IFF Announces Management Succession Plan; Search Initiated for a Successor to Richard A. Goldstein Upon his Retirement as Chairman and CEO at Annual Meeting

The Company's Board of Directors has retained the executive searchfirm of Spencer Stuart to assist in identifying Mr. Goldstein'ssuccessor.

Mr. Goldstein commented, "Over the past five and a half years, wehave made excellent strides in reinforcing IFF's industry leadership,strengthening our research and development capabilities, and enhancingour technological innovation and customer service. I am confidentthat, with the progress we have made, IFF is well positioned todeliver long-term growth and increased value for shareholders. As aresult, the Board and I believe the timing is now right to put thissuccession plan into effect, and I look forward to working to assure aseamless transition."

Arthur C. Martinez, Lead Director, speaking on behalf of the Boardof Directors, said, "We thank Dick for his leadership over the pastfive and a half years. During his tenure, Dick has overseen keystrategic initiatives, including the successful acquisition andintegration of Bush Boake Allen, and significant investments inproduct development and technology, which put IFF in a strong positionfor the future."

Mr. Goldstein, 64, has served as Chairman and Chief ExecutiveOfficer of the Company since June 2000. Prior to that, he wasPresident and Chief Executive Officer of Unilever United States, Inc.Mr. Goldstein serves on the Boards of Directors of Fiduciary TrustCompany International, The Interpublic Group of Companies, Inc., andContinuum Health Partners, Inc.

IFF is a leading creator and manufacturer of flavors andfragrances used in a wide variety of consumer products - from finefragrances and toiletries, to soaps, detergents and other householdproducts, to beverages and food products. IFF is dedicated to ThePursuit of Excellence in every area of its business, using knowledge,creativity, innovation and technology to continually provide customerswith the highest quality products and service and superior consumerunderstanding.

IFF has sales, manufacturing and creative facilities in 31countries worldwide. For more information, please visit our Web siteat www.iff.com.

Cautionary Statement Under the Private Securities LitigationReform Act of 1995

Statements in this report, which are not historical facts orinformation, are "forward-looking statements" within the meaning ofThe Private Securities Litigation Reform Act of 1995. Suchforward-looking statements are based on management's reasonablecurrent assumptions and expectations. Certain of such forward-lookinginformation may be identified by such terms as "expect", "anticipate","believe", "may" and similar terms or variations thereof. Allinformation concerning the restructuring charges and expected savings,and other future financial results or financial position, constitutesforward-looking information. Such forward-looking statements are basedon management's reasonable current assumptions and expectations. Suchforward-looking statements involve risks, uncertainties and otherfactors, which may cause the actual results of the Company to bematerially different from any future results expressed or implied bysuch forward-looking statements, and there can be no assurance thatactual results will not differ materially from management'sexpectations. Such factors include, among others, the following:general economic and business conditions in the Company's markets,including economic, population health and political uncertainties;interest rates; the price, quality and availability of raw materials;the Company's ability to implement its business strategy, includingthe achievement of anticipated cost savings, profitability and growthtargets; the impact of currency fluctuation or devaluation in theCompany's principal foreign markets and the success of the Company'shedging and risk management strategies. The Company intends itsforward-looking statements to speak only as of the time of suchstatements and does not undertake to update or revise them as moreinformation becomes available or to reflect changes in expectations,assumptions or results.