IFF

2017
CAGNY
Conference
Andreas Fibig
Chairman & CEO

February 23, 2017

Cautionary Statement
Statements made in this presentation that relate to our future performance or future financial results or other future events (identified by such terms as expect, anticipate, believe, outlook,
guidance, may, should, target or similar terms and variations thereof) are forward-looking statements, including the Companys expectations regarding the business environment in 2017, the
Companys 2017 guidance, expected revenues from acquired companies, the expected benefits and savings from the Companys planned productivity initiatives and expected long-term profitable
growth in 2018. These statements are based on our current beliefs and expectations and are subject to significant risks and uncertainties. Actual results may materially differ from those set forth in
the forward-looking statements. Factors that could cause IFFs actual results to differ materially include (1) macroeconomic trends affecting the emerging markets; (2) the Companys ability to
implement and refine its Vision 2020 strategy; (3) the Companys ability to successfully identify and complete acquisitions in line with its Vision 2020 strategy and to realize the anticipated benefits
of those acquisitions; (4) the Companys ability to realize the benefits of its productivity initiatives; (5) the Companys ability to effectively compete in its market, and to successfully develop new and
competitive products that appeal to its customers and consumers; (6) changes in consumer preferences and demand for the Companys products or a decline in consumer confidence and
spending; (7) the Companys ability to benefit from its investments and expansion in emerging markets; (8) the impact of currency fluctuations or devaluations in the principal foreign markets in
which the Company operates, including the devaluation of the Euro; (9) economic, regulatory and political risks associated with the Companys international operations, including challenging
economic conditions in China and Latin America; (10) volatility and increases in the price of raw materials, energy and transportation; (11) fluctuations in the quality and availability of raw materials;
(12) the impact of a disruption in the Companys supply chain or its relationship with its suppliers; (13) changes in consumer preferences and demand in the Companys products or a decline in
consumer confidence and spending; (14) the Companys ability to comply with, and the costs associated with compliance, with U.S. and foreign environmental protection laws; (15) the Companys
ability to realize expected cost savings and efficiencies from its profitability improvement initiative and other optimization activities; (16) any adverse impact on the availability, effectiveness and cost
of the Companys hedging and risk management strategies; (17) the Companys ability to successfully develop new and competitive products and technology that appeal to its customers and
consumers; (18) price realization in a rising input cost environment as well as those risks described in the Risk Factors and Forward-Looking Statements sections of our Annual Report on Form 10-
K for the year ended December 31, 2015 and in our other periodic reports filed with the SEC, all of which are available on our website at ir.iff.com. In addition, this presentation contains estimates
by IFF of the market size and the growth rates of the markets in which IFF competes. These estimates are principally based on internal sources and market intelligence attained in the course of
IFFs business. To the extent that IFFs estimates are not accurate it could affect IFFs understanding of its market share, the potential opportunities of the various end-use categories and the
market as a whole. We do not undertake to update the forward-looking statements or our market estimates o reflect the impact of circumstances or events that may arise after the date of the
forward-looking statements. We have disclosed certain non-GAAP measures within this presentation. Please see reconciliations to their respective measures prescribed by accounting principles
generally accepted in the U.S., all of which are available on our IR website at ir.iff.com.
Agenda

1. Introduction
2. Strategic Vision
3. Changing Landscape
4. Research & Development
5. Financial Perspective
Agenda

1. Introduction
2. Strategic Vision
3. Changing Landscape
4. Research & Development
5. Financial Perspective
Insight Into Our Market
Estimated 2016 market size: ~$20B; growing 2 to 3% per year to 2020
Category Breakdown Market Growth Rates

Cosmetic 4.5%
Actives
8%
Fragrance
Ingredients
14%
Flavors 2.5%
Compounds
46% 2.0%
1.5%
Fragrance
Compounds
32%
Fragrance Fragrances Flavors Cosmetic
Ingredients Compounds Compounds Actives

Note: Total 2016 market potential of ~$20B based on Company estimates using 2015 market data and assuming Company estimates of category growth rates shown above
Well-Positioned Within Our Industry
Estimated market share summary as of 2016
Flavors & Fragrances Cosmetic Actives

Croda
BASF 7%
10%
Givaudan
Other
DSM
25% 5%
31%
IFF
Other 4%
52% Lonza
IFF 4%
Symrise 16%
Bioland
12% 4%
Firmenich
16% Symrise
4%
Gattefosse Silab Givaudan
Note: Based on Company estimates 3% 3% 4%
Introduction To IFF
Leading provider of sensorial experiences

Taste Smell Touch

Beverage Perfumery Skin Care
Savory Beauty Care Hair Care
Sweet Fabric Care Cosmetics
Dairy Home Care Personal Care
IFF By The Numbers
Innovation driven global organization

6 42 70
Creative &
75%
R&D Manufacturing Sales
centers facilities Application Centers outside North America

3,000 7,300 >35,000 $9.9B

Customers Employees Unique products Market
sold annually cap

Note: Information as of February 23, 2017

Diversified Business Profile
Balanced mix across regions, categories & customers

Region Category Customer

49% 51% 48% 52% ~50% ~50%

Emerging Developed Fragrances Flavors Global Regional

Note: Based on full year 2016 results

Agenda

1. Introduction
2. Strategic Vision
3. Changing Landscape
4. Research & Development
5. Financial Perspective
Long-Term Strategic Vision
Framework to achieve continuous growth

Vision 2020
We are the catalyst for discoveries that spark the senses and transform the everyday

Innovating Win Where Become Customers Strengthen &

Firsts We Compete Partner of Choice Expand the Portfolio
Drive differentiation Lead in key markets Actively support our Strengthen the F&F core
in key technologies Close gaps across value customers' success Stretch into adjacencies
Develop responsible enhancing categories Achieve commercial Pursue partnerships &
products to meet the Achieve #1 position with excellence & service collaborations
future needs of our targeted customers leadership
customers & consumers

Building Our Talent and Organization

Continuously Improving

Creating a Sustainable Future

Innovating Firsts: Flavors
High growth across all prioritized Flavor innovation platforms

Sweet & Savory Modulation Flavor Delivery Systems

+55% +69%

June 2015 December 2016 June 2015 December 2016

Note: Reflects growth of currency neutral net sales

12
Innovating Firsts: Fragrances
Strong growth trend in encapsulation continues; new molecule pipeline strong

Fragrance Delivery Systems Fragrance Molecule Pipeline

+31%
CAGR

2011 2012 2013 2014 2015 2016 2013 2014 2015 2016 2017E 2018E

Note: Reflects growth of currency neutral net sales Regulatory High Impact Performance Specialty Value
Win Where We Compete
Key strategic markets of North America, Africa & Middle East driving growth

EAME +4%

Greater
Asia +4%

North
America +7%

Latin
America+2%

Note: Currency neutral net sales growth for June 2015 to December 2016
Customers Partner Of Choice
Strengthening go-to-market approach via commercial excellence programs

Fragrances Flavors
Standardizing go-to-market approach Driving cohesive image centered on innovation

Augmenting commercial strategy, Establishing innovation model to create

emphasizing differentiated innovation sustainable differentiation: Taste Design
by category, region & customer
Developing global innovation programs, with a
focus on bolder, more differentiating capabilities
Strengthen & Expand Portfolio
Added $265M in future annualized revenue; complimenting organic growth

Consolidated Company Sales

Currency neutral growth
+6%
CAGR

2014 2015 2016 2017E

Note: Excludes the impact of year-over-year changes in exchange rates 16

Talent & Organization
Investing in our talent both now and for the future

Integrated process to generate

Workforce
intelligence to forecast and plan IFFs
Planning talent requirements and investments

Established our Multipronged

Recruiting Recruitment Strategy to connect
with top external talent pools

Leadership
Strengthened leadership
development programs and 82 33
Development embedded talent and execution Graduates Graduates
objectives for senior leaders Since Inception In Class of 2016

Talent
Pipeline Advanced our best-in-class pipeline IFF Perfumery
R&D Leadership Seasonings
with 7 technical schools School Flavorist
Academy
+ School
Continuously Improving
Strong productivity savings across a multitude of functions

Key Drivers of Savings Impact on Profitability

Procurement
2
Manufacturing +5.5 ppt
Contribution to 2016
3 4 currency neutral
Planning
Creative
& Logistics
adjusted operating
profit growth*

Note: Currency Neutral Adjusted Operating Profit is a Non-GAAP metric, please see our GAAP to Non-GAAP Reconciliation at ir.iff.com
Progress In Sustainability
Accelerated our commitments & driving results
We committed to: We achieved: 2020 Environmental Our 2015 Progress
Sustainability Goals (vs. 2010 Baseline)
COP 21 Paris CDPs Climate A list
Climate Agreement Reduce energy
for the second year
use by 20% (12.2)%
United Nations
Global Compact EcoVadis Gold Reduce GHG
CSR Rating emissions by 25% (17.8)%
Naturals
Certifications Reduce water
Euronext Vigeo use by 50% (39.5)%
US Top 50
Renewable
Energy
Reduce hazardous
Newsweek Green Rankings: waste by 25% (16.8)%
Responsible top 100 Green Companies in U.S.
Supply Chain

We initiated partnerships with:

Agenda

1. Introduction
2. Strategic Vision
3. Changing Landscape
4. Research & Development
5. Financial Perspective
External Environment Assessment
Implications on our industry and business going forward
Key Themes Data Points
1 Global consumer staple companies Average of volume growth
Customer signaling low volume growth expectations. for largest CPG companies:
Increased focus on margin improvements 2013A: ~2.5% | 2016E: ~0%

2 GDP growth in the emerging markets Emerging market GDP growth:

Economic slowed. Global volatility increasing as 2013A: ~5% | 2016E: ~4%
a result of political uncertainty
3 USD continues to strengthen versus Change vs. USD: 2014 to 2016:
Foreign world currencies. Large fluctuations ARS: ~(59)%; BRL: ~(27)%;
Exchange in emerging markets currencies GBP: ~(21)%; EURO: ~(13)%;
4 Natural raw material costs continue Change in price since 2015 (in USD):4
Raw upward trend. Synthetic material Vanilla: +175%; Orange Oil: +25%
Materials costs exhibiting inflationary pressures Brent Crude >+50% since 2016 low
Average of largest consumer staples companies that report volume (includes: NESN, PG, PEP, UN, KO, BUD, TSN, MDLZ, KHC, BN, HEN3, GIS, CL)
IMF data - WEO Update, January 2017
Bloomberg
4 Internal company data
Ensuring Continued Success
Unlock savings, refine strategic priorities & deploy investments
Productivity
Program
Extend zero-based budgeting
throughout the organization
Eliminate open positions
Implement more simplified
organizational structure
Accelerate value realization
of recent acquisitions
Refine
Priorities
Continuously refine priorities
to ensure changing market
dynamics are captured
Reassess market position/
competitiveness by region,
category & customer
If necessary, augment
strategic priorities to continue
to drive shareholder value
Deploy
Investment
Further strengthen R&D
and innovation platforms
Redeploy resources to
highest return opportunities
Drive capital allocation for
maximum value creation
22
Commitment To Maximizing Shareholder Value
Driving sustainable improvements across our key organic financial metrics

Adjusted Adjusted
Sales*
Operating Profit* EPS*
10%
7 - 9%

4 - 6% 5 - 6%
4 - 5%
3 - 4% 4%
3%
2%

2016 2017E 2018E 2016 2017E 2018E 2016 2017E 2018E

* Currency Neutral Sales, Currency Neutral Adjusted Operating Profit and Currency Neutral Adjusted 23
EPS are Non-GAAP metrics, please see our GAAP to Non-GAAP Reconciliation at ir.iff.com
IFF
2017
CAGNY
Conference
Greg Yep
EVP, Chief Scientific &
Sustainability Officer
February 23, 2017
Agenda

1. Introduction
2. Strategic Vision
3. Changing Landscape
4. Research & Development
5. Financial Perspective
Insight Into Research & Development
Building competitive advantage takes commitment & a proven strategy

Annual R&D Spend

Percentage of Sales
Innovation is a critical component to success
8.2% 8.1% 8.2%
Products with truly differentiated innovation
lead to faster sales growth & higher profit margin

Our goal is to develop solutions that drive

consumer preference based on consumer
insights & foresights

We do so by prioritizing our investments,

spending on the highest return opportunities

2014 2015 2016

World Is Evolving
Staying ahead of the curve

Customers trying to meet consumer demands

Science & technology advances needed
to address new opportunities

Science evolving rapidly

Cross fertilization of technologies will be valued

Customers want access to technologies earlier

Collaboration & partnerships even more critical

Understanding the changing consumer is key

Address criteria quickly: broadening capabilities

Sustainability is driving business models

Product development processes will change
Approach To Strengthening Our Portfolio
Managing through the present while creating the future

MANAGING CREATING
the Present the Future

Refresh/ Productivity Breakthrough Transformational

Reframe Innovation Research

Sustainable, Profitable Innovation

Catalyze Today To Transform Tomorrow
Leveraging our strong foundation to ensure future success

Current Future

Long-time R&D expertise Enhance capabilities in taste, wellness & scent

Delivery systems for both businesses Capitalize on modulation & encapsulation lead
Robust flavors modulations Pioneer groundbreaking technologies
Leadership in sustainability Further incorporate sustainability in product
design
Stratification Of Key IFF Platforms
Competitively advantaged in strategically important technologies

H Flavor Fragrance
Modulation Delivery
Strategic Importance

Flavor
Naturals

Flavor Fragrance
Fragrance Delivery Naturals
Ingredients

Fragrance
Malodor

L Level of IFF Differentiation H

Fragrance Delivery System Innovation
Expanding fragrance capsule technology into additional categories
Expanded Next High-
Original
Technology Generation Performance

Generation: 1 2 3 4 5 6
Description: First capsule Improved Improved Targeted Improved Improved
to market base stability retention on personal care release for deposition &
fabric & skin applications fabric apps adhesion to
hair, fabric
and skin
Fabric:

Home:
Personal:
Fine:
Key Flavor Innovations
Delivering differentiated solutions to our customers

Delivery Systems Natural Modulation

Market Standard IFF Technology Tonality # In Pipeline

Spray Dry: Solution: Sweet

Traditional process Ability to capture
of producing a more authentic
powder via a liquid top notes Savory

Alcohol
Tray/ Vacuum Dry: Solution:
Traditional process Ensures greater
to remove water taste authenticity Protein
from a wet solid vs. traditional drying
Innovation Within Cosmetic Actives
Award-winning selection of ingredients

Skin Care Hair Care Sun Care

Miniporyl Capixyl Elix-IR

Visibly reduces the Provides fuller, thicker & Reduces the appearance of
appearance of healthier looking hair; wrinkles; enhances skin
conspicuous pores reduces inflammation firmness and elasticity
of the scalp

SWT-7 Defenscalp Superox-C

Smoothes and blurs the Reduces the appearance Reduces the appearance of
appearance of vertical dandruff; soothes scalp wrinkles; boosts skin
wrinkles after only 7 days irritation radiance & luminosity
Future IFF R&D Opportunities
Areas of focus going forward
Taste & Scent
Naturals
Modulation

Delivery Systems Sustainability Personalization

IFF
2017
CAGNY
Conference
Rich OLeary
EVP & CFO

February 23, 2017

Agenda

1. Introduction
2. Strategic Vision
3. Changing Landscape
4. Research & Development
5. Financial Perspective
Strong Financial Profile
Foundation built for growth

Solid Growth Proven Profitability

+5%*
5-Year Currency
20.0%*
2016 Adjusted
Neutral Sales CAGR Operating Profit Margin

Steady Cash Flow High Returns

17.2%
2016 Operating
17.6%*
2016 Adjusted Return
Cash Flow as % of Sales on Invested Capital
* Currency Neutral Sales, Adjusted Operating Profit Margin and Adjusted Return on Invested Capital
(ROIC) are Non-GAAP metrics, please see our GAAP to Non-GAAP Reconciliation at ir.iff.com
Long-Term Strategic Vision
Framework to achieve continuous growth

Vision 2020
We are the catalyst for discoveries that spark the senses and transform the everyday

Innovating Win Where Become Customers Strengthen &

Firsts We Compete Partner of Choice Expand the Portfolio
Drive differentiation Lead in key markets Actively support our Strengthen the F&F core
in key technologies Close gaps across value customers' success Stretch into adjacencies
Develop responsible enhancing categories Achieve commercial Pursue partnerships &
products to meet the Achieve #1 position with excellence & service collaborations
future needs of our targeted customers leadership
customers & consumers

Building Our Talent and Organization

Continuously Improving

Creating a Sustainable Future

Organic Long-Term Financial Targets
Focused on creating long-term shareholder value

Currency neutral
sales growth 4-6%
Currency neutral
operating profit growth 7-9%
Currency neutral
EPS growth 10%
Strong Capital Allocation Strategy
Three primary uses of cash

Capital
Capital
Expenditures
Expenditures

Financial Cash
Acquisitions Returned to
Flexibility Shareholders
Capital Expenditures To Support Organic Business
Investing in technology and infrastructure

Capex as % of sales to be
4.5% - 5.0% in 2017 & 2018;
normalizing to 3.5% by 2020
Accelerate Growth Through M&A
Enhancing organic results for greater value creation

On target to add
$500M to $1B of sales
via acquisitions by 2020
Improving Shareholder Return
More compelling total payout ratio

Cash returned to
shareholders goal
50-60%
of adjusted net income*
* Adjusted net income is a Non-GAAP metric, please see our GAAP
to Non-GAAP Reconciliation at ir.iff.com
FY 2016 Financial Performance
Achieved growth across all metrics

Currency Neutral Performance

Currency Neutral Sales Growth
Driven by strong new win performance in both
businesses & the contribution from acquisitions
+6%
+5% Currency Neutral Adjusted Operating Profit
Volume growth, acquisitions & productivity initiatives
+4% were the largest contributors to overall performance
+3% +3%
Organic +2% Organic Currency Neutral Adjusted EPS
Organic
Benefited from lower year-over-year shares
outstanding and a more favorable year-over-year
effective tax rate

Sales
Sales Adjusted
Growth * Operating Profit Growth* EPS Growth*
Adjusted
Growth* Operating Profit EPS*
Growth*
* Currency Neutral Sales, Currency Neutral Adjusted Operating Profit and Currency Neutral Adjusted
EPS are Non-GAAP metrics, please see our GAAP to Non-GAAP Reconciliation at ir.iff.com
Cash Flow Analysis
Continue to generate strong operating cash flows

Operating Cash Flow

In millions ($) Working capital continues to be a source of cash
$535 Improvements in receivables and inventories
were offset by unfavorable payables
$434
Operating cash flows
17.2% Cash flows from operations increased principally due
of sales to lower core working capital requirements, higher D&A,
14.4% and lower pension contributions
of sales
Continued to invest in the business via Capex
Capex as a percentage of sales ended the year at
4.0% primarily driven by investments in technology
and infrastructure

2015 2016
Cash Returned To Shareholders
Commitment to a strong payout ratio

$350 71%* 75% Dividends

66%*
65%
Increased dividend by 15% to provide a more
$300 competitive yield while balancing growth objectives
53%*
55%
$250
45%* $127
Share Repurchases
$122 45%
$200 Executing against existing repurchase program
31%*
29%* $88 35% to supplement dividend payout
$150
$51 25%
$100 Total Payout Ratio
$185 15%
$160
$133 The combination of dividend and share repurchases
$50 $103 $115
$90 5% totaled 71% in 2016, above our targeted range of 50%
to 60% of adjusted net income
$0 -5%
2011 2012 2013 2014 2015 2016
Dividends Share Repurchases Payout Ratio

* Adjusted net income is a Non-GAAP metric, please see our GAAP

to Non-GAAP Reconciliation at ir.iff.com
2017 Currency Neutral Outlook
Expect financial growth rates to accelerate versus 2016 performance

Organic M&A Total

Sales* 3.0 - 4.0% ~4.5% 7.5 - 8.5%
Adjusted
Operating 4.0 - 5.0% ~1.5% 5.5 - 6.5%
Profit*
Adjusted
EPS* 5.0 - 6.0% ~1.5% 6.5 - 7.5%
* Currency Neutral Sales, Currency Neutral Adjusted Operating Profit and Currency Neutral
Adjusted EPS are Non-GAAP metrics, please see our GAAP to Non-GAAP Reconciliation at ir.iff.com
Expected Currency Impact In 2017
Strengthening USD impacting financial results

Adjusted* Impact of
Adjusted*
Currency Neutral Currency

Sales 7.5% - 8.5% ~(2.5)ppt 5.0% - 6.0%

Operating 5.5% - 6.5% ~(2.0)ppt 3.5% - 4.5%

Profit

EPS 6.5% - 7.5% ~(2.5)ppt 4.0% - 5.0%

* Currency Neutral Sales, Currency Neutral Adjusted Operating Profit , Adjusted Operating Profit, Currency Neutral
Adjusted EPS and Adjusted EPS are Non-GAAP metrics, please see our GAAP to Non-GAAP Reconciliation at ir.iff.com
Commitment To Maximizing Shareholder Value
Driving sustainable improvements across our key organic financial metrics

Adjusted Adjusted
Sales*
Operating Profit* EPS*
10%
7 - 9%

4 - 6% 5 - 6%
4 - 5%
3 - 4% 4%
3%
2%

2016 2017E 2018E 2016 2017E 2018E 2016 2017E 2018E

* Currency Neutral Sales, Currency Neutral Adjusted Operating Profit and Currency Neutral Adjusted 49
EPS are Non-GAAP metrics, please see our GAAP to Non-GAAP Reconciliation at ir.iff.com
Summary

Framework To Achieve Continuous Growth

Robust Short & Long-Term R&D Strategy

Driving Sustainable Financial Improvements

INTERNATIONAL FLAVORS & FRAGRANCES

Q&A