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International Flavors & Fragrances Inc.

Morgan Stanley Consumer Retail ConferenceNovember 18, 2008

International Flavors & Fragrances Inc.

Morgan Stanley Consumer Retail ConferenceNovember 18, 2008

Robert M. AmenChairman and CEO

Robert M. AmenChairman and CEO

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NoticesNotices

Forward Looking Statement:Certain statements made in this presentation that are not historical facts may constitute “forward looking” statements under the Private Securities Litigation Reform Act of 1995, including those that are signified by words such as “anticipate,” “believe,” “expect,” “estimate,” “target,” and similar expressions. These forward-looking statements reflect the current views of IFF and its management and are subject to risks, uncertainties, and changes in circumstances. Actual results may differ materially. Risks and uncertainties include general economic and business conditions; interest rates; the price, quality and availability of raw materials; our ability to achieve our business strategy and anticipated cost savings, profitability and growth targets; the impact of currency fluctuation or devaluation; uncertainties related to litigation; the impact of possible pension funding obligations and increased pension expense; the effect of legal and regulatory proceedings and restrictions; and other factors described in our Form 10-K for the year ended December 31, 2007 and our Form 10-Q for the quarter ended September 30, 2008. IFF does not undertake to update any forward-looking statements.

Any public statements or disclosures by IFF following this presentation that modify or impact any of the outlook or other forward-looking statements contained in or accompanying this presentation or as part of the webcast will be deemed to modify or supersede such outlook or other forward-looking statements in or accompanying this release or the webcast.

Non-GAAP Financial Measures:The Company uses certain non-GAAP financial measures to supplement our GAAP financial results. These financial measures should not be considered in isolation or as superior to our GAAP financial measures. Additional information concerning our non-GAAP financial measures and a reconciliation to GAAP is available on our website at www.iff.com, on the “Investor Relations” page.

Forward Looking Statement:Certain statements made in this presentation that are not historical facts may constitute “forward looking” statements under the Private Securities Litigation Reform Act of 1995, including those that are signified by words such as “anticipate,” “believe,” “expect,” “estimate,” “target,” and similar expressions. These forward-looking statements reflect the current views of IFF and its management and are subject to risks, uncertainties, and changes in circumstances. Actual results may differ materially. Risks and uncertainties include general economic and business conditions; interest rates; the price, quality and availability of raw materials; our ability to achieve our business strategy and anticipated cost savings, profitability and growth targets; the impact of currency fluctuation or devaluation; uncertainties related to litigation; the impact of possible pension funding obligations and increased pension expense; the effect of legal and regulatory proceedings and restrictions; and other factors described in our Form 10-K for the year ended December 31, 2007 and our Form 10-Q for the quarter ended September 30, 2008. IFF does not undertake to update any forward-looking statements.

Any public statements or disclosures by IFF following this presentation that modify or impact any of the outlook or other forward-looking statements contained in or accompanying this presentation or as part of the webcast will be deemed to modify or supersede such outlook or other forward-looking statements in or accompanying this release or the webcast.

Non-GAAP Financial Measures:The Company uses certain non-GAAP financial measures to supplement our GAAP financial results. These financial measures should not be considered in isolation or as superior to our GAAP financial measures. Additional information concerning our non-GAAP financial measures and a reconciliation to GAAP is available on our website at www.iff.com, on the “Investor Relations” page.

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AgendaAgenda

vFlavor and Fragrance Industryv IFF OverviewvFinancial Highlights vBuilding a Stronger IFFvLooking AheadvSummary

vFlavor and Fragrance Industryv IFF OverviewvFinancial Highlights vBuilding a Stronger IFFvLooking AheadvSummary

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Savory & Beverage FlavorsSavory & Beverage Flavors

Pictures are representative of products in the market. Not all products flavored by IFF.

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Sweet/Pharma/Oral and Dairy Flavors Sweet/Pharma/Oral and Dairy Flavors

Pictures are representative of products in the market. Not all products flavored by IFF.

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Fine Fragrances & Beauty CareFine Fragrances & Beauty Care

Pictures are representative of products in the market. Not all products fragranced by IFF.

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Functional FragrancesFunctional Fragrances

Pictures are representative of products in the market. Not all products are fragranced by IFF.

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F&F IndustryF&F Industry

v Flavor and Fragrance industry is ~$14 billion– 4 largest companies comprise ~ 70% of market

v Flavor and Fragrance is key component to building consumer preference and brand differentiation

v Demand driven by growth of:– Consumer products

– GDP and disposable income§ Developed market growth on par with GDP

§ Developing markets will contribute 50+% of global growth

v Flavor and Fragrance industry is ~$14 billion– 4 largest companies comprise ~ 70% of market

v Flavor and Fragrance is key component to building consumer preference and brand differentiation

v Demand driven by growth of:– Consumer products

– GDP and disposable income§ Developed market growth on par with GDP

§ Developing markets will contribute 50+% of global growth

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Structural Drivers of Industry GrowthStructural Drivers of Industry Growth

v Population– 5 billion people live in developing markets

– Differing value propositions

v Growing middle class in developing markets– Increasing disposable income

v Global consumer mega trends – Health and wellness, urbanization, and convenience

– Increasing demand for uniqueness & innovation

v Population– 5 billion people live in developing markets

– Differing value propositions

v Growing middle class in developing markets– Increasing disposable income

v Global consumer mega trends – Health and wellness, urbanization, and convenience

– Increasing demand for uniqueness & innovation

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Shampoo & ConditionerConsumption TrendsShampoo & ConditionerConsumption Trends

-

5

10

15

20

25

30

0 5 10 15 20 25 30

Per Capita Disposable Income ($)

Per C

apita

Usa

ge ($

)

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IFF ProfileIFF Profile

v Founded in 1889v A recognized leader in the F&F industryv Global presencev Long-standing relationships with leading consumer

products companiesv Core competencies in:

– Material research– Consumer insight– Product creativity

v Financially strong

v Founded in 1889v A recognized leader in the F&F industryv Global presencev Long-standing relationships with leading consumer

products companiesv Core competencies in:

– Material research– Consumer insight– Product creativity

v Financially strong

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Diversified Global PortfolioDiversified Global Portfolio

Sales by Region

North America

24%

Greater Asia23%

EAME39%

Latin America

14%

Sales by Category

Functional Fragrances

23%

Ingredients12%

Flavors46%

Fine Fragrance & Beauty Care

19%

9 Months 2008 Sales

$1.85 Billion

76% of revenue generated outside the U.S. 76% of revenue generated outside the U.S.

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Competitive StrengthsCompetitive Strengths

v Research & Development– ~8.5% of sales– Basic and applied research– 188 patents granted over the past decade – 18 YTD

v Creative Expertise– 14 creative centers– 95 perfumers, 80 flavorists

v Consumer Understanding– Annually, more than 400,000 interviews worldwide

v Regulatory Expertise

v Research & Development– ~8.5% of sales– Basic and applied research– 188 patents granted over the past decade – 18 YTD

v Creative Expertise– 14 creative centers– 95 perfumers, 80 flavorists

v Consumer Understanding– Annually, more than 400,000 interviews worldwide

v Regulatory Expertise

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Collaborative Approach

Emotional Positioning

Uniqueness

Materials Advantage

Consumer InsightsTechnology

IFF’s Value Creation Model

ConsumerConsumer--Preferred Preferred ProductsProducts

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Organic Sales Growth: Q1 2006 – Q3 2008(In local currency)Organic Sales Growth: Q1 2006 – Q3 2008(In local currency)

7%

2%

4%

1%2%

5%4%

3%

6%7%

5%

0%

3%

6%

9%

12%

Q1 '06 Q2 '06 Q3 '06 Q4 '06 Q1 '07 Q2 '07 Q3 '07 Q4 '07 Q1 '08 Q2 '08 Q3 '08

Average Quarterly Growth Rate 4.1%

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Earnings Per Share(Excludes items impacting comparability*)Earnings Per Share(Excludes items impacting comparability*)

$0.45

$0.75 $0.81

$0.70

$0.53

$0.71$0.67

$0.59

$0.69

$0.62

$0.72

$0.00

$0.20

$0.40

$0.60

$0.80

$1.00

Q1 '06 Q2 '06 Q3 '06 Q4 '06 Q1 '07 Q2 '07 Q3 '07 Q4 '07 Q1 '08 Q2 '08 Q3 '08

*Includes items such as one-time tax gains, assets sales, restructuring charges and implementation costs

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$270 $ 2 9 6

$177

$2 8 2

$13 6

$12 2

$0

$100

$200

$300

$400

2003 2004 2005 2006 2007 9 mos 08

$19 2

Substantial Cash Generation(Dollars in millions)Substantial Cash Generation(Dollars in millions)

v Consistent free cash flow in excess of needsv Selective reinvestmentv Dividend payout 30%-35%

v Consistent free cash flow in excess of needsv Selective reinvestmentv Dividend payout 30%-35%

Operating Cash Flow

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Solid Financial ReturnsSolid Financial Returns

26.0%24.0%

21.0%

25.0%

33.0%

28.0%

12.7% 13.7% 13.0% 14.0% 15.0%13.7%

0%

5%

10%

15%

20%

25%

30%

35%

2003 2004 2005 2006 2007 9 months 2008

ROE ROI

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Building a Stronger IFFBuilding a Stronger IFF

vGrow– Organic– Geographic– New applications and technologies

v Improve Profitability– Input cost recovery – Discretionary spending– Productivity and efficiency

vMaintain Financial Strength– Capital effectiveness

vGrow– Organic– Geographic– New applications and technologies

v Improve Profitability– Input cost recovery – Discretionary spending– Productivity and efficiency

vMaintain Financial Strength– Capital effectiveness

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Looking AheadLooking Ahead

vFlat or slightly positive y-o-y local currency sales growth in Q4

vCurrent financial crisis will have uneven impact on the world economies

vBusiness plans anticipate a generally weaker consumer environment in developed markets

vFlat or slightly positive y-o-y local currency sales growth in Q4

vCurrent financial crisis will have uneven impact on the world economies

vBusiness plans anticipate a generally weaker consumer environment in developed markets

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SummarySummary

vGood YTD performance in difficult environment

v Improving profitability remains a key priority

v Balance current performance with long-term goals

vConfident in strategy & business fundamentals

vGood YTD performance in difficult environment

v Improving profitability remains a key priority

v Balance current performance with long-term goals

vConfident in strategy & business fundamentals

Robert M. AmenChairman and CEO

Robert M. AmenChairman and CEO

Question and Answer Question and Answer SessionSession