EX-99.2 3 d105769dex992.htm EX-99.2

Exhibit 99.2 A Clear Path to Deliver Compelling Shareholder Value January 2021Exhibit 99.2 A Clear Path to Deliver Compelling Shareholder Value January 2021

CAUTIONARY STATEMENT This presentation contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements regarding IFF’s expected future financial position, results of operations, cash flows, financing plans, business strategy, budgets, capital expenditures, competitive positions, growth opportunities, plans and objectives of management and statements containing the words such as “anticipate,” “approximate,” “believe,” “plan,” “estimate,” “expect,” “project,” “could,” “should,” “will,” “intend,” “may” and other similar expressions, are forward- looking statements. Statements in this presentation concerning IFF’s outlook for 2020 and beyond and future economic performance, anticipated profitability, revenues, expenses or other financial items, the expected impact of the Frutarom integration, including anticipated synergies and cost savings, the expected timetable for completing the proposed transaction with N&B, the benefits and synergies of the proposed transaction with N&B, future opportunities for the combined company and products and any other statements regarding IFF’s and N&B’s future operations, together with other statements that are not historical facts, are forward-looking statements that are estimates reflecting management’s best judgment based upon currently available information. Factors that could cause IFF’s actual results to differ materially include, but are not limited to, (1) disruption in the development, manufacture, distribution or sale of our products from COVID-19 and other public health crises, (2) risks related to the integration of the Frutarom business, including whether we will realize the benefits anticipated from the acquisition in the expected time frame, (3) unanticipated costs, liabilities, charges or expenses resulting from the Frutarom acquisition, (4) our ability to realize expected cost savings and increased efficiencies of the Frutarom integration and our ongoing optimization of our manufacturing facilities, (5) our ability to successfully establish and manage acquisitions, collaborations, joint ventures or partnership, (6) the increase in our leverage resulting from the additional debt incurred to pay a portion of the consideration for Frutarom and its impact on our liquidity and ability to return capital to its shareholders, (7) our ability to successfully market to our expanded and diverse Taste customer base, (8) our ability to effectively compete in our market and develop and introduce new products that meet customers’ needs, (9) our ability to retain key employees, (10) changes in demand from large multi-national customers due to increased competition and our ability to maintain “core list” status with customers, (11) our ability to successfully develop innovative and cost-effective products that allow customers to achieve their own profitability expectations, (12) disruption in the development, manufacture, distribution or sale of our products from natural disasters, international conflicts, terrorist acts, labor strikes, political crisis, accidents and similar events, (13) the impact of a disruption in our supply chain, including the inability to obtain ingredients and raw materials from third parties, (14) volatility and increases in the price of raw materials, energy and transportation, (15) the impact of a significant data breach or other disruption in our information technology systems, and our ability to comply with data protection laws in the U.S. and abroad, (16) our ability to comply with, and the costs associated with compliance with, regulatory requirements and industry standards, including regarding product safety, quality, efficacy and environmental impact, (17) our ability to react in a timely and cost-effective manner to changes in consumer preferences and demands, including increased awareness of health and wellness, (18) our ability to meet consumer, customer and regulatory sustainability standards, (19) our ability to benefit from our investments and expansion in emerging markets, (20) the impact of currency fluctuations or devaluations in the principal foreign markets in which we operate, (21) economic, regulatory and political risks associated with our international operations, (22) the impact of global economic uncertainty on demand for consumer products, (23) our ability to comply with, and the costs associated with compliance with, U.S. and foreign environmental protection laws, (24) our ability to successfully manage our working capital and inventory balances, (25) the impact of the failure to comply with U.S. or foreign anti-corruption and anti-bribery laws and regulations, including the U.S. Foreign Corrupt Practices Act, (26) any impairment on our tangible or intangible long-lived assets, including goodwill associated with the acquisition of Frutarom, (27) our ability to protect our intellectual property rights, (28) the impact of the outcome of legal claims, regulatory investigations and litigation, (29) changes in market conditions or governmental regulations relating to our pension and postretirement obligations, (30) the impact of changes in federal, state, local and international tax legislation or policies, including the Tax Cuts and Jobs Act, with respect to transfer pricing and state aid, and adverse results of tax audits, assessments, or disputes, (31) the impact of the United Kingdom’s departure from the European Union, (32) the impact of the phase out of the London Interbank Offered Rate (LIBOR) on interest expense, (33) risks associated with our pending combination with N&B, including business uncertainties and contractual restrictions while the transaction is pending, costs incurred in connection with the transaction, our ability to pursue alternative transactions, and the impact if we fail to complete the transaction, and (34) risks associated with the integration of N&B if we are successful in completing the transaction, including whether we will realize the anticipated synergies and other benefits of the transaction. New risks emerge from time to time and it is not possible for management to predict all such risk factors or to assess the impact of such risks on the Company’s business. Accordingly, the Company undertakes no obligation to publicly revise any forward-looking statements, whether as a result of new information, future events, or otherwise. In addition to the factors set forth above, other factors that may affect IFF’s plans, results or stock price are set forth in IFF’s Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K. Many of these factors are beyond IFF’s control and IFF cautions investors that any forward-looking statements made by IFF are not guarantees of future performance. IFF disclaims any obligation to update any such factors or to announce publicly the results of any revisions to any of the forward-looking statements to reflect future events or developments. 2CAUTIONARY STATEMENT This presentation contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements regarding IFF’s expected future financial position, results of operations, cash flows, financing plans, business strategy, budgets, capital expenditures, competitive positions, growth opportunities, plans and objectives of management and statements containing the words such as “anticipate,” “approximate,” “believe,” “plan,” “estimate,” “expect,” “project,” “could,” “should,” “will,” “intend,” “may” and other similar expressions, are forward- looking statements. Statements in this presentation concerning IFF’s outlook for 2020 and beyond and future economic performance, anticipated profitability, revenues, expenses or other financial items, the expected impact of the Frutarom integration, including anticipated synergies and cost savings, the expected timetable for completing the proposed transaction with N&B, the benefits and synergies of the proposed transaction with N&B, future opportunities for the combined company and products and any other statements regarding IFF’s and N&B’s future operations, together with other statements that are not historical facts, are forward-looking statements that are estimates reflecting management’s best judgment based upon currently available information. Factors that could cause IFF’s actual results to differ materially include, but are not limited to, (1) disruption in the development, manufacture, distribution or sale of our products from COVID-19 and other public health crises, (2) risks related to the integration of the Frutarom business, including whether we will realize the benefits anticipated from the acquisition in the expected time frame, (3) unanticipated costs, liabilities, charges or expenses resulting from the Frutarom acquisition, (4) our ability to realize expected cost savings and increased efficiencies of the Frutarom integration and our ongoing optimization of our manufacturing facilities, (5) our ability to successfully establish and manage acquisitions, collaborations, joint ventures or partnership, (6) the increase in our leverage resulting from the additional debt incurred to pay a portion of the consideration for Frutarom and its impact on our liquidity and ability to return capital to its shareholders, (7) our ability to successfully market to our expanded and diverse Taste customer base, (8) our ability to effectively compete in our market and develop and introduce new products that meet customers’ needs, (9) our ability to retain key employees, (10) changes in demand from large multi-national customers due to increased competition and our ability to maintain “core list” status with customers, (11) our ability to successfully develop innovative and cost-effective products that allow customers to achieve their own profitability expectations, (12) disruption in the development, manufacture, distribution or sale of our products from natural disasters, international conflicts, terrorist acts, labor strikes, political crisis, accidents and similar events, (13) the impact of a disruption in our supply chain, including the inability to obtain ingredients and raw materials from third parties, (14) volatility and increases in the price of raw materials, energy and transportation, (15) the impact of a significant data breach or other disruption in our information technology systems, and our ability to comply with data protection laws in the U.S. and abroad, (16) our ability to comply with, and the costs associated with compliance with, regulatory requirements and industry standards, including regarding product safety, quality, efficacy and environmental impact, (17) our ability to react in a timely and cost-effective manner to changes in consumer preferences and demands, including increased awareness of health and wellness, (18) our ability to meet consumer, customer and regulatory sustainability standards, (19) our ability to benefit from our investments and expansion in emerging markets, (20) the impact of currency fluctuations or devaluations in the principal foreign markets in which we operate, (21) economic, regulatory and political risks associated with our international operations, (22) the impact of global economic uncertainty on demand for consumer products, (23) our ability to comply with, and the costs associated with compliance with, U.S. and foreign environmental protection laws, (24) our ability to successfully manage our working capital and inventory balances, (25) the impact of the failure to comply with U.S. or foreign anti-corruption and anti-bribery laws and regulations, including the U.S. Foreign Corrupt Practices Act, (26) any impairment on our tangible or intangible long-lived assets, including goodwill associated with the acquisition of Frutarom, (27) our ability to protect our intellectual property rights, (28) the impact of the outcome of legal claims, regulatory investigations and litigation, (29) changes in market conditions or governmental regulations relating to our pension and postretirement obligations, (30) the impact of changes in federal, state, local and international tax legislation or policies, including the Tax Cuts and Jobs Act, with respect to transfer pricing and state aid, and adverse results of tax audits, assessments, or disputes, (31) the impact of the United Kingdom’s departure from the European Union, (32) the impact of the phase out of the London Interbank Offered Rate (LIBOR) on interest expense, (33) risks associated with our pending combination with N&B, including business uncertainties and contractual restrictions while the transaction is pending, costs incurred in connection with the transaction, our ability to pursue alternative transactions, and the impact if we fail to complete the transaction, and (34) risks associated with the integration of N&B if we are successful in completing the transaction, including whether we will realize the anticipated synergies and other benefits of the transaction. New risks emerge from time to time and it is not possible for management to predict all such risk factors or to assess the impact of such risks on the Company’s business. Accordingly, the Company undertakes no obligation to publicly revise any forward-looking statements, whether as a result of new information, future events, or otherwise. In addition to the factors set forth above, other factors that may affect IFF’s plans, results or stock price are set forth in IFF’s Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K. Many of these factors are beyond IFF’s control and IFF cautions investors that any forward-looking statements made by IFF are not guarantees of future performance. IFF disclaims any obligation to update any such factors or to announce publicly the results of any revisions to any of the forward-looking statements to reflect future events or developments. 2

NON-GAAP MEASURES; ADDITIONAL INFORMATION Use of Non-GAAP Financial Measures We provide in this presentation non-GAAP financial measures, including: (i) currency neutral sales; (ii) adjusted EBITDA; (iii) adjusted EBITDA margin; (iv) free cash flow; (v) net debt to adjusted EBITDA. Our non-GAAP financial measures are defined below. A reconciliation of these non-GAAP financial measures to their respective GAAP measures is available on our website. Currency Neutral metrics eliminate the effects that result from translating international currency to U.S. dollars. We calculate currency neutral numbers by comparing current year results to the prior year results restated at exchange rates in effect for the current year based on the currency of the underlying transaction. Organic currency neutral sales are currency neutral sales excluding the impact of acquisitions for the twelve months following the acquisition. Adjusted EBITDA and adjusted EBITDA margin excludes the impact of interest expense, taxes on income, depreciation and amortization, non-operational and nonrecurring items, and non-cash items. Nonoperational items excluded are operational improvement initiatives, acquisition related costs, integration related costs, restructuring and other changes, Frutarom acquisition costs and N&B merger related costs. Nonrecurring items excluded are litigation settlements, acceleration of contingent consideration, FDA mandated product recall and compliance review & legal defense costs. Non-cash items excluded are (gains) losses on sale of assets and stock-based compensation. Free Cash Flow is operating cash flow (i.e. cash flow from operations) less capital expenditures. Net Debt to Adjusted EBITDA is the leverage ratio used in our credit agreement and defined as Net Debt (which is long-term debt less cash and cash equivalents) divided by Adjusted EBITDA. However, as Adjusted EBITDA for these purposes were calculated in accordance with the provisions of the credit agreement, it may differ from the calculation used for other purposes. These non-GAAP measures are intended to provide additional information regarding our underlying operating results and comparable year-over-year performance. Such information is supplemental to information presented in accordance with GAAP and is not intended to represent a presentation in accordance with GAAP. In discussing our historical and expected future results and financial condition, we believe it is meaningful for investors to be made aware of and to be assisted in a better understanding of, on a period-to-period comparable basis, financial amounts both including and excluding these identified items, as well as the impact of exchange rate fluctuations. These non-GAAP measures should not be considered in isolation or as substitutes for analysis of the Company’s results under GAAP and may not be comparable to other companies’ calculation of such metrics. Forward-Looking Non-GAAP Metrics. This presentation also includes our expectations for long-term (i) currency neutral organic sales growth; (ii) adjusted EBITDA margin by 2023; (iii) free cash flow and; (iv) net debt to adjusted EBITDA ratio in 2023. The closest corresponding GAAP measure to these non-GAAP measures and a reconciliation of the differences between the non-GAAP metric expectation and the corresponding GAAP measure is not available without unreasonable effort due to length of the forecasted period and potential variability, complexity and low visibility as to items such as future contingencies and other costs that would be excluded from the GAAP measure, and the tax impact of such items, in the relevant future period. The variability of the excluded items may have a significant, and potentially unpredictable, impact on our future GAAP results. Additional Information and Where to Find It This presentation is not intended to and shall not constitute an offer to sell or the solicitation of an offer to sell or the solicitation of an offer to buy any securities or a solicitation of any vote of approval, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. In connection with the proposed combination with N&B, IFF has filed a registration statement on Form S-4, and N&B has filed a registration statement on Form S-4/S-1, each containing a prospectus, dated December 31, 2020, and DuPont has filed a Schedule TO with the Securities and Exchange Commission (“SEC”). INVESTORS AND SECURITY HOLDERS ARE URGED TO READ THE REGISTRATION STATEMENTS, PROSPECTUS, THE AMENDMENTS TO THESE FILINGS, AND ANY SUPPLEMENTS, AND ANY OTHER RELEVANT DOCUMENTS WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT IFF, N&B, NEPTUNE MERGER SUB I INC., NEPTUNE MERGER SUB II LLC AND THE PROPOSED TRANSACTION. Such documents can be obtained free of charge from the SEC’s website at www.sec.gov. Free copies of these documents, once available, and each of the companies’ other filings with the SEC may also be obtained from the respective companies by contacting the investor relations department of DuPont or IFF. 3NON-GAAP MEASURES; ADDITIONAL INFORMATION Use of Non-GAAP Financial Measures We provide in this presentation non-GAAP financial measures, including: (i) currency neutral sales; (ii) adjusted EBITDA; (iii) adjusted EBITDA margin; (iv) free cash flow; (v) net debt to adjusted EBITDA. Our non-GAAP financial measures are defined below. A reconciliation of these non-GAAP financial measures to their respective GAAP measures is available on our website. Currency Neutral metrics eliminate the effects that result from translating international currency to U.S. dollars. We calculate currency neutral numbers by comparing current year results to the prior year results restated at exchange rates in effect for the current year based on the currency of the underlying transaction. Organic currency neutral sales are currency neutral sales excluding the impact of acquisitions for the twelve months following the acquisition. Adjusted EBITDA and adjusted EBITDA margin excludes the impact of interest expense, taxes on income, depreciation and amortization, non-operational and nonrecurring items, and non-cash items. Nonoperational items excluded are operational improvement initiatives, acquisition related costs, integration related costs, restructuring and other changes, Frutarom acquisition costs and N&B merger related costs. Nonrecurring items excluded are litigation settlements, acceleration of contingent consideration, FDA mandated product recall and compliance review & legal defense costs. Non-cash items excluded are (gains) losses on sale of assets and stock-based compensation. Free Cash Flow is operating cash flow (i.e. cash flow from operations) less capital expenditures. Net Debt to Adjusted EBITDA is the leverage ratio used in our credit agreement and defined as Net Debt (which is long-term debt less cash and cash equivalents) divided by Adjusted EBITDA. However, as Adjusted EBITDA for these purposes were calculated in accordance with the provisions of the credit agreement, it may differ from the calculation used for other purposes. These non-GAAP measures are intended to provide additional information regarding our underlying operating results and comparable year-over-year performance. Such information is supplemental to information presented in accordance with GAAP and is not intended to represent a presentation in accordance with GAAP. In discussing our historical and expected future results and financial condition, we believe it is meaningful for investors to be made aware of and to be assisted in a better understanding of, on a period-to-period comparable basis, financial amounts both including and excluding these identified items, as well as the impact of exchange rate fluctuations. These non-GAAP measures should not be considered in isolation or as substitutes for analysis of the Company’s results under GAAP and may not be comparable to other companies’ calculation of such metrics. Forward-Looking Non-GAAP Metrics. This presentation also includes our expectations for long-term (i) currency neutral organic sales growth; (ii) adjusted EBITDA margin by 2023; (iii) free cash flow and; (iv) net debt to adjusted EBITDA ratio in 2023. The closest corresponding GAAP measure to these non-GAAP measures and a reconciliation of the differences between the non-GAAP metric expectation and the corresponding GAAP measure is not available without unreasonable effort due to length of the forecasted period and potential variability, complexity and low visibility as to items such as future contingencies and other costs that would be excluded from the GAAP measure, and the tax impact of such items, in the relevant future period. The variability of the excluded items may have a significant, and potentially unpredictable, impact on our future GAAP results. Additional Information and Where to Find It This presentation is not intended to and shall not constitute an offer to sell or the solicitation of an offer to sell or the solicitation of an offer to buy any securities or a solicitation of any vote of approval, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. In connection with the proposed combination with N&B, IFF has filed a registration statement on Form S-4, and N&B has filed a registration statement on Form S-4/S-1, each containing a prospectus, dated December 31, 2020, and DuPont has filed a Schedule TO with the Securities and Exchange Commission (“SEC”). INVESTORS AND SECURITY HOLDERS ARE URGED TO READ THE REGISTRATION STATEMENTS, PROSPECTUS, THE AMENDMENTS TO THESE FILINGS, AND ANY SUPPLEMENTS, AND ANY OTHER RELEVANT DOCUMENTS WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT IFF, N&B, NEPTUNE MERGER SUB I INC., NEPTUNE MERGER SUB II LLC AND THE PROPOSED TRANSACTION. Such documents can be obtained free of charge from the SEC’s website at www.sec.gov. Free copies of these documents, once available, and each of the companies’ other filings with the SEC may also be obtained from the respective companies by contacting the investor relations department of DuPont or IFF. 3

Andreas Fibig Rustom Jilla Michael DeVeau Chairman and Executive Vice Senior Vice President, Chief Executive Officer President, Chief Investor Relations Financial Officer & Communications SPEAKERSAndreas Fibig Rustom Jilla Michael DeVeau Chairman and Executive Vice Senior Vice President, Chief Executive Officer President, Chief Investor Relations Financial Officer & Communications SPEAKERS

AGENDA 1. A New Industry-Defining Leader 2. ESG Leadership at the Core of Business 3. Substantial Synergy Opportunities to Drive Value Creation 4. Best-in-Class Financial Profile 5. Strong Management Team and Board of Directors 6. Summary 5AGENDA 1. A New Industry-Defining Leader 2. ESG Leadership at the Core of Business 3. Substantial Synergy Opportunities to Drive Value Creation 4. Best-in-Class Financial Profile 5. Strong Management Team and Board of Directors 6. Summary 5

A COMPELLING COMBINATION Significant value creation opportunities across all stakeholders STRATEGIC RATIONALE VALUE PROPOSITION A global leader in taste, • Expands breadth of capabilities B R O A D E N S scent and nutrition C A T E G O R Y • #1 or #2 position across complementary E X P O S U R E high-value ingredients Broader Set of Ingredients and Solutions • Best-in-class R&D and innovation Deeper capabilities and strongest industry Innovation and R&D Platform pipeline to develop proactive solutions THE E X P A N D S R & D Shared • Talent with both creative C A P A B I L I T I E S Focus on Consumer-Oriented End Markets NEW and scientific expertise & E X P E R T I S E • Top quartile R&D spend annually in IFF industry, with a significant patent ~$11B ~$2.5B portfolio as a combined company Expected Annual Expected Annual Revenue¹ EBITDA¹ ² • Stronger & broadest differentiated product offerings D I F F E R E N T I A T E D I N T E G R A T E D Leading value- • Ability to improve speed-to-market added ingredients & S O L U T I O N S • Greater simplification of supply chain solutions provider 6 6 1. Estimate for 2020 per IFF’s S-4 filing on December 22, 2020. 2. Before anticipated benefit of cost synergiesA COMPELLING COMBINATION Significant value creation opportunities across all stakeholders STRATEGIC RATIONALE VALUE PROPOSITION A global leader in taste, • Expands breadth of capabilities B R O A D E N S scent and nutrition C A T E G O R Y • #1 or #2 position across complementary E X P O S U R E high-value ingredients Broader Set of Ingredients and Solutions • Best-in-class R&D and innovation Deeper capabilities and strongest industry Innovation and R&D Platform pipeline to develop proactive solutions THE E X P A N D S R & D Shared • Talent with both creative C A P A B I L I T I E S Focus on Consumer-Oriented End Markets NEW and scientific expertise & E X P E R T I S E • Top quartile R&D spend annually in IFF industry, with a significant patent ~$11B ~$2.5B portfolio as a combined company Expected Annual Expected Annual Revenue¹ EBITDA¹ ² • Stronger & broadest differentiated product offerings D I F F E R E N T I A T E D I N T E G R A T E D Leading value- • Ability to improve speed-to-market added ingredients & S O L U T I O N S • Greater simplification of supply chain solutions provider 6 6 1. Estimate for 2020 per IFF’s S-4 filing on December 22, 2020. 2. Before anticipated benefit of cost synergies

We Will THE NEW IFF Win On Execution A REIMAGINED INNOVATION PARTNER… • Unmatched scale, R&D capabilities and portfolio strength to lead industry evolution • A partner that is uniquely positioned at the intersection of science and creativity to deliver essential solutions through industry-leading investment in R&D and the #1 or #2 position across nearly all high-value categories WITH A LEADING FINANCIAL PROFILE… • Execution will drive robust sales growth, best-in-class margin profile & strong free cash flow generation • Significant revenue & cost synergy realization opportunities supported by structured execution framework • Commitment to disciplined capital management approach & continued portfolio optimization DRIVEN BY AN ENHANCED LEADERSHIP TEAM FOCUSED ON EXECUTION • Highly experienced executive committee, reflecting the strength of both organizations • Outstanding Board of Directors representing diverse industries & backgrounds, brings in-depth expertise and insightful new voices 7We Will THE NEW IFF Win On Execution A REIMAGINED INNOVATION PARTNER… • Unmatched scale, R&D capabilities and portfolio strength to lead industry evolution • A partner that is uniquely positioned at the intersection of science and creativity to deliver essential solutions through industry-leading investment in R&D and the #1 or #2 position across nearly all high-value categories WITH A LEADING FINANCIAL PROFILE… • Execution will drive robust sales growth, best-in-class margin profile & strong free cash flow generation • Significant revenue & cost synergy realization opportunities supported by structured execution framework • Commitment to disciplined capital management approach & continued portfolio optimization DRIVEN BY AN ENHANCED LEADERSHIP TEAM FOCUSED ON EXECUTION • Highly experienced executive committee, reflecting the strength of both organizations • Outstanding Board of Directors representing diverse industries & backgrounds, brings in-depth expertise and insightful new voices 7

THE NEW INDUSTRY-DEFINING LEADER Scale & portfolio strength creates competitive advantage as industry transforms ~48% ~43% ~26% +$11B 1.5X #1 or #2 pro-forma sales to pro-forma pro-forma pro-forma pro-forma in core small, medium & emerging EBITDA revenue R&D investment categories private label market 2 margin customers³ revenue Net sales Industry-leading Leader in nutrition, Best-in-class 45,000+ Truly global 1 of +$11B is R&D investment cultures, enzymes, financial profile customers; footprint with ~$4B or ~60% with an annual probiotics, soy including Majority in significant higher than budget 1.5x the proteins, flavor synergies high-growth exposure to nearest peer size of peers & fragrances benefits segments high growth markets 1) Pro forma for full year results. Transaction expected to close February 1, 2021 2) Inclusive of synergy realization 3) Small, Medium & private label customers defined as annual sales less than $5M annually 8 8THE NEW INDUSTRY-DEFINING LEADER Scale & portfolio strength creates competitive advantage as industry transforms ~48% ~43% ~26% +$11B 1.5X #1 or #2 pro-forma sales to pro-forma pro-forma pro-forma pro-forma in core small, medium & emerging EBITDA revenue R&D investment categories private label market 2 margin customers³ revenue Net sales Industry-leading Leader in nutrition, Best-in-class 45,000+ Truly global 1 of +$11B is R&D investment cultures, enzymes, financial profile customers; footprint with ~$4B or ~60% with an annual probiotics, soy including Majority in significant higher than budget 1.5x the proteins, flavor synergies high-growth exposure to nearest peer size of peers & fragrances benefits segments high growth markets 1) Pro forma for full year results. Transaction expected to close February 1, 2021 2) Inclusive of synergy realization 3) Small, Medium & private label customers defined as annual sales less than $5M annually 8 8

LEADER ACROSS ATTRACTIVE MARKETS Breadth of capability & exposure establishes leading competitive position IFF + DuPont N&B Peer 1 Peer 2 Peer 3 Peer 4 Peer 5 Peer 6 (1) Functional Solutions✔✔ Emulsifiers & Lecithin✔ (2) Sweeteners✔ (2) Plant Protein✔ Cultures✔ Probiotics✔✔ Enzymes✔✔✔ (1) Animal Nutrition✔✔✔✔ Excipients✔ (1) Nutraceuticals✔✔✔✔ Flavors✔✔ Fragrances✔ (1) Cosmetic Ingredients✔✔✔✔ Category Leader Position Participates in the category ✔ 9 Source: Company information 1. Functional solutions, Animal Nutrition, Nutraceuticals and Cosmetic Ingredients are widely defined categories with limited traditional “leadership”. 2. In relevant segments Flavor & Health & Food & Pharma Fragrance Bioscience BeverageLEADER ACROSS ATTRACTIVE MARKETS Breadth of capability & exposure establishes leading competitive position IFF + DuPont N&B Peer 1 Peer 2 Peer 3 Peer 4 Peer 5 Peer 6 (1) Functional Solutions✔✔ Emulsifiers & Lecithin✔ (2) Sweeteners✔ (2) Plant Protein✔ Cultures✔ Probiotics✔✔ Enzymes✔✔✔ (1) Animal Nutrition✔✔✔✔ Excipients✔ (1) Nutraceuticals✔✔✔✔ Flavors✔✔ Fragrances✔ (1) Cosmetic Ingredients✔✔✔✔ Category Leader Position Participates in the category ✔ 9 Source: Company information 1. Functional solutions, Animal Nutrition, Nutraceuticals and Cosmetic Ingredients are widely defined categories with limited traditional “leadership”. 2. In relevant segments Flavor & Health & Food & Pharma Fragrance Bioscience Beverage

CONSUMER TRENDS RESHAPING VALUE CHAIN Significant opportunity for IFF customers with innovation SUSTAINED ACCELERATING IMPACTING ALL TRENDS TRENDS CUSTOMERS Healthy Food Natural, health Global Champions & wellness All of this leads Plant Protein to higher Regional Leaders Snacking expectations of Clean label CPG value Private Label Active Self-Care chain partners Traceability & Hygiene Emerging Brands sustainability Natural Health Food Safety & Waste 10 10 Arrows indicate impact of COVID-19CONSUMER TRENDS RESHAPING VALUE CHAIN Significant opportunity for IFF customers with innovation SUSTAINED ACCELERATING IMPACTING ALL TRENDS TRENDS CUSTOMERS Healthy Food Natural, health Global Champions & wellness All of this leads Plant Protein to higher Regional Leaders Snacking expectations of Clean label CPG value Private Label Active Self-Care chain partners Traceability & Hygiene Emerging Brands sustainability Natural Health Food Safety & Waste 10 10 Arrows indicate impact of COVID-19

WELL-POSITIONED TO WIN Strongest partner to co-create essential solutions for on-trend innovation CUSTOMER EXPECTATIONS IFF’S COMPETITIVE ADVANTAGE ✓ Leading co-creation capability supported by the Customers are outsourcing innovation breadth and depth of ingredients portfolio as well & becoming increasingly focused on as leading R&D capability & creative expertise securing “co-creation” partners • Technological advantages a key selling point ✓ Single Point of Contact for development, • Speed of innovation to beat competitors to market troubleshooting, quality assurance/ control • Integrated solutions to drive efficiency ✓ Multiple ingredient compatibility no longer an issue Small & Medium customers and emerging markets expected to outgrow established ✓ Global platform with local capability: enabling access channels to local ingredients and consumer insight knowledge • Impacted during COVID-19, however, expected to re-establish higher growth trajectory post pandemic ✓ Custom and differentiated innovation for all product • GLOBAL reach and LOCAL expertise increasingly segments: development of next gen products important 11 11WELL-POSITIONED TO WIN Strongest partner to co-create essential solutions for on-trend innovation CUSTOMER EXPECTATIONS IFF’S COMPETITIVE ADVANTAGE ✓ Leading co-creation capability supported by the Customers are outsourcing innovation breadth and depth of ingredients portfolio as well & becoming increasingly focused on as leading R&D capability & creative expertise securing “co-creation” partners • Technological advantages a key selling point ✓ Single Point of Contact for development, • Speed of innovation to beat competitors to market troubleshooting, quality assurance/ control • Integrated solutions to drive efficiency ✓ Multiple ingredient compatibility no longer an issue Small & Medium customers and emerging markets expected to outgrow established ✓ Global platform with local capability: enabling access channels to local ingredients and consumer insight knowledge • Impacted during COVID-19, however, expected to re-establish higher growth trajectory post pandemic ✓ Custom and differentiated innovation for all product • GLOBAL reach and LOCAL expertise increasingly segments: development of next gen products important 11 11

BROADEST PRODUCT OFFERING Enhanced offering with the highest product value for all customers IFF OFFERING VALUE TO CUSTOMER Quality of category-leading Single Ingredients Broadest portfolio of single ingredients Highly competitive field ingredient portfolio Quality of category leader Multiple Ingredients One-stop shop for multiple ingredients Improved product delivery Several global leaders Supply chain efficiency Strongest products within market Increased speed to market End-to-end partnership Integrated Solutions Handful of early adopters from concept to delivery Control of R&D through value chain Product development cost efficiency First to market with truly Market First Products Breakthrough technologies from R&D New IFF differentiated products (i.e., biotechnology) 12BROADEST PRODUCT OFFERING Enhanced offering with the highest product value for all customers IFF OFFERING VALUE TO CUSTOMER Quality of category-leading Single Ingredients Broadest portfolio of single ingredients Highly competitive field ingredient portfolio Quality of category leader Multiple Ingredients One-stop shop for multiple ingredients Improved product delivery Several global leaders Supply chain efficiency Strongest products within market Increased speed to market End-to-end partnership Integrated Solutions Handful of early adopters from concept to delivery Control of R&D through value chain Product development cost efficiency First to market with truly Market First Products Breakthrough technologies from R&D New IFF differentiated products (i.e., biotechnology) 12

UNRIVALLED INNOVATION PLATFORM Unlocking value for customers in line with consumer demand F A B R I C C A R E F O O D & B E V E R A G E I N G R E D I E N T S Superior Cold Water Laundry Detergent Better Plant-Based Burger More Secure & Robust Ingredient Pipeline CONSUMER Plant Health Food Sustainability Health & Wellness Hygiene Sustainability Clean Label EXPECTATIONS Protein & Wellness Safety Enzymes Texturants Mouthfeel Libraries Extensive Portfolio Fluidity, Stain removal, Malodor Binders “Glue” ingredients together Enzymes Optimizing Synthetic Processes Microbial Control Plant-Based Protein Nutritional component Biotechnology De-Risking Supply Antimicrobial & shelf-life Emulsifiers Bun yield POTENTIAL System Blends Dairy-free cheese OF NEW IFF PLATFORM Fragrance Flavor & Seasonings Taste New Molecule Discovery Scent Ingredients Scent & odor coverage Taste Modulation Bitterness & salt reduction Green Chemistry Consumer-Friendly Processes Encapsulation Delivery Systems Flavor performance Renewability Environmentally Responsible Sourcing Fit-for-purpose delivery and performance Natural Antioxidants Food Natural or Natural Derived Consumer-Friendly Materials Natural Color & Grill Mark Appearance & clean label ✓ Product efficacy ✓ Product efficacy ✓ Product efficacy CUSTOMER ✓ Speed to market✓ Speed to market✓ Breakthrough innovation BENEFITS ✓ Supply chain efficiency✓ Traceability ✓ R&D and supply chain efficiency DUPONT N&B PRODUCT OFFERING | IFF PRODUCT OFFERING 13 13UNRIVALLED INNOVATION PLATFORM Unlocking value for customers in line with consumer demand F A B R I C C A R E F O O D & B E V E R A G E I N G R E D I E N T S Superior Cold Water Laundry Detergent Better Plant-Based Burger More Secure & Robust Ingredient Pipeline CONSUMER Plant Health Food Sustainability Health & Wellness Hygiene Sustainability Clean Label EXPECTATIONS Protein & Wellness Safety Enzymes Texturants Mouthfeel Libraries Extensive Portfolio Fluidity, Stain removal, Malodor Binders “Glue” ingredients together Enzymes Optimizing Synthetic Processes Microbial Control Plant-Based Protein Nutritional component Biotechnology De-Risking Supply Antimicrobial & shelf-life Emulsifiers Bun yield POTENTIAL System Blends Dairy-free cheese OF NEW IFF PLATFORM Fragrance Flavor & Seasonings Taste New Molecule Discovery Scent Ingredients Scent & odor coverage Taste Modulation Bitterness & salt reduction Green Chemistry Consumer-Friendly Processes Encapsulation Delivery Systems Flavor performance Renewability Environmentally Responsible Sourcing Fit-for-purpose delivery and performance Natural Antioxidants Food Natural or Natural Derived Consumer-Friendly Materials Natural Color & Grill Mark Appearance & clean label ✓ Product efficacy ✓ Product efficacy ✓ Product efficacy CUSTOMER ✓ Speed to market✓ Speed to market✓ Breakthrough innovation BENEFITS ✓ Supply chain efficiency✓ Traceability ✓ R&D and supply chain efficiency DUPONT N&B PRODUCT OFFERING | IFF PRODUCT OFFERING 13 13

ESG CORE TO OUR SUCCESS Ambitious targets with increased focus on reporting and transparency F O C U S O U R E F F O R T S S E T C L E A R T A R G E T S R E P O R T P R O G R E S S Reducing greenhouse gas 2025 EcoEffective+ goals On track to achieve 2025 (GHG) emissions, include Science Based Environmental Footprint goals, e.g.: Reduced GHGs conserving water & Target to reduce Scope 1, by 19.5% below 2015 levels* eliminating waste 2 and 3 GHGs Reducing impact to the 75%* of supplier spend Accelerating ethical environment and assessed through EcoVadis Responsible Sourcing standards in our supply supporting workers and or Sedex, leading supply chain grower communities chain information platforms Continuing to drive Developed first fine fragrance TM Driving circular design sustainable innovation collection to be EWG Verified Sustainable Innovation TM principles through a robust R&D and Cradle to Cradle Certified pipeline with Henry Rose Employee-defined agenda First and only company to Building a diverse, People & Communities advances the three pillars of earn EDGE Move certification inclusive and safe culture our D&I mission globally Core belief across the organization that responsible operations will generate long-term stakeholder value * Based on our 2015 site portfolio 14 14 ** All data is for legacy IFF and excluded Frutarom and N&BESG CORE TO OUR SUCCESS Ambitious targets with increased focus on reporting and transparency F O C U S O U R E F F O R T S S E T C L E A R T A R G E T S R E P O R T P R O G R E S S Reducing greenhouse gas 2025 EcoEffective+ goals On track to achieve 2025 (GHG) emissions, include Science Based Environmental Footprint goals, e.g.: Reduced GHGs conserving water & Target to reduce Scope 1, by 19.5% below 2015 levels* eliminating waste 2 and 3 GHGs Reducing impact to the 75%* of supplier spend Accelerating ethical environment and assessed through EcoVadis Responsible Sourcing standards in our supply supporting workers and or Sedex, leading supply chain grower communities chain information platforms Continuing to drive Developed first fine fragrance TM Driving circular design sustainable innovation collection to be EWG Verified Sustainable Innovation TM principles through a robust R&D and Cradle to Cradle Certified pipeline with Henry Rose Employee-defined agenda First and only company to Building a diverse, People & Communities advances the three pillars of earn EDGE Move certification inclusive and safe culture our D&I mission globally Core belief across the organization that responsible operations will generate long-term stakeholder value * Based on our 2015 site portfolio 14 14 ** All data is for legacy IFF and excluded Frutarom and N&B

PROVEN ABILITY TO ACCOMPLISH OBJECTIVES Our commitment to ESG has set the standard for the industry R AT I N G S R A N K I N G S We are committed to making real progress at every opportunity ESG Score: 79 (Leader) Met and exceeded 3 of 4 2020 6 / 127 Chemicals industry environmental goals and set Produced by Sustainalytics as of December 17, 2019 aggressive 2025 EcoEffective+ goals Sustainability reporting in GRI framework since 2010 and in SASB framework since 2019 Produced by MSCI ESG Research as of December 10, 2020 We encourage our customers and employees to rethink conventional wisdom delivering ESG Disclosure: 65.7 what the world needs Source: Bloomberg Finance L.P. 15PROVEN ABILITY TO ACCOMPLISH OBJECTIVES Our commitment to ESG has set the standard for the industry R AT I N G S R A N K I N G S We are committed to making real progress at every opportunity ESG Score: 79 (Leader) Met and exceeded 3 of 4 2020 6 / 127 Chemicals industry environmental goals and set Produced by Sustainalytics as of December 17, 2019 aggressive 2025 EcoEffective+ goals Sustainability reporting in GRI framework since 2010 and in SASB framework since 2019 Produced by MSCI ESG Research as of December 10, 2020 We encourage our customers and employees to rethink conventional wisdom delivering ESG Disclosure: 65.7 what the world needs Source: Bloomberg Finance L.P. 15

SIGNIFICANT SYNERGY OPPORTUNITIES Combination creates platform for strong shareholder value creation R E V E N U E S Y N E R G I E S C O S T S Y N E R G I E S $400M $300M Run-rate achieved by the end of year three Run-rate achieved by the end of year three EBITDA Impact of $145M Net of Reinvestments Cost to Achieve Year Three Synergy Target: ~$355M 16SIGNIFICANT SYNERGY OPPORTUNITIES Combination creates platform for strong shareholder value creation R E V E N U E S Y N E R G I E S C O S T S Y N E R G I E S $400M $300M Run-rate achieved by the end of year three Run-rate achieved by the end of year three EBITDA Impact of $145M Net of Reinvestments Cost to Achieve Year Three Synergy Target: ~$355M 16

EXPECTED REVENUE SYNERGY CONTRIBUTION Accelerating top-line performance in year two and year three post deal close R E V E N U E S Y N E R G Y A P P R O A C H R E V E N U E S Y N E R G Y R A M P ◤ Expecting 12–18-month incubation to commercialization SALES EBITDA 2021 leading to a rapid ramp up post year one Identify opportunities that have the potential to accelerate business long-term ◤ Substantial opportunity to cross-sell complementary ~$20M ~$5M Deliver proof of concept wins products and solutions to customer base ◤ Expect early pick up from mid-sized, regional and 2022 Capitalize on initial momentum to emerging players due to product development lifecycle ~$140M ~$40M generate further opportunities in select business offerings 2023 W H AT W E ’ V E L E A R N E D … Build on established Integrated Solutions ~$300M ~$100M leadership to expand existing relationships ◤ Revenue synergies take more time to achieve while acquiring new customers ◤ Ensuring accountability and unified KPIs is critical 2024 ~$400M ~$145M Continued R&D execution to yield wins ◤ We must protect our base business growth through deep operational focus amid pursuit of revenue synergies * 17 Cumulative P&L impact on a pro-forma/full year basisEXPECTED REVENUE SYNERGY CONTRIBUTION Accelerating top-line performance in year two and year three post deal close R E V E N U E S Y N E R G Y A P P R O A C H R E V E N U E S Y N E R G Y R A M P ◤ Expecting 12–18-month incubation to commercialization SALES EBITDA 2021 leading to a rapid ramp up post year one Identify opportunities that have the potential to accelerate business long-term ◤ Substantial opportunity to cross-sell complementary ~$20M ~$5M Deliver proof of concept wins products and solutions to customer base ◤ Expect early pick up from mid-sized, regional and 2022 Capitalize on initial momentum to emerging players due to product development lifecycle ~$140M ~$40M generate further opportunities in select business offerings 2023 W H AT W E ’ V E L E A R N E D … Build on established Integrated Solutions ~$300M ~$100M leadership to expand existing relationships ◤ Revenue synergies take more time to achieve while acquiring new customers ◤ Ensuring accountability and unified KPIs is critical 2024 ~$400M ~$145M Continued R&D execution to yield wins ◤ We must protect our base business growth through deep operational focus amid pursuit of revenue synergies * 17 Cumulative P&L impact on a pro-forma/full year basis

DEFINING PRIORITY GROWTH OPPORTUNITIES Leveraging customer scale to sharpen go-to-market approach End Market Example Proactive Initiatives • Solutions for delivering superior mouthfeel for beverages targeting low sugar, clean label • Engaging in many conversations with Food & • Meat alternatives: solutions for sodium reduction, customers across priority end markets modulation, fat mimicry Beverage • Combining flavors and proteins for dairy • Identified immediate, near-term and and plant-based frozen desserts medium-term expansion opportunities • Better-tasting functional beverages • Account-by-account review with coordinated including probiotics, fibers, proteins Health & approach between business division, sales Wellness • Cross-sell IFF’s flavors portfolio into the pharmaceutical and dietary supplement market team and integrated solutions • Pursuing high-value offerings to “push” • Superior Malodor Control Solutions with to customers while seeking in-depth IFF fragrance and N&B bio-actives Home & engagements to identify new offerings • Cross-sell HPC products & Fragrance to HPC customers Personal Care • Functional ingredients portfolio expansion in Cosmetic Actives Team worked with 100+ business stakeholders to identify, size and refine revenue synergy ideas into a prioritized list of ~40 high value projects 18DEFINING PRIORITY GROWTH OPPORTUNITIES Leveraging customer scale to sharpen go-to-market approach End Market Example Proactive Initiatives • Solutions for delivering superior mouthfeel for beverages targeting low sugar, clean label • Engaging in many conversations with Food & • Meat alternatives: solutions for sodium reduction, customers across priority end markets modulation, fat mimicry Beverage • Combining flavors and proteins for dairy • Identified immediate, near-term and and plant-based frozen desserts medium-term expansion opportunities • Better-tasting functional beverages • Account-by-account review with coordinated including probiotics, fibers, proteins Health & approach between business division, sales Wellness • Cross-sell IFF’s flavors portfolio into the pharmaceutical and dietary supplement market team and integrated solutions • Pursuing high-value offerings to “push” • Superior Malodor Control Solutions with to customers while seeking in-depth IFF fragrance and N&B bio-actives Home & engagements to identify new offerings • Cross-sell HPC products & Fragrance to HPC customers Personal Care • Functional ingredients portfolio expansion in Cosmetic Actives Team worked with 100+ business stakeholders to identify, size and refine revenue synergy ideas into a prioritized list of ~40 high value projects 18

EXPECTED COST SYNERGY CONTRIBUTION Substantial opportunity to drive margin expansion with $300 million of synergies COST SYNERGY TIMING SOURCES OF VALUE CREATION $300M $285M 50% 35% 15% $220M $180M PR O C U R E M E N T $120M GEN E R A L & $45M A D M I N I S T R AT I V E C O S T S • XXXXX • XXXXX 2021 2022 2023 OPE R AT I O N S Realized Savings Run-Rate Savings * 19 Realized is defined as the cumulative P&L impact on a pro-forma/full year basis; Run-rate is defined as the cumulative impact annualized over a 12-month period EXPECTED COST SYNERGY CONTRIBUTION Substantial opportunity to drive margin expansion with $300 million of synergies COST SYNERGY TIMING SOURCES OF VALUE CREATION $300M $285M 50% 35% 15% $220M $180M PR O C U R E M E N T $120M GEN E R A L & $45M A D M I N I S T R AT I V E C O S T S • XXXXX • XXXXX 2021 2022 2023 OPE R AT I O N S Realized Savings Run-Rate Savings * 19 Realized is defined as the cumulative P&L impact on a pro-forma/full year basis; Run-rate is defined as the cumulative impact annualized over a 12-month period

CLEAR EXECUTION PLAN Unlocking savings by leveraging combined strength & optimizing non-strategic costs GENERAL & PROCUREMENT OPERATIONS ADMINISTRATIVE COSTS Accelerate Rationalization Streamline Rationalization & Harmonization Overhead Expenses Operations ◤ Supplier consolidation◤ Application of best practices ◤ Lower production, warehouse from both organizations and distribution costs ◤ More efficient sourcing ◤ Streamlining corporate functions ◤ Operational excellence (i.e., shared service centers) ◤ Insourcing potential ◤ Digital transformation ◤ Eliminating non-strategic / low ◤ Logistics, packaging value-add costs & supplies savings ◤ Optimization of real estate Fully developed workplan for ~85 initiatives driving targeted savings 20CLEAR EXECUTION PLAN Unlocking savings by leveraging combined strength & optimizing non-strategic costs GENERAL & PROCUREMENT OPERATIONS ADMINISTRATIVE COSTS Accelerate Rationalization Streamline Rationalization & Harmonization Overhead Expenses Operations ◤ Supplier consolidation◤ Application of best practices ◤ Lower production, warehouse from both organizations and distribution costs ◤ More efficient sourcing ◤ Streamlining corporate functions ◤ Operational excellence (i.e., shared service centers) ◤ Insourcing potential ◤ Digital transformation ◤ Eliminating non-strategic / low ◤ Logistics, packaging value-add costs & supplies savings ◤ Optimization of real estate Fully developed workplan for ~85 initiatives driving targeted savings 20

LONG-TERM FINANCIAL OUTLOOK Execution set to deliver best-in-class financial profile 4 - ~26% ~$2B <3.0x 5% Currency Neutral EBITDA Free Targeting Organic Sales Margin Cash Flow¹ Net Debt to Growth in 2023 Generation EBITDA in 24 to ² in 2023 36months post close Strong Position to Generate Shareholder Value 1. Free cash flow is defined as cash flow from operations minus capex 2. Not inclusive of potential asset divestitures to be evaluated post-close 21 21 21LONG-TERM FINANCIAL OUTLOOK Execution set to deliver best-in-class financial profile 4 - ~26% ~$2B <3.0x 5% Currency Neutral EBITDA Free Targeting Organic Sales Margin Cash Flow¹ Net Debt to Growth in 2023 Generation EBITDA in 24 to ² in 2023 36months post close Strong Position to Generate Shareholder Value 1. Free cash flow is defined as cash flow from operations minus capex 2. Not inclusive of potential asset divestitures to be evaluated post-close 21 21 21

BEST-IN-CLASS FINANCIAL PROFILE Leading revenue, EBITDA margin & free cash flow generation 1 R EV E N U E $11.1B $7.1B $6.7B $6.7B $4.0B Significant 3 3 IFF + N&B Peer 1 Peer 2 Peer 3 Peer 4 Valuation E B I T D A 4 ~26% by 2023 22 Multiple 1 M A R G I N Expansion 22% 21% 21% 21% 18% Opportunity 3 3 IFF + N&B Peer 4 Peer 2 Peer 1 Peer 3 FREE ~$2B by 2023 1 , 2 C A S H F L O W $1.4B $1.0B $0.9B $0.7B $0.5B IFF + N&B Peer 2 Peer 1 Peer 3 Peer 4 Source: Company information, FX converted at average 2020 rate 1. IFF + N&B shown for 2020E; Peer data shown YTD (as of Q3’20 for Peer 1 and as of Q2’20 for Peer 2, 3 and 4) 2. Free cash flow is defined as cash flow from operations minus capex 3. Financials reflect nutrition portions of portfolio only 22 22 4. Includes the impact of estimated revenue and cost synergiesBEST-IN-CLASS FINANCIAL PROFILE Leading revenue, EBITDA margin & free cash flow generation 1 R EV E N U E $11.1B $7.1B $6.7B $6.7B $4.0B Significant 3 3 IFF + N&B Peer 1 Peer 2 Peer 3 Peer 4 Valuation E B I T D A 4 ~26% by 2023 22 Multiple 1 M A R G I N Expansion 22% 21% 21% 21% 18% Opportunity 3 3 IFF + N&B Peer 4 Peer 2 Peer 1 Peer 3 FREE ~$2B by 2023 1 , 2 C A S H F L O W $1.4B $1.0B $0.9B $0.7B $0.5B IFF + N&B Peer 2 Peer 1 Peer 3 Peer 4 Source: Company information, FX converted at average 2020 rate 1. IFF + N&B shown for 2020E; Peer data shown YTD (as of Q3’20 for Peer 1 and as of Q2’20 for Peer 2, 3 and 4) 2. Free cash flow is defined as cash flow from operations minus capex 3. Financials reflect nutrition portions of portfolio only 22 22 4. Includes the impact of estimated revenue and cost synergies

CAPITAL ALLOCATION POLICY Committed to maintaining strong balance sheet to deliver shareholder value C A P E X I N V E S T M E N T T O S U P P O R T B U S I N E S S 1 2 Debt Repayment Dividend Policy IFF is committed Free cash flow net of dividend to maintaining payments to be deployed to current policy pay down debt 3 4 Portfolio Optimization Share Buyback Program IFF intends to evaluate and execute IFF expects to reauthorize a share possible divestiture candidates buyback program once <3.0x leverage post transaction close target realized Balanced Capital Allocation Policy to Enhance Total Shareholder Returns 23CAPITAL ALLOCATION POLICY Committed to maintaining strong balance sheet to deliver shareholder value C A P E X I N V E S T M E N T T O S U P P O R T B U S I N E S S 1 2 Debt Repayment Dividend Policy IFF is committed Free cash flow net of dividend to maintaining payments to be deployed to current policy pay down debt 3 4 Portfolio Optimization Share Buyback Program IFF intends to evaluate and execute IFF expects to reauthorize a share possible divestiture candidates buyback program once <3.0x leverage post transaction close target realized Balanced Capital Allocation Policy to Enhance Total Shareholder Returns 23

DEFINED STRUCTURE TO ENSURE EXECUTION Cross-functional group empowered to deliver value creation opportunity I N T E G R AT I O N M A N A G E M E N T O F F I C E S T R U C T U R E D A P P R O A C H CEO/CFO Ownership ✓ Full-year of integration planning process completed • Ensure accountability ✓ Transition of integration management office (IMO) from & drive execution pre-integration planning to post-integration execution • Evaluate progress & impact • Assign resources ✓ Integration management office consists of about 50 executives • Remove roadblocks with representation of both companies across all functions IMO Leadership ✓ Direct IMO reporting structure into CFO with regular & frequent engagement from Chairman & CEO • Manage overall program • Track and report on progress ✓ Established Board Integration Sub-Committee, with updates • Identify roadblocks on synergy progression to full Board at each meeting Business Activation ✓ Appointment of cost synergy lead, fully accountable to deliver plan • Drive revenue & cost synergies ✓ Enhanced leadership team with large-scale integration experience • Synchronize systems ̶ N&B team has executed 4 large-scale integrations • Identify issues with significant margin expansion in the last 10 years 24DEFINED STRUCTURE TO ENSURE EXECUTION Cross-functional group empowered to deliver value creation opportunity I N T E G R AT I O N M A N A G E M E N T O F F I C E S T R U C T U R E D A P P R O A C H CEO/CFO Ownership ✓ Full-year of integration planning process completed • Ensure accountability ✓ Transition of integration management office (IMO) from & drive execution pre-integration planning to post-integration execution • Evaluate progress & impact • Assign resources ✓ Integration management office consists of about 50 executives • Remove roadblocks with representation of both companies across all functions IMO Leadership ✓ Direct IMO reporting structure into CFO with regular & frequent engagement from Chairman & CEO • Manage overall program • Track and report on progress ✓ Established Board Integration Sub-Committee, with updates • Identify roadblocks on synergy progression to full Board at each meeting Business Activation ✓ Appointment of cost synergy lead, fully accountable to deliver plan • Drive revenue & cost synergies ✓ Enhanced leadership team with large-scale integration experience • Synchronize systems ̶ N&B team has executed 4 large-scale integrations • Identify issues with significant margin expansion in the last 10 years 24

L E G AC Y I F F L E G AC Y N & B N E W T O I F F ( S I N CE 2 0 2 0 ) EXCEPTIONAL LEADERSHIP TEAM Highly talented, diverse and experienced team focused on execution D I V I S I O N A L L E A D E R S H I P C H A I R M A N & C E O T A S T E , F O O D & B E V E R A G E HEALTH & BIOSCIENCES S C E N T P H A R M A S O L U T I O N S Andreas Kathy Simon Nicolas Angela Fibig Fortmann Herriott Mirzayantz Strzelecki C O R P O R A T E L E A D E R S H I P OPERATIONS FINANCE LEGAL R&D / INTEGRATED SOLUTIONS Francisco Rustom Jennifer Gregory Fortanet Jilla Johnson Yep C O R P O R A T E L E A D E R S H I P IR & COMMUNICATIONS STRATEGY COMMERCIAL EXCELLENCE HUMAN RESOURCES INFORMATION TECHNOLOGY Michael Etienne Greg Susana Vic DeVeau Laurent Soutendijk Suarez Verma Extended Leadership Team Below Executive Committee Established and Ready to Execute Strategic Plan from Day 1 25L E G AC Y I F F L E G AC Y N & B N E W T O I F F ( S I N CE 2 0 2 0 ) EXCEPTIONAL LEADERSHIP TEAM Highly talented, diverse and experienced team focused on execution D I V I S I O N A L L E A D E R S H I P C H A I R M A N & C E O T A S T E , F O O D & B E V E R A G E HEALTH & BIOSCIENCES S C E N T P H A R M A S O L U T I O N S Andreas Kathy Simon Nicolas Angela Fibig Fortmann Herriott Mirzayantz Strzelecki C O R P O R A T E L E A D E R S H I P OPERATIONS FINANCE LEGAL R&D / INTEGRATED SOLUTIONS Francisco Rustom Jennifer Gregory Fortanet Jilla Johnson Yep C O R P O R A T E L E A D E R S H I P IR & COMMUNICATIONS STRATEGY COMMERCIAL EXCELLENCE HUMAN RESOURCES INFORMATION TECHNOLOGY Michael Etienne Greg Susana Vic DeVeau Laurent Soutendijk Suarez Verma Extended Leadership Team Below Executive Committee Established and Ready to Execute Strategic Plan from Day 1 25

BEST-IN-CLASS BOARD OF DIRECTORS Global insight with a fresh perspective and focus on execution Significant representation from both IFF and DuPont – equal representation as of Andreas Fibig 2022 Annual Meeting IFF Chairman and CEO (since 2014) Proven executives with track-record of overseeing transformative merger integration, • President and Chairman of Bayer HealthCare Pharmaceuticals (2008-2014) implementing global financial programs and driving growth in the CPG and • Board of Directors, Novo Nordisk (Since pharmaceutical sectors 2018) 1 Edward Breen Dr. Kathryn Boor Carol A. (John) Davidson Executive Chairman and CEO, DuPont Dean of the Graduate School and Vice Former, SVP and Chief Accounting Officer, (since 2019) Provost for Graduate Education at Tyco International (2004-2012) Cornell University (Since 2020) • CEO of DowDuPont (2017-2019) • Board of Directors, FMC Corporation (Since • Dean of the College of Agriculture and 2020) • Board of Directors, Comcast (Since 2014) Life Sciences (CALS) (2010-2020) • Board of Directors, TE Connectivity (Since • Board of Directors, Seneca Foods 2016) (Since 2019) Michael Ducker Roger W. Ferguson Jr John Ferraro Former President and CEO, FedEx Freight President and CEO, TIAA-CREF Former Global COO, Ernst & Young (2015-2018) (since 2008 – March 2021) (2007-2015) • Board of Directors, IFF (Since 2014) • Board of Directors, IFF (Since 2015) • Board of Directors, IFF (Since 2010) • Board of Directors, Amway (Since 2013) • Board of Directors, ManpowerGroup (Since • Board of Directors, General Mills (Since 2016) • Board of Directors, nVent Electric plc 2015) (Since 2018) • Board of Directors, Advance Auto Parts • Board of Directors, Alphabet (Since 2016) (Since 2015) • Board of Directors, U.S. Xpress (2020) 26 26 ¹ Edward Breen will join the Board of the combined company following the close of the transaction and will assume the role of Lead Independent Director for the New IFF on June 1, 2021.BEST-IN-CLASS BOARD OF DIRECTORS Global insight with a fresh perspective and focus on execution Significant representation from both IFF and DuPont – equal representation as of Andreas Fibig 2022 Annual Meeting IFF Chairman and CEO (since 2014) Proven executives with track-record of overseeing transformative merger integration, • President and Chairman of Bayer HealthCare Pharmaceuticals (2008-2014) implementing global financial programs and driving growth in the CPG and • Board of Directors, Novo Nordisk (Since pharmaceutical sectors 2018) 1 Edward Breen Dr. Kathryn Boor Carol A. (John) Davidson Executive Chairman and CEO, DuPont Dean of the Graduate School and Vice Former, SVP and Chief Accounting Officer, (since 2019) Provost for Graduate Education at Tyco International (2004-2012) Cornell University (Since 2020) • CEO of DowDuPont (2017-2019) • Board of Directors, FMC Corporation (Since • Dean of the College of Agriculture and 2020) • Board of Directors, Comcast (Since 2014) Life Sciences (CALS) (2010-2020) • Board of Directors, TE Connectivity (Since • Board of Directors, Seneca Foods 2016) (Since 2019) Michael Ducker Roger W. Ferguson Jr John Ferraro Former President and CEO, FedEx Freight President and CEO, TIAA-CREF Former Global COO, Ernst & Young (2015-2018) (since 2008 – March 2021) (2007-2015) • Board of Directors, IFF (Since 2014) • Board of Directors, IFF (Since 2015) • Board of Directors, IFF (Since 2010) • Board of Directors, Amway (Since 2013) • Board of Directors, ManpowerGroup (Since • Board of Directors, General Mills (Since 2016) • Board of Directors, nVent Electric plc 2015) (Since 2018) • Board of Directors, Advance Auto Parts • Board of Directors, Alphabet (Since 2016) (Since 2015) • Board of Directors, U.S. Xpress (2020) 26 26 ¹ Edward Breen will join the Board of the combined company following the close of the transaction and will assume the role of Lead Independent Director for the New IFF on June 1, 2021.

BEST-IN-CLASS BOARD OF DIRECTORS Global insight with a fresh perspective and focus on execution Christina Gold Ilene Gordon Former CEO, Western Union Former Chairman, President and CEO (2006-2010) of Ingredion Incorporated (2009-2018) • Board of Directors, IFF (Since 2013) • Board of Directors, Lockheed Martin (Since 2016) • Non-Executive Chairman, Korn/Ferry (Since 2019) • Board of Directors, International Paper (Since 2012) • Former Director, ITT Corporation, Exelis & New York Life Insurance Dr. Matthias Heinzel Dale Morrison President, DuPont N&B Founding Partner, Twin Ridge Capital (Since 2019) (Since 2016) • Lead Director, IFF (Since 2011) • President DuPont N&H (2015-2019) • Board of Directors, IHG (Since 2011) • Executive Board, Merck KGaA (Effective 4/21) • Former President and CEO of McCain Foods Limited (2004-2011) • CEO Life Science, Merck KGaA (Effective 4/21) • Former President and CEO of Campbell Soup Company (1997-2000) Kåre Schultz Stephen Williamson President , CEO and Director, Teva Pharmaceuticals SVP and CFO, Thermo Fisher Scientific (Since 2017) (Since 2015) • Former President and CEO, H. Lundbeck A/S. (2015-2017) • Board of Directors, IFF (Since 2017) • Former Chairman, Royal Unibrew A/S (2017-2018) • Member, Institute of Chartered Accountants of England and Wales • Former Director, LEGO Group (2007-2020) 27 27BEST-IN-CLASS BOARD OF DIRECTORS Global insight with a fresh perspective and focus on execution Christina Gold Ilene Gordon Former CEO, Western Union Former Chairman, President and CEO (2006-2010) of Ingredion Incorporated (2009-2018) • Board of Directors, IFF (Since 2013) • Board of Directors, Lockheed Martin (Since 2016) • Non-Executive Chairman, Korn/Ferry (Since 2019) • Board of Directors, International Paper (Since 2012) • Former Director, ITT Corporation, Exelis & New York Life Insurance Dr. Matthias Heinzel Dale Morrison President, DuPont N&B Founding Partner, Twin Ridge Capital (Since 2019) (Since 2016) • Lead Director, IFF (Since 2011) • President DuPont N&H (2015-2019) • Board of Directors, IHG (Since 2011) • Executive Board, Merck KGaA (Effective 4/21) • Former President and CEO of McCain Foods Limited (2004-2011) • CEO Life Science, Merck KGaA (Effective 4/21) • Former President and CEO of Campbell Soup Company (1997-2000) Kåre Schultz Stephen Williamson President , CEO and Director, Teva Pharmaceuticals SVP and CFO, Thermo Fisher Scientific (Since 2017) (Since 2015) • Former President and CEO, H. Lundbeck A/S. (2015-2017) • Board of Directors, IFF (Since 2017) • Former Chairman, Royal Unibrew A/S (2017-2018) • Member, Institute of Chartered Accountants of England and Wales • Former Director, LEGO Group (2007-2020) 27 27

Highly THE NEW IFF Focused on Execution to Deliver ✓Unmatched scale & portfolio to lead industry evolution & accelerate growth Shareholder Value ✓Disciplined focus on synergies & productivity to lead to industry-leading margin ✓Proven ability to embed ESG into strategy & enhance our leading ESG program ✓Balanced capital allocation policy that focuses on deleveraging & returning capital to shareholders to enhance total shareholder return ✓Enhanced leadership and governance ready to execute 28Highly THE NEW IFF Focused on Execution to Deliver ✓Unmatched scale & portfolio to lead industry evolution & accelerate growth Shareholder Value ✓Disciplined focus on synergies & productivity to lead to industry-leading margin ✓Proven ability to embed ESG into strategy & enhance our leading ESG program ✓Balanced capital allocation policy that focuses on deleveraging & returning capital to shareholders to enhance total shareholder return ✓Enhanced leadership and governance ready to execute 28