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IFF Declares Dividend for Fourth Quarter and Announces New $250 Million Share Repurchase Program

  IFF Declares Dividend for Fourth Quarter and Announces New $250 Million
  Share Repurchase Program

Business Wire

NEW YORK -- December 11, 2012

International Flavors & Fragrances Inc. (NYSE: IFF), a leading global creator
of flavors and fragrances for consumer products, announced that its Board of
Directors has declared a regular quarterly cash dividend of $0.34 per share of
the Company’s common stock, payable on December 28, 2012 to shareholders of
record as of December 21, 2012. This dividend is intended to be in lieu of the
regular quarterly cash dividend which traditionally has been declared in
December and paid in January. The earlier dividend payment is due to a
potential increase in the dividend tax rate in 2013.

The Company also announced that its Board of Directors has authorized a $250
million share repurchase program, which is expected to commence in the first
quarter of 2013 and to be completed by the end of 2014. At the current market
price, the new program would enable the repurchase of approximately 4 million
shares, or approximately 5% of the shares currently outstanding. The purchases
will be made from time to time on the open market or through private
transactions as market and business conditions warrant. Repurchased shares
will be placed into treasury stock.

Doug Tough, IFF’s Chairman and CEO, said, “We believe purchasing our own
shares at this time is a prudent use of our cash. Given the strength of our
balance sheet and our overall financial flexibility, we believe we are well
positioned to invest in the future growth of our business, while at the same
time returning cash to shareholders through dividend payments and share
repurchases. Over the past 10 years, IFF has returned nearly $1.9 billion to
shareholders through dividend payments and share repurchases. This share
repurchase program demonstrates our continued confidence in IFF’s long-term
growth prospects and our commitment to building shareholder value.”

About International Flavors & Fragrances Inc.

International Flavors & Fragrances Inc. (NYSE: IFF) is a leading global
creator of flavors and fragrances used in a wide variety of consumer products.
Consumers experience these unique scents and tastes in fine fragrances and
beauty care, detergents and household goods, as well as beverages, sweet goods
and food products. The Company leverages its competitive advantages of
consumer insight, research and development, creative expertise, and customer
intimacy to provide customers with innovative and differentiated product
offerings. A member of the S&P 500 Index, IFF has more than 5,600 employees
working in 32 countries worldwide. For more information, please visit our
website at www.iff.com.

Cautionary Statement Under The Private Securities Litigation Reform Act of
1995

This press release includes “forward-looking statements” under the Federal
Private Securities Litigation Reform Act of 1995, including statements
regarding (i) the Company’s belief that its balance sheet and overall
financial flexibility will enable it to invest in the business while
contemporaneously returning cash to shareholders through dividends and share
repurchases and (ii) the amount and timing of share repurchases. These
forward-looking statements are qualified in their entirety by cautionary
statements and risk factor disclosures contained in the Company’s Securities
and Exchange Commission filings, including the Company’s Annual Report on Form
10-K filed with the Commission on February 28, 2012. The Company wishes to
caution readers that certain important factors may have affected and could in
the future affect the Company’s expectations could cause the Company’s actual
results for subsequent periods to differ materially from those expressed in
any forward-looking statements made by or on behalf of the Company. These
factors include, but are not limited to: (1) the economic climate for the
Company’s industry and demand for the Company’s products; (2) fluctuations in
the price, quality and availability of raw materials; (3) changes in consumer
preferences; (4) the Company’s ability to implement its business strategy,
including the achievement of anticipated cost savings, profitability,
realization of price increases and growth targets; (5) the Company’s ability
to successfully develop new and competitive products and enter and expand its
sales in new and other emerging markets; (6) the impact of currency
fluctuations or devaluations in the Company’s principal foreign markets; (7)
uncertainties regarding the outcome of, or funding requirements, related to
litigation or settlement of pending litigation, uncertain tax positions or
other contingencies; (8) the effect of legal and regulatory proceedings, as
well as restrictions imposed on the Company, its operations or its
representatives by U.S. and foreign governments; and (9) adverse changes in
federal, state, local and foreign tax legislation or adverse results of tax
audits, assessments, or disputes. With respect to repurchases under the
Company's share repurchase program, the amount of shares repurchased, if any,
and the timing of such repurchases will depend on, among other things, the
trading price of the Company's common stock, which may be positively or
negatively impacted by the repurchase program, market and business conditions,
the availability of stock, the Company's financial performance or the
Company’s determination following the date of this announcement to use the
Company's funds for other purposes. 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 update or revise any forward-looking
statements, whether as a result of new information, future events, or
otherwise.

Contact:

International Flavors & Fragrances Inc.
Investors:
Shelley Young, 212-708-7271
Director, Investor Relations
 
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