Announces Long-Term Outlook, Including Currency Neutral Organic Sales Growth of 4 to 5% Annually and approximately 26% EBITDA Margin by the End of 2023

Integration Planning Confirms Run-Rate Cost Synergy Expectation of $300 Million and Run-Rate Revenue Synergy Opportunity of More Than $400 Million by the End of 2023

Company Files Investor Presentation and Shares Additional Management Commentary

NEW YORK--(BUSINESS WIRE)-- IFF (NYSE: IFF) (TASE: IFF) today announced a preview of its long-term outlook including three-year financial targets; confirmed cost and revenue synergy expectations based on the extensive integration work performed over the last year; and announced the expected members of the Board of Directors for the new IFF following the completion of the Company’s combination with DuPont’s Nutrition & Biosciences business (N&B). IFF expects to close the transaction on February 1, 2021.

The new IFF will lead the evolution of the global value chain for consumer goods and commercial products with unmatched scale, R&D capabilities and portfolio strength. The Company will be a true innovation partner with customers able to deliver from concept to delivery adding value from single ingredients to integrated solutions to first-to-market breakthroughs.

“IFF will be a new Company for a new era,” said IFF Chairman and CEO, Andreas Fibig. “We have seen acceleration and evolution of consumer trends through the pandemic with long-term impacts. Customers across end markets expect more from their value chain partners and the new IFF is well-positioned to deliver.

Mr. Fibig continued, “As we start our journey together, we see multiple paths to create value by capturing the innovation potential of our two organizations, accelerating growth, delivering meaningful cost synergies and optimizing our portfolio. Flawless execution will define our success and is now at the center of all that we do. I’m excited to welcome six new members to the IFF Board and several new Executive Committee members who will have a critical role in delivering the value we see ahead of us. I would also like to thank and acknowledge the four directors that will be departing our Board upon the completion of the merger. Marcello, David, Katherine and Li-Huei have provided invaluable leadership and expertise as IFF has pursued our transformation and created this foundation for our next stage of growth.”

“These two companies are highly complementary. I look forward to joining the Board and working with Andreas, the directors and the executive team to capture the potential ahead of us,” said Ed Breen, DuPont Executive Chairman and Chief Executive Officer, who will join the board at close of the transaction and serve as IFF’s Lead Independent Director starting June 1, 2021. “With market leadership across all categories, a very strong R&D pipeline, best-in-class EBITDA margin and strong free cash flow, we see multiple paths to creating value for all stakeholders and I’m confident we will succeed.”

Integration & Synergy Update

The integration planning process has reconfirmed the previously announced run-rate revenue synergies of $400 million by the end of 2023, which are expected to contribute at least $145 million of EBITDA net of reinvestments. The revenue synergies are expected to be realized through significant cross-selling opportunities, leveraging IFF’s expanded capabilities across a broader customer base, and delivering on the potential of integrated solutions. With typical product development cycles of 12 to 18 months, the Company expects to realize a rapid acceleration of revenue synergies in year two post-close, including approximately $140 million in 2022.

The integration planning process has also confirmed the expected run-rate cost synergies of at least $300 million by the end of 2023. The Company expects approximately $120 million of run-rate cost synergies by the end of 2021, of which approximately $45 million will be realized on a full year basis.

Long-Term Outlook

The Company announced a long-term outlook with three-year targets that include:

• Expected organic currency neutral sales growth of 4 to 5% per year through 2023

• Estimated adjusted EBITDA margin of approximately 26% by the end of 2023

• Estimated free cash flow of approximately $2 billion by the end of 2023¹

• Net debt to EBITDA of