting performance SHARPEN EXTRAORD TATES FOO ACCELERATE SIMPLIFY Increasing customer interaction Collaborating in new ways Expanding labs in emerging markets Top-line growth Better balance in innovation portfolio New Product sales growing New partnerships with start-ups Faster innovation TOYOTA Continuous improvement projects Capital investments to reduce costs Increasing automation Productivity gains TATE & LYLE 6#7Consistent delivery Adjusted profit before tax 1,3 Adjusted earnings per share 1,2,3 Return on capital employed 1,3 6% CAGR £309m £296m 8% CAGR 65bps average p/yr 17.5% £331m 57.8p 17.1% 52.0p 16.2% 49.4p FY18 FY19 FY20 FY18 FY19 FY20 1 See descriptions of adjusted results in Note 2 of Full Year Results for year ended 31 March 2020 on the Company's website 2 Adjusted diluted earnings per share from continuing operations 3 FY represents financial years ended 31 March; CAGR at reported exchange rates FY18 FY19 FY20 TATE & LYLE 7#8Strong Leadership Team Nick Hampton Chief Executive Imran Nawaz Chief Financial Officer Jim Stutelberg President, Primary Products Melissa Law President, Global Operations Andrew Taylor President, Innovation and Commercial Development Laura Hagan Chief Human Resources Officer Rowan Adams Executive Vice President Corporate Affairs Lindsay Beardsell Executive Vice President General Counsel Driving pace, energy and ambition across the organisation Harry Boot President, Asia Pacific, Food and Beverage Solutions TATE & LYLE 8#9FOOD & BEVERAGE SOLUTIONS Ingredients and solutions which add specific functionality and value to customers' products Year ended 31 March 2020: • • Volume +1% Revenue £942 million, +5%¹ North America +6%1; ASPAC and LATAM +7%1; EMEA +1%1 Profit² £162 million, +10%1 New Products revenue £113 million, +15%1 Value proposition Growing global market Provide Category solutions expertise Innovation capabilities Local labs for local which tastes make food healthier and tastier 1 Constant currency 2 Adjusted operating profit TATE & LYLE#10Food & Beverage Solutions Global Trends Driving Consumer, Customer and Government Actions Obesity and Diabetes Sugar Reduction Plant Power Regulatory Changes Desire for Healthier Living Clean Label 1 World Health Organisation 2 International Diabetes Federation 3 United Nations 70 million children projected to be overweight or obese globally by 20251 110 million diabetics in China, estimated to increase to 154 million by 20402 Global population expected to grow by a third by 20503 TATE&LYLE 10#11Food & Beverage Solutions Focus on Three Core Categories Differentiated by the combination of our leading category expertise and ingredient knowledge Dairy Sugar and calorie reduction Adding sweetness and reducing calories Beverages CUSTOMER SOLUTIONS Texturants Enrichment Soups, sauces and dressings Stabilisation Thickening and improving shelf-life, Adding nutrition (e.g. fibre) Adding stability reducing fat and texture (mainly in dairy) TATE & LYLE 11#12Food & Beverage Solutions Delivering Value, Taste and Nutrition Sweeteners Replace sugars • Reduce calories Match sweetness Optimise product bulk and mouthfeel Texturants Add body and mouthfeel when sugars, fat or gluten are taken out Improves shelf life Provide stability Improve sensory appeal PUREFRUIT™ Monk Fruit Extract Splenda GREENESSE STEVIA Sweetener KRYSTAR® Crystalline Fructose DOLCIA PRIMA® Allulose TASTEVA® Value STA-LITE® Polydextrose PROMITOR® Soluble Fibre Health & Wellness Replace sugar to reduce calories while maintaining taste Add nutrition through fibre enrichment Stevia Sweetener Taste Nutrition SPLENDAⓇ and the SPLENDA® logo are trademarks of Heartland Food Products LLC. REZISTAⓇ Thickening Starch CLARIAⓇ Functional Clean-Label Starch BRIOGEL® Gelling Starch MERIZET Bulking Starch TATE & LYLE 12#13Food & Beverage Solutions Strategy Delivering Sugar Reduction +16%¹ Increase in revenue for ingredients used for sugar reduction² Clean Label +51%¹ Increase in revenue for clean label texturants Plant Power +23%¹ Increase in stevia revenue Fibres +13%¹ Increase in revenue 1 Year ended 31 March 2020; constant currency 2 Excluding sucralose TATE & LYLE 13#14SUCRALOSE A high-intensity sweetener which offers sugar-like sweetness, stability and versatility Year ended 31 March 2020: Volume (4)% Lapping actions taken to optimise inventory in fiscal 2019 Underlying volume +1% Revenue £164 million, (4)%1 - Strong customer mix management Profit2 £63 million, +1%1 Managed for cash and high return on assets Market demand for Modest pricing pressure sucralose continues to grow over time Focus on customers who fully value benefits of our Sucralose Finite capacity at single plant in US 1 Constant currency 2 Adjusted operating profit TATE & LYLE 14#15PRIMARY PRODUCTS High volume ingredients which are largely undifferentiated and compete primarily on quality, service and price Year ended 31 March 2020: Total volume (2)% Revenue £1,702 million, +2%¹ Profit² ₤148 million, +3%1 Sweeteners and starches £133 million, +1%1; mix management and cost discipline offsetting cost headwinds Commodities £25 million, +£3m Modestly declining Value Proposition Strong Scale, cost positions in competitive Trusted supplier demand from end use markets sweeteners and industrial starches 1 Constant currency 2 Adjusted operating profit assets TATE & LYLE 15#16Primary Products What We Make Sweeteners Industrial starches Acidulants Commodities Joint ventures HFCS 55 Adhesive starches HFCS 42 Coating starches Corn Syrup Dextrose Binding starches Strength starches Citric Acid Malic Acid Fumaric Acid Corn Gluten Feed Corn Gluten Meal Corn Oil Ethanol DuPont Tate & Lyle Bio-Products Almex TATE&LYLE 16#17Primary Products Strategy Delivering Challenging market conditions in year ended 31 March 2020 • 2.0% decline in US regular carbonated soft drinks volume Lower exports to Mexico Weaker paper and packaging demand Clear focus and actions • Operational efficiency • Optimise product and customer mix Strong customer service Targeting new and growing end-markets TATE & LYLE 17#18Primary Products Commodities Principal activities • Corn procurement ⚫ Network of storage facilities • • Sale of co-products Dampening volatility Conservative hedging strategy • Investments in elevator network to manage • cost effectiveness and security of corn supply Active management of co-product sales Reduced ethanol exposure Enables efficient operation of corn-based business for both divisions TATE & LYLE 18#19Corn Wet Milling Process Primary capacity Wet Milling Corn Co-Products . Majority of our ingredients produced through corn wet milling • Starch Corn Oil Corn Gluten Meal Corn Gluten Feed We have 6 major corn wet mills: 4 in US, 2 in Europe Physical/ Chemical modification Glucose Syrup Refining Fermentation Food & Beverage Solutions Primary Products Modified and Clean-label Soluble Corn Fibre Crystalline Fructose Corn Sweeteners Dextrose Food Starches Maltodextrin Industrial Starches Citric Acid Ethanol Bio-PDOTM Secondary capacity • • Around 60% of a kernel of corn is starch. The remainder is co-products Primary Products represent c.80% of Tate & Lyle corn grind TATE & LYLE 19#20INNOVATION AND COMMERCIAL DEVELOPMENT Brings together scientific and commercial functions to provide an integrated approach to developing and commercialising new products elqmiz BAJTIV Critical growth enabler Unique strengths drive innovation Driven by Strong track consumer and category insights record of commercial- ising innovation Accelerating portfolio development CEN TATE&LYLE 20#21Innovation and Commercial Development A Key Enabler of Tate & Lyle's Future Growth ICD's structure enables rapid commercialisation of new ingredients and solutions Platform Strategy Research & Development Nutrition Science and Regulatory Open Innovation Partner with leading customers Rapid commercialisation with Food & Beverage Solutions Globally connected TATE & LYLE 21#22Strong Trajectory of Innovation Performance • New Product Revenue (£m) 'New Products' are products launched within the last seven years. 15% growth in revenue of New Products in FY20 FY14 30 FY represents years ended 31 March 43 43 40 57 81 93 93 95 95 FY15 FY16 FY17 FY18 FY19 FY20 +15% 113 New Products represent 12% of Food & Beverage Solutions revenue TATE & LYLE 22#23Appendix TATE & LYLE 23#24Clear Capital Allocation Framework Capital allocation priorities to maintain investment grade credit rating Invest in organic growth Acquisitions, joint ventures, partnerships Progressive dividend policy Return surplus capital to shareholders Balance Sheet Strong returns on capital employed Forward leverage range of 1.5x to 2.5x Attractive shareholder returns TATE & LYLE 24#25Productivity Programme Productivity Benefits (cumulative) Programme summary at 31 March 2020 • Delivered US$87m benefits after two years, ahead of expectations Extended by two years and US$50m to US$150m by March 2024 Cash exceptional costs to increase from US$40m to around US$75m Productivity drivers • Investing capital to reduce costs, including sustainability programme Actual benefits • Strong momentum in continuous improvement programme · Leveraging knowledge to improve supply chain processes. • Actions to simplify organisation • Next phase of zero-based budgeting • Increasing automation within the business New target $150m +$50m $87m $100m (original target) 2019-20 2024 US dollars; Years ended 31 March TATE & LYLE 25#26Strong Balance Sheet · Low leverage with net debt / EBITDA ratio 0.9x at 31 March 2020 Debt maturity profile¹ $150m $180m Significant covenant headroom on borrowings • Strong liquidity with access to >US$1 billion • No debt repayment until 2023 Nil $100m $100m $24m 2020-22 2023 2025 2027 2028 2029 US dollars; Calendar years 1 Maturity of drawn committed debt in the next ten years. Excludes undrawn committed facilities and other elements of gross debt, such as finance leases or derivatives. TATE & LYLE 26#27CAUTIONARY STATEMENT This presentation has been prepared solely to provide information to assess the Group's strategy and should not be relied upon for any other purpose. It contains certain forward-looking statements with respect to the financial condition, results, operations and businesses of Tate & Lyle PLC. These statements and forecasts involve risk and uncertainty because they relate to events and depend upon circumstances that will occur in the future. There are a number of factors that could cause actual results or developments to differ materially from those expressed or implied by these forward-looking statements and forecasts. With regard to the regulatory or labelling status of any ingredient referred to, this presentation contains our good-faith assessment of the matters discussed, based on information available as at the publication date; legal, regulatory and labelling policies and requirements are subject to change and vary in different jurisdictions; recipients of this information should take their own advice in each relevant jurisdiction with regard to the legal and regulatory aspects of our food ingredients. A broader outline of the risk factors relevant to Tate & Lyle's business and a glossary of some of the terms used in this presentation can be found within our 2020 Annual Report which is available on our website. TATE & LYLE 27