Richard Goldstein Retires From IFF, as Planned; Arthur Martinez Named Interim Chairman and CEO

As reported, the Company's Board of Directors has retained theexecutive search firm of Spencer Stuart to assist it in identifyingMr. Goldstein's successor. That process is continuing and isprogressing well.

Pending the appointment of a successor, IFF's Board of Directorstoday elected Arthur C. Martinez, the Company's Lead Director, asInterim Chairman and Chief Executive Officer.

Mr. Martinez was formerly Chairman and Chief Executive Officer ofSears, Roebuck & Co and serves on the boards of directors of PepsiCo,Inc., Liz Claiborne, Inc. and IAC/InterActive Corp.

IFF is a leading creator and manufacturer of flavors andfragrances used in a wide variety of consumer products -- from thefine fragrances and toiletries, to soaps, detergents and otherhousehold products, to beverages and food products. IFF is dedicatedto The Pursuit of Excellence in every area of its business, usingknowledge, creativity, innovation and technology to continuallyprovide customers with the highest quality products and service andsuperior consumer understanding.

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 press release, which are not historical factsor information, are "forward-looking statements" within the meaning ofThe Private Securities Litigation Reform Act of 1995. Certain of suchforward-looking information may be identified by such terms as"expect," "anticipate," "believe," "may" and similar terms orvariations thereof. Such forward-looking statements are based onmanagement'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.