Firmenich Successfully Completes Placement of its Inaugural Benchmark Eurobonds & Swiss Franc Bonds

NOT FOR RELEASE,PUBLICATION,DISTRIBUTION IN OR INTO THE UNITED STATES,ITALY,CANADA,AUSTRALIA,JAPAN OR ANY OTHER JURISDICTION IN WHICH SUCH RELEASE,PUBLICATION OR DISTRIBUTION WOULD BE PROHIBITED BY APPLICABLE LAWS.

GENEVA,April 24,2020 -- Firmenich International SA,a global leader in the Flavor & Fragrance industry,is pleased to announce the successful placement of its inaugural €1.5bn Eurobond Benchmark Offering comprising two tranches with 6.5 and 10 year maturities and coupon rates of 1.375 and 1.75 per cent,as well as the placement of CHF 425mn Swiss Franc bonds with a 3.6 year maturity and a coupon rate of one per cent.

The net proceeds of the bonds will be used to finance the acquisition of DRT announced on 6th March 2020 and for general corporate purposes.

The Eurobonds were significantly oversubscribed and both offerings attracted strong interest from a broad institutional investor base,demonstrating recognition of the Group's resilient business model,successful operating track record and strong cash generation profile. The benchmark Eurobonds and Swiss bonds are rated BBB by S&P Global Ratings Europe Limited.

"Our inaugural bond placement represents an important moment in Firmenich's 125-year history. We are extremely happy with the support received from a wide range of institutional investors," said Patrick Firmenich,Chairman of the Board,Firmenich.

"We are excited for the future. This funding will enable us to continue investing in strategic growth and business development opportunities," said Gilbert Ghostine,CEO,Firmenich. "I would like to thank all of our colleagues,who have been instrumental in building our business and I welcome our new investors to the Firmenich community."

Citi and UBS acted as Global Coordinators and Joint Bookrunners with respect to the Eurobond offering. Credit Suisse and ZKB acted as Joint Bookrunners with respect to the Swiss bond offering. The Eurobond offering is expected to be settled on or around 30th April 2020,whilst the Swiss Franc bond offering is expected to be settled on or around 19th May 2020,subject to customary conditions precedent.

Firmenich was advised by Baker & McKenzie and by Bredin Prat and Homburger in respect of French and Swiss law,respectively.

About Firmenich

Firmenich was founded in 1895 in Geneva,Switzerland,and for 125 years has been a private family-owned company. Firmenich is a leading business-to-business company operating primarily in the flavors and fragrances market,and is involved in the research,creation,manufacture and sale of perfumes,flavors and ingredients. Firmenich aims to offer its customers superior creativity in formulation,a broad and high-quality palette of ingredients and proprietary technologies including in biotechnology,encapsulation,olfactory science and taste modulation,among other areas of innovation. Firmenich had an annual turnover of 3.9 billion Swiss Francs at end June 2019. More information about Firmenich is available atwww.firmenich.com

DISCLAIMER

NO ACTION HAS BEEN TAKEN BY THE COMPANY,THE JOINT LEAD MANAGERS OR ANY OF THEIR RESPECTIVE AFFILIATES THAT WOULD PERMIT AN OFFERING OF THE BONDS OR POSSESSION OR DISTRIBUTION OF THIS PRESS RELEASE OR ANY OFFERING OR PUBLICITY MATERIAL RELATING TO THE BONDS IN ANY JURISDICTION WHERE ACTION FOR THAT PURPOSE IS REQUIRED. PERSONS INTO WHOSE POSSESSION THIS PRESS RELEASE COMES ARE REQUIRED BY THE COMPANY AND THE JOINT LEAD MANAGERS TO INFORM THEMSELVES ABOUT,AND TO OBSERVE,ANY SUCH RESTRICTIONS.

THIS DOCUMENT IS NOT FOR DISTRIBUTION,DIRECTLY OR INDIRECTLY,IN OR INTO THE UNITED STATES. THE SECURITIES MENTIONED IN THIS DOCUMENT HAVE NOT BEEN AND WILL NOT BE REGISTERED UNDER THE U.S. SECURITIES ACT OF 1933,AS AMENDED (THE "U.S. SECURITIES ACT") AND MAY NOT BE OFFERED,SOLD OR DELIVERED WITHIN THE UNITED STATES OR TO,OR FOR THE ACCOUNT OR BENEFIT OF,U.S. PERSONS WITHIN THE MEANING OF REGULATION S UNDER THE U.S. SECURITIES ACT ABSENT REGISTRATION OR EXEMPTION FROM REGISTRATION UNDER THE U.S. SECURITIES ACT. IN ADDITION,THE COMPANY HAS NOT BEEN,AND WILL NOT BE,REGISTERED UNDER THE U.S. INVESTMENT COMPANY ACT OF 1940,AS AMENDED (THE "U.S. INVESTMENT COMPANY ACT") AND,AS SUCH,INVESTORS WILL NOT BE ENTITLED TO THE BENEFITS OF THE INVESTMENT COMPANY ACT. NO OFFER,PURCHASE,SALE OR TRANSFER OF THE SHARES MAY BE MADE EXCEPT UNDER CIRCUMSTANCES WHICH WILL NOT RESULT IN THE COMPANY BEING REQUIRED TO REGISTER AS AN INVESTMENT COMPANY UNDER THE INVESTMENT COMPANY ACT. THIS DOCUMENT DOES NOT CONSTITUTE AN OFFER TO SELL OR THE SOLICITATION OF AN OFFER TO BUY,NOR SHALL THERE BE ANY SALE OF THESE SECURITIES IN ANY STATE IN WHICH SUCH OFFER,SOLICITATION OR SALE WOULD BE UNLAWFUL. THERE WILL BE NO PUBLIC OFFER OF THE SECURITIES IN THE UNITED STATES OR IN ANY OTHER JURISDICTION.

THIS PRESS RELEASE AND THE OFFERING WHEN MADE ARE ONLY ADDRESSED TO AND DIRECTED IN MEMBER STATES OF THE EUROPEAN ECONOMIC AREA (THE "EEA") AT PERSONS WHO ARE "QUALIFIED INVESTORS" WITHIN THE MEANING OF ARTICLE 2 (E) OF THE PROSPECTUS REGULATION ("QUALIFIED INVESTORS"). FOR THESE PURPOSES,THE EXPRESSION "PROSPECTUS REGULATION" MEANS Regulation (EU) 2017/1129 AND INCLUDES ANY RELEVANT IMPLEMENTING MEASURE IN THE MEMBER STATE.

SOLELY FOR THE PURPOSES OF THE PRODUCT GOVERNANCE REQUIREMENTS CONTAINED WITHIN: (A) EU DIRECTIVE 2014/65/EU ON MARKETS IN FINANCIAL INSTRUMENTS,AS AMENDED ("MIFID II"); (B) ARTICLES 9 AND 10 OF COMMISSION DELEGATED DIRECTIVE (EU) 2017/593 SUPPLEMENTING MIFID II; AND (C) LOCAL IMPLEMENTING MEASURES (TOGETHER,THE "MIFID II PRODUCT GOVERNANCE REQUIREMENTS"),AND DISCLAIMING ALL AND ANY LIABILITY,WHETHER ARISING IN TORT,CONTRACT OR OTHERWISE,WHICH ANY "MANUFACTURER" (FOR THE PURPOSES OF THE MIFID II PRODUCT GOVERNANCE REQUIREMENTS) MAY OTHERWISE HAVE WITH RESPECT THERETO,THE BONDS HAVE BEEN SUBJECT TO A PRODUCT APPROVAL PROCESS,WHICH HAS DETERMINED THAT: (I) THE TARGET MARKET FOR THE BONDS IS ELIGIBLE COUNTERPARTIES AND PROFESSIONAL CLIENTS ONLY,EACH AS DEFINED IN MIFID II; AND (II) ALL CHANNELS FOR DISTRIBUTION OF THE BONDS TO ELIGIBLE COUNTERPARTIES AND PROFESSIONAL CLIENTS ARE APPROPRIATE. ANY PERSON SUBSEQUENTLY OFFERING,SELLING OR RECOMMENDING THE BONDS (A "DISTRIBUTOR") SHOULD TAKE INTO CONSIDERATION THE MANUFACTURERS' TARGET MARKET ASSESSMENT; HOWEVER,A DISTRIBUTOR SUBJECT TO MIFID II IS RESPONSIBLE FOR UNDERTAKING ITS OWN TARGET MARKET ASSESSMENT IN RESPECT OF THE BONDS (BY EITHER ADOPTING OR REFINING THE MANUFACTURERS' TARGET MARKET ASSESSMENT) AND DETERMINING APPROPRIATE DISTRIBUTION CHANNELS.

THE TARGET MARKET ASSESSMENT IS WITHOUT PREJUDICE TO THE REQUIREMENTS OF ANY CONTRACTUAL OR LEGAL SELLING RESTRICTIONS IN RELATION TO ANY OFFERING OF THE BONDS.

FOR THE AVOIDANCE OF DOUBT,THE TARGET MARKET ASSESSMENT DOES NOT CONSTITUTE: (A) AN ASSESSMENT OF SUITABILITY OR APPROPRIATENESS FOR THE PURPOSES OF MIFID II; OR (B) A RECOMMENDATION TO ANY INVESTOR OR GROUP OF INVESTORS TO INVEST IN,OR PURCHASE,OR TAKE ANY OTHER ACTION WHATSOEVER WITH RESPECT TO THE BONDS.

THE BONDS ARE NOT INTENDED TO BE OFFERED,SOLD OR OTHERWISE MADE AVAILABLE TO AND SHOULD NOT BE OFFERED,SOLD OR OTHERWISE MADE AVAILABLE TO ANY RETAIL INVESTOR IN ANY OTHER JURISDICTION OF THE EEA OR IN THE UNITED KINGDOM. FOR THESE PURPOSES,A RETAIL INVESTOR MEANS A PERSON WHO IS ONE (OR MORE) OF: (I) A RETAIL CLIENT AS DEFINED IN POINT (11) OF ARTICLE 4(1) OF MIFID II; OR (II) A CUSTOMER WITHIN THE MEANING OF DIRECTIVE (EU) 2016/97,WHERE THAT CUSTOMER WOULD NOT QUALIFY AS A PROFESSIONAL CLIENT AS DEFINED IN POINT (10) OF ARTICLE 4(1) OF MIFID II. CONSEQUENTLY,NO KEY INFORMATION DOCUMENT REQUIRED BY REGULATION (EU) NO 1286/2014,AS AMENDED (THE "PRIIPS REGULATION") FOR OFFERING OR SELLING THE BONDS OR OTHERWISE MAKING THEM AVAILABLE TO RETAIL INVESTORS IN THE EEA OR IN THE UNITED KINGDOM HAS BEEN PREPARED AND THEREFORE OFFERING OR SELLING THE BONDS OR OTHERWISE MAKING THEM AVAILABLE TO ANY RETAIL INVESTOR IN THE EEA OR IN THE UNITED KINGDOM MAY BE UNLAWFUL UNDER THE PRIIPS REGULATION.

The Bonds may not be publicly offered,directly or indirectly,in Switzerland within the meaning of the Swiss Financial Services Act ("FinSA") and no application has or will be made to admit the Bonds to trading on any trading venue (exchange or multilateral trading facility) in Switzerland. Neither the Offering Circular nor any other offering or marketing material relating to the Bonds constitutes a prospectus pursuant to the FinSA,and neither the Offering Circular nor any other offering or marketing material relating to the Bonds may be publicly distributed or otherwise made publicly available in Switzerland

The Offering Circular has not been prepared in the context of an offer to the public of financial securities within the meaning of Regulation (EU) 2017/1129 (the "Prospectus Regulation"). Consequently,the Bonds may not be,offered or sold to the public in France (offre au public de titres financiers),and neither the Offering Circular nor any other offering material may be distributed to the public in France. Notwithstanding the foregoing,the Bonds may be offered and sold in France exclusively to a limited number of investors acting for their own account (cercle restreint d'investisseurs agissant pour compte propre) in accordance with Article L.411-2 of the French Monetary and Financial Code (Code monétaire et financier) or to qualified investors (investisseurs qualifiés) as defined by Article 2(e) of the Prospectus Regulation. Prospective investors are informed that: (i) the Offering Circular has not been and will not be submitted for clearance to the Autorité des marchés financiers (the "AMF"); and (ii) the direct and indirect distribution or sale to the public of the Bonds acquired by them may only be made in compliance with Articles L.411-1 and L.411-2 of the French Monetary and Financial Code (Code monétaire et financier) and applicable regulation thereunder. Investors in France and persons into whose possession offering materials come must inform themselves about,and observe,any such restrictions.

IN ADDITION,IN THE UNITED KINGDOM THIS PRESS RELEASE IS BEING DISTRIBUTED ONLY TO,AND IS DIRECTED ONLY AT,QUALIFIED INVESTORS (I) WHO HAVE PROFESSIONAL EXPERIENCE IN MATTERS RELATING TO INVESTMENTS FALLING WITHIN ARTICLE 19(5) OF THE FINANCIAL SERVICES AND MARKETS ACT 2000 (FINANCIAL PROMOTION) ORDER 2005,AS AMENDED (THE "ORDER") AND QUALIFIED INVESTORS FALLING WITHIN ARTICLE 49(2)(A) TO (D) OF THE ORDER,AND (II) TO WHOM IT MAY OTHERWISE LAWFULLY BE COMMUNICATED (ALL SUCH PERSONS TOGETHER BEING REFERRED TO AS "RELEVANT PERSONS"). THIS PRESS RELEASE MUST NOT BE ACTED ON OR RELIED ON (I) IN THE UNITED KINGDOM,BY PERSONS WHO ARE NOT RELEVANT PERSONS,AND (II) IN ANY MEMBER STATE OF THE EEA OTHER THAN THE UNITED KINGDOM,BY PERSONS WHO ARE NOT QUALIFIED INVESTORS. ANY INVESTMENT OR INVESTMENT ACTIVITY TO WHICH THIS PRESS RELEASE RELATES IS AVAILABLE ONLY TO (A) RELEVANT PERSONS IN THE UNITED KINGDOM AND WILL BE ENGAGED IN ONLY WITH RELEVANT PERSONS IN THE UNITED KINGDOM AND (B) QUALIFIED INVESTORS IN MEMBER STATES OF THE EEA (OTHER THAN THE UNITED KINGDOM).

ANY DECISION TO PURCHASE ANY OF THE BONDS SHOULD ONLY BE MADE ON THE BASIS OF AN INDEPENDENT REVIEW BY A PROSPECTIVE INVESTOR OF THE COMPANY'S PUBLICLY AVAILABLE INFORMATION. NONE OF THE JOINT LEAD MANAGERS OR ANY OF THEIR RESPECTIVE AFFILIATES ACCEPTS ANY LIABILITY ARISING FROM THE USE OF OR MAKE ANY REPRESENTATION AS TO THE ACCURACY OR COMPLETENESS OF,THIS PRESS RELEASE OR THE COMPANY'S PUBLICLY AVAILABLE INFORMATION. THE INFORMATION CONTAINED IN THIS PRESS RELEASE IS SUBJECT TO CHANGE IN ITS ENTIRETY WITHOUT NOTICE UP TO THE CLOSING DATE.

EACH PROSPECTIVE INVESTOR SHOULD PROCEED ON THE ASSUMPTION THAT IT MUST BEAR THE ECONOMIC RISK OF AN INVESTMENT IN THE BONDS OR THE SHARES TO BE ISSUED UPON CONVERSION OF THE BONDS (TOGETHER WITH THE BONDS,THE "SECURITIES"). NONE OF THE COMPANY OR THE JOINT LEAD MANAGERS MAKE ANY REPRESENTATION AS TO (I) THE SUITABILITY OF THE SECURITIES FOR ANY PARTICULAR INVESTOR,(II) THE APPROPRIATE ACCOUNTING TREATMENT AND POTENTIAL TAX CONSEQUENCES OF INVESTING IN THE SECURITIES OR (III) THE FUTURE PERFORMANCE OF THE SECURITIES EITHER IN ABSOLUTE TERMS OR RELATIVE TO COMPETING INVESTMENTS.

THE JOINT LEAD MANAGERS ARE ACTING ON BEHALF OF THE COMPANY AND NO ONE ELSE IN CONNECTION WITH THE BONDS AND WILL NOT BE RESPONSIBLE TO ANY OTHER PERSON FOR PROVIDING THE PROTECTIONS AFFORDED TO CLIENTS OF THE JOINT LEAD MANAGERS OR FOR PROVIDING ADVICE IN RELATION TO THE SECURITIES.

EACH OF THE COMPANY,THE JOINT LEAD MANAGERS AND THEIR RESPECTIVE AFFILIATES EXPRESSLY DISCLAIMS ANY OBLIGATION OR UNDERTAKING TO UPDATE,REVIEW OR REVISE ANY STATEMENT CONTAINED IN THIS PRESS RELEASE WHETHER AS A RESULT OF NEW INFORMATION,FUTURE DEVELOPMENTS OR OTHERWISE.

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