Press Release

NEW YORK & DUSSELDORF, Germany--(BUSINESS WIRE)--March 20, 2001-- International Flavors and Fragrances Inc. (NYSE: IFF) and aerome AG Scent Communication Group of Dusseldorf Germany announced today that they have entered into a strategic alliance under which they are jointly developing flavor & fragrance delivery technologies and devices that deliver new scent experiences to consumers. The partnership strongly links aerome's market leading technology and systems portfolio in the emerging fields of scent delivery and scent communication and IFF's unparalleled expertise in fragrance and flavor research and development and product creation. IFF has made a capital investment in aerome and is dedicating research and development resources to provide major support for this effort. Financial terms of the partnership were not disclosed.

Richard A. Goldstein, Chairman and Chief Executive Officer of IFF, stated, "IFF recognizes that to continue to grow we must identify and invest in technologies that will open new markets for our flavors and fragrances. This alliance evidences IFF's commitment to that strategy. We believe that the opportunities in the fields of scent delivery and scent communication are just beginning to be recognized. We are excited to be able to partner with aerome, the leader in scent delivery and scent communication technology, to bring this vision to fruition."

Marc G. Meire, Chairman of the Board of aerome, said, "Our partnership with IFF is the key to our future and the overall success of the scent communication market. The combination of aerome's technological innovation and IFF's proven research and development and creative capabilities solidifies both companies' leadership in the development and commercialization of new technologies, systems and products to a wide spectrum of markets linked to the senses of taste and smell."

IFF is the world's leading creator and manufacturer of flavors and fragrances used by others to impart or improve flavor or fragrance in a wide variety of consumer products. The Company has sales, manufacturing and creative facilities in more than 35 countries worldwide with sales of $1.46 billion in 2000.

aerome is the world leader and pioneer in scent communications. The company, with offices in Dusseldorf, Germany, and New York, New York, develops brand specific on-line scent technology applications for a broad portfolio of multi-national clients. aerome's diverse product line is leading the next wave in consumer, retail and manufacturer branding strategies. Cautionary Statement Under the Private Securities Litigation Reform Act of 1995 Statements in this release that are not historical facts or information are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, and are subject to risks and uncertainties that could cause IFF's actual results to differ materially from those expressed or implied by such forward-looking statements. Risks and uncertainties with respect to IFF's business include general economic and business conditions, the price and availability of raw materials, and political and economic uncertainties, including the fluctuation or devaluation of currencies in countries in which IFF does business. IFF intends its forward-looking statements to speak only as of the time of such statements, and does not undertake to update or revise them as more information becomes available.

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