INTERNATIONAL FLAVORS & FRAGRANCES INC.
UNAUDITED PRO-FORMA CONSOLIDATED INCOME STATEMENT

(Dollars in thousands)

2004	Quarter-to-date
1st Quarter	As reported			Germany, Switzerland and France Fruit Business		Pro-Forma

Net sales	$	535,015		$	24,616	$	510,399
Cost of goods sold		306,786			18,927		287,859

Gross margin on sales		228,229			5,689		222,540
Research &development		44,648			627		44,021
Selling and administrative		89,726			1,777		87,949
Amortization		3,699			--		3,699

		90,156			3,285		86,871
Restructuring and other charges		--			--		--
Interest expense		(6,457	)		--		(6,457	)
Other income (expense), net		(1,425	)		--		(1,425	)

Pretax income		82,274			3,285		78,989
Income taxes		25,916			1,035		24,881

Net Income	$	56,358		$	2,250	$	54,108

2nd Quarter	As reported			Germany, Switzerland and France Fruit Business		Pro-Forma			As reported			Germany, Switzerland and France Fruit Business		Pro-Forma

Net sales	$	524,177		$	21,622	$	502,555		$	1,059,192		$	46,238	$	1,012,954
Cost of goods sold		295,716			16,580		279,136			602,502			35,507		566,995

Gross margin on sales		228,461			5,042		223,419			456,690			10,731		445,959
Research &evelopment		44,342			612		43,730			88,990			1,239		87,751
Selling and administrative		83,184			1,654		81,530			172,910			3,431		169,479
Amortization		3,709			--		3,709			7,408			--		7,408

		97,226			2,776		94,450			187,382			6,061		181,321
Restructuring and other charges		(7,716	)		--		(7,716	)		(7,716	)		--		(7,716	)
Interest expense		(6,114	)		--		(6,114	)		(12,571	)		--		(12,571	)
Other income (expense), net		(1,305	)		--		(1,305	)		(2,730	)		--		(2,730	)

Pretax income		82,091			2,776		79,315			164,365			6,061		158,304
Income taxes		25,589			865		24,724			51,505			1,900		49,605

Net Income	$	56,502		$	1,911	$	54,591		$	112,860		$	4,161	$	108,699

3rd Quarter	As reported			Germany, Switzerland and France Fruit Business			Pro-Forma			As reported			Germany, Switzerland and France Fruit Business		Pro-Forma

Net sales	$	506,229		$	10,600		$	495,629		$	1,565,421		$	56,838	$	1,508,583
Cost of goods sold		289,052			9,325			279,727			891,554			44,832		846,722

Gross margin on sales		217,177			1,275			215,902			673,867			12,006		661,861
Research & development		43,124			421			42,703			132,114			1,660		130,454
Selling and administrative		83,694			1,099			82,595			256,604			4,530		252,074
Amortization		3,709			--			3,709			11,117			--		11,117

		86,650			(245	)		86,895			274,032			5,816		268,216
Restructuring and other charges		(19,950	)		--			(19,950	)		(27,666	)		--		(27,666	)
Interest expense		(6,041	)		--			(6,041	)		(18,612	)		--		(18,612	)
Other income (expense), net		(324	)		--			(324	)		(3,054	)		--		(3,054	)

Pretax income		60,335			(245	)		60,580			224,700			5,816		218,884
Income taxes		18,030			(74	)		18,104			69,535			1,826		67,709

Net Income	$	42,305		$	(171	)	$	42,476		$	155,165		$	3,990	$	151,175

4th Quarter	France Fruit Business			Germany, Switzerland and France Fruit Business

Net sales	$	1,479		$	58,317
Cost of goods sold		1,482			46,314

Gross margin on sales		(3	)		12,003
Research & development		76			1,736
Selling and administrative		163			4,693
Amortization		--			--

		(242	)		5,574
Restructuring and other charges		--			--
Interest expense		--			--
Other income (expense), net		--			--

Pretax income		(242	)		5,574
Income taxes		(73	)		1,753

Net Income	$	(169	)	$	3,821

NOTE: Income taxes for the businesses disposed of was calculated using the full year corporate effective tax rate.