New York, NY October 31, 2007 – International Flavors & Fragrances Inc. (NYSE: IFF), a leading global creator of flavors and fragrances for consumer products, today reported strong growth in sales for the third quarter of 2007. Earnings per share as reported were $.67 in the quarter compared to $.70 per share in the third quarter of 2006.

The 2007 results include a pension curtailment loss of $5.9 million or $.04 per share resulting from changes to the Company’s U.S. defined benefit pension plan. The 2006 results included a $3 million or $.03 per share insurance recovery related to a 2005 product contamination issue and $6 million or $.04 per share of other income relating primarily to gains on disposition of assets. Excluding these items from the respective years, the 2007 third quarter earnings per share would have been $.71 compared to $.63 per share in the 2006 quarter, representing a 13 percent increase.

“Our strong financial performance in the third quarter is a result of significant growth in our Flavors business combined with another quarter of strong growth in Fine Fragrances,” said Robert M. Amen, Chairman and Chief Executive Officer. “We continue to build positive momentum by focusing on our three strategic drivers – customers, people and innovation.

“Looking ahead, IFF is well positioned to benefit from the strong global economy and the rapid growth in consumer sectors of Asia, Latin America and Eastern Europe.”

Third quarter 2007 sales were $583 million, an increase of 8 percent from the prior year quarter. Reported sales benefited from the generally weaker U.S. dollar, mainly against the Euro and Pound Sterling; at comparable exchange rates, sales would have increased 5 percent over the 2006 quarter.

Flavors business unit sales increased 12 percent, due to new wins and volume growth in each region. Flavor sales were particularly strong in Latin America, increasing 31 percent, with excellent growth in North America and Greater Asia.

The 6 percent increase in total Fragrance business unit sales was driven by an 11 percent increase in both fine and beauty care sales and ingredient sales. The fine and beauty care sales benefited from both new product introductions and continued success of existing creations. The growth in ingredient sales was attributable to higher volumes. Functional fragrance sales declined by 1 percent.

Flavors Business Unit profitability as reported increased 8 percent compared to the 2006 quarter, on the 12 percent sales increase. The comparison with the prior year period was affected by the $3 million insurance recovery related to the product contamination matter; excluding the insurance recovery from the prior year comparative, Flavors profitability would have increased 16 percent over the 2006 quarter. The profitability improvement was enabled by the strong sales growth, favorable product mix and continued good cost control.

Fragrance Business Unit Profitability was flat in comparison to the 2006 quarter on the 6 percent sales increase. Profitability was impacted by lower fragrance ingredient selling prices, some impact of higher raw material costs and lower functional fragrance volumes.

IFF is a leading creator of flavors and fragrances used in a wide variety of consumer products and packaged goods. Consumers experience these unique scents and tastes in fine fragrances and beauty care, detergents and household goods, as well as beverages, confectionary and food products. The Company leverages its competitive advantages of brand understanding and consumer insight combined with its focus on R&D and innovation, to provide customers with differentiated product offerings. A member of the S&P 500 Index, IFF has sales, manufacturing and creative facilities in 30 countries worldwide. For more information, please visit our Web site at www.iff.com.

An audio Web cast, to discuss the Company’s third quarter 2007 financial results and outlook, will be held today at 10:00 a.m. ET. Interested parties can access the Web cast and accompanying slide presentation on the Company’s Web site at www.iff.com, under the Investor Relations section. For those unable to listen to the live broadcast, a replay will be available on the Company’s Web site approximately one hour after the event and will remain available on the IFF Web site until 11:59 p.m. on November 14, 2007.

Cautionary Statement Under The Private Securities Litigation Reform Act of 1995

Statements in this report, which are not historical facts or information, are “forward-looking statements” within the meaning of The Private Securities Litigation Reform Act of 1995. Such forward-looking statements are based on management’s current assumptions, estimates and expectations. Certain of such forward-looking information may be identified by such terms as “expect,” “believe,” “outlook,” “guidance,” “may,” and similar terms or variations thereof. All information concerning future revenues, tax rates or benefits, interest savings,

earnings and other future financial results or financial position, constitutes forward-looking information. Such forward-looking statements involve significant risks, uncertainties and other factors. Actual results of the Company may differ materially from any future results expressed or implied by such forward-looking statements. 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, including the achievement of anticipated cost savings, profitability and growth targets; the impact on cash and the impact of increased borrowings related to the July 2007 share repurchase program; the impact of currency fluctuation or devaluation in the Company’s principal foreign markets and the success of the Company’s hedging and risk management strategies; the outcome of uncertainties related to litigation; the impact of possible pension funding obligations and increased pension expense on the Company’s cash flow and results of operations; and 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. The Company intends its forward-looking statements to speak only as of the time of such statements and does not undertake or plan to update or revise them as more information becomes available or to reflect changes in expectations, assumptions or results.

Any public statements or disclosures by IFF following this report that modify or impact any of the forward-looking statements contained in or accompanying this report will be deemed to modify or supersede such outlook or other forward-looking statements in or accompanying this report.

	Quarter Ended September 30,						Nine Months Ended September 30,
	2006			2007		% Change	2006			2007			% Change
Net sales	$	539,135		$	583,313	8%	$	1,581,072		$	1,723,140		9%
Cost of goods sold		310,149			339,175	9%		907,856			996,225		10%
Gross margin on sales		228,986			244,138	7%		673,216			726,915		8%
Research & development expenses		46,471			49,733	7%		137,661			145,125		5%
Selling and administrative expenses		88,092			94,464	7%		261,364			276,933		6%
Amortization		3,713			3,555	–4%		11,134			10,666		–4%
Curtailment loss		—			5,943			—			5,943
Restructuring and other charges		316			—			673			—
Interest expense		6,475			8,596	33%		18,148			25,306		39%
Other expense (income), net		(6,783	)		1,239	–118%		(6,630	)		(1,747	)	–74%
Pretax income		90,702			80,608	–11%		250,866			264,689		6%
Income taxes		27,056			21,764	–20%		72,348			64,784		–10%
Net income		63,646			58,844	–8%		178,518			199,905		12%
Earnings per share – basic		$0.71			$0.68	–4%		$1.97			$2.26		15%
Earnings per share – diluted		$0.70			$0.67	–4%		$1.95			$2.23		14%
Average shares outstanding (in thousands):
Basic		90,053			87,063	–3%		90,786			88,538		–2%
Diluted		90,988			88,056	–3%		91,489			89,612		–2%

	December 31, 2006		September 30, 2007
Cash and cash equivalents	$	114,508	$	61,964
Short-term investments		604		600
Receivables		405,302		486,389
Inventories		446,606		467,903
Other current assets		112,783		101,405
Total current assets		1,079,803		1,118,261
Property, plant and equipment, net		495,124		492,593
Goodwill and other intangibles, net		745,716		735,049
Other assets		158,261		187,756
Total assets	$	2,478,904	$	2,533,659
Bank borrowings and overdrafts	$	15,897	$	52,578
Other current liabilities		430,874		361,430
Total current liabilities		446,771		414,008
Long-term debt		791,443		1,134,493
Non-current liabilities		335,522		437,451
Shareholders’ equity		905,168		547,707
Total liabilities and shareholders’ equity	$	2,478,904	$	2,533,659

	September 30, 2006			September 30, 2007
Cash flows from operating activities:
Net income	$	178,518		$	199,905
Adjustments to reconcile to net cash provided by operations:
Depreciation and amortization		66,910			62,825
Deferred income taxes		(8,904	)		(12,202	)
Gain on disposal of assets		(14,682	)		(7,358	)
Equity based compensation		13,015			13,310
Curtailment loss		—			5,943
Changes in assets and liabilities:
Current receivables		(59,694	)		(66,354	)
Inventories		12,328			(2,381	)
Current payables		34,439			(19,338	)
Changes in other assets, net		34,237			37,760
Changes in other liabilities, net		(18,660	)		(24,087	)
Net cash provided by operations		237,507			188,023
Cash flows from investing activities:
Net change in short-term investments		25			(311	)
Additions to property, plant and equipment		(30,883	)		(36,504	)
Proceeds from disposal of assets		14,888			9,139
Net cash used in investing activities		(15,970	)		(27,676	)
Cash flows from financing activities:
Cash dividends paid to shareholders		(50,815	)		(56,248	)
Net change in bank borrowings and overdrafts		(36,804	)		(137,837	)
Proceeds from long-term debt		375,000			500,000
Repayments of long-term debt		(499,300	)		—
Proceeds from issuance of stock under stock plans		40,494			48,441
Excess tax benefits on stock options exercised		362			6,353
Purchase of treasury stock		(162,221	)		(576,832	)
Net cash used in financing activities		(333,284	)		(216,123	)
Effect of exchange rates changes on cash and cash equivalents		1,965			3,232
Net change in cash and cash equivalents		(109,782	)		(52,544	)
Cash and cash equivalents at beginning of year		272,545			114,508
Cash and cash equivalents at end of period	$	162,763		$	61,964

	Three Months Ended September 30, 2007
(Dollars in thousands)	Flavors		Fragrances		Global Expenses			Consolidated
Net sales	$	256,423	$	326,890	$	—		$	583,313
Operating profit	$	48,111	$	55,779	$	(7,504	)		96,386
Interest expense									(8,596	)
Curtailment loss									(5,943	)
Other income (expense), net									(1,239	)
Income before taxes on income								$	80,608

	Three Months Ended September 30, 2006
(Dollars in thousands)	Flavors		Fragrances			Global Expenses			Consolidated
Net sales	$	229,734	$	309,401		$	—		$	539,135
Segment profit	$	44,080	$	56,486		$	(9,856	)	$	90,710
Restructuring and other charges		553		(824	)		(45	)		(316	)
Operating profit	$	44,633	$	55,662		$	(9,901	)		90,394
Interest expense										(6,475	)
Other income (expense), net										6,783
Income before taxes on income									$	90,702