Investor presentation
Reinforcing a leadership
position – outperforming the market

Givaudan products drive millions of consumer
decisions every day!

Key drivers of consumer repurchase decisions
Fragrance and Flavour industry
Flavours

Fine Fragrances

Source: AC Scent
Nielsen (European) study78%
4-6%
of customers COGS

45%

0.5%
of customers COGS

Overall experience

8%

Brand

5%

Fragrance image

3%
6%

Other

Smell and taste

Investor Presentation October 2015 - January 2016

Brand image

30%

Price

15%

Packaging

10%3

The industry

The Fragrance and Flavour industry
End consumer markets
Our customers
Multi-national | Regional | Local | Food service | Private label
The cost of flavours and fragrances to our customers is typicallybetween 0.5 – 5% of their product costFoodBeverages

Fine Fragrance

Investor Presentation September-October 2015

Household

Personal care

Fragrance and Flavour industry
Total market is CHF 18–19 billion

OthersGivaudanFirmenich

SymriseIFF> Givaudan market share above 25%

Investor Presentation October 2015 - January 2016

6

“How to win business” modelin a competitive bidding situation
Product life cycles are getting
shorter – Our customers issue over 35,000
briefings per year:

Our submissions draw on leading
global market knowledge
and capabilities• To a small number of Fragrance and Flavourhouses• Creation capability and our fragrance and flavour
ingredients palette and technology• The brief defines the olfactive andorganoleptic requirements andcost-in-use target• Evaluation and application process• As well as product and brand related
information and requirements• Regulatory compliance and advice• Consumer insight and local market understanding> Revenue stream over the life cycle of the customers’ product

Investor Presentation October 2015 - January 2016

7

Where are we now?

2014 Full Year Results
Solid performance in a challenging environmentSales
CHF 4.4billion,
up 3.7% likefor likeGrossmarginof 46.0%,
up from
44.7%

EBITDACHF 1,053
millionmargin of
23.9%

Investor Presentation October 2015 - January 2016

Net income
CHF
563million,
14.9% upyear on year

Free cash
flow
CHF
604million,
13.7% ofsales

9

2015 Half Year Results
Financial highlights• Sales of CHF 2.2 billion, up 1.3% on a like-for-like* basis• Project pipeline and win rates sustained at a high level• EBITDA of CHF 566 million in 2015
• EBITDA margin improved to 25.9% from 25.6% in 2014
• Net income of CHF 339 million, up 11.2% year on year
• Free cash flow of 11.4% of sales, compared to 8.1% in 2014

* Like-for-like (LFL) excludes the impact of currency, acquisitions and disposals> Our 2015 six month results are a convincing demonstration of the continued value webring to our customers, across all regions and segments
Investor Presentation October 2015 - January 2016102015 Half Year Results
Sales performance: Sustained growth in a difficult environment
In million CHF
2'184

1'161
1'023

GroupFragrances

Flavours% 2008 – 2015 CAGR

4.9%

5.0%

4.8%

% 2015 growth on LFL* basis

1.3%0%

2.6%% 2015 growth in CHF(0.3)%(1.1)%

0.4%* LFL (like-for-like) excludes the impact of currency, acquisitions and disposals

Investor Presentation October 2015 - January 201611

2015 Half Year Results
HY 2008 to HY 2015 sales CAGR: In line with mid-term guidance
Fragrances

Flavours

2.7%

Fine Fragrances

Total Fragrances

7.1%

Asia Pacific

Consumer
Products

Fragrance
Ingredients

11.1%

Latin America

6.3%
North America

2.9%

EAME

3.0%

0.9%

Total
Flavours

5.0%

Group

4.8%

4.9%

LFL (like-for-like) excludes the impact of currency, acquisitions and disposals

Investor Presentation October 2015 - January 201612

2015 Half Year Results
Sales evolution by market: Presence in developing markets continues toincrease
In million CHF
1'202

HY2014

1'186

HY2015Mature% of total sales

55%

989

998

HY2014

HY2015Developing
54%

45%

46%

% 2008 – 2015 CAGR

1.8%

9.3%

% 2015 growth on LFL* basis

1.0%

1.8%

* LFL (like-for-like) excludes the impact of currency, acquisitions and disposals

Investor Presentation October 2015 - January 201613

2015 Half Year Results
Sales evolution by region849

In million CHF

786

580

604
508

472

290

286

HY2014

HY2015

HY2014

HY2015

HY2014

HY2015

HY2014

HY2015

LATAM

APAC

NA

EAME

% 2015 growth on LFL* basis

5.4%

1.9%

0.8%

0.1%

% 2008 – 2015 CAGR

12.1%

8.0%

1.9%

2.6%

% 2008 – 2015 CAGR Developing (Ø 9.3%)

12.1%

10.2%

-5.8%-3.4%

1.9%

1.1%

% 2008 – 2015 CAGR Mature (Ø 1.8%)* LFL (like-for-like) excludes the impact of currency, acquisitions and disposals

Investor Presentation October 2015 - January 201614

2015 Nine month sales
Improved performance in developing markets
3'296

In million CHF

1'733
1'563

GroupFragrances

Flavours% 2015 growth on LFL* basis

2.0%

0.7%

3.3%

% 2015 growth in CHF

-0.5%

-1.5%

0.4%

Developing markets

3.3%

Mature markets

1.0%* LFL (like-for-like) excludes the impact of currency, acquisitions and disposalsInvestor Presentation October 2015 - January 201615

Where we are going2020 Strategy
Partnering for shared success – Responsible
growthResponsible growth.
Shared success.

Confidential and proprietary business information of Givaudan

27th August 2015
27th August 201518
18

Responsible growth.
Shared success.

4–5%

12–17%

Organic sales
growthFree cash flow as% of sales

Partnerof choice

Creating additional value through acquisitions
Investor Presentation October 2015 - January 2016

19

The value proposition for investors

Unrivalled capabilities

Depth and range ofcustomer relationshipsGlobal reach

Unmatched resources
to service our clients

885634

Locationsworldwide

Creation andapplication centres

Production sites

Investor Presentation October 2015 - January 2016

Broadest product offeringOver

60,000
Products sold per year

21

Well balanced business with natural hedges

Geography• 46% of sales in developing markets• 54% in mature markets

Segments

Customers and products

Balanced portfolio in most fragrance
and flavour applications

Diversified client base ranging
from multinationals to regional
clients, from premium brands to
private and white label

Currency• Creation and production
centres close to customers• Sales and expenses balanced acrossmajor currencies protecting margins

Investor Presentation October 2015 - January 201622

Dividend per share
Free cash flow of CHF 5.2 billion generated over the past 15 years
CHF 2,114 million of cash flow returned to shareholders as dividends
and CHF 504 million (net) through share buy-backs
47

50

36

15.4

16.3

17.6

18.8

19.5

20

20.6

21.5

22
662

6.5

7

8.1

549

273

295

289

262

203

2000

2001

2002

2003

2004

512

437

390

340

604

2005

2006

157

145

2007

2008

Free Cash Flow

Investor Presentation October 2015 - January 2016

11720092010

2011

2012

2013

2014

Dividend23

Increased payout to shareholders
What drives FCF to 14%–16% of sales in 2015
Improving EBITDA

operational leverage of approx. 30%,
depending on mix

Savings of CHF 15 mio

from Flavour production in Makó (Hungary)
2015: CHF 15 mio

Reduction of double running
cost

Makó/Kemptthal
2015: CHF 10 mio

Investor Presentation October 2015 - January 201624

Guidance 2010-2015
On track to deliver on our ambitious last mid-term guidance

4,5 to 5,5%Best-in-class

14 to 16%

Above 60%

Organic salesgrowth per annum*

EBITDAFree cash flow
as % of sales
in 2015

Free cash flow
return toshareholders**

Driven by five pillar strategy

DevelopingMarkets

Research &Development

Health &Wellness

Sustainablesourcing ofraw materials

Targetedcustomers andsegments* Sales growth assumes a market growth of 2-3%** Free cash flow above 60% return to shareholders whilst maintaining a leverage ratio of
no more than 25%
Investor Presentation October 2015 - January 201625

Disclaimer

No warranty and no liability: While Givaudan is making great efforts to include
accurate and up-to-date information, we make no representations or warranties,
expressed or implied, as to the accuracy or completeness of the information
provided on this handout and disclaim any liability for the use of it.
No offer and no solicitation: The information provided on this handout does notconstitute an offer of or solicitation for the purchase or disposal, trading or any
transaction in any Givaudan securities. Investors must not rely on this information
for investment decisions.
Forward-looking information: This handout may contain forward-looking
information. Such information is subject to a variety of significant uncertainties,
including scientific, business, economic and financial factors, and therefore actual
results may differ significantly from those presented.
Copyright © 2015 Givaudan SA. All rights reserved.

Investor Presentation October 2015 - January 201626