Press Release

LONDON and NEW YORK, Dec 7, 2001 (BUSINESS WIRE) --

"THE SWEET SMELL OF SUCCESS"

Close Brothers Private Equity (CBPE) and International Flavors & Fragrances Inc. (NYSE:IFF) announced today that CBPE has acquired IFF's fragrance aroma chemicals business in Widnes, the United Kingdom. CBPE made the acquisition together with the Widnes management.

The newly independent company will be known as Aroma & Fine Chemicals Ltd. (A&FC).

A&FC, which has an annual turnover of (pound)20 million and 80 employees, is located on the site at Widnes that was occupied by Bush Boake Allen Ltd. for 40 years prior to its 2000 acquisition by IFF. Aroma chemicals produced at the company's state-of-the-art manufacturing plant are the basic building blocks in the creation of fragrances used in a wide variety of household and personal care products and designer fragrances. The business serves a large international client base of consumer products companies and fragrance manufacturers.

Steven Pipe, A&FC's Managing Director, said: "For our partners and customers, the key word is continuity. The aim at A&FC is to build on the strength and long pedigree that we have inherited. In our new, self-propelled role, we will be well placed to exploit the excellent skills of our workforce, our flexible, high-tech manufacturing plant and the global market for our products."

CBPE partner Iain Slater, who will join the A&FC board as a non-executive director, added: "Close Brothers is investing in an established business with a strong position in the international fragrance market. Steven Pipe and his management team are leading a highly skilled and enthusiastic workforce and we look forward to developing A&FC's core business and expanding into new niche markets."

A team from Ernst & Young Corporate Finance, led by Steve Stuart advised CBPE and the management team.

    Terms of the transaction were not disclosed.
    About CBPE

Close Brothers Private Equity is the private equity investment business of Close Brothers Group, the listed UK merchant bank.

The business was established in 1984 and invests in transactions with a value of between (pound)10m to (pound)50m. During 2000 CBPE invested in deals worth approximately (pound)250m.

CBPE is currently raising funds for CBPE Fund VI and by the end of 2001 will have funds under management of over (pound)300m.

    CBPE focuses on developments in the following sectors:

    -   Business and IT support services.
    -   Transport and logistics.
    -   Industrial manufactured products.
    -   Leisure and Tourism.

CBPE investors include a range of blue-chip UK and European institutions.

    About IFF

IFF (www.iff.com) is the world's leading creator and manufacturer of flavors and fragrances used in a wide variety of consumer products--from fine fragrances and toiletries to soaps, detergents and other household products, to beverages and food products. IFF is dedicated to The Pursuit of Excellence in every area of its business, using knowledge, creativity, innovation and technology to continually provide customers with the highest quality products and service and superior consumer understanding. IFF has sales, manufacturing and creative facilities in 42 countries and approximate annual revenues of US$ 1.9 billion.

The above information is not to be regarded as an offer to sell, or a solicitation of an offer to buy any security. Where information has been obtained from outside sources, it is believed to be reliable, but is not represented to be accurate or complete.

Cautionary Statement Under the Private Securities Litigation Reform Act of 1995 Statements in this release which 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, interest rates, 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. The Company 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.

CONTACT:          For CBPE:
                  Iain Slater - Close Brothers Private Equity                  
                  Tel: 011 44 20 7426 4000                                     
                  or                                                
                  For IFF:
                  Douglas J. Wetmore
                  Senior Vice President and Financial Officer
                  Tel: 212-708-7145
                  or
                  Flagship Consulting               
                  Andy Berry/Adrian King            
                  Tel: 011 44 20 7299 1500 

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