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IFF Announces Pricing of Common Stock and Tangible Equity Unit Offerings

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International Flavors & Fragrances Inc. (NYSE:IFF) (Euronext Paris:IFF),
a leading innovator of sensorial experiences that move the world, today
announced that it has priced its previously announced public offering of
11,516,315 shares of its common stock at $130.25 per share and that it
has priced its previously announced concurrent offering of 15,000,000 of
its 6.00% tangible equity units at $50.00 per unit (equal to the stated
amount per unit). The common stock offering and tangible equity unit
offering are separate public offerings made by means of separate
prospectus supplements under IFF's effective shelf registration
statement and are not contingent on each other or upon the consummation
of the merger discussed below. IFF's common stock is listed on the New
York Stock Exchange and Euronext Paris under the symbol "IFF," and IFF
intends to apply to list the tangible equity units on the New York Stock
Exchange under the symbol "IFFT." IFF anticipates that each offering
will close on September 17, 2018, subject to customary closing
conditions.

IFF has granted the underwriters in the common stock offering a 30-day
option to purchase up to an additional 1,151,632 shares of its common
stock. IFF has also granted the underwriters in the tangible equity unit
offering a 30-day option to purchase up to an additional 1,500,000
tangible equity units, solely to cover over-allotments, if any.

Each tangible equity unit is comprised of a prepaid stock purchase
contract and a senior amortizing note due September 15, 2021, each
issued by IFF. Unless earlier redeemed or settled, each purchase
contract will automatically settle on September 15, 2021 (subject to
postponement in certain limited circumstances), and IFF will deliver
between 0.3134 and 0.3839 shares of common stock per purchase contract,
subject to adjustment, based upon the applicable market value of the
common stock, as described in the final prospectus supplement relating
to the tangible equity unit offering. Each amortizing note will have an
initial principal amount of $8.45436, will bear interest at a rate of
3.79% per annum and will have a final installment payment date of
September 15, 2021. On each March 15, June 15, September 15 and December
15, commencing on December 15, 2018, IFF will pay equal quarterly cash
installments of $0.75000 per amortizing note (except for the December
15, 2018 installment payment, which will be $0.73333 per amortizing
note), which will constitute a payment of interest and a partial
repayment of principal, and which cash payment in the aggregate per year
will be equivalent to 6.00% per year with respect to each $50 stated
amount of tangible equity units. The amortizing notes will be the senior
unsecured obligations of IFF.

IFF expects the net proceeds from the common stock offering to be
approximately $1,456 million (or up to $1,602 million if the
underwriters for the common stock offering exercise their option to
purchase additional shares of IFF's common stock) and expects the net
proceeds from the tangible equity unit offering to be approximately $726
million (or up to $799 million if the underwriters for the tangible
equity unit offering exercise their over-allotment option), in each case
after deducting underwriting discounts and commissions and estimated
expenses. IFF intends to use the net proceeds from these offerings,
together with borrowings under new term loans, additional debt financing
and cash on hand, to finance the previously announced merger with
Frutarom Industries Ltd. and to pay related fees and expenses. If for
any reason the merger is not consummated, then IFF intends to use the
net proceeds from these offerings for general corporate purposes.

Morgan Stanley & Co. LLC, Citigroup Global Markets Inc. and J.P. Morgan
Securities LLC are acting as joint book-running managers for the common
stock offering and for the tangible equity unit offering. BNP Paribas
Securities Corp. is acting as senior lead manager and Citizens Capital
Markets, Inc., ING Financial Markets LLC, MUFG Securities Americas Inc.,
Wells Fargo Securities, LLC and HSBC Securities (USA) Inc. are acting as
co-managers for the common stock and the tangible equity offerings.
BTIG, LLC is also acting as a co-manager for the common stock offering
and U.S. Bancorp Investments, Inc. and Standard Chartered Bank are also
acting as co-managers for the tangible equity unit offering. The
offerings of common stock and tangible equity units (including the
component stock purchase contracts and senior amortizing notes) are
being made pursuant to an effective shelf registration statement on Form
S-3 filed with the Securities and Exchange Commission ("SEC"). Each
offering may only be made by means of the prospectus supplement relating
to such offering and the accompanying prospectus. Copies of the
prospectus supplement for each offering and the accompanying prospectus
can be obtained by contacting Morgan Stanley & Co. LLC, Prospectus
Department, 180 Varick Street, 2nd Floor, New York, New York 10014;
Citigroup Global Markets Inc. toll-free at 1-800-831-9146, or by mail at
Citigroup, c/o Broadridge Financial Solutions, 1155 Long Island Avenue,
Edgewood, NY 11717; or J.P. Morgan Securities LLC, c/o Broadridge
Financial Solutions 1155 Long Island Avenue, Edgewood, NY 11717, or via
telephone: 1-866-803-9204.

This press release shall not constitute an offer to sell or the
solicitation of an offer to buy any securities, nor shall there be any
sale of these securities in any state or jurisdiction in which such
offer, solicitation or sale would be unlawful prior to registration or
qualification under the securities laws of any such state or
jurisdiction.

Meet IFF

International Flavors & Fragrances Inc. (NYSE:IFF) (Euronext Paris:IFF)
is a leading innovator of sensorial experiences that move the world. At
the heart of our company, we are fueled by a sense of discovery,
constantly asking "what if?". That passion for exploration drives us to
co-create unique products that consumers taste, smell, or feel in fine
fragrances and beauty, detergents and household goods, as well as
beloved foods and beverages. Our 7,300 team members globally take
advantage of leading consumer insights, research and development,
creative expertise, and customer intimacy to develop differentiated
offerings for consumer products.

Cautionary Statement Regarding Forward-Looking Statements

This press release includes "forward-looking statements" under the
Federal Private Securities Litigation Reform Act of 1995, including the
completion and timing of the offerings described, the anticipated use of
proceeds from the offerings and completion of the merger. These
statements involve risks and uncertainties that could cause actual
results to differ materially, including, but not limited to, the ability
to satisfy customary closing conditions with respect to the offering,
prevailing market conditions, and the impact of general economic,
industry or political conditions in the United States or
internationally. Additional risks and uncertainties relating to the
offering, IFF and its business can be found in IFF's SEC filings,
including IFF's Annual Report on Form 10-K for the year ended December
31, 2017 filed with the Commission on February 27, 2018. IFF undertakes
no obligation to publicly update or revise any forward-looking
statements, whether as a result of new information, future events, or
otherwise.

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