Governance, Compensation and Financial Report Appendix Statutory Consolidated Compensation Governance financial report financial report report report 102 38 22 3 Table contents of overviewAn found be can the in Integrated Report. Annual details of our financial performance. of details our governancefull and compensation policies well as the as of part ourAs reporting suite, stand-alone this document contains the Reportand Financial Compensation 2020 Governance, 114

Appendix Consolidated financial report Compensation report Governance report Statutory financial report Statutory Governance Report

In this section

4 Group structure and shareholders 5 Capital structure 7 Board of Directors 16 Executive Committee 19 Compensation, shareholdings and loans 19 Shareholders’ participation 20 Change of control and defence measures 20 Auditors 21 Information policy Appendix Statutory Consolidated Compensation Governance financial report financial report report report four BoardCommittees. members. TheBoardRegulations ofGivaudanalsospecifiesthedutiesandfunctioningits power tosub-delegatetheChiefExecutiveOfficer, theExecutive Committeeandits Regulations, allareasofmanagement arefullydelegatedbytheBoardofDirectors,with Except when otherwise provided by law, the Articles of Incorporationand Givaudan’s Board further clarifiestheduties,powersandregulationsofgoverning bodiesofthe Company. Incorporation. The‘BoardRegulations ofGivaudanSA’, theCompany’s organisationalregulation, The internalcorporategovernanceframeworkisbasedonGivaudanSA’s Articlesof economiesuisse. by issued Governance’ Corporate Exchange and the ‘Swiss Code of Best Practice for Corporate Governance’ issued by Swiss the SIX the ‘Directive on Information Relating to accordancein with the ‘Swiss Code of Obligations’, international and standards been has prepared The Governancewith aligned reportis properEnsuring checks and balances governance Corporate Regulations ofGivaudanandotherdocumentationregardingGivaudan’sprinciples ofcorporategovernance www.givaudan.com ▸OurcompanyCorporate governance▸RulesandpoliciesArticlesofIncorporation,Board

READ MORE on pa on presented is shareholding the and domiciles their companies, consolidated principal of list The 1.1.3 subsidiaries. listed publicly any have not does Company The 1.1.2 Continuous Improvement. Data Management,InformationManagementandTechnology (IM&T),Sustainabilityand Controlling, HR,Procurement,SupplyChain,Environment,Health&Safety(EHS), Enterprise (GBS). GBSprovidesbest-in-classinternalprocessesandservices intheareasofFinance, Enterprise RiskManagementandCommunications aswellGivaudanBusiness Solutions Procurement, Science and Technology, Human Resources (HR), Legal, Ethics &Compliance, research andconsumerunderstanding,whereapplicable.Corporate functionsinclude Finance, Research andDevelopment organisations.Theyshareresourcesandknowledgeintheareasof Both divisionshaveasalesandmarketing presenceinall majorcountriesandmarkets aswell Beauty. Active and ingredients Fragrance fragrances; Fine products; Consumer units: business four has also &Beauty Fragrance Savoury. and Beverages goods, Sweet Dairy, units: business four of consists &Wellbeing Taste solutions. integrated and ingredients compounds, with customers providing &Beauty, Fragrance and &Wellbeing Taste businesses: principal two has and world the around operates Givaudan industry. its in leader aglobal is Company The CH0010645932. ISIN 1064593, number security under Exchange Swiss SIX the on listed is It Obligations. of Code Swiss the of seq. et 620 art. to pursuant anonyme’, ‘société a is Company’), (‘the Switzerland Vernier, 1214 Parfumerie, la de 5Chemin at headquarters corporate registered its with Group, Givaudan the of company parent the SA, Givaudan 1.1.1 1.1 1. to the statutory financial financial statutory the 4 to 3and notes in indicated otherwise unless wholly-owned, are subsidiaries unlisted All Group. the of structure the regarding details more offer statements to t 3 note 104 page as well as statements financial consolidated

Group structure and shareholders Group structure Group

ge 90, in note 32 to t to 32 note in 90, ge Unlisted companies within the scope of consolidation Description of the issuer’s operational Group structure Listed companiesListed within the scope of consolidation he 2020 consolidated financial stat financial 2020he consolidated Givaudan – 2020 Governance, Compensation and Financial Report ements. Note 1 to the the 1 to Note ements. he statutory financial financial statutory he 4 Appendix Statutory Consolidated Compensation Governance financial report financial report report report date of their last notification under article 20 of the Stock Exchange Act): Exchange Stock the of 20 article under notification last their of date 2020 the at (or as December 31 at as SA Givaudan of capital share the of 3% than more holding To the knowledge of the Company, the following shareholders were the only shareholders 1.2 The Company does not have any cross-shareholdings with any other company. company. other any with cross-shareholdings any have not does Company The 1.3 shareholders. significant its of any with agreements shareholder any into entered not has Company The 2. 1. Limited Nominees Chase  Nortrust Nominees MFS Investment Management Inc. BlackRock, Gates French Melinda and III Gates H. William Beneficial owners 2020 Significant shareholders SA & Cie Pictet Banque on the Company website. downloaded be can and English in is report 2020 Financial The above. mentioned statements governance Corporate www.ser-ag.com ▸enResourcesNotificationsmarket participants▸Significantshareholders Financial report www.givaudan.com ▸InvestorsOnlineannualreportDownloadcentre2020Governance,Compensation and The shares held by Banque Pictet & Cie SA bear no voting rights. voting no bear SA &Cie Pictet Banque by held shares The in exercised be to need Limited Nominees accordance Chase with clients’ instructions. and Limited Nominees Nortrust by held shares the for rights Voting DOWNLOAD Cross-shareholdings

READ THE NOTIFICATIONS Significant shareholders Nominees Limited ² ¹

¹ 13.86 14.98 5.06 4.99 4.49 7.71 in % in 2.1 2. corresponding atleasttothemarket conditionsatthetimeof issue. the bondorwarrantsand exercise orconversionpricefornewsharesmustbeatalevel the deadline for exercisingconversionrightsmustbe notmorethan 15 years fromtheissueof market conditions,thedeadlineforexercisingoptionrightsmustbenotmorethansixyearsand international capitalmarket. Inthatcase,thebondsorwarrantsmustbeofferedtopublicat the purposeistofinanceacquisitionsorissueconvertible bondsorwarrantsonthe Directors isauthorisedtoexcludetheshareholders’preferential righttosubscribebondsif The subscriptionrightsoftheshareholdersareexcludedincases a)andb) above.TheBoardof the existingsharecapital. The conditionalsharecapitalamountstoamaximumofCHF 7,481,980, whichequates to8.1%of c. b. a. by: increased be can capital share Company’s the Incorporation, of Articles Company’s the of 3b article per As Conditional share capital capital. share authorised any have not does Company The capital share Authorised 2.2 CHF 34,441,275,780. 2020 was December 31 at Company the of capitalisation market The each. CHF 10.00 of value apar with shares registered 9,233,586 into divided and in paid fully CHF 92,335,860 to amounted capital share ordinary Company’s 2020, the December 31 at As capital share Ordinary www.givaudan.com ▸OurcompanyCorporate governance ▸RulesandpoliciesArticlesofIncorporation

shareholders of Givaudan SA. the to granted warrants of exercise the through (CHF 1,231,630) shares 123,163 to up issuing Group the of Directors of Board the of members the and/or employees to granted rights option of exercise the through (CHF 1,618,200) shares 161,820 to up issuing company aGroup or SA Givaudan of issues bond with connection in granted rights conversion or option of exercise the through (CHF 4,632,150) shares 463,215 to up issuing Capital structure DOWNLOAD

Capital on the disclosure deadline Authorised and conditional capital in particular Givaudan – 2020 Governance, Compensation and Financial Report 5 Appendix Statutory Consolidated Compensation Governance financial report financial report report report the shares in their own name and for their own account. own their for and name own their in shares the acquired have they that declaring shareholders on conditional is register share Company’s the in rights voting with registration paragraph, next the in mentioned provisions the to Subject conditions registration and 2.6.3 shares. of transferability on limitations no has Company the because applicable not is This 2.6.2 shares. of transferability on limitations has longer no Today, Company the abolished. were restrictions rights voting and registration existing previously the 2014, March 20 on shareholders of Meeting General Annual the At exceptions granting for rules and clauses group statutory 2.6.1 2.6 exist. not do certificates participation and certificates dividend-right shares, registered the than Other 2.5 dividend. equal an to and vote one to right the gives share Every respects. all in rights same the have shares all below, described limitations the to Subject each. CHF 10.00 of value apar with shares registered are shares All only. shares of class one has Company The 2.4 Financial report. 2020 aregivenonpage107innote7tothestatutoryfinancialstatementsincludedthe2020 statements ofthe2018Financial report. Detailsofthechangesinequityforyears2019and The information regarding the year 2018 is available in notes 8 and 9 to the statutory financial 2.3 2.4. section in described as restrictions to subject are shares such of transfer the and rights conversion or option of exercise the through shares of acquisition The governance Corporate www.givaudan.com ▸InvestorsResultscentre2020Governance,Compensation andFinancialreport DOWNLOAD

Limitations on transferability and nominee registrations nominee and transferability on Limitations Dividend-right certificates Dividend-right Changes in capital Shares and participation certificates participation and Shares Permissibility of nominee registrations; indication of any percent clauses clauses percent any of indication registrations; nominee of Permissibility Limitations on transferability for each share category; indication of of indication category; share each for transferability on Limitations Reasons for granting exceptions in the year under review under year the in exceptions granting for Reasons name, address, nationality and number of shares held by the beneficial owners. beneficial the by held shares of number and nationality address, name, the Company the to disclose to undertake they if 2% than more for and condition, further without capital share the of 2% to up for Company the of register share the in rights voting with entered be may shareholders nominee Directors, of Board the of aregulation on Based There are no bonds or warrants outstanding that are convertible into shares of Givaudan SA. Givaudan of shares into convertible are that outstanding warrants or bonds no are There 2.7 meeting. ashareholders’ at represented votes share the of majority absolute the of vote apositive by changed be may registrations nominee and transferability on Limitations on transferability limitations 2.6.4

Convertible bonds and warrants/options Procedure and conditions for cancelling statutory privileges and and privileges statutory cancelling for conditions and Procedure Givaudan – 2020 Governance, Compensation and Financial Report 6 Appendix Statutory Consolidated Compensation Governance financial report financial report report report Prof. Dr-Ing Werner Bauer was re-appointed Vice-Chairman by the Board. the by Vice-Chairman re-appointed was Bauer Dr-IngProf. Werner Chairman. as re-elected was Grieder 2020, Calvin March in Meeting General Annual the At virtually. mainly conducted was members Board new two these of onboarding the pandemic, COVID-19 the to Due years. of couple next the over members Board current of retirement upon competencies of transition asmooth ensure to plan succession the and matrix skill long-term the strategy, new the with accordance in members Board new two added Board 2020,In the mustmembers possess. Board that characteristics key remain also values ethical strong and (ESG) matters governance and social environmental, of knowledge past, the in As strategy. 2025 new the for relevant remains planning, succession Board for abasis as used is which matrix, This competencies. required and existing of assessment the for matrix skill along-term established has and competencies of list the reviews regularly advisors, expert external of help the with Board, The – – – – – – – success.’, required the most relevant competencies and include: important Shared growth. ‘Responsible of 2020 strategy current its and business Company’s the Given required. competencies the all has Company the that ensure Together, they expertise. of areas relevant her or his of knowledge in-depth an has members Board nine current the of Each environment. fast-changing and acomplex in size Givaudan’s of acompany leading in assets important are experience of diversity and knowledge Board’s The Givaudan. over control and oversight strategic its execute to required competencies the all possesses it ensure to as away such in composed is Board the of Membership sevenbetween and nine members. of consist may Directors of Board the Incorporation, of Articles Givaudan’s to According 3. governance Corporate – – – – – – – regulatory affairs. regulatory and marketingsales (including digital) and technology innovation expertise financial and setting implementation and riskstrategy management leadership business senior international in-depth knowledge industry Board of Directors of Board 3.1 Members of the Board of Directors of Board the of Members 3.1 and East Africa he joined general management as Executive Vice-President in 2002, 2002, in Vice-President Executive as management general joined he Africa East and South Nestlé commercially heading After 1990. in Lausanne in Centre Research Nestlé the of Head as Nestlé joined he 1990, to 1985 from Munich of University Technical the at Technology Bioprocessing Food in Professor as and &Packaging Technology Food for Institute Fraunhofer the of Director the as serving After Germany. Hamburg, in University Technical the at engineering chemical in professor auniversity as career his started Bauer Dr-Ing.Prof. Werner University. Harvard at (AMP) Program Management Advanced an completed has and Zurich ETH the from Science of aMaster holds Grieder Calvin Mechanical and Process Engineering. of Department Zurich, ETH the of Board Advisory the of member AG, Carivel7 of Board the of member and owner Suisse, Avenir of Trustees of Board the of member Group, Bühler of Board the of Chairman non-quoted: are that companies in mandates following the holds He SA. SGS of Board the of Chairman exchange: stock official an on quoted acompany in mandate following the holds Grieder Calvin 2016. to 2001 from Bühler group engineering international the of CEO was He Board. Executive the of Member and business Internet and Mobile the of Head as served he where Ltd, Telecom Swisscom and (SIG) Ltd Company Industrial Swiss including companies German and Swiss at positions executive various in continued and Switzerland in Ltd Fischer Georg with Manager Marketing as career his started Grieder Calvin 1980, In Directors: of Board the of members were following 2020, the December 31 of As ▸ ▸ ▸ ▸ Vice-Chairman Bauer Prof. Werner Dr-Ing. ▸ ▸ ▸ ▸ ▸ Chairman Grieder Calvin ▸ ▸ ▸ ▸ ▸ ▸ ▸ ▸ ▸ First elected 2014 elected First Non-executive 1950 in born national, &Swiss German Businessman sinceChairman 2017 2014 in elected First Non-executive USA the in 1955 in born national, Swiss Engineer Givaudan – 2020 Governance, Compensation and Financial Report 7 Appendix Statutory Consolidated Compensation Governance financial report financial report report report Chemical Engineering from the Swiss Federal Institute of Technology in Zurich. in Technology of Institute Federal Swiss the from Engineering Chemical in aMasters and Gallen St. of University the from Economics in aMasters has Balli Victor Company Holding B.V. Dreyfus Louis of Board Supervisory the AG and Hemro Authority, Oversight Audit Federal the of Boards the of Member non-quoted: are that companies in mandates following the holds He member oftheBoardsKWSSaatSE&Co. KGaA, SIKAAGandMedactaInternationalSA. Victor Balliholdsthefollowingmandatesincompaniesthatarequoted onanofficialstockexchange: AG. Callebaut Barry of Committee Executive the of member and Officer Financial Chief was Balli Victor 2018 to 2007 From 2005. of as EMEA Officer Executive Chief as recently most 2005, and 1996 between Minibar at positions various held Balli Victor London. and York, New Francisco, San Zurich, in offices with company advisory finance acorporate AG, Adinvest with aPrincipal as worked he 1995, to 1991 From Milan. and Zurich in SA International EniChem with Manager Development &Business Analyst aFinancial as working 1985, in career professional his started Balli Victor in Germany. Erlangen-Nürnberg University the from Engineering Chemical in aPhD and aDiploma received Bauer Dr-Ing.Prof. Werner KGaA. &Co. SE Bertelsmann of Board the of vice-chairman Foundation, Bertelsmann the of Trustees of Board the of Chairman non-quoted: are that companies in mandates following the holds He AG. Combibloc SIG AG and Group Lonza of Boards the of member exchange: stock official an on quoted are that companies in mandates following the holds Bauer Prof. 2013. September in retired he which from position a Development, and Research Technology, Innovation, of Head and Officer Technology Chief became he 2007 In R&D. and environment production, technical, for responsible governance Corporate ▸ ▸ ▸ ▸ Victor Balli Director Balli Victor ▸ ▸ ▸ ▸ First elected in 2016 in elected First Non-executive 1957 in born national, Swiss Businessman engineering fromtheIndianInstitute ofTechnology. Michael CarlosholdsanMBAfrom theIndianInstituteofManagementandadegreeinchemical Research InstituteofFragrance Materials)andof IFRA(TheInternationalFragrance Association) the BoardsofManusBioInc.and ScentDesignSA.HeistheformerChairmanofRIFM(The Memberof non-quoted: are that companies Michael Carlosholdsthefollowingmandatesin from whichheretiredin2014. Head ofConsumer ProductsandthenPresidentoftheFragrance Divisionin2004,aposition integrating the creative resources from Givaudan and Roure. In 1999, he was appointed Global became HeadoftheEuropeanCreativeCentre inArgenteuil1992 wherehewasinchargeof Michael CarlosstartedhiscareerwithGivaudanin1984asGeneral ManagerinHongKong. He Economics. of School Stockholm the of agraduate is Biner Lilian AB. Scania and ag (group) a-connect of Boards the of member non-quoted: are that companies in mandates following the holds She A/S. Carlsberg and Lundbergföretagen LE of Boards the of member exchange: stock official an on quoted are that companies in mandates following the holds Biner Lilian Development. Organisational and HR of head as 2000 in joined she acompany Europe, Appliances Major Electrolux for Pricing Strategic of Head and 2007 in AB Johnson Axel with President Vice Executive and Officer Financial Chief included recently most have posts These companies. goods consumer and retail from experience management senior has Biner Lilian ▸ ▸ ▸ ▸ Michael Carlos Director ▸ ▸ ▸ ▸ Director Biner Lilian ▸ ▸ ▸ ▸ ▸ ▸ ▸ ▸ First elected 2015 elected First Non-executive 1950 in born national, French Businessman 2011 elected First Non-executive Swedish b national, Businesswoman orn in 1962 in orn Givaudan – 2020 Governance, Compensation and Financial Report 8 Appendix Statutory Consolidated Compensation Governance financial report financial report report report from theUniversity ofZurich. Ingrid DeltenreholdsaMasterofArtsinJournalism,EducationalSciencesandbiologicalAnthropology Foundation BoardSchweizerBerghilfe. the ExecutiveCommittee oftheExecutiveMBAUniversity ofZurich andmemberofthe She alsoismemberoftheboardAkaraFunds, memberofAgenceFrance Presse,thePresidentof Deutsche Post/DHL. member of the Board of Banque Cantonale Vaudoise and member of the Supervisory Board of She holdsthefollowingmandatesincompaniesthatarequotedonanofficialstockexchange: Geneva-based EuropeanBroadcastingUnion (EBU),apositionshehelduntilJune2017. Switzerland, SchweizerFernsehen,from2004to2009.In 2010, shebecameDirectorGeneralofthe broadcasterinGerman-speaking Publisuisse from1999to2004,andDirectoroftheleadingpublicTV Ingrid DeltenrehasheldseveralexecutivepositionsinthepressandmediaincludingDirectorof School of StanfordUniversity. University of St.Gallen,Switzerland. Healsocompletedexecutive educationattheBusiness Olivier Filliol holds a Master (lic. oec.) and Ph.D. (Dr. oec.)inBusiness Administration from the Directors. of Board its of member also is he 2009, January since and Mettler-Toledo of Officer Executive Chief and President appointed was he 2008, January In will remainmemberoftheBoard ofDirectorsMettler-Toledo. Service andMarketing. He willstepdownfromhisExecutiveroleinApril2021, afterwhichhe North Americancheckweighingoperations,HeadofProcessAnalytics andHeadofGlobalSales, 1998 andsincethenservedinvariouspositionsincludingGeneral Managerofthecompany’s working in the Geneva, Paris and Sydney offices. He joined Mettler-Toledo International Inc. in Olivier Filliolstartedhisprofessionalcareerasastrategyconsultant withBain&Company, Corporate governance Corporate ▸ ▸ ▸ ▸ Director Filliol Olivier ▸ ▸ ▸ ▸ Ingrid Deltenre Director Deltenre Ingrid ▸ ▸ ▸ ▸ ▸ ▸ ▸ ▸ First elected 2020 elected First Non-executive 1967 in born national, Swiss Businessman 2015 elected First Non-executive 1960 in born national, &Swiss Dutch Businesswoman Swiss Certified PublicAccountant. Thomas Ruferhas adegreeinbusinessadministration (économiste d’entreprise HES)andisa He holds the following mandate in a non-listed company: member of the Swiss Takeover Board. and internalcontrol. has beenanindependentconsultant inaccounting,corporategovernance,riskmanagement Country Managing Partner for Arthur Andersen Switzerland from 1993 to 2001. Since 2002, he business consulting(accounting,organisation,internalcontrol andriskmanagement).Hewas Thomas RuferjoinedArthurAndersenin1976,whereheheld severalpositionsinauditand 1964. in born national, aFrench is She INSEAD. of and school business ESSEC of agraduate is Gasperment Sophie Senior AdvisoratBostonConsulting Group. Business Committee, andMemberoftheSupervisoryBoardD’Ieteren.Shealsoservesas Director ofCimpress,MembertheBoardKingfisherplc,whereshechairs Responsible Accor, whereshechairstheNomination,Remuneration andCSRCommittee, LeadIndependent Sophie Gaspermentholdsthefollowingmandatesinlistedcompanies:MemberofBoard investor. angel and advisor senior director, board as activities her on focused since has and 2019, until Communication Financial and Prospective Strategic L’Oréal Group’s the led then She International. Shop Body The of Officer Executive Chief and Chairman as well as &Ireland, L’Oréal UK Director, Managing as notably years, 14 for U.K. the in served She U.K. the L’Oréal in for Manager General appointed was she when 2000, until up responsibilities marketing development and operational several held she where L’Oréal, with 1986 in career professional her started Gasperment Sophie ▸ ▸ ▸ ▸ ▸ ▸ ▸ ▸ Director Sophie Gasperment Thomas Rufer Director Rufer Thomas ▸ ▸ ▸ ▸ ▸ ▸ ▸ ▸ First elected 2009 elected First Non-executive 1952 in born national, Swiss Accountant Public Certified 2020) 1September of (as 2020 elected First Non-executive 1964 in born national, French Businesswoman Givaudan – 2020 Governance, Compensation and Financial Report 9 Appendix Statutory Consolidated Compensation Governance financial report financial report report report – – Directors: of Board the of members for mandates external following the permits Company the of Incorporation of Articles the of 32 Article Excessive Compensation (OaEC) against Ordinance the 1of 1point 12 para. to Art. pursuant activities 3.3 affiliates. its of any or SA Givaudan with connections business important has members Board the of None Governance. independent i and non-executive were Directors of Board the of members 2020, all December 31 at As the independence of members. its assesses Directors of Board The posts. political or functions official significant any nor groups for managementpermanent or significant functions or consultancy domestic foreign interest material any holds SA Givaudan of member Board no 3.1, section in described those for Except and interests. vested activities other their for 3.1 section in described members Board the of biographies the to refer Please 3.2 governance Corporate – – The following mandates are not subject to these limitations: these to subject not are mandates following The non-quoted companies. in mandates additional seven and exchange stock official an on quoted are that companies in mandates additional four than more hold not may Directors of Board the of Members › › › › › › Directors or of the Executive Committee shall hold more than 15 such mandates. such 15 than more hold shall Committee Executive the of or Directors of Board the of member No structures. comparable other and foundations welfare employee trusts, organisations, charitable foundations, in associations, mandates mandates such ten than more hold shall Committee Executive the of or Directors of Board the of member No company. controlled any or corporation the of behalf on and order by held mandates mandates in companies which are controlled by the corporation Rules in the Articles of Incorporation on the number of permitted permitted of number the on Incorporation of Articles the in Rules Other activities and vested interests vested and activities Other n accordance with article 14 of the Swiss Code of Best Practice for Corporate Corporate for Practice Best of Code Swiss the of 14 article with n accordance members oftheExecutiveCommittee totheCompensation Committee. Committee andproposestheglobalremuneration oftheChiefExecutiveOfficerandother proposes successioncandidates forappointmenttotheBoardofDirectorsorExecutive committee), supervisesthecourse ofbusinessandtheactivitiesExecutiveCommittee, implementation ofresolutionstheBoardDirectors(to theextentnotdelegatedtoa Directors, coordinatestheworkofBoardcommittees, preparesandsupervisesthe chairs meetingsoftheshareholders,convenes,preparesand themeetingsofBoard The ChairmaniselectedannuallyattheAnnualGeneralMeeting. Hepreparestheagendaand 3.5.1 3.5 13. page on 7-9 table and pages on tables the to refer please meetings, committee and Board of attendance and Board the to election first of dates the For and attendance of meetings 3.4.2 the timefromoneordinaryAnnualGeneralMeetingtonextone. Committee andtheindependentproxyareelectedannuallyindividuallyforoneyear, being statutory legalprovisions.AllBoardmembers,theChairman,membersofCompensation members oftheCompensation Committee andtheindependentproxydonotdeviatefrom with the requirementsof the OaEC.The rules regarding the appointment of the Chairman, the The Company amendeditsArticlesofIncorporationattheAnnualGeneralMeeting2014toalign proxy independent the and Committee Compensation the of members the Chairman, the of appointment the to regard with provisions legal 3.4.1 3.4 in different legal entities which are under joint control are deemed one mandate. one deemed are control joint under are which entities legal different in Mandates register. foreign acorresponding or register commercial Swiss the in registered be to required is which entity alegal of body governing supreme the in mandates mean ‘Mandates’ www.givaudan.com

READ MORE Internal organisational structure Elections and terms of office of terms and Elections Allocation of tasks among the Board members Board the among tasks of Allocation Principles of the election procedure, rules differing from the statutory statutory the from differing rules procedure, election the of Principles For each Board member: date of first election to Board Board to election first of date member: Board each For ▸ Ourcompany▸Corporate governance▸RulesandpoliciesArticlesofincorporation Givaudan – 2020 Governance, Compensation and Financial Report 10 Appendix Statutory Consolidated Compensation Governance financial report financial report report report ▸ ▸ Calvin Grieder(Chairman) Governance Committee Nomination and ▸ ▸ ▸ Balli Victor (Chairman) Rufer Thomas Committee Audit powers. and tasks his all assuming functions, his exercises Vice-Chairman the act, to unable is Chairman the If meeting. Board next the at minuted is resolution corresponding the and possible as quickly as Directors of Board the of members the informs Chairman the cases, such In urgency. of because made be cannot Directors of Board the of decision atimely which in but Directors, of Board the of powers and tasks the under fall which cases in decides further Chairman The meetings. these attend to entitled is and meetings Committee of minutes and invitations all receives Chairman The governance Corporate Michael Carlos Carlos Michael COMMITTEES BOARD 1. ▸ ▸ ▸ ▸ ▸ and Committee the Executive Board the to appointments Prepares governance corporate of good principles applying in Board the Assists processes audit external and internal the overviews and Assesses and compliance systems management risk control, internal of efficiency and effectiveness Ensures financial reporting to respect with responsibilities oversight its in Board the Assists All committee members were part of their respective committee(s) for the entire year of 2020, except the new new the except 2020, of year entire the members: Olivier Filliol for from 25 March 2020, committee(s) and Sophie Gaperment from 1 September 2020. respective their of part were members committee All / Olivier Filliol Olivier / Sophie Gasperment / / Ingrid Deltenre Lilian Biner Biner Lilian ¹ / / ▸ ▸ Bauer Werner Dr-Ing. Prof. Michael Carlos(Chairman) Committee Innovation ▸ ▸ ▸ Deltenre Ingrid (Chairman) Bauer Werner Dr-Ing. Prof. Compensation Committee ▸ ▸ ▸ ▸ ▸ screens potential innovation partners proposes and opportunities, Identifies Industry cosmetics and fragrances flavours, the to relating matters scientific in Board the Assists Prepares the Compensation Report Committee Executive the for remuneration the Approves Board the to policies compensation the recommends and Reviews / Victor Balli Victor / / Calvin Grieder Olivier Filliol Olivier / / list of members – tasks – areas of responsibility of –areas –tasks members of list 3.5.2 external independent compensation specialists and consults with the Chairman and the Chief Chief the and Chairman the with consults and specialists compensation independent external from advice takes Committee The shareholders. of Meeting General Annual the by annually elected are who Board the of members three of consists Committee Compensation The Board. the by established Compensation came into force, the Committee prepares the to Compensation Report be Excessive against Ordinance Swiss the Since policies. fund pension and instruments remuneration performance-related all as well as Committee Executive the of members other the and Officer Executive Chief the of remuneration the approves It Directors. of Board CompensationThe Committee reviews and recommends the compensation policies to the Compensation Committee sessions. private certain from apart meetings, all attended Partner Audit Lead External the and Officer & Compliance Ethics Corporate the Officer, Financial Chief the Audit, Internal of Head The videoconference. by held were meetings four the of out three pandemic, COVID-19 the to Due hours. four to three approximately lasting 2020, in each meetings regular four held Committee Audit The audit. annual the for auditors external the of compensation the approves and reviews It audit. external and function audit It promotes communicationeffective. effective the among the Board, internal management, and efficient are systems management risk Company’s the that ensures Committee Audit The experience. financial requisite the have them of All Board. the of members four of consists currently Committee Audit The whole. a as Directors of Board the for work preparatory certain out carries It process. audit the and controls internal of systems the information, financial the reviewing by responsibilities oversight its fulfilling in Board the assist to is Committee Audit the of function primary The Audit Committee 13. page on and page this on table the to refer please committees, the in members Board the of participation the For meetings. the minute and lead organise, to are responsibilities main whose Chairman aCommittee by led is committee Each and Governance Committee, a Compensation Committee and an Innovation Committee. BoardThe four has of Committees: an established Directors Audit Committee, a Nomination For each committee of the Board of Directors: Directors: of Board the of committee each For Givaudan – 2020 Governance, Compensation and Financial Report 11 Appendix Statutory Consolidated Compensation Governance financial report financial report report report Heads of Science and Technology. divisional the and Committee Executive the of members relevant the with dialogue Board for aplatform as serves also It required. as basis adetailed on projects reviewing and partnerships possible and opportunities new at looking research, of fields different in activities reviewing management, research and Directors of Board the to board asounding as acts It request. may Board the fields additional other or industry, cosmetics and fragrance and ingredients natural flavour, the to relevant matters scientific on Board the advises Committee Innovation The Innovation Committee CEO andtheHeadofGlobalHumanResources attendedrelevantsectionsofthemeetings. were heldbyvideoconference.Eachmeetinglastedbetweenone andoneahalfhours.The as welltheevolutionofboardsuccession.DuetoCOVID-19 pandemic,allmeetings independence of Board members and to review the succession plans of critical leadership positions The NominationandGovernanceCommittee metthreetimesduring2020, toreviewthe members oftheBoard. Committee andadvisesonthesuccessionplanningprocessofCompany. Itconsistsoffour corporate governance.ItpreparesappointmentstotheBoard ofDirectorsandtheExecutive The NominationandGovernanceCommittee assiststheBoardinapplyingprinciplesofgood Nomination and Governance Committee relevant sections of the meetings. the of sections relevant attended Benefits and Compensation of Head the and/or Resources Human Global of Head the Officer, Executive Chief the Chairman, The strategy. 2025 Givaudan the with alignment ensure to plan incentive long-term the of design the reviewed also Committee The policy. and principles Company’s the with compensation Directors of Board and Committee Executive of alignment the as well as parameters plan incentive long-term and short-term the things, other among reviewed, Committee the meetings these During videoconference. by held were meetings five the of four pandemic, COVID-19 the to Due 2 hours. to 1.5 approximately was meeting each of duration average The times. five met Committee Compensation 2020,In the re-elected Board members. the from shareholders the by elected are Committee Compensation the of members the 2014, Meeting General Annual the Since appropriate. where matters specific on Officer Executive governance Corporate 2020 Governance,Compensation andFinancialreport▸

READ MORE page23▸Compensation committee extraordinary meetings aroundonehoureach. one dayeach,the ordinarymeetingsbyvideoconference forfourtosixhourseach andthetwo at GivaudanlocationsoutsideSwitzerland. Theordinarymeetingsinpersonlastedfor around one calls/meetingswithindividual Boardmembersthroughouttheyear. Nomeetingswereheld manner. To ensurethe efficiencyofthevideomeetingsChairmanheldanumber ofone-on- as the two extraordinary meetings were held by videoconference and one was held in a hybrid extraordinary meetings.Dueto the COVID-19 pandemic,fourofthe sixregularmeetingsaswell meeting directlyfollowingthegeneral meetingofshareholders.Inaddition,theBoardheldtwo In 2020 the Givaudan Board of Directors held six regular meetings including one constitutive system. sharing document electronic asecure via pre-reading for information pertinent receive involved members Board the meetings, committee and Board for preparation In circulated toallBoardmembers. Minutes ofCommittee meetingsarepreparedbythesecretaryofrespectiveCommittee and Committee. Executive the from as well as Chairman, the and Committees its from reports regular receives Directors of Board The required. as scheduled meetings additional with meetings, Board with connection in held usually are Committees Board of Meetings meeting. aformal requests members Board the of none that sent by e-mail) or by telecommunication (including telephone and videoconference), provided PDF by including writing, (in circulation by taken be also may Decisions meeting. Board each for agenda the sets Officer, Executive Chief the with consultation after Chairman, The Report. Annual the approve to meeting Board ordinary additional one plus aquarter once average on held are meetings Board Ordinary Board. the of members the of one of request written the on or a meeting, require matters when also and periodically held are meetings Board 3.5.3 naturals, biotechnologyandexternalinnovationcollaborations. reviewed key areas of the Innovation programme, which included the 2025 innovation strategy, and Technology werepresent.Externalspeakers alsoattendedthemeetings.TheCommittee approximately four to six hours. The CEO, the Division Heads and the divisional Heads of Science of thethreemeetingswereheldbyvideoconference. On averageeachmeetinglasted The InnovationCommittee metthreetimesduring2020. DuetotheCOVID-19 pandemic, two www.givaudan.com ▸

READ MORE Work methods of the Board and its Committees its and Board the of methods Work Ourcompany▸ Corporate governance ▸ Givaudan – 2020 Governance, Compensation and Financial Report

Board ofdirectors

12 Appendix Statutory Consolidated Compensation Governance financial report financial report report report Average length of meetings of length Average Meetings held in the year year the in held Meetings RuferThomas 25/03/2020) from member (Board Filliol Olivier Sophie Gasperment (Board member from 01/09/2020) from member (Board Gasperment Sophie Ingrid Deltenre Ingrid Michael Carlos Prof. Dr-Ing. Werner Bauer Balli Victor Lilian Biner Lilian Calvin Grieder Meetings: attendance 2020 Officer eachreportedoncetotheBoardofDirectors. at ordinaryBoardmeetings.TheHeadofInternalAuditandtheCorporate Ethics &Compliance two extraordinarymeetings.Selectedseniormanagerswereinvitedtoaddressspecificprojects The other members of the Executive Committee attended four ordinary meetings as well as the were presentatallmeetings,exceptfortheconstitutivemeetingandcertainclosedsessions. The ChiefExecutiveOfficer, theChiefFinancialOfficerandpresidentsoftwodivisions to counteritatallBoardmeetings. and discussed the COVID-19 pandemic, its impact on the Company and management's measures oversight ofESGmatters.ApartfromthefirstBoardmeeting,wasinformed about approved theCompany's newfive-yearstrategyto2025 anddiscussedtherightstructurefor as wellthefindingsofInternalAuditandriskmanagement.In2020, theBoarddiscussedand projects, managementsuccessionplanningandcompensationothermajorbusinessitems Board wasalsoinformedabout,anddiscussedallmajorbusinessdevelopmentinvestment was presented by management and reviewed by the Board during each Board meeting. The the extraordinarymeetingsbytelephone,Company’s operationalandfinancialperformance Apart fromtheconstitutivemeetingdirectlyfollowinggeneralofshareholdersand governance Corporate Board member meetings Board of Number ordinary 6-8 hours (ordinary) hours 6-8 6 2 4 6 6 6 6 6 6 al attended calls 8 extraordinary 1 2 2 2 2 2 2 2 /

Number of Audit Committee meetings attended 3 to 4hours 3 to 4 4 3 4 4 exceeding certain thresholds. certain exceeding areas such acquisitions, as and major long-term investments financial commitments in instructions necessary the of giving the and policies Company defining directives of and strategies long-term and medium- of establishment the includes This responsibility. its under law, are by which, matters other as well as Company, the of management the of control and supervision strategic direction, ultimate the for responsible is Directors of Board The 3.6 average duration of the meetings can be seen in the table below. table the in seen be can meetings the of duration average the as well 2020 in as meetings Committee and Board at members Board of attendance The COVID-19 pandemic. current the like uncertainty increased of times during especially planning, succession own its of discussions continuous had and self-assessment annual one conducted Board 2020In the Definition of areas of responsibility of areas of Definition Committee meetings attended Number of Compensation 1.5 to 2hours to 1.5 5 5 5 5 Givaudan – 2020 Governance, Compensation and Financial Report Number of Nomination and Governance Committee meetings attended 1 to 1.5 hour 1.5 1 to 3 3 1 3 3 Committee meetings attended Number of Innovation 6 hours 4 –6 3 2 3 3 3 13 Appendix Statutory Consolidated Compensation Governance financial report financial report report report – – – – – – – – – – matters: following the include Directors of Board the of duties the Givaudan, of Regulations Board the and Incorporation of Articles law, the Swiss with accordance In governance Corporate – – – – – – – – – – – – the notification of the court in case of insolvency of case in court the of notification the MeetingGeneral of shareholders and the implementation of resolutions its Annual the of preparation the as well as report, business annual the of preparation the protection, tradepractices,competitionrules,insiderdealingand adhocpublicity given inanyareasrelevanttotheCompany, suchasworking conditions,environmental respect tocompliancewiththelaw,ArticlesofIncorporation, regulations and instructions the ultimatesupervisionofpersonsentrustedwithmanagement, inparticularwith Committee Executive the of members other the and Officer Executive Chief the particular in Company, the of representation and management the with entrusted persons the of removal and appointment the Directors of Board the by established guidelines investment corporate the by set limit the exceeding amount global of a assets tangible and fixed of, divestments or in, investments on decision the management risk Company’s the of assessment the financialplanning the as well as controlling, financial the of and system accounting the of structuring the budget Group annual the of approval the organisation the of establishment the instructions necessary the of giving the and policies Company defining directives of and strategies long-term and medium- of establishment the particular, in and, Company the of management ultimate the the decisionsregardingsubsequent performanceofcontributionsonsharesnotfullypaidin – – management information system with wide-ranging information rights for the Board members: The Boardensuresthatithassufficientinformationforappropriate decision-making througha Management information system and control which comprises system the following instruments: information an disposal its at has Board the To this, ensure Givaudan. impact materially that matters all about informed fully be to needs it management, the of supervision and Company the of direction ultimate of tasks its out carry to able be to order in that recognises Board The 3.7 the Chief Executive Officer, the Executive Committee and its members. its and Committee Executive the Officer, Executive Chief the to Directors of Board the by delegated fully are management of areas other all Regulations, Board the and Incorporation of Articles law, the Swiss by provided otherwise as Except – – www.givaudan.com ▸ – – – – information at meetings of the Board of Directors on request on Directors of Board the of meetings at information provide to aduty have Committee Executive the of members All meetings. Board regular at projects specific address to invited regularly are managers senior selected and Committee Executive the of members Other transacted. is that Givaudan concerning matter any about members Board the by information for requests all answer and meetings Board regular all at report and present are Officer Financial Chief the and Officer Executive Chief the report regularly to the Chairman of the Board of Directors of Board the of Chairman the to regularly report Officer Financial Chief the and Officer Executive Chief the and basis aregular on meetings Committee Executive of minutes and invitations receives Board the of Chairman the the verification of the special professional qualifications of the auditors. the of qualifications professional special the of verification the Articles of Incorporation Articles the to modifications and confirmations resulting and Directors of Board the of powers the under fall these that extent the to increases capital share of ascertainment the

READ MORE Information and control instruments vis-à-vis senior management senior vis-à-vis instruments control and Information Ourcompany▸ Corporate governance ▸ Givaudan – 2020 Governance, Compensation and Financial Report Rulesandpolicies▸

Board regulationsofGivaudan 14 Appendix Statutory Consolidated Compensation Governance financial report financial report report report – – – – – – – – Corporate governance Corporate – – – – – – – – concerning the course of the business. the of course the concerning information Committee Executive the of members other and Officer Executive Chief the from request may member Board Any Committee. Executive the of members other the and Officer Financial Chief Officer, Executive Chief the to access regular has Board the local andregionaldevelopments andinteractingdirectlywithmanagementacrosstheglobe management toallowBoardmemberstheopportunityofgetting first-handinformationon encouraged tovisitcountryoperationswhentravellingandmeet localandregionalsenior members meetofseniorlocalmanagement.Additionally, Boardmembersare the BoardofDirectorsvisitsatleastoneGivaudancountryoperation peryear, whereBoard communication of means other and system sharing document electronic a secure via management senior of members other and Committee Executive the from reports and information receive members Board the meeting, Board each for preparation in analysts financial and investors to information and releases media including information, relevant receive members Board the addition, In posted. are changes organisational and presentations events, key on information internal all where intranet Givaudan the to access direct have also They events. extraordinary on informed immediately are members Board All indicators. keyperformance against performance include which Committee, Executive the from reports monthly summarised receives Directors of Board the meetings Committee all of minutes full the to access have members Board all regularly Committee Compensation the of meetings the attends also Chairman The deliberated. being are members Committee Executive for compensation of questions when except meeting, Committee Compensation each at present are Officer Executive Chief the and &Benefits Compensation of Head the Resources, Human Global of Head the auditors external the are as Committee, Audit the of meetings all at present also is Officer Financial Chief The Committee. Audit the of meeting each at report and present are Officer &Compliance Ethics Corporate the and Audit Internal of Head the Risk and Management Sustainability Safety, and Health Environment, on reports annual receives also Board ayear. The once Board the to report Officer &Compliance Ethics Corporate the and Audit Internal of Head the of the risk management process. management risk the of effectiveness the on assurance provides Audit Internal Corporate meetings. Board in discussed regularly also are risks Individual actions. mitigation the and risks strategic the process, management risk the on Board the to reports Committee Executive the ayear Once basis. aGroup-wide on risk the manage to responsibility the with owner risk the as designated is Committee Executive the of member a risk Company top-level strategic identified each For approach. Group-wide harmonised a ensure to Officer & Compliance Ethics Corporate the by coordinated is that cycle reporting and review assessment, structured a follows process management risk The Committee. Executive the of responsibility the under is process This framework. management risk strategic the defines Directors of Board The risks. managing/exploiting and identifying on focuses It Charter. Management Risk Enterprise Givaudan the on based is that process management risk internal an established has Givaudan Risk management and thorough follow-up ensure the implementation of the audit recommendation as well as as well as recommendation audit the of implementation the ensure follow-up thorough and assignment, accountability reporting, Effective plan. audit internal annual the build to account into taken elements the are experience Audit Internal and organisation the in changes input, management results, audit past findings, management risk strategy, corporate Givaudan management. Group’s the and entities local the both, to value provides that methodology audit process abusiness follows approach This regulations. and laws policies, applicable with compliance ensuring and risks, major its managing and identifying objectives, its achieving in Givaudan support that controls and processes of efficiency and effectiveness the on assurance independent at a providing aimed risk-based uses Audit approach audit Internal Corporate the effectivenessofbusinessprocessesandrecommendations for adjustmentswherenecessary. the Company’s riskmanagementandcontrolsystemsincludingtheanalysisevaluation of The purposeofInternalAuditistoevaluateandcontribute thecontinuousimprovementof to thedirectly Audit Committee. reporting function objective and independent an as established is function Audit Internal The audit Internal 2020 IntegratedAnnualReport▸

READ MORE pages 21 –23 pages ▸ Managingrisks Givaudan – 2020 Governance, Compensation and Financial Report 15 Appendix Statutory Consolidated Compensation Governance financial report financial report report report assigned to them. to assigned areas business the for responsible individually are Committee Executive the of members The Committee. Executive the by monitored also are partners, business other and tanks think universities, as such institutions, outside with partnerships and Alliances positions. key for planning succession including programme, management talent the of review periodic the –in organisation Resources Human the with –together role akey plays it addition, In functions. and divisions individual the of budgets the and Company prepares the business plan business of projects, Committee approvesExecutive the important The guidelines. investment corporate the within divestments and agreements leasing investments, of approval the include Committee Executive the of powers and tasks The decisions. investment approving and basis, operational an on development business the of areas all of supervision and management the include also responsibility of areas Key plans. financial and business long-term as well as CommitteeCommittee. is Executive The responsible for developing the Company’s strategic Nomination the by evaluation after Officer Executive Chief the of recommendation on Directors of Board the by appointed are Committee Executive the of members The convening, preparingandchairingthemeetingsofExecutiveCommittee. he leads,supervisesandcoordinatestheothermembersofExecutiveCommittee, including the strategicobjectivesofCompany anddeterminingtheoperationalpriorities.Inaddition, Nomination Committee. Subjecttothepowersattributedhim,hehastaskofachieving The Chief Executive Officer is appointed by the Board of Directors upon recommendation of the Directors. of Board the to reserved specifically not are that Company the of management operational of areas all for responsible is Officer, Executive Chief the of leadership the under Committee, Executive The 4. ayear. once Directors of Board full the to reported is activity audit internal The & Young. Ernst contractor party third the from staff dedicated by supported is function audit internal the audits, individual the For reduction. risk related the governance Corporate Executive Committee Executive and decide on measures to ensure business continuity and employee health and safety. and health employee and continuity business ensure to measures on decide and Company the on pandemic COVID-19 the of impact the discuss to meetings monthly regular the between in meetings two-hour eight held Committee Executive 2020 in the addition, In days. two to one average on lasted meetings The Switzerland. in sites Company at two other the and videoconference by held were meetings twelve the of ten pandemic, COVID-19 the to Due meetings. regular twelve held Committee 2020, In the strategy. and business Company general discuss to basis amonthly on generally meets Committee Executive The meetings. at Board regularly are discussed aspects Individual matters. on sustainability Directors of Board the to annually reports Sustainability and Procurement Global of Head The programme. the to implement sustainability and responsibility in corporate specialists internal upmade team of leadership a and sustainability committee steering sustainability corporate across-functional by supported is He programme. sustainability Company’s the heads Committee, Executive the of amember Sustainability, and Procurement Global of Head The Sustainability Givaudan – 2020 Governance, Compensation and Financial Report 16 Appendix Statutory Consolidated Compensation Governance financial report financial report report report Gilles Andrier graduated with two Masters in Engineering from ENSEEIH from in Toulouse. Engineering Masters two with graduated Andrier Gilles SA. Albea of Director non-executive independent are: Andrier Gilles by held mandates Other before becomingGlobalHeadofFineFragrances in2003 and thenCEOofGivaudanin2005. Head ofConsumer ProductsinEurope.HewasappointedHeadofFineFragrances, Europein2001 Officer. HelaterheldvariouspositionsincludingHeadof FragranceOperations intheUSAand joining Givaudanin1993 asFragrance DivisionController andAssistanttotheChiefExecutive Gilles AndrierspentthefirstpartofhiscareerwithAccentureinmanagementconsultingbefore Management Accountants. of Institute Chartered the of member as a qualified subsequently and Finance and (Hons) Accounting in aBA with UK Manchester, of University the from graduated Tom Hallam He wasappointedChiefFinancialOfficereffective1January 2017. compliance, strategicplanningandmanagementofGivaudan’s businessdevelopmentprocess. Controller, basedinVernier, Switzerland withresponsibilityforfinancialreporting and appointed VicePresident,Corporate Finance.Tom HallamjoinedGivaudanin2008asGroup responsibility includingFinancialDirectorforManufacturingOperations, andin2001hewas Switzerland in1996tojoinSeronoGeneva,whereheheldanumberofpositionsincreasing Tom Hallambeganhiscareer intheUKworkingvariousindustriesandpositions.Hemovedto At 31 December 2020, the following were members of the Executive Committee: Executive the of members were following 2020, the December 31 At 4.1 governance Corporate Members of the Executive Committee Committee Executive the of Members Tom Hallam Chief Financial Officer ▸ ▸ ▸ ▸ ▸ ▸ Chief Executive Officer Executive Chief Andrier Gilles ▸ ▸ ▸ ▸ ▸ ▸ Appointed in 2017 in Appointed 1966 in Born national &Swiss British 2005 in Appointed 1961 in Born French national Maurizio Volpi holds a degree in Economics from the Bocconi University in Milan, Italy. Milan, in University Bocconi the from Economics in adegree holds Volpi Maurizio Materials. Fragrance for Institute Research the and Association Fragrance International of Directors of Boards the of member are: held mandates Other business in2012and2015becamePresidentofGivaudanFragrance &Beauty. was appointedRegional Head ofWestern andEasternEurope(WEE)fortheConsumer Products for bothConsumer ProductsandFineFragrances, andWorld AccountManagerforUnilever. He Global Marketing Consumer Products,HeadofGlobalMarketing andConsumer Market Research Maurizio Volpi subsequentlytookonrolesofincreasingresponsibility atthegloballevel:Headof Milan beforemovingtoArgenteuilin2003 asHeadofMarketing Consumer ProductsEurope. working invariousmarketing roles.In2000,hejoinedGivaudanItalyasAccountManagerin Maurizio Volpi beganhiscareerinconsumergoodswith P&G andReckitt BenckiserinItaly, inexperience the flavour industry. of years 30 over has He University. State Michigan from chemistry in a BSc has D’Amico Louie Committee. Executive the of amember and &Wellbeing Taste of President appointed was he 2018, April 1 Effective Americas. Flavours of Head as USA the to back relocated he 2010, In EAME. of Head Commercial became D’Amico Louie 2006, In unit. business Beverage Global the of Head then and Management Account Key International of Head as Europe to relocated he 2003, In unit. business Savoury America North the later and unit business Goods Sweet America North the of Head the 1997, became in he Roure Givaudan with merger the On Fries. and Fries with manager account key as sales in Givaudan with career his began D’Amico Louie ▸ ▸ ▸ Volpi & President Beauty Fragrance Maurizio ▸ ▸ ▸ D’Amico PresidentLouie Taste & Wellbeing ▸ ▸ ▸ ▸ ▸ ▸ Appointed in 2015 in Appointed 1969 in Born national Italian 2018 in Appointed 1961 in Born US national Givaudan – 2020 Governance, Compensation and Financial Report 17 Appendix Statutory Consolidated Compensation Governance financial report financial report report report obtained at Golden Gate University in Singapore. in University Gate Golden at obtained MBA an of holder the is and marketing international in a degree has Mutsaerts Willem programme. Sustainability of Givaudan’s head of responsibility additional the on 2017, took he March of As 2015. October in Committee Executive the of a member and Procurement Global of Head became Mutsaerts Willem Operations Fragrances. for Fragrance consumerproductsintheEAMEregion,and2007wasappointedHeadofGlobal appointed HeadofGlobalPurchasingforFragrances. In2001,hetookcommercialresponsibility moved ontobecomeRegional AccountManagerfortheAPAC regioninSingaporebeforebeing Willem MutsaertsjoinedGivaudanin1989,initiallywithresponsibility forsalesinBenelux.He UK. the in Anglia East of University the from Biochemistry in aPhD and Chemistry and Biology in aBachelors has Halle-Smith Simon took ontheadditionalresponsibilityforEnvironment,HealthandSafety(EHS)asofMarch2017. Smith becameHeadofGlobalHumanResources andamemberoftheExecutiveCommittee. He before beingappointedHeadofHRfortheFragrance Divisionin2009.In2015,SimonHalle- in 2005.WhenQuestwasacquiredbyGivaudan2007,hecontinuedasEuropeanHRDirector 2004, hejoinedQuestasHRDirectorfortheUK,beforebeingappointedEuropean Lilly & Company in the UK in Clinical Trial Project Management, Sales and Human Resources. In Simon Halle-Smith beganhiscareerinthepharmaceuticalindustry1991.Heworked withEli governance Corporate ▸ ▸ ▸ ▸ ▸ ▸ and Sustainability Procurement of Global Head Mutsaerts Willem EHS and Resources Human Simon Halle-Smith of Global Head ▸ ▸ ▸ ▸ ▸ ▸ Appointed in 2015 in Appointed 1962 in Born Dutch national 2015 in Appointed 1966 in Born British national – – Committee: Executive the of members for mandates external following the permits Company the of Incorporation of Articles the of 32 Article 1OaEC 1point 12 para. to Art. pursuant activities 4.3 foreign interestgroupsnoranysignificantofficialfunctionsor politicalposts. holds anymaterialpermanentmanagementorconsultancyfunctions forsignificantdomesticor Except forthosedescribedinsection4.1,nomemberoftheExecutive Committee of Givaudan SA interests. vested and activities other their for 4.1 section in described Committee Executive the of members the of biographies the to refer Please 4.2 France. Marseille, in University Sciences from Quality and Control Analytical in and France Havre, Le in University Sciences from Fragrances and Flavours in aMaster Tayac has Anne 2016. in August Solutions Business Head of Givaudan as appointed was She Operations. Fragrance Global leading for responsible recently most was and Care, deployment SAP change Fragrance management, and Flavour Supply Chain Excellence Customer Management, in Quality responsibility of increasing roles 2003 she assumed where in Vernier to Tayac relocated Anne 1998. in Management Quality Fragrance of Head Global to promoted being before Management Quality of Head as 1996 in France Givaudan joined She Grasse. in Robertet with coordinator Assurance aQuality as career her Tayac began Anne – – the following mandates are not subject to these limitations: these to subject not are mandates following the hold up to mandates two in quoted or non-quoted companies. Directors, of Board the by approval to may, subject Committee Executive the of members › › › › than ten such mandates such ten than more hold shall Committee Executive the of or Directors of Board the of member No company. controlled any or corporation the of behalf on and order by held mandates mandates in companies which are controlled by the corporation Rules in the Articles of Incorporation on the number of permitted permitted of number the on Incorporation of Articles the in Rules Other activities and vested interests vested and activities Other ▸ ▸ ▸ Tayac Anne ▸ ▸ ▸ Appointed in 2016 in Appointed 1968 in Born French national Head of Givaudan Business Solutions Business of Givaudan Head Givaudan – 2020 Governance, Compensation and Financial Report 18 Appendix Statutory Consolidated Compensation Governance financial report financial report report report in different legal entities which are under joint control are deemed one mandate. one deemed are control joint under are which entities legal different in Mandates register. foreign acorresponding or register commercial Swiss the in registered be to required is which entity alegal of body governing supreme the in mandates mean ‘Mandates’ For restrictions on nominee shareholders, see section 2.6.3. on nominee see section shareholders, For restrictions limitations on voting for shareholders. ordinary rights no has Today, Company the removed. were restrictions rights voting and registration existing previously the 2014, 20 March on shareholders of Meeting General Annual the At representatives rights voting institutional of case the in particularly exceptions, granting on rules and 6.1.1 6.1 6. report. Financial the and report Compensation the as well as Report Annual Integrated the in Committee Executive its and Directors of Board its of remuneration the of details the publishes Givaudan Governance, Corporate on Directive SIX the and Obligations of Code Swiss the with accordance In 5. Governance. Corporate to Relating Information on Directive SIX the of 4.4 Subsection of scope the within fall that parties third with contracts management any into entered not has Company The companies (or natural persons) not belonging to the Group 4.4 Corporate governance Corporate www.givaudan.com ▸OurcompanyCorporate governance▸RulesandpoliciesArticlesofincorporation ›

› Compensation, shareholdings and loans Shareholders’ participation Shareholders’

Directors or of the Executive Committee shall hold more than 15 such mandates. such 15 than more hold shall Committee Executive the of or Directors of Board the of member No structures. comparable other and foundations welfare employee trusts, organisations, charitable foundations, in associations, mandates READ MORE Voting rights and representation restrictions Key elements of all management contracts between the issuer and and issuer the between contracts management all of Key elements All voting rights restrictions; indication of any statutory group clauses clauses group statutory any of indication restrictions; rights voting All 6.1.3 items to be included on the agenda and the proposals. the and agenda the on included be to items the forth setting convened, be meeting ashareholders’ that writing in demand may capital share the of 10% least at representing Shareholders meeting. the of day the to prior 20 days least at (SHAB/FOSC) journal trade official Swiss the in publication by made is meetings The convocation of shareholders registered voting with to rights general shareholders’ 6.3 for decisions of general of meetings shareholders. law Swiss by prescribed rules majority the follow SA Givaudan of Incorporation of Articles The 6.2 including therulesonproxiesandvotinginstructions(byelectronic meansorotherwise). establishes therulesonshareholderparticipationandrepresentation intheshareholders’meeting, Article 10oftheArticlesIncorporationCompany statesthattheBoard ofDirectors general meeting of shareholders the in participation electronic the on Incorporation of Articles the in rules any and proxy, independent the to instructions of issue the on Incorporation 6.1.6 representative (‘independentproxy’)electedbytheAnnualGeneralMeetingofshareholders. is authorisedbyawrittenproxy,legalrepresentativeortheindependentvotingrights Each shareholdermayberepresentedattheshareholders’meetingbyanotherwho shareholder with voting rights has the right to attend and to vote at the shareholders’ meeting. Any shareholderwho,onthedaydeterminedbyBoardofDirectors,isregisteredasa provisions. legal Swiss the from deviations no are There they differ from applicable legal provisions 6.1.5 law. Swiss by prescribed as meeting, ashareholders’ at represented votes share the of majority absolute the of vote apositive requires rules above the in change Any restrictions 6.1.4 shareholders. ordinary for restrictions rights voting any have not does Company the as applicable Not

Convocation of the meeting general of shareholders Statutory quorums Statutory Information on any rules which might be laid down in the Articles of of Articles the in down laid be might which rules any on Information Statutory rules on participation in the general meeting of shareholders if if shareholders of meeting general the in participation on rules Statutory Reasons for granting exceptions in the year under review under year the in exceptions granting for Reasons Procedure and conditions for abolishing statutory voting rights rights voting statutory abolishing for conditions and Procedure Givaudan – 2020 Governance, Compensation and Financial Report 19 Appendix Statutory Consolidated Compensation Governance financial report financial report report report of Directors in 2007. in Directors of Board the by deleted were effect in previously situations control of change against measures o total a to and Directors of Board the of members to Company the by be, may case the as granted, shares performance (RSUs) and units share restricted control, of achange of event the In 7.2 Exchange. Swiss SIX the on trading for listed are that Company the of securities listed all acquire to offer a public make to required is company a listed of rights voting the of 33.3% than more acquires who anyone that provide which apply, provisions legal Swiss General law. Swiss under up opting or out opting on rules any contain not do SA Givaudan of Incorporation of Articles The 7.1 7. rule. this to exceptions any granted not has SA Givaudan vote. to entitled are representatives, their or date, acertain at vote to aright with register share the in registered shares hold who shareholders Only meeting. the before weeks two approximately set is and invitation the in specified is meeting general ordinary the for date register The meeting. shareholders’ each for Directors of Board the by set date record the until SA Givaudan of register share the in vote to aright with registered be will Shareholders 6.5 proposal. the and item the forth setting agenda, the in included be item an that meeting the before days 45 least at writing in demand may CHF 1 million least at of value anominal for shares representing Shareholders 6.4 governance Corporate

Change of control and defence measures

Agenda Clauses on changes of control to make offer an Duty Inscriptions into the share register share into the Inscriptions senior management and employees may vest immediately. All other defence defence other All immediately. vest may employees and management senior f 509 Givaudan SA, its subsidiaries, and of the consolidated financial statements. financial consolidated the of and subsidiaries, its SA, Givaudan 8.1 Auditors 8. accounts for the year 2020 were CH 2020 were year the for accounts annual Group’s the of audit the to related services professional for Deloitte of fees The 8.2 meeting. shareholders’ the to re-election for proposed be should auditors statutory the whether basis annual an on reconsider Board the and Committee Audit The auditor fortheGivaudanauditatDeloittehasbeenMsKarineSzegediPingoud,Partner. the art.730apara.2ofSwiss Code ofObligations.SinceMarch2016, the responsiblelead lead auditorfollowsthelegallyrequiredmaximumdurationofsevenyearsinaccordancewith Deloitte SAwasreappointedasstatutoryauditorforthebusinessyear2020. Therotationofthe mandate sincethattime.AttheAnnualGeneralMeetingofshareholderson25March2020, appointed asGroupandstatutoryauditorofGivaudanSAitsaffiliateshasheldtheaudit At theAnnualGeneralMeetingofshareholderson26March2009,DeloitteSAwasfirst external auditor as well at least once per year. per once least at well as auditor external the with meets Directors of Board the addition In Committee. Audit the by raised questions particular for available are and activities their on comment they which in areport prepare auditors external the meeting each For management. of presence the without sessions private year, including per times four least at auditor external the meets Committee Audit The auditors. external as Deloitte of performance the evaluate to meetings regular its during Deloitte by provided services audit the of assessment an conducts Committee Audit The year. reporting each of end the after Committee Audit the to directly audit the of outcome the presents auditor external The 8.4 CH of atotal for services related compliance and tax rendered 2020, Deloitte year the for addition, In 8.3

Additional fees Informational instruments pertaining to the external audit external to the pertaining instruments Informational Duration of the mandate and term of office of the lead auditor lead the of office of term and mandate the of Duration Auditing fees Auditing F 0.3 m illion. F 3.6 million. This amount includes fees for the audit of of audit the for fees includes amount This 3.6 million. Givaudan – 2020 Governance, Compensation and Financial Report 20 Appendix Statutory Consolidated Compensation Governance financial report financial report report report E givaudan. 9093 780 22 T +41 Switzerland Vernier, 1214 5, Parfumerie la de Chemin Relations, Investor and Media Givaudan of Head Bénaich, Pierre contact: please information further For The complete calendar of is events available at: at: found be also can information relevant All at: found be can releases media other and information sales Quarterly at: website Givaudan’s from downloaded be also can report Sustainability GRI the and Year Report Half the Report, Annual Integrated the as such publications Corporate All request. on Hard copies of Company publications such the Integrated as Annual are Report available at: found be can Incorporation of Articles Givaudan’s at: detail in described are Transparency and Disclosure of Principles Givaudan’s policy 9. Information meetings. Committee Audit the of four all attended 2020 Deloitte During Committee and the Chief Financial Officer. Audit the of Chairman the by signed letter engagement an in defined is audit the of scope The auditor. external the by provided services other approves and the Audit Committee reviews andFurthermore, approves the compensation and evaluates governance Corporate

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Givaudan – 2020 Governance, Compensation and Financial Report 21 Compensation Report

In this section

23 Compensation governance 25 Compensation principles 26 Compensation of Givaudan executives 31 Compensation of the Executive Committee 33 Compensation of the Board of Directors 34 Share ownership guidelines 35 Ownership of Givaudan securities 36 Report of the statutory auditor Appendix Statutory financial Consolidated Compensation Governance report financial report report report Reflecting business and individual performance individual and business Reflecting compensation for the Board. recommending as well as member Committee Executive each of benefits and compensation CompensationThe Committee is also responsible for reviewing and approving individual based long-termincentives,while theapplicableperformancecriteriaaresetbyBoard. approves the performance targets and related payouts under the annual incentives and share- base salary,pensionandbenefit plans.The Compensation Committee also annuallyreviewsand reviewing compensation policies. Itregularly reviews Company-wide programmes in regard to The Compensation Committee supportstheBoardofDirectors(Board)inestablishingand 1.1 1. forPractice Corporate Governance of Economiesuisse. Best of Code Swiss the in out set recommendations the account into takes and Obligations of Code Swiss the under required information comprises also report The Exchange. Swiss SIX the by issued Governance, Corporate to relating Information on Directive the with (OaEC) and Companies Stock Listed at Compensation Excessive against Ordinance the with compliance on compensation, been has complementing preparedThis report in our integrated report, compensation practicesarealignedwithourprinciplesofintegrity,fairnessandtransparency. valued andinspired.We have rigorous governance,policiesandprocesses to ensure that our aligned withourambitionofensuringthatGivaudanisaplacewhereeveryonefeelswelcome, Our compensationprogrammesreflecttheperformanceofbusinessandindividualsare of both individual and business performance. of our employee value proposition and akey driver compensation policies essential are an component engaged and talented people. The Company's Givaudan owes its success to adiverse pool of highly

Compensation governance

Compensation Committee – – particular: In modified. be not 2020 would Compensation that Committee determined compensation decisions made at the beginning of the business, Givaudan the of aspects all on pandemic the of impact the reviewed Having Response to COVID-19 of thesechangesareexplainedinsection3.7. aspects of the Performance Share Plan (PSP) will change with effect from 1 January 2021. Details Committee reviewedtheCompany compensationplansduring2020. Accordingly,certain ensure alignment with the goals and ambitions derived from our purpose, the Compensation and communities, and set the foundation for all strategic choices and business decisions. To In 2019,Givaudandefineditspurposetoarticulatesustained contributiontopeople,nature Share Plan (PSP)Performance 1.2 and approvals. items agenda standing Committee Compensation the summarises page, next the on Table I, Board. the and management senior of compensation the benchmark to consultants external independent utilises Committee The Board. full the to available are meetings the of minutes The meeting. each after resolutions and recommendations deliberations, its of Board the informs and year a times five to four meets Committee Compensation The compensation. own their regarding discussions in participate not do executives However, appropriate. as executives other invite may of the Compensation Committee. Chairman The ofsecretary the Compensation Committee as acts Resources Human Global of Head The meetings. Committee Compensation to invited regularly is Officer Executive Chief The Bauer. Dr-Ing. Prof. Werner by chaired currently is and Board the of members independent three of consists Committee Compensation The – – made for the performance year 2020. year performance the for made were achievements or targets incentive term long or short pre-defined to adjustments no established budgets and no reduction in salary took place; and place; took salary in reduction no and budgets established pre- the to according place took executives and employees for review 2020 salary the Specific activities in 2020 in activities Specific Givaudan – 2020 Governance, Compensation and Financial Report

23 Appendix Statutory financial Consolidated Compensation Governance report financial report report report the vote on pay at the shareholders’ meeting (Art. 26). (Art. meeting shareholders’ the at pay on vote the 31)and and 30 (Arts. Board and Committee Executive the for benefits post-employment and facilities credit loans, 27), (Art. meeting shareholders’ the at pay on vote the after appointed members Committee Executive to payments for amounts additional – 25), 23 (Arts. options and rights convertible securities, equity of allocation the to and pay performance-related to applicable principles the on rules include Givaudan of Incorporation of Articles The 1.3 crisis. the COVID-19 from resulting layoffs permanent or temporary no were There safety. their ensure and responsibilities home with work balance employees help to protocols and measures various implemented also Company The environments. economic respective to according country each for defined was amount An operations. Givaudan's of continuity the ensuring in efforts and commitment outstanding their of recognition in period lockdown the during site on worked who employees to paid was bonus A special 3. 2. 1. year of Beginning Timing I. performance individual and business Reflecting end of year of /end Mid-year

www.givaudan.com ▸OurcompanyCorporate governance ▸RulesandpoliciesArticlesofincorporation Compensation Committee standing agenda items and approval Subject to shareholders’ vote (binding vote on maximum compensation consultative amounts, vote on Compensation report). Individual concerned does not attend/abstains. Committee. Compensation the of Chairman by proposed compensation CEO

READ MORE Governance rules Governance Compensation report Agenda items Prior year annual incentive achievement Set current year performance targets performance year current Set Long-term incentive award allocation Executive Committee andExecutive Board compensation forMaximum amounts shareholder voting on Long-term incentive achievement against targets Compensation of the Executive Committee Executive the of Compensation Compensation of the Board of Directors of Board the of Compensation Changes to compensation system (if any) (if system compensation to Changes Preview of key items for next year next for items key of Preview Compensation Committee Proposed ² CEO ² CEO ² CEO Compensation Committee ² CEO ² CEO Compensation Committee Compensation Committee CEO / Compensation Committee Compensation ¹ General Meeting. Givaudan willalsosubmitthe2020 Compensation reporttoaconsultativevoteat the2021 Annual amounts tobesubmittedforapproval willbeincludedintheshareholders’meetinginvitation. shareholders is aligned with the Compensation report valuation methodologies. Full details of the The calculationapproachtobeappliedfordeterminingthe amountstobeapprovedby – – – approval: shareholder for amounts aggregate maximum following the submit will Board the Meeting General Annual 2021 the at Incorporation, of Articles Givaudan’s with line In – – – year (Executive vote) Committee prospective fiscal 2021 the for Committee Executive the of compensation variable long-term and Fixed (Executive vote) Committee retrospective year 2020 fiscal the for Committee Executive the of compensation variable Short-term Compensation of the Board for the period until the 2022 ordinary shareholders’ meeting shareholders’ ordinary 2022 the until period the for Board the of Compensation Consultation Chairman Givaudan – 2020 Governance, Compensation and Financial Report Board of Directors Approved Compensation Committee Compensation Committee Compensation Committee (preliminary) Board of Directors Compensation Committee Compensation Committee Board of Directors Board of Directors – ³

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24 Appendix Statutory financial Consolidated Compensation Governance report financial report report report 2. 1. salary Base Compensation II. – – principles: following the on based is and ambition this supports policy remuneration competitive Our Givaudan. of success continued the to key is globally employees talented right the retain and motivate attract, to ability The 2.2 with shareholders’interests. compensation withthesharepriceevolutionofCompany andstrengthenthealignment are arighttoreceivesharesofGivaudanafterthree-yearblockingperiod.Theylinkthe The BoardcompensationispaidincashandtheformofRestricted ShareUnits (RSUs). RSUs compensation andarenotinsuredintheCompany pensionplans. Board receive fixed compensation only. They are not eligible to any performance-based In order to reinforce their independence in exercising their supervisory duties, members of the 2.1 2. performance individual and business Reflecting Profit Sharing Plan Sharing Profit ¹ ¹ Plan Incentive Annual ¹ (PSP) ¹ Plan Share Performance Benefits – –

by rewarding long-term programmes. share-based through creation value Alignment of to Givaudan interests: seeks align management and shareholders’ interests results. business to contribution their for rewarded are and success overall Company’s the in participate employees plans, pay variable our through performance: for Pay Unless local laws prevent allocation of Givaudan shares, in which case payout is in cash. cash. in is payout case which in shares, Givaudan of allocation prevent laws local sections. Unless next the in detail more in described are plan PSP and Plan Incentive Annual The

Givaudan compensation Compensation principles Executives and employees and Executives Directors of Board Participants All employees (16,000) Non-management employees (11,000) Manager and executives (5,000) executives and Manager managers (500)managers Executives and selected All employees (16,000)

(number of participants)

Payout Cash Cash Cash ² shares Givaudan Insurances, pension, fringe benefits fringe pension, Insurances, Link to compensation principles Provides internal consistency and fairness and retain highly individuals. Attract talented Contribution toContribution Group financialobjectives Contribution toContribution financialobjectives targets and shareholders’ interests targets Alignment of management long-term with Protection against risk, attract and retain and attract risk, against Protection – – – elements: following the of 2020 in composed is compensation total Givaudan’s – – – – – – – vary between 0% and 200% of target payout. target of 200% and 0% between vary can payouts criteria, performance of achievement the on Depending objectives. individual and organisational other and targets financial of achievement the for participants rewards It globally. executives and managers all covers plan this Plan: Incentive Annual Plan. Payouts are based on yearly evolution of Group EBITDA. Group of evolution yearly on based are Payouts Plan. Sharing Profit global the in participate employees non-management Plan: Sharing Profit built around market median. are scales pay rule, ageneral As evolution. market local to according annually reviewed are scales pay and location each in benchmarked regularly are salaries base salary: Base market. geographic and function level, job reflect scales pay internal fairness: and consistency Internal attract and retain highly talented individuals critical to its success. its to critical individuals talented highly retain and attract competitiveness: overall compensation positioningExternal should enable Givaudan to

Givaudan – 2020 Governance, Compensation and Financial Report

Alignment with the business strategy the business with Alignment leaders to develop skills for sustained success sustained for skills develop to leaders future and experts industry of a pipeline Nurture Reward our people to share in Group profit Group in share to people our Reward target andtarget objectives individual performance Achieve annual and organic EBITDA growth sales cash flow targets flow cash free and growth sales organic long-term Achieve Same as base salary base as Same

25 Appendix Statutory financial Consolidated Compensation Governance report financial report report report Givaudan’s compensation principles. compensation Givaudan’s with aligned is and plans pay variable share-based and/or cash-based through performance Company to linked is remuneration employee’s Givaudan every II, table in illustrated As – – adjust raw survey results for strict comparability. strict for results survey raw adjust to applied are techniques regression capitalisation), market and revenue account into (taking size Givaudan’s from differs companies of group peer the of size median the that To extent the – – – – – – benchmarking ofExecutiveCommittee positionsaredisclosedinsection 4.1page31): benchmarking may be selected from the following industries (Specific companies used for in size and international presence. Comparable European companies included in our (members oftheSwiss LeaderIndex,orSLI)aswellEuropeancompaniesthatarecomparable benchmarked againstindividualsinsimilarpositionswithinselectedlistedSwiss companies The compensationofGivaudanexecutives,intermsbothstructureandlevel,isregularly 3.1 3. performance individual and business Reflecting – – – – – – – – employees according to local market practice. market local to according employees certain to offered are vehicles Company as such Benefits-in-kind benefits. disability and death health, retirement, include generally These employees. of needs security future and current address to seek plans benefit compensation): (indirect Benefits period. vesting three-year the of end the at share performance per shares Givaudan two and zero between receive may participants criteria, performance of achievement the on Depending Shares. Performance of award the through objectives business long-term and price share Givaudan the of evolution the to compensation manager selected and executives links plan (PSP): this Plan Share Performance Ingredients Biotechnology chemicals Speciality beverage and Food Consumer products fragrance and Flavour Compensation of Givaudan executives Givaudan of Compensation

Compensation benchmarking Chart III illustrates the direct compensation mix at target for Givaudan executives in 2020. executives for Givaudan at mix target compensation direct the III illustrates Chart – 3.2 III. – components. compensation indirect and direct of consists executives Givaudan of compensation total The . ExcludingCEO. 1. – – protection as well as certain benefits-in-kind according to local market practice. market local to according benefits-in-kind certain as well as protection Indirect compensation includes retirement coverage, death and health disability benefits, components. share-based and incentive annual salary, base of consists compensation Direct Direct compensation mix policy guidelines guidelines policy mix compensation Direct

Compensation mix % CEO % % Fixed pay(incl.benefits) Committee Executive % % % ¹ Givaudan – 2020 Governance, Compensation and Financial Report Committees Divisional Annual incentive % % % Key Functional Heads % % % Performance shares Executives Other % % %

26 Appendix Statutory financial Consolidated Compensation Governance report financial report report report Payout Conditions for vesting Vesting Grants Purpose Participants performance and contribution to and contribution annual Givaudan objectives. performance individual executives’ and managers’ reward to designed is Plan Incentive Annual The 3.5 results. Company to contribution and performance executive’s the consideration into taking evolution, market on primarily based any) are (if adjustments salary Base annually. reviewed are salaries base competitiveness, To market ensure performance. individual and experience skills, of terms in incumbent the of profile the and role the of value external the function, the of responsibilities and scope the of basis the on established are salaries Base 3.4 for anycurrentorformerExecutiveCommittee members. Compensation Committee. In 2020, the Compensation Committee did not exercise clawback shares attheendofvestingperiodwilllapseifsucha determinationismadebythe performance orbehaviour. WithregardtothePSP, thismeansthatanyrighttoreceiveGivaudan cancel anypayoutsthatwouldotherwisebedue,includingfor reasonslinked toanindividual’s The respectiveplanrulesprovidetheCompensation Committee withabsolutediscretionto all incentive-based compensation (Annual Incentive and PSP) is subject to clawback provisions. As partoftheGivaudancompensationprogrammeandensuringappropriateriskmanagement, 3.3 1. IV. schemes. incentive two the of purpose and structure the illustrates Table below IV performance individual and business Reflecting Unless local laws prevent allocation of Givaudan shares, in which case payout is in cash. in is payout case which in shares, Givaudan of allocation prevent laws local Unless

Variable compensation overview

Annual Incentive Plan Incentive Annual Clawback provisions Base salary Base Cash targets growth sales Achievement of annual EBITDA and year each of End Annual grant performance individual and overall organisational targets annual of achievement the for executives and managers To reward executives and Managers Annual Incentive Plan Performance SharePerformance Plan Shares FCF/sales targets over 4 years Achievement relative sales growth and 3 years Annual grant objectives business of achievement and creation value To link compensation to shareholder executives and talent Key ¹ incentive ispaid. 200% of target incentive. Minimum thresholdachievement is required, otherwiseno annual Based ontheperformanceachievements, incentivepayoutsmayvarybetween0%andacapof – – – – – Expressed asapercentageofbasesalary,annualincentivesattarget werethefollowingin2020: payouts and caps targets, Incentive values. core Givaudan the with line in behaviours of demonstration the and responsibilities job day-to-day objectives, personal of achievement consideration into taking performance, individual and objectives, Group Givaudan from cascaded objectives, performance organisational of amix on based are level Committee Executive the below executives and managers for payouts incentive Annual inpresented the Compensation report. are maximum and targets threshold, Plan Share Performance the of Details disadvantage. a competitive at shareholders its and Company the put otherwise could targets, performance Plan Incentive Annual to relating as such information, such of Provision information. disclosure the Company’s approach commercially protects sensitive, forward-looking The plans. pay variable its under factor payout overall the ex-post discloses Company the transparency, to commitment Givaudan’s with line in and link performance this assess to ability andand enshrines strategy the principles of pay for To performance. provide shareholders the vision Company’s the with alignment for designed been has system compensation Givaudan’s responsibility. of scope members’ the to regard having appropriate more is level divisional where except considered, is level Group at Measurement sales. of apercentage as expressed is EBITDA Plan, Incentive Annual the of purpose the For – – criteria: performance following the on based was members Committee Executive for Plan Incentive Annual 2020,In the Performance criteria – – – – – – – Other executives and managers: 10% –35% 10% managers: and executives Other Division Management Committee members: 35% –50% 35% members: Committee Management Division Other Executive Committee members: 60% members: Committee Executive Other Chief Financial Officer and Division Presidents: 80% Presidents: Division and Officer Financial Chief Chief Executive Officer: 100% Officer: Executive Chief 50% targets: margin EBITDA Sales growth targets in local currencies: 50% currencies: local in targets growth Sales Givaudan – 2020 Governance, Compensation and Financial Report

27 Appendix Statutory financial Consolidated Compensation Governance report financial report report report approximately two times annual base salary. base annual times two approximately is member per value grant total annual the members Committee Executive For allocations. PSP of value maximum the cap to apolicy applies Givaudan Committee. Compensation the by year each approved are generally, parameters plan the and granted, Shares Shares annually. are Performance granted number total The of Performance PSP participants business. the of success long-term the influence significantly who talent key and executives reward to designed is PSP (PSP). The Plan Share Performance the in participate to eligible are members management selected and Executives 3.6 V. since 2017. target against achievement incentive annual historical Table V summarises Committee. Executive the of members other the for 135% of average an and Officer, Executive Chief the for payout target of 135% in resulted This target. above was EBITDA and target on was growth 2020,In sales performance individual and business Reflecting Historical annual incentive achievement incentive annual Historical

Performance Share Plan Performance 117% CEO Executive Committee excludingCEO 2017 117% 112% 2018 112% 121% 2019 120% 135% 2020 135% Target 100% 75% of this market. The peer companies currently included in the group are Firmenich, Firmenich, are group the in included currently companies peer The market. this of 75% approximately total in represent companies These currency. local in sales publish that industry fragrance and flavour the from companies includes group peer the growth, sales average For purpose. Givaudan the to linked criteria non-financial by complemented be will 2021 1January from but continue will criteria performance these 3.7, section in explained As The structureofperformancecriteriacalculationhasbeenspecifically designedtobechallenging. – – of: acombination been historically have grants to apply that criteria performance The business. the of outlook long-term the with consistent is period four-year extended an over performance Measuring years. four previous the over met been have criteria performance extent the on based date vesting the on measured is Performance Performance target setting VI. following diagram. criteria measuredovertheperformanceperiod.TheoperationofPSPissummarisedin Performance Sharesvestthreeyearsfromgrantdatebasedontheachievementofperformance 2020 – – Cumulative Free Cash Flow (FCF) margin, expressed as a percentage of cumulative sales. cumulative of apercentage as expressed (FCF) margin, Flow Cash Free Cumulative companies; and group peer selected of growth sales the to compared as growth sales average Relative shares performance Receive date Grant March Operation of the 2020 PSP Performance criteria Performance PSP 2020 the of Operation

2021 Givaudan – 2020 Governance, Compensation and Financial Report 2022 2023 performance criteria performance of achievement the on based share, shares per performance Receive 0–2 Givaudan Vesting date March

28 Appendix Statutory financial Consolidated Compensation Governance report financial report report report VII. challenging. are appropriately targets ensuring and acquisitions) recent particular, (in investments significant of impact the consideration into take setting target and assessment the mentioned, already factors the to addition In objectives. overall the within and 2020 guidance, our with aligned remain 2020 PSP the for set Targets reference is achievements against historical test conducted. a addition, In projections. its and performance Givaudan’s to given is consideration Careful policies. governance strict to adherence follows targets against testing and Target setting 17%. to 9% from extends range performance The performance. Company sustained reward and stringent are targets performance the that ensures years four over assessment The period. performance the of year each in sales Givaudan’s of sum the by divided is result cumulative this and summed, is period performance the of year each for FCF Givaudan’s that means This years. performance four the of each for FCF margin reported the of average the as calculated is achievement final margin, FCF of case the In –2% 2%). to prior: and (2017 period four-year performance the over group peer versus growth sales annualised 2.5% to –1.5% from extends growth sales relative for range performance The Takasago. and Symrise Sensient, IFF, Robertet, Hasegawa, performance individual and business Reflecting . FouryeartargetforcorrespondingPSP. 2. Cumulative FCFmarginoftherelatedpreviousperformanceperiod. 1. Targe target settin Reference test Historical FCF margin vs set target target set vs margin FCF Historical t ² g ¹ 14 2016 PSP 14 5 % % 13 2017 PSP 14 6 % % 12 2018 PSP 12 4 % % 12 2019 PSP 12 5 % % the positioningwithinmatrixshownintableVIII. other. Accordingly,theweightingofimpactforeachperformancecriteriadiffersdependingon on oneperformance criteria can becounterbalanced in theevent of underperformance on the generation fortheCompany. Theoutcomeofthematrixpayoutapproachisthatoutperformance lead to payouts between 0% and 200%, ranked according to their long-term economic value Different combinationsofrelativesalesgrowthandFCFachievementswithintheaboveranges payout. a0% in results measure either on threshold minimum the below level achievement An criteria. both for threshold maximum the above level achievement an require would 200% of A payout criteria. both against achievement performance of combination the on dependent is vesting of level The granted. initially Shares Performance the of 200% and 0% between vary may period performance the of end the at vesting shares of number actual the met, are criteria performance that extent the on Based Share payout caps on FCFmaycounterbalance lowersalesgrowth achievementisrestricted.Accordingly, inthe FCF margin is12%.Anadditionalpayoutcapapplies,sothattheextentto which outperformance such aswhenrelativeaverage salesgrowthisinlinewiththepeergroupandcumulative A 100%payoutcanbeobtained whereatargetcombinationoftheperformancecriteriaismet, VIII. Average Sales Growth

compared to peer group Performance Share Plan payout matrix . .  Note thatacapat100%appliesinthe eventrelativesalesgrowthisbelowzero. Dark  % er regionindicativeoftargetachievement zonefor100%payout. Givaudan – 2020 Governance, Compensation and Financial Report C umulative FCF / Sales %  %

 29 Appendix Statutory financial Consolidated Compensation Governance report financial report report report financial criterialinked tothefocusareasofGivaudanpurpose. to calculatethePSPanddetailed in1.2willberetainedbutcomplementedbynon- focus areas:creations,nature,people andcommunities.Thefinancialmetricstraditionallyused Creating forhappier, healthierliveswithlovefornature.Let'simaginetogether –includesfour From 1January2021, anewPSPalignedwiththe Givaudanpurposewilloperate.This– 3.7 1. compared to peer group Average sales growth Criteria IX. our benchmark peer group. and indices chemical global indices, Swiss local to compared quartile third above or at been generally has periods year four recent over measured TSR Givaudan’s instance, For regards. many in market the outperform to continue we and (TSR), return shareholder total relative including metrics, benchmark other against performance tests Givaudan reference, For growth. sales relative on achievement target above and FCF on achievement target below reflects This payout. a95% 2020 with April 15 on vested PSP 2017 The Vesting in 2020 performance criteria.Incaseofachangecontrol,PerformanceSharesmayvestimmediately. as death,disabilityorretirement,PerformanceSharesmayvestsubjecttosatisfactionofthe In general,PerformanceShareslapseoncessationofemployment.specificcircumstancessuch period. vesting the during Shares Performance of respect in rights voting any have or dividends any receive not do Participants exceeded, acapofat100%applies. event relativesalesgrowthisbelowthepeergroupandFCFmargintargetsareachievedor performance individual and business Reflecting Cumulative FCF /sales¹ Cumulative Σ Sales in reporting currency in year). in currency / reporting in year in Σ Sales currency reporting in sales x year reporting margin flow cash =Σ(Free Formula 2017 PSP achievement PSP 2017

Changes to Share Plan Performance (PSP)

+0.5% Performance 12.5% Payout  granted of performance shares 95%

Givaudan purpose. Givaudan the of areas focus three the from of contribution proportion the reflects chart following The audited. and measurable be rigorously will PSP new the in used metrics non-financial the All appropriate. are targets these that ensure will data sufficient and methodology aclear and aspirations, purpose our of achievement the for way the pave will PSP new the in areas focus the in set be to targets Stretched – reflect this change. reflect to calculations future in used be will group peer broadened and anew that expected is it and businesses, other of acquisition the with years recent in evolved has business Company’s the of nature The growth. sales organic benchmark to calculations PSP in used group peer industry fragrance and flavour existing the of appropriateness the considered Committee Compensation the plans, compensation Company the of review the of part 2020, as During – – are: PSP new the in criteria calculation areas, focus the Within – – – People – gender diversity, nationality mix and employee safety Nature – net greenhouse gas (GHG) emissions reduction in scope 1, 2 and 3 2and 1, scope in reduction (GHG) emissions gas greenhouse –net Nature Creations – sales and free cash flow flow (FCF) cash free and –sales Creations 80% 10% 10% People Nature Creations Gender diversityNationalitymixEmployeesafety Net GHGemissionsreduction(scope1+2+3) Relative salesFree cashflow Givaudan – 2020 Governance, Compensation and Financial Report

30 Appendix Statutory financial Consolidated Compensation Governance report financial report report report chosen isacompetitorgroupof Givaudanconsideringtalentacquisitionandretention. (approximately 0.5xto2xmarket capandturnoverofGivaudan).Inaddition,thepeer group Nephew, SolvayandSymrise. TheEuropeanpeergroupconsistsofcompaniesasimilar size Beiersdorf, Carlsberg, Coca-Cola European Partners, DSM, Kerry Group, Pernod Ricard, Smith & group than the SLI companies. The European benchmark included 10 companies: Akzo Nobel, the findingthatGivaudancompensationpositioningappears similar versustheEuropeanpeer findings havebeencross-validatedagainstalistedEuropean company comparatorgroupwith benchmarks, the review confirmed the positioning against themarket remains appropriate. The Richemont, Schindler, SGS, Sika, Swatch and Swisscom. Consistent with prior external benchmark included 12 companies: ABB, Alcon, Geberit, Kuehne + Nagel, LafargeHolcim, Lonza, comparable market cap(approximately0.5xto2x),excludingfinancialservicesinstitutions.The multinational companies.ThispeergroupconsistedofSwiss LeaderIndex(SLI)companiesof In 2020, ExecutiveCommittee compensation was reviewedagainstapeergroupofotherSwiss executive’s levelofresponsibilityandtheimpacttheirposition onCompany results. executive’s totalcompensation.Ingeneral,theweightofvariablecompensationincreaseswith compensation, particularlylong-termcomponents,representsasignificantportionofan elements reflectachievementsagainstquantitativetargetsestablishedbytheBoard. Variable outstanding performancefromanumberofvariable compensation components.These variable Committee membershavetheopportunitytoberewardedwithabove-medianpayforsustained consultants. Givaudan’sexecutivecompensationtargetsbasepayatthemarket median.Executive All benchmarkingactivityrelatedtoExecutiveCommittee positionsisperformedbyindependent 4.1 4. tables. compensation the in disclosed and value fair at evaluated is benefits these of value monetary aggregate The practice. market to competitive according kind in benefits and perquisites executive certain with provided also are members Committee Executive death. and disability ill-health, of retirement, risks the of respect in dependents their and employees the for protection of level reasonable a provide to designed are that plans care health and insurance retirement, of mainly consisting Company, the of plans benefit the in participate members Committee Executive Benefits 3.8 performance individual and business Reflecting Compensation of the Executive Committee Executive the of Compensation Benchmarking of Executive Committee positions positions Committee Executive of Benchmarking compensation benchmarks. principles, includingconsiderationofrolesandresponsibilities andwithreferencetoour Executive Committee membercompensationhasbeensetinaccordancewithour – Total compensation For refer please compensation to details, XI. table in 2020. compensation total highest the received Andrier, Gilles Officer, Executive Chief The 4.2.1 – reflecting: 4%, by increased period reporting the for compensation Committee Total Executive CEO). the (including members seven for compensation year full representing 2019, Total in 2020 Committee compensation Executive reported compared remained stable to 4.2 Company. the to services advisory and tax includingCommittee compensation topics, benchmarking. EY additionally has provided other Executive regarding EY with contracted were services consulting 2020,In independent performance overthelongterm. with Givaudan policy and reflects our continued strong focus on rewarding outstanding the market. Thelong-termincentivecompensationispositioned abovemedian,whichisinline The resultsconfirmthattotalcompensationoftheExecutive Committee isoverallalignedwith 2. 1. Long-termincentive Short-termincentive pay Base X. – –

Further details are available in section 3.5. section in available are details Further 2019. 2020 in versus targets incentive annual of rates achievement higher the implemented in 2019 rebalancing mix compensation the of salaries base on impact year full the Performance Share Plan (please refer to 3.6). section 3.5). section to refer (please Plan Incentive Annual Executive compensation benchmark Compensation levels in2020 levels Compensation

Highest total compensation ² ¹ Below median Below ■ ■ Givaudan – 2020 Governance, Compensation and Financial Report Median ■ Above median Above ■

31 Appendix Statutory financial Consolidated Compensation Governance report financial report report report of Incorporation. Accordingly, contractual entitlements are within the specified thresholds, in of Incorporation. Accordingly,contractualentitlements arewithinthespecified thresholds,in Employment contracts of Executive Committee members comply with the OaEC and our Articles members 4.2.4 No suchcompensationwasincurred duringthereportingperiod. period reporting the during Company 4.2.3 2020. December 31 of as outstanding loan any had parties related or Committee Executive the of member former or member No period. reporting the during Committee Executive the of member former or member any to paid or for accrued were fees or compensation other No Committee Executive the 4.2.2 7. 6. 5. 4. 3. 2. 1. salary - Base francs Swiss in XI. performance individual and business Reflecting benefits - Other benefits - Pension grant at - Value granted shares performance of - Number Total fixed compensation incentive - Annual Total compensation Total variable compensation security social Employer

2020 estimated social security charges based on 2020 compensation; 2019 estimated social security charges based on 2019 compensation. on based charges security social 2019 estimated compensation; 2020 on based charges targets. security social performance of estimated 2020 achievement 100% on based and methodology IFRS to according calculated grant at 2022. Value 15April on vest Shares 2019 Performance 2023, 15April on vest period. shares reporting the in Performance 2020 performance on based kind. in period benefits reporting other in and accrued benefits incentive Annual assignment international plans, welfare and health of value annual Represents Company contributions to broad-based members. pension and retirement savings plans and annualised Committee accrued expenses for executive retirement supplementary benefit. Executive six of compensation year full Represents

Executive Committee compensation summary

Special compensation of Executive Committee members who left the the left who members Committee Executive of compensation Special Employment contract termination clauses of Executive Committee Committee Executive of clauses termination contract Employment Other compensation, fees and loans to members or former members of ⁶ ³ ² ⁴ ⁷ ⁵ Gilles Andrier Andrier Gilles 6,068,279 6,068,279 1,930,665 1,930,665 4,137,614 4,137,614 1,211,084 1,211,084 2,501,078 1,636,536 504,728 504,728 145,344 145,344 574,237 CEO 2020 895 895

Gilles Andrier 5,826,335 5,826,335 3,939,168 3,939,168 1,887,167 2,500,243 1,438,925 1,167,910 471,214 141,730 141,730 577,527 577,527 CEO 2019 1,092

CHF 15,000,000). (2019: 15,300,000 CHF was 2020for approved compensation variable term long and fixed The Meeting. General Annual respective the in shareholders by approved amounts the within is paid compensation The 4.2.5 Compensation Committee of the Board. the by approved are members Committee Executive of arrangements contractual All change incontrol,exceptforlong-termincentiveawardsthatmay vestimmediately. does notexceed12months.Noadditionalcompensationorbenefits areprovidedinthecaseof particular themaximumcontractualnoticeperiodissixmonths andanynon-competeclause members (excluding CEO) Executive Committee Compensation voting for Executive Committee members Committee Executive for voting Compensation 13,787,350 8,980,424 8,980,424 4,806,926 4,806,926 5,804,177 5,804,177 3,336,973 1,029,178 1,029,178 1,036,769 3,176,247 433,184 2,077 2,077 2020 ¹ ¹ members (excluding CEO) Executive Committee 13,195,288 13,195,288 8,435,648 8,435,648 4,759,640 4,759,640 5,604,941 5,604,941 1,005,412 2,830,707 2,830,707 3,191,433 989,482 989,482 562,795 562,795 Givaudan – 2020 Governance, Compensation and Financial Report 2,448 2,448 2019

¹ 13,118,038 13,118,038 19,855,629 4,548,057 4,548,057 1,611,006 1,611,006 6,737,591 8,305,255 1,533,906 4,812,783 4,812,783 578,528 578,528 2,972 2,972 Total 2020

12,374,816 12,374,816 19,021,623 6,646,807 6,646,807 1,460,696 1,460,696 8,105,184 4,269,632 4,269,632 1,582,939 4,359,343 704,525 704,525 3,540 3,540 Total Total 2019

32

Appendix Statutory financial Consolidated Compensation Governance report financial report report report same period. same the for granted also are RSUs The office. in year coming the for paid is amount This expenses. out-of-pocket cover to 10,000 CHF of amount additional an receives member Board Each a Committee Chairman does not receive any additional Committee Membership fees. Similarly, fees. membership board additional any receive not does Board the of Chairman The 3. 2. 1. Board the of Chairman XII. levels. year prior versus unchanged remained structure fee The XII. table the in summarised are functions additional and membership Board for fees annual The Board independence. ensuring to commitment Givaudan’s of support in practice best with line in implemented been has practice Such member. Board respective the by retained are RSUs awarded period, restriction the during occur not does re-election if example, for that, so status membership of regardless shares Givaudan receive to entitled are members Board term. longer the over interests shareholder with aligning thereby shares), Givaudan underlying the or RSUs trading from restricted are (accordingly RSUs hold must members Board period this During period. blocking three-year of a end the at securities) Givaudan of offering the prevent laws securities where countries in equivalent (or acash shares Givaudan receive to right the participants give RSUs completed. office in year each of end the at paid are (RSUs). Fees Units Share Restricted and fees Committee fees, Director of consists members Board of Compensation 5. 4,269,632). CHF (2019: Meeting General 2020 Annual the at approval for submitted be will and 4,812,783 CHF 2020 for was amount compensation variable term short incentive, annual The performance individual and business Reflecting Board the of Vice-Chairman Board membership Board Membership – All Committees – All Membership Chairman – Committees Other Chairman – Audit Committee Number of RSUs granted represents the closest match to the values displayed values the to match closest the represents granted RSUs of Number Incl. Committee membership fees. Incl. Board membership fees. Compensation of the Board of Directors of Board the of Compensation Board of Directors fees –Summary fees Directors of Board ¹ ¹

²

² Annual fees (CHF) 400,000 100,000 100,000 40,000 25,000 55,000 . (CHF) Compensation Shares Restricted 580,000 145,000 145,000 ³ compensation paid in the reporting year. reporting the in paid compensation include must OaEC, the to according which, table summary compensation Board the in shown those from differ may amounts paid and approved Such report. Compensation 2021 the in validated and office in year the of end the by paid be will (CHF 3,400,000) Meeting General 2020 Annual the at approved Amounts (CHF 2,950,000). Meeting General Annual 2019 the at shareholders by approved amount the within again is (CHF 2,817,450) Meetings General Annual 2020 and 2019 the between period the for members Board the to paid compensation The 5.4 No suchcompensationwasincurredduringthereportingperiod. Company during period the reporting 5.3 2020. December 31 of as outstanding loan any had parties related or member Board No Board. the of member any to paid were fees or compensation additional No Board the of 5.2 XIII. table to refer please details 2017. compensation For March 23 since Board the of Chairman Grieder, Calvin 2020 in was compensation highest the with member Board The 5.1 The compensation paid to the Board members for the reporting period is shown in table XIII. table in shown is period reporting the for members Board the to paid compensation The the marketpositioning against remains appropriate. the confirmed review the benchmarks, external prior with Consistent Swisscom. and Swatch Sika, SGS, Schindler, Richemont, Lonza, LafargeHolcim, +Nagel, Kuehne Geberit, Alcon, ABB, 12 companies: included benchmark The institutions. services financial excluding 2x), to 0.5x (approximately cap market comparable with (SLI) companies Index Leader Swiss of consisted group peer This companies. multinational Swiss other of group a peer against benchmarked was compensation member Board practice. market with and Meeting General 2020 Annual the at shareholders by approved compensation Board total the with aligned are fees Board Special compensation of members of the Board who left the the left who Board the of members of compensation Special Compensation voting for members of the Board the of members for voting Compensation Other compensation, fees and loans to members or former members members former or to members loans and fees compensation, Other compensation highest the with member Board the of Compensation Givaudan – 2020 Governance, Compensation and Financial Report

33 Appendix Statutory financial Consolidated Compensation Governance report financial report report report Total compensation Value at grant granted RSUs of Number (cash) fixed Total fees Committee Executive Committee. Executive the joining after year calendar the of beginning the from years five within met be should Guidelines the In general, shares. in Givaudan salary base annual times two approximately Under the share ownership guidelines (Guidelines), Executive Committee must members hold 6. 233,000). CHF (2019: 259,320 CHF to amounted 2020 on compensation based charges security social Estimated 5. 4. 3. 2. 1. ² fees Director francs Swiss in 2019 7. 6. 5. 4. 3. 2. 1. ² fees Director francs Swiss in 2020 XIII. performance individual and business Reflecting granted RSUs of Number (cash) fixed Total fees Committee Value at grant Total compensation

The function of each member of the Board of Directors is indicated on pages 5–6 in the 2019 Governance report. report. 2019 Governance the in 5–6 pages on indicated is Directors of Board the of member period. each of blocking the function for The applied discount no with methodology, IFRS to according grant at value Economic principle. accrual the 2022. with 15April on ends accordance in period reported year, blocking RSUs reporting principle. the of accrual the respect in with paid fees accordance in Committee and reported year, Director reporting the of Represents respect in paid Director of Board the for compensation total Represents report. Governance 2020 7–9Represents compensation the in from April to December pages 2020. on indicated is Directors of Board the of member period. each of blocking the function for The applied discount no with methodology, IFRS to according grant at value Economic principle. accrual the 2023. with 15April on ends accordance in period reported year, blocking RSUs reporting principle. the of accrual the respect in with paid fees accordance in Committee and reported year, Director reporting the of Represents respect in paid Director of Board the for compensation total Represents Represents compensation from September to December 2020.

Share ownership guidelines

Board of Directors compensation summary

⁴ ⁴ ² ² ³ ³ Calvin Grieder 1,046,256 Chairman 400,000 465,000 581,256 581,256 65,000 208 208 ⁵

⁵ Balli Victor 295,314 295,314 100,000 150,000 150,000 Calvin Grieder 145,314 145,314 1,041,980 50,000 50,000 Chairman 400,000 465,000 576,980 65,000 52 52 252 252 ⁵ enr Bauer Werner Prof. Dr-Ing. Dr-Ing. Prof. 310,314 310,314 100,000 165,000 145,314 145,314 65,000 ⁵ Balli Victor 294,245 294,245 100,000 150,000 150,000 52 52 144,245 144,245 50,000 50,000 ⁵

63 63 ⁵ Biner Lilian 270,314 270,314 100,000 125,000 125,000 145,314 145,314 25,000 enr Bauer Werner 52 52 Prof. Dr-Ing. Dr-Ing. Prof. 309,245 309,245 100,000 165,000 144,245 144,245 65,000 ihe Carlos Michael 63 63 ⁵

shown in table XIV. table in shown 2020 is December 31 per as members Committee Executive by shares Givaudan of Ownership 2020. latest requirement holding Guideline new the reach should members such all that such 2016, before appointed members Committee Executive for place in are Guidelines the the currentAs Guidelines were implemented in September 2017, to transitional arrangements 310,314 310,314 100,000 165,000 145,314 145,314 65,000 52 52 ⁵ ⁵ Biner Lilian 269,245 269,245 100,000 125,000 125,000 144,245 144,245 25,000 ⁵ Deltenre Ingrid 63 63 295,314 295,314 100,000 150,000 150,000 145,314 145,314 50,000 50,000 52 52 ihe Carlos Michael 309,245 309,245 100,000 165,000 144,245 144,245 hms Rufer Thomas 65,000 300,314 300,314 100,000 155,000 145,314 145,314 63 63 55,000 ⁵ 52 52 Givaudan – 2020 Governance, Compensation and Financial Report ⁵ ⁵ Deltenre Ingrid lve Filliol Olivier 294,245 294,245 100,000 150,000 150,000 144,245 144,245 50,000 50,000 221,486 112,500 112,500 108,986 108,986 75,000 37,50 0 0 37,50 63 63 39 39 ⁵ , ⁶ ohe Gasperment Sophie hms Rufer Thomas 299,245 299,245 100,000 155,000 144,245 144,245 55,000 89,173 89,173 41,666 33,333 33,333 47,507 47,507 8,333 8,333 63 63 ⁵ 17 17 ⁵ , ⁷ 3,138,799 3,138,799 1,000,000 2,817,450 1,375,000 1,375,000 1,442,450 1,609,633 1,609,633 1,108,333 1,529,166 ¹ 2020 Total ¹ 2019 Total 375,000 375,000 420,833 420,833 630 630 576 576

34 Appendix Statutory financial Consolidated Compensation Governance report financial report report report Gilles Andrier, CEO Andrier, Gilles in numbers 2020 XIV. Committee. Executive the of members to connected closely 2020 persons by December 31 per as Shares Performance or RSUs rights, options/option share shares, of ownership other any of aware not is Company The 2020. December 31 at as Shares Performance unvested 217 owned Committee Executive the of amember to connected closely person One options or option rights). share any held Committee Executive the of member no 2019: 2020 December (31 December 31 at as rights option or options share any held Committee Executive the of member No – – showing: XIV table to refer please details, further For shares. Givaudan 6,312 held them, to connected closely persons including Committee, Executive the of members other and Officer Executive Chief The 7.1 7. performance individual and business Reflecting Total 2019 Total Total 2020 Tayac Anne Mutsaerts Willem Simon Halle-Smith VolpiMaurizio Louie D'Amico Tom Hallam – – members of the Executive Committee as per 31 December 2020. December 31 per as Committee Executive the of members by owned 2018–2020 in still were and granted were that Shares Performance unvested The 31 December 2020. per as Committee Executive the of member each by individually held shares The Ownership of Givaudan securities Givaudan of Ownership

Executive Committee: ownership of Givaudan securities Givaudan of ownership Committee: Executive Executive Committee Executive 6,312 3,900 5,265 Shares 584 350 326 269 452 431 Performance Shares Performance Unvested 10,937 13,073 1,362 1,023 1,023 1,023 1,358 1,715 3,433

members of the Board. the of members to connected closely 2020 persons by December 31 per as Shares Performance or RSUs rights, options/option share shares, of ownership other any of aware not is Company The – 7.2 Prof. Dr-Ing. Werner Bauer Balli Victor Calvin Grieder, Chairman in numbers 2020 XV. – showing: XV table to refer please details, further For total. in shares Givaudan 6,501 held them to connected closely persons including members, Board other and Chairman 2020, the December 31 per As Michael Carlos Biner Lilian Thomas RuferThomas Deltenre Ingrid Total 2019 Total Total 2020 Sophie Gasperment Filliol Olivier – – as peras 31 December 2020. Board the of members by owned 2018–2020 in still were and granted were that RSUs The The shares held individually by each Board member as per 31 December 2020. 31 December per as member Board each by individually held shares The

Board of Directors: ownership of Givaudan securities securities Givaudan of ownership Directors: of Board Board of Directors of Board Givaudan – 2020 Governance, Compensation and Financial Report 6,501 1,200 4,501 1,187 Shares 1,355 662 292 975 175 655

Blocked RSUs 1,962 2,260 188 188 188 188 188 188 752

30 52 35 Appendix Statutory financial Consolidated Compensation Governance report financial report report report We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. our for basis a provide to appropriate and sufficient is obtained have we evidence audit the that We believe report. compensation the of presentation overall the assessing as well as remuneration, of components value to applied methods the of reasonableness the evaluating includes also audit This error. or fraud to due whether report, compensation the in misstatements material of risks the of assessment the including judgment, auditor’s the on depend selected procedures The Ordinance. the of –16 14 articles with accordance in credits and loans compensation, to regard with report compensation the in made disclosures the on evidence audit obtain to procedures performing involves audit An Ordinance. the of –16 14 articles and law Swiss with complies report compensation the whether about assurance reasonable obtain to audit the perform and plan and requirements ethical with comply we that require standards Those Standards. Auditing Swiss with accordance in audit our We conducted report. compensation the on opinion an express to is responsibility Our Auditor’s Responsibility packages. remuneration individual defining and system remuneration the designing for responsible also is Directors of Board The (Ordinance). Companies Listed Exchange Stock in compensation Excessive against Ordinance the and law Swiss with accordance in report compensation the of presentation fair overall and preparation the for responsible is Directors of Board The Directors of Board the of Responsibility (Ordinance). Companies Listed Exchange Stock in compensation Excessive against Ordinance the of –16 14 articles the with accordance in 34 to 31 page 5on 4and sections in provided information the to limited is audit 2020. Our December 31 ended year the for SA Givaudan of report compensation accompanying the audited We have Companies (Ordinance) Listed Exchange Stock in compensation Excessive against Ordinance the with accordance in report compensation the 5of 4and to sections relation in Auditor Statutory the of Report Vernier GIVAUDAN of SA, To Meeting General the auditor statutory the of Report Givaudan – 2020 Governance, Compensation and Financial Report www.deloitte.ch (0)58 279 8800 +41 Fax: (0)58 279 8000 +41 Phone: Switzerland Geneva 1202 1 Pré-de-la-Bichette du Rue SA Deloitte

36 Appendix Statutory financial Consolidated Compensation Governance report financial report report report Geneva, 28 January 2021 January 28 Geneva, Auditor in Charge Licensed Audit Expert Pingoud Szegedi Karine SA Deloitte Ordinance. the of –16 14 articles and law Swiss with 2020 comply December 31 ended year the for SA Givaudan of report compensation the 5of 4and sections opinion, our In Opinion

Licensed Audit Expert Petit Cejudo Laetitia Givaudan – 2020 Governance, Compensation and Financial Report

37 Consolidated

FinancialIn this section Report 39 Consolidated financial statements

39 Consolidated Income Statement 75 16. Income Taxes 39 Consolidated Statement of Comprehensive Income 76 17. Earnings per Share 40 Consolidated Statement of Financial Position 77 18. Cash and Cash Equivalents 41 Consolidated Statement of Changes in Equity 77 19. Accounts Receivable – Trade 42 Consolidated Statement of Cash Flows 77 20. Inventories 43 Notes to the consolidated financial statements 78 21. Property, Plant and Equipment 43 1. Group Organisation 79 22. Intangible Assets 43 2. Summary of Significant Accounting Policies 81 23. Debt 53 3. Critical Accounting Estimates and Judgments 83 24. Changes in Liabilities Arising from Financing Activities 54 4. Foreign Exchange Rates 84 25. Provisions 54 5. Financial Risk Management 85 26. Own Equity Instruments 63 6. Acquisitions 85 27. Equit y 65 7. Segment Information 85 28. Commitments 68 8. Employee Benefits 86 29. Contingent Liabilities 73 9. Share-Based Payments 86 30. Related Parties 73 10. Investments in Joint Ventures and Associates 87 31. Board of Directors and Executive Committee Compensation 74 11. Other Operating Income 90 32. List of Principal Group Companies 74 12. Other Operating Expense 92 33. Disclosure of the Process of Risk Assessment 74 13. Expenses by Nature 93 Report of the Statutory Auditor 74 14. Financing Costs 93 Statutory Auditor’s Report on the Consolidated 74 15. Other Financial (Income) Expense, Net Financial Statements Appendix Statutory financial Consolidated Compensation Governance report financial report report report Earnings per share − diluted (CHF) −diluted share per Earnings Earnings per share − basic (CHF) sales % of as taxes Income Research and development product expenses expenses distribution and marketing Selling, sales % of as The notes on pages 43 to 92 form an integral part of these financial statements. financial these of part integral an 43 92 form to pages on notes The Gross profit sales of Cost Sales data share per earnings for except francs, Swiss of millions in For the year ended 31 December Consolidated Income Statement statements financial Consolidated Income attributable to equity holders of the parent the of holders equity to attributable Income to non-controlling interests Income attributable Attribution period the for Income income Operating operatingOther expense operatingOther income associates and ventures joint of results of Share expenses Administration Income before taxes before Income net (expense), income financial Other as % of sales % of as Financing Financing costs Note 12 11 15 10 16 17 17 14 7 (3,663) 80.59 80.59 79.96 79.96 2,659 2,659 11.8% 15.8% 42.1% 6,322 (848) (109) (218) (536) (133) 2020 743 743 (34) 996 996 (86) 876 876 743 743 45 45 – 3 (3,673) 2,530 2,530 75.59 75.59 76.17 76.17 40.8% 11.3% 14.8% 6,203 (221) (106) (115) (791) (528) (79) 808 808 (33) 702 702 920 920 702 702 2019 41 41 4 – net assets in foreignnet assets operations the of instruments hedging on arising value fair in Movement operations Exchange differences arising on translation of foreign Movement on income tax income statement consolidated the in recognised and equity from removed (losses) Gains Movement on income tax Currency translation differences Movement in fair value, net value, fair in Movement Cash flowhedges statement income the to reclassified be may that Items obligations Remeasurement gains (losses) of post-employment benefit benefitDefined pension plans statement income the to reclassified be not will that Items The notes on pages 43 to 92 form an integral part of these financial statements. financial these of part integral an 43 92 form to pages on notes The period the for Income francs Swiss of millions in For the year ended 31 December Consolidated Statement of Comprehensive Income Movement on income tax Total comprehensive income for the period period the for income comprehensive Other holders of the parent Total comprehensive income to equity attributable non-controlling interests Total comprehensive income to attributable Attribution Givaudan – 2020 Governance, Compensation and Financial Report

Note 16 16 16 8 (322) (385) 2020 421 421 421 421 743 743 (51) 46 46 58 58 (5) 4 6 5 – (194) 508 508 702 702 (56) (99) (91) 2019 51 51 (3) (6)

4 6 – 39 Appendix Statutory financial Consolidated Compensation Governance report financial report report report Current tax assets tax Current Inventories Accounts receivable - trade statement income through value fair at assets Financial financialDerivative instruments Total assets assets Non-current long-termOther assets in jointInterests ventures in and associates investments statement income through value fair at assets Financial Other current assets current Other Prepayments Cash and cash equivalents cash and Cash Assets francs Swiss of millions in Consolidated Statement of Financial Position statements financial Consolidated Post-employment benefit planassets assets tax Deferred Intangible assets Current assets Property, plantProperty, and equipment financialDerivative instruments 5, 18 5, 5, 19 5, Note 22 21 20 10 16 16 5 5 5 5 8 5 31 December 10,658 10,658 3,299 3,299 2,222 1,201 4,543 4,543 7,359 7,359 1,359 2020 154 154 180 180 218 218 411 411 65 65 54 54 50 50 66 66 20 20 35 35 76 76 4 31 December 10,396 10,396 3,242 3,242 4,286 7,154 7,154 2,326 2,326 1,365 1,149 211 211 177 177 163 163 452 452 2019 34 34 50 50 32 32 87 87 35 35 24 24 4 1

Deferred tax liabilities tax Deferred Post-employment benefit plan liabilities Provisions Non-current liabilities Non-current non-currentOther liabilities Long-term debt financialDerivative instruments Current liabilities liabilities Current tax Other current liabilities Other Share capital Total liabilities Non-controlling interests Equity attributable to equity holders of the parent reserves and earnings Retained Provisions instruments equity - own liability Financial taxes payroll and payroll Accrued The notes on pages 43 to 92 form an integral part of these financial statements. financial these of part integral an 43 92 form to pages on notes The Total equity components ofOther equity instruments equity Own others and - trade payable Accounts financialDerivative instruments Short-term debt Liabilities and equity francs Swiss of millions in Total liabilities and equity Givaudan – 2020 Governance, Compensation and Financial Report 26, 27 26, 5, 23 5, 5, 23 5, Note 25 25 26 27 27 16 16 8 5 5 5 31 December 10,658 10,658 (2,567) 1,796 1,796 4,245 4,245 3,508 3,490 3,490 5,354 5,354 7,150 7,150 6,133 6,133 (168) 2020 809 809 206 206 211 211 108 108 233 233 545 545 157 157 310 310 103 103 80 80 23 23 71 71 18 49 49 92 92 31 December 10,396 10,396 (2,245) 1,830 1,830 3,640 3,640 4,907 4,907 3,659 3,659 6,737 6,737 3,796 3,796 5,961 5,961 (168) 280 280 601 601 108 108 207 207 189 189 111 111 833 833 335 335 2019

82 82 29 29 18 18 79 79 69 69 19 92 92 40

Appendix Statutory financial Consolidated Compensation Governance report financial report report report Balance as at 1January at as Balance Balance as at 1January at as Balance The notes on pages 43 to 92 form an integral part of these financial statements. financial these of part integral an 43 92 form to pages on notes The Note francs Swiss of millions in 2019 Other comprehensiveOther income for the period period the for Income Note francs Swiss of millions in 2020 For the year ended 31 December Equity in Changes of Statement Consolidated statements financial Consolidated Other comprehensiveOther income for the period Income for the period the for Income Total comprehensive income for the period Dividends paid Dividends Balance as at 31 December 31 at as Balance items equity other in change Net Non-controlling interests net instruments, equity own on Movement Total comprehensive income for the period Balance as at 31 December 31 at as Balance Dividends paid Dividends Net change in other equity items equity other in change Net Non-controlling interests net instruments, equity own on Movement

Capital Capital Share Share Share Share 92 92 92 92 92 92 92 27 27

and reserves and reserves Retained Retained Retained Retained earnings earnings 5,961 5,961 5,961 5,961 5,811 5,811 6,133 6,133 (552) (571) (571) (552) 702 702 702 743 743 743 743 27 27

instruments instruments Own equity equity Own Own equity equity Own 26, 27 26, 26, 27 26, (142) (168) (168) (168) (26) (26) – Cash flow flow Cash Cash flow flow Cash hedges hedges (107) (148) (107) (46) (41) (61) (46) (41)

translation translation translation translation differences differences Currency Currency (1,613) (1,559) (1,613) (1,935) (322) (322) (54) (54) Remeasurement Remeasurement employment employment obligations obligations Givaudan – 2020 Governance, Compensation and Financial Report benefit benefit of post post of of post post of (484) (525) (525) (431) (94) (94) 41 41 41 41 8 8 equity holders of equity holders of attributable toattributable attributable toattributable the parents the the parents the 3,640 3,640 3,490 3,490 3,640 3,640 3,710 3,710 (571) (578) (322) Equity Equity Equity Equity (194) (571) (552) 508 421 421 702 702 743 743 (26) controlling controlling interests interests Non- Non- 18 18 19 19 (1) (3) (1) (3) 22 22 19 – – – –

3,508 3,659 3,659 3,659 3,659 3,732 3,732 (581) (572) (322) equity equity (194) (571) (552) 508 421 421 702 702 Total Total Total Total 743 743 (26) (1) (3)

41

Appendix Statutory financial Consolidated Compensation Governance report financial report report report Income tax expense tax Income Income for the period the for Income francs Swiss of millions in For the year ended 31 December Flows Cash of Statement Consolidated statements financial Consolidated Operating income Operating Non-operating income and expense expense Interest Increase (decrease) in accounts payable accounts in (decrease) Increase assets current other in decrease (Increase) (Increase) in accounts decrease receivable (Increase) in inventories decrease Adjustments for non-cash items items non-cash - other net provisions, unused and - additional - pension expense payments - share-based items non-cash Other assets long-lived of Impairment assets intangible of Amortisation Depreciation of plant property, and equipment (Increase) decrease in working capital liabilities current other in (decrease) Increase Income taxes paid taxes Income Purchase and sale of own equity instruments, net instruments, equity own of sale and Purchase used Provisions Pension contributions paid Cash flows from (for) operating activities operating from (for) flows Cash 21, 22 21, 14, 15 14, Note 22 21 25 25 16 14 8 8 1,133 1,133 (134) (125) 2020 (40) 996 996 508 (56) (18) (16) (76) (68) (19) 187 187 201 133 133 743 743 13 13 40 40 80 80 56 56 20 20 27 27 49 49 2 1,136 1,136 (106) (101) (15) (21) 446 446 (37) (28) (51) (19) 106 106 108 108 920 920 702 702 161 161 2019 193 193 25 25 44 44 68 68 38 38 12 12 41 41 1 – Interest received Interest property of investment disposal from Proceeds assets intangible of sales from Proceeds equipment and plant property, of disposal the from Proceeds Transactions ofTransactions non-controlling interest payments Lease net instruments, financial derivative of sale and Purchase Interest paid Cash flows from financial liabilities Other, net Dividend received from joint ventures and associates and ventures joint from received Dividend Acquisition of plant property, and equipment toDistribution the shareholders paid Acquisition of subsidiaries, net of cash acquired cash of net subsidiaries, of Acquisition assets intangible of Acquisition activities financing from (for) flows Cash The notes on pages 43 to 92 form an integral part of these financial statements. financial these of part integral an 43 92 form to pages on notes The Cash flows from debt, net debt, from flows Cash debt short-term in (Decrease) debt short-term in Increase (Decrease) in long-term debt inIncrease long-term debt francs Swiss of millions in income net statement, through value fair at assets financial of sale and Purchase Cash and cash equivalents at the end of the period the of end the at equivalents cash and Cash net investing, on transactions financial of Impact Cash and cash equivalents at the beginning of the period the of beginning the at equivalents cash and Cash equivalents cash and cash on translation currency of effect Net Other, net Net increase (decrease) in cash and cash equivalents activities investing from (for) flows Cash Givaudan – 2020 Governance, Compensation and Financial Report Note 22 22 18 21 21 18 27 24 24 24 24 24 24 24 24 6 (3,300) 3,044 3,044 1,405 1,405 (346) (819) (784) (188) (571) (629) 2020 365 365 225 225 (32) (52) (39) (19) 411 411 (53) 452 452 25 25 (7) (3) (9) (9) 2 8 3 1 1 (2,919) 2,904 (204) (891) (184) (105) (275) (552) (478) 348 348 660 660 461 461 (12) (52) (29) (51) (45) 452 452 423 423 (43) 2019 41 41

74 74 (7) (3) 2 – – 6 2 42 Appendix Statutory financial Consolidated Compensation Governance report financial report report report Notes to the consolidated statements financial accounting estimates and judgments are disclosed in Note 3. 3. Note in disclosed are judgments and estimates accounting Critical policies. accounting Group’s the applying of process the in judgment its exercise to management requires also It period. reporting the during expenses and revenues of amounts reported and statements, financial the of date the at liabilities contingent of disclosure liabilities, and assets of amounts reported the affect that assumptions and estimates make to management requires statements financial consolidated the of preparation The technique. valuation using another or estimated observable directly is price that whether of regardless date, measurement the at participants market between transaction orderly an in aliability transfer to paid or asset an sell to received be would that price the is value Fair services. and goods for exchange in given consideration the of value fair the on based generally is cost Historical derivatives. as classified instruments equity own of and statement, income the through value fair at liabilities financial and assets financial of revaluation the by modified as convention cost historical the under prepared are They law. Swiss and IASB the by issued (IFRS) as Standards Reporting Financial International with accordance in prepared been have statements financial consolidated The 2.1 stated. unlesspresented, otherwise years all to applied consistently been have policies These below. out set are statements financial consolidated these of preparation the in applied policies accounting significant The 2. (GIVN). Exchange Swiss SIX the on listed is Group The consolidated financialstatements. employs 15,852 people.AlistoftheprincipalGroupcompaniesisshowninNote32to the in over100countriesandhassubsidiariesbranchesmorethan40countries.Worldwide, it fragrance, beauty,flavourandwellbeingproductstotheconsumergoodsindustry.Itoperates is headquarteredinVernier, nearGeneva,Switzerland. Givaudanisaleadingsupplierofcreative Givaudan SAisalimitedliabilitycompanyincorporatedanddomiciledinSwitzerland. TheGroup Givaudan SAanditssubsidiaries(hereafter‘theGroup’) operateunderthenameGivaudan. 1.

Group Organisation Organisation Group Summary of Significant AccountingPolicies of Significant Summary

Basis ofBasis Preparation practical expedient has been has applied. expedient practical the as Group, the of practice current the impact not do amendments The terminate. to accounting hedge cause generally not should reform IBOR that effect the have and accounting hedge to relate reliefs The reform. benchmark rate interest with connection in reliefs certain provide Reform Benchmark Rate Interest 7: IFRS and 39 9, IAS IFRS to Amendments Group. the of practice current the impact not do amendments The abusiness. than rather assets of agroup are assets and activities of set acquired an whether of assessment asimplified permit also They business. of a definition the clarify and 3narrow IFRS to Amendments Business: of a Definition Group. the of practice current the impact not does clarification The themselves. standards the and Framework Conceptual the in used definition the 8align IAS and 1 IAS to Amendments Material: of Definition the jointarrangementscurrentlyheldbyGroup. constitute abusiness.Theadoptionoftheseamendmentshasnoimpactontheaccounting venture theextentofgainorlossrecognitiondependsonwhetherassetssoldcontributed and itsAssociateorJointVenture clarifythatinatransactioninvolvinganassociateorjoint Amendments toIFRS10andIAS28:SalesorContribution ofAssetsbetweenanInvestor described below: with theexceptionofadoptionas1January2020 ofthestandardsandinterpretations for theyearended31December2019,asdescribedin2019consolidatedfinancialstatements, The accounting policies adopted are consistent with those of the annual financial statements in 2020 effective interpretations and 2.1.1 28 January 2021. 28 January on statements financial consolidated these approved Directors of SA’s Board Givaudan impacted. materially been 2020 not have 31 December ended year the for statements financial consolidated the as well as results operating the thus Group; the of activities business the affected materially not has pandemic COVID-19 The Changes in Accounting Policies and Disclosures Standards, amendments amendments Standards, Disclosures and Policies Accounting in Changes Givaudan – 2020 Governance, Compensation and Financial Report

43 Appendix Statutory financial Consolidated Compensation Governance report financial report report report do not impact the current practice of the Group. the of practice current the impact not do amendments The PP&E. that of cost the from use for (PP&E) available is equipment and plant property, of item an before produced items selling from proceeds of deduction the prohibit Use Intended before Proceeds Equipment: and Plant Property, 16: IAS to Amendments Group. the of practice current the impact not do amendments The 41 Agriculture. IAS and Leases 16 IFRS Instruments, 9 Financial IFRS Standards, Reporting Financial International of Adoption First-time 1 IFRS to amendments of collection a with efficiently dealing Annual Improvements to IFRS® Standards 2018–2020 2018–2020 Standards IFRS® to Improvements Annual after. and 2022 for effective and b) Issued items. hedged the of flows cash the of amount and timing the to respect with reform the from arising uncertainty is there though even reforms benchmark rate interest to subject are that hedges flow cash designated for reserve hedge flow cash the in loss or gain cumulative the retain will Group the therefore accounting, hedge of continuation permit amendments The accounting. hedge and modifications regarding amendments the accompany 7 to IFRS applying requirements disclosure and requirements accounting hedge specific liabilities, lease and liabilities financial assets, financial of modification the to relate amendments The rate. interest benchmark alternative an with replaced is benchmark rate interest existing an when reporting financial affect might that issues 2address –Phase Reform Benchmark Rate Interest 16: IFRS 7, 4 and IFRS 39, IFRS 9, IAS IFRS to Amendments consolidated significantly. financialstatements the impacts election exemption the which for relief lessee to exposed not is Group The modification. alease is concession rent aCOVID-19-related whether assessing from exemption an with lessees provide concessions rent Covid-19-related 16: IFRS to Amendments 2021. for effective and Issued a) notes upon their adoption. supporting and statements financial consolidated the in changes necessary any of effect the estimate to and policy accounting in changes future the of nature the identify to reviewed been have effective, yet not but issued interpretations, and standards revised and New 2.1.2 Notes to the consolidated statements financial IFRSs and IFRICs issued but not yet effective yet not but issued IFRICs and IFRSs provides a streamlined process for for process a streamlined provides ensure consistency with the policies adopted by the Group. the by adopted policies the with consistency ensure and bring to subsidiaries of policies accounting the to made are changes necessary, Where recognised as goodwill. is acquired subsidiary the of assets net of share Group’s the of value fair the over acquisition of cost the of excess The incurred. as expensed are costs related Acquisition date. acquisition the at values fair their at initially measured are assumed liabilities contingent and liabilities and acquired assets Identifiable acquisition. of date the at assumed or undertaken liabilities and issued shares acquired, assets the of value fair the as measured is acquisition an of cost The subsidiaries. of acquisition the for account to used is accounting of method acquisition The acquirer. the to passes control which on date the to up included are divested be to subsidiaries and Group, the to transferred is control operating which on date the from consolidated are year the during acquired Companies circumstances. and facts in achange of indications are there if investee an controls it not or whether reassesses Group The entity. the over power its through returns those affect to ability the has and entity the with involvement its from returns variable to, rights has or to, exposed is Group the when entity an controls Group The SA. Givaudan by indirectly, or directly controlled, companies those are consolidated are that subsidiaries The 2.2 presentation and disclosure of insurance contracts. The standard has no impact for the Group. the for impact no has standard The contracts. insurance of disclosure and presentation measurement, recognition, the for principles the establishes Contracts Insurance 17 IFRS defer settlement of aliability. The amendments do notimpact the currentpractice of theGroup. period, and (b) is unaffected by expectations about whether an entity will exercise its right to classification (a)shouldbebasedonrightsthatareinexistenceattheendofreporting the presentationofliabilitiesinstatementfinancialpositionbyclarifyingthat Amendments toIAS1:ClassificationofLiabilitiesas Current orNon-currentaffectonly Group. the of practice current the impact not do amendments The contracts. fulfilling to directly relate that costs other of allocation an or contract that fulfilling of costs incremental be either can acontract to directly relate that Costs contract’. the to directly relate that ‘costs the comprises a contract fulfilling’ of ‘cost the that specify a Contract Fulfilling of –Cost Contracts Onerous 37: IAS to Amendments Consolidation Givaudan – 2020 Governance, Compensation and Financial Report

44 Appendix Statutory financial Consolidated Compensation Governance report financial report report report from the settlement of such transactions and from the translation at the reporting reporting the at translation the from and transactions such of settlement the from resulting losses and gains exchange Foreign transactions. the of dates the on rates exchange the approximates that arate using or transactions, the of dates the on prevailing rates exchange the using currency functional the into translated are transactions currency Foreign 2.4.2 millions ofSwiss francs(CHF),theSwiss francbeing theGroup’s presentationcurrency. primarily generatesandexpendscash.Theconsolidatedfinancial statementsarepresentedin functional currency of that entity. The functional currency is normally the one in which the entity Items includedinthefinancialstatementsofeachentity Grouparemeasuredusingthe 2.4.1 2.4 eliminated totheextentofGroup’s interestinthejointarrangementorassociate. losses ontransactionsbetweentheGroupandajointlycontrolled entityoranassociateare to bring the accounting policies in line with those adopted by theGroup.Unrealised gains and comprehensive incomeofthejointventureorassociate.Adjustments aremadewherenecessary adjusted thereaftertorecognisetheGroup’s shareof theincomestatementandother method, aninvestmentinajointventureorassociateisinitiallyrecognisedatcostand consolidated financial statementsusingtheequitymethodofaccounting. Under theequity The resultsandassetsliabilitiesofjointventuresassociatesareincorporated in the over those policies. control joint or control not is but investee the of decisions policy operating and financial the in participate to power the is influence Significant venture. ajoint in interest an nor subsidiary a neither is that and influence significant has Group the which over entity an is associate An control. sharing parties the of consent unanimous the require venture joint the of activities the to relating decisions operating and financial strategic, the when exists which arrangement, an of control of sharing agreed contractually the is control Joint arrangement. joint the of assets net the to rights have arrangement the of control joint have that parties other and Group the whereby arrangement ajoint is venture A joint 2.3 in on consolidation. full are eliminated transactions inter-company from resulting flows cash and expenses income, equity, liabilities, and Assets Notes to the consolidated statements financial Investments in Joint Ventures and Associates and Ventures Joint in Investments Foreign Currency Valuation Currency Foreign

Functional and presentation currency currency presentation and Functional Transactions and balances units of currency is made using the change in a general price index. price ageneral in change the using made is currency of units current to Restatement francs. Swiss into translated then and statement income consolidated the in recognised are inflation for liabilities and assets non-monetary of amounts carrying the adjusting upon incurred loss or gain the as well as position monetary net the on loss or gain The years. three past the over 100% than more of rate inflation a cumulative experienced have currencies functional whose subsidiaries for required is statements financial of Restatement 2.4.4 equity. in accumulated and income comprehensive other in recognised are differences exchange resulting All rate. transaction underlying the of approximation areasonable considered is it when period the for rates exchange average the at independently month each translated are companies Group of items expenses and income flows, Cash period. reporting the of end the at prevailing rates exchange using francs Swiss into translated are operations) (foreign francs Swiss than other currencies in reporting companies Group of liabilities and assets the statements, financial consolidated presenting of purpose the For 2.4.3 not retranslated. are currencies foreign in cost historical of terms in measured are that items Non-monetary – – – for: except net, (expense), income financial other in recognised are currencies foreign in denominated liabilities and assets monetary of rates period-end – – – interest costs on those foreign currency borrowings. currency foreign those on costs interest to adjustment an as regarded are they when assets those of cost the in included are which construction under assets to relating borrowings currency foreign on differences Exchange jointly and controlled entity; a over control joint of aloss or subsidiary of control of aloss is there when disposal partial on or investment net the of disposal on statement income the to equity from reclassified and income comprehensive other in initially recognised are which operation, foreign the in investment net the of part forming occur, therefore to likely nor planned neither is settlement which for operation foreign to a items monetary on differences Exchange hedges; investment net qualifying and risks currency foreign certain on hedges flow cash qualifying as equity in deferred differences Exchange

Translation of the financial statements of foreign subsidiaries subsidiaries foreign of statements financial the of Translation Hyperinflationary economies Hyperinflationary Givaudan – 2020 Governance, Compensation and Financial Report

45 Appendix Statutory financial Consolidated Compensation Governance report financial report report report net of the estimated volume discounts provided that it is highly probable that a significant asignificant that probable highly is it that provided discounts volume estimated the of net contract, the in specified price the on based recognised is sales these from Revenue period. months a12 over sales aggregate on based discounts volume with sold often are goods The criteria foracceptancehavebeen satisfied. contract, theacceptanceprovisions havelapsed,ortheGrouphasobjectiveevidencethatall goods. Deliveryoccurswhenthe customerhasacceptedthegoodsinaccordancewithsales goods, andthereisnounfulfilledobligation thatcouldaffectthecustomer’sacceptance ofthe delivered tothecustomer, thecustomer hasfulldiscretionoverthechannelandpricetosell Sales arerecognisedwhencontrolofthegoodshastransferred, being whenthegoodsare are highly dependent on of and the delivery molecules. manufactured products they because distinct not are obligations performance additional these of Most conditions. stock particular and research market joint technologies, application specific of assignment the as such clients certain for obligations performance additional contain may and specifications upon agreed the to flavour and fragrance of molecules and ingredients specialty products, wellbeing and flavour beauty, fragrance, manufactured sells and manufactures Group The 2.6 segment. by and destination by shown are customers external from Revenues Pacific. Asia and America Latin America; North East; Middle and Africa Europe, Switzerland, operations; Group’s the on based determined is areas geographical about Information basis. length arm’s an on set are transactions or transfers Inter-segment level. this at made not are performance of assessment the and resources of allocation not decision as considered operating segments making separately reportable as about the are Division, & Wellbeing Taste the for Ingredients Natural and Goods Sweet Savoury, Dairy, Beverages, and Division &Beauty Fragrance the for Beauty Active and Ingredients Fragrance Products, Consumer Fragrances, Fine respectively division, each of units business The &Wellbeing. Taste and &Beauty Fragrance divisions: operating two the of lines the along prepared is consistently reporting financial internal The performance. their assess to and segments the to resources allocate to order in makers, decision operating chief the being Committee Executive the of members the Committee, Executive the by reviewed regularly are that reports internal of basis the on identified are segments operating The 2.5 Notes to the consolidated statements financial

Revenue from Contracts with Customers with Contracts Revenue from Segment Reporting future cash outflows incorporate actuarial assumptions primarily regarding the projected projected the regarding primarily assumptions actuarial incorporate outflows cash future The periods. prior and current the in service employee from resulting obligation the settle to required payment future expected discounted the reflects This publication. annual and interim a year, at twice method credit unit projected the using actuaries independent by calculated is obligation benefit defined the of value present The position. financial of statement the in recognised is obligation benefit defined the of value present the representing aliability only unfunded, is plan a Where assets. plan of value fair the less date position financial of statement the at obligation benefit defined the of value present the of aggregate the is position financial employees toThe financially liability recognised independenttrusts. inthestatement of and Group the from payments by funded usually are Plans retirement. at remuneration and employee will receive on principally retirement, dependent on an employee’s years of service an that benefit pension of amount an defines that plan pension isa plan benefit A defined Pension obligations2.8.1 employees. Group’s the by rendered are services associated the which in year the in expensed are benefits non-monetary and bonuses leave, sick paid and leave annual contributions, security social salaries, Wages, 2.8 incurred. is it which in period the in statement income the in recognised is expenditure development met, not are asset intangible an of recognition for conditions the When reliably. measured be can cost the when and benefits economic probable generate will that asset identifiable an is there when assets intangible as capitalised are costs product and technology on formula, through or obtained Internal agreements developments developments Expenditure onresearchactivitiesisrecognisedasanexpenseintheperiodwhichitincurred. partners. outside with collaborates Group the efforts, scientific internal its to addition In developments. product and technologies formulas, in and research in active is Group The 2.7 payment is due. is payment the before required is time of passage the only because unconditional is consideration the that time in point the is this as delivered are goods the when recognised is A receivable practice. market with consistent are that terms credit with made are sales the as present deemed is financing of element occur. No not will reversal

Research and Development Product Employee Benefit Costs Benefit Employee Givaudan – 2020 Governance, Compensation and Financial Report

46 Appendix Statutory financial Consolidated Compensation Governance report financial report report report of threeyears.TheGrouphasat itsdisposaleithertreasurysharesorconditionalsharecapital. The performanceshareplanisestablished withGivaudanregisteredsharesandavestingperiod plan. share aperformance of form the in transactions payment share-based settled equity- in compensation performance-related their of aportion awarded are executives Key 2.9.1 below: described are payments share-based different The transactions. payment share-based equity-settled for instruments equity own in equity in entry acorresponding with expenses personnel as remuneration employees’ the of part functions relevant each in recorded are costs The transactions. payment share-based settled equity- in compensation performance-related their of aportion awarded are executives Key shareholders. the of interests the with Directors of Board the of members and executives key of interests long-term the align to plan share a performance established has Group The 2.9 Group. the to service render employees which in periods the over accrued are benefits these of costs expected The period. service aminimum completing and age retirement to up service in remaining employee the on based usually is which to entitlement the retirees, their to benefits insurance life and healthcare post-retirement certain provide companies Group Some 2.8.2 relate. they which to year the in statement income the to charged are contributions The made. been have contributions the once obligations payment further no has Group The funds. administrated privately or publicly into contributions fixed pays Group the which under plan pension is a plan contribution A defined plan. another in obligations settle to plan one in surplus the use to right enforceable legally a has Group the unless offset not are schemes benefit defined different in liabilities and assets Pension statement. income the in immediately recognised are costs service Past arise. they which in period the in income comprehensive other in equity to credited or charged are assumptions actuarial in changes and adjustments experience from arising losses and gains Actuarial concerned. country the in bonds corporate quality high of yields market the on based are obligation, benefit defined the of value present the determine to used rates, Discount rates. indexation long-term and growth, remuneration of rates Notes to the consolidated statements financial

Share-Based Payments Share-Based

Performance Share Plan Share Performance Other post-retirement obligations cancelled, it is treated as if it had vested on the date of cancellation. of date the on vested had it if as treated is it cancelled, is award equity-settled an Where delivered. be to expected are that shares restricted of number the of estimates its revises Group the date position financial of statement each At period. vesting the during shareholders the to distribution other any or dividends receive to entitled not are participants as period, vesting the during paid be to shareholders the to distribution expected other any or expected dividends of value present the by reduced date grant at price market the as determined is value fair The conditionsNo performance are included. deliverable. become to expected are that shares restricted of number the about assumptions the in included are conditions Service grant. the of date the at granted shares restricted the of value fair the to reference by determined is period, vesting the over equity, in increase acorresponding with together expensed, be to instruments equity-settled these of cost The shares. restricted the of delivery the for shares treasury disposal its at has Group The transferred. or settled be cannot shares restricted the which during years, three of period avesting with generally set are shares Restricted units. share restricted of form the in transactions payment share-based settled equity- in compensation their of aportion receive Directors of Board the of members The 2.9.2 treated as if it had vested on the date of cancellation. of date the on vested had it if as treated is it cancelled, is award equity-settled an Where delivered. be to expected are that shares of number the of estimates its revises Group the date position financial of statement each At period. vesting the during shareholders the to distribution other any or dividends receive to entitled not are participants as period, vesting the during paid be to shareholders the to distribution expected other any or expected dividends of value present the by reduced date grant at price market the as determined is value fair The involved. are conditions market No varies. shares of number the which in assumptions the in included are conditions Performance vesting. of date the at delivered be to expected shares the of value fair the to reference by determined is cost The instruments. equity own in equity in increase a corresponding with together period, vesting the over remuneration employee as expensed is instruments equity-settled of cost The Restricted Share Plan Plan Share Restricted Givaudan – 2020 Governance, Compensation and Financial Report

47 Appendix Statutory financial Consolidated Compensation Governance report financial report report report case the tax is also recognised outside the income statement. income the outside recognised also is tax the case which in statement, income the outside recognised are that items to relate they when except statement, income the in income or expense an as recognised are tax deferred and Current them. offset to right enforceable alegally is there when and authority taxation same the by levied are taxes income the when offset are liabilities and assets tax income deferred and future. foreseeable the in reverse not will difference temporary the that probable is it and Group the by is controlled difference temporary the of reversal the of timing the where except entities, controlled jointly in interests and subsidiaries in investments on arising differences temporary on provided is tax income Deferred date. sheet balance the at enacted substantively or enacted been have that rates tax on based settled, is liability the or realised is asset the when year the to apply to expected are that rates tax the at measured are liabilities and assets tax income Deferred at thetimeoftransactionaffectsneitheraccountingnor thetaxableincome. initial recognitionofanassetorliabilityinatransactionotherthanbusinesscombinationthat Such deferred tax assets and liabilities are not recognised if the temporary difference arises from on theprojections relevant entities. business of basis the on probable are benefits tax these that considers Management utilised. be can items those which against available be will profit taxable that probable is it that extent the to credits tax unused and losses tax unused differences, temporary deductible all for recognised generally are assets tax Deferred differences. temporary taxable all for recognised generally are liabilities tax Deferred values. carrying their and liabilities and assets of bases tax the between differences temporary for recognised are consequences tax deferred which under method, liability full the on based provided are taxes income Deferred period. reporting the of end the by enacted substantively or enacted been have that rates tax using calculated is tax income current for liability Group’s The nature. their to according expenses financial in or expenses operating in either included are taxes, capital and property as such income, on based not taxes Other Group. the within earnings retained of distribution the on payable taxes withholding including Group, the of profits taxable the upon based taxes all include taxes Income Taxation2.10 Notes to the consolidated statements financial Current tax assets and liabilities are offset offset are liabilities and assets tax Current 2.11 such instruments is to fund obligations related to employees. They are designated as financial financial as designated are They employees. to related obligations fund to is instruments such of purpose main The needed. when price market at them selling and flows cash contractual their collecting both by flows cash manage to objective the with held are instruments Debt category. this in classified are instruments hedging effective as designated not derivatives and funds investment securities, equity instruments, debt as such assets Financial 2.12.1 and includedinotherfinancialincome (expense), net. the righttoreceivepaymenthasbeenestablished.Interestincome isaccruedonatimebasis Dividend income from investmentsisrecognised in other financial income (expense), netwhen equity. in accumulated and income comprehensive other in recognised been had that loss or gain cumulative the (ii) receivable; and received consideration the of sum the and amount carrying asset’s the between difference (i) the statement: income the in recognised are amounts following the entirety, its in asset a financial of derecognition On party. another to asset the of ownership of rewards and risks the all substantially and asset financial the transfers it when or expire, asset the from flows cash the to rights contractual the when asset afinancial derecognises Group The financialposition date. of statement the of months twelve beyond realised be to expected are they unless assets, current as classified are assets Financial Group). the by or to delivered is asset the that date the (i.e. date settlement the at derecognised and recognised are assets financial of sales or purchases way regular All marketplace. the in convention or regulation by established frame time the within assets of delivery require assets financial of sales or purchases way Regular the natureandpurposeoffinancialassetsisdeterminedattimeinitialrecognition. except fortradereceivableswhichareclassifiedatamortisedcost.Theclassificationdependson Financial assetsareclassifiedasfinancialatfairvaluethroughtheincomestatement 2.12 value. in changes of risk insignificant an to subject are and acquisition) of date the from less or months three of (maturity commitments cash short-term meeting of purpose the for held are equivalents Cash institutions. similar and banks with deposits demand and hand on cash comprise equivalents cash and Cash

Cash and Cash Equivalents Financial Assets Financial assets at fair value through the income statement income the through value atfair assets Financial Givaudan – 2020 Governance, Compensation and Financial Report

48 Appendix Statutory financial Consolidated Compensation Governance report financial report report report receivables aredeemed asimpairedwhenthere isanindicationofsignificantfinancial difficulties are recorded within selling, marketing and distribution expenses in the income statement. Trade debtors andreasonablesupportable informationaboutfutureeconomicconditions.Losses the riskcategoryofdebtor, whichisbasedonpastdefaultexperience, specificfactorsto estimated usingaprovisionmatrix thattakes intoaccountboththeoutstandingamounts and but insteadthebaselifetimeexpected creditlossatalltimesisapplied.Anallowancefor is expected creditlosses.Under thisapproachthetrackingof changesincreditriskisnotrequired measurement isthendeterminedbyapplyingasimplified approachequallingthelifetime loss. Theygenerallydonotcontainasignificantfinancing component.Theallowanceloss life. Trade receivablesare carried atamortised costlessallowances for their over flows cash contractual collecting of objective the reach They cost. amortised at measured subsequently and value fair at recognised are that assets financial only the are Trade receivables 2.12.2 transaction. latest the of price the on or institutions financial reputable by given prices on based available not if or transactions market observable on based value fair at valued are assets financial Non-quoted date. position financial of statement the on business of close at prices selling quoted exchange share to reference by calculated being value, market the is value fair the instruments, equity quoted For statement. income the in recognised are losses, and gains value, fair the to adjustments obligations, long-term associated the and contracts COLI the both For employees. to related obligations long-term (COLI) fund to insurance life owned corporate called contracts insurance life various into years the over entered America of States United the in subsidiaries The derecognised. is investment the until statement income the in entry acorresponding with value fair the to adjusted is value carrying the period, each of end the At statement. income the in expensed are costs transaction attributable directly whereas value fair at measured initially are assets financial These assets. such hold to intentions management with line in is statement income the through value fair at measured assets financial as designation Their employees. to related obligations fund to and risks, financial certain hedge to partnerships, long-term in participate to objectives main the with held are instruments debt not are which assets financial Other obligations. the and assets financial the of values fair in changes from resulting inconsistency recognition avoid to statement income the through value fair at measured assets Notes to the consolidated statements financial Financial assets at amortised cost atamortised assets Financial initial measurement of the cost of the non-financial asset or liability. or asset non-financial the of cost the of measurement initial the in included and equity from transferred are amounts the liability, or asset non-financial a of recognition the in results transaction forecast hedged the when However, item. hedged recognised the as line same the in statement, income the affects transaction hedged the when periods the in statement income the to reclassified are equity in accumulated Amounts statement. income the in costs financing in recognised immediately is portion ineffective the to relating loss or gain The hedge. the of inception the from basis value a present on item hedged the of value fair in change cumulative the to limited income, comprehensive other within reserve hedge flow cash the in recognised is hedges flow cash as qualify and designated are that derivatives of value fair the in changes of portion effective The 2.13.1 dates. their settlement of basis the on non-current or current as presented are derivatives These equity. in changes of statement the in shown are equity shareholders’ in reserve hedging the on Movements hedged items. of flows cash or values fair in changes offsetting in effective highly are transactions hedging in used are that derivatives the whether to as basis, ongoing an on and inception hedge at both assessment, its documents also Group The transactions. hedging various undertaking for strategy and objectives management risk its as well as items, hedged and instruments hedging between relationship the transaction, the of inception the at documents, Group The hedged. being item the of nature the so, if and, instrument a hedging as designated is derivative the whether on depends loss or gain resulting the recognise to method The value. fair their at measured subsequently are and into entered is contract aderivative date the on value fair at recognised initially are They hedges. economic provide to into entered are instruments derivative Most 2.13 that are not quoted in an active market. active an in quoted not are that Trade receivables are non-derivativefixedwith financial assets determinableor payments for financialreorganisation). of thedebtor (delinquency inordefaultonpaymentsoccurs,probabilityofbankruptcyneed Derivative Financial Instruments and Hedging Activities Hedging and Instruments Financial Derivative Cash flow hedge flow Cash Givaudan – 2020 Governance, Compensation and Financial Report

49 Appendix Statutory financial Consolidated Compensation Governance report financial report report report subsequently at cost less accumulated depreciation and accumulated impairment losses. The Property, plantandequipment are initiallyrecognisedatcostofpurchaseorconstructionand 2.15 necessary to make the sale. the make to necessary costs estimated less business, of course ordinary the in price selling estimated the is value realisable Net overheads. production related as well as rendered services and manufactured goods of costs production direct corresponding the includes sales of Cost costs. borrowing excludes but overheads production related and costs direct other labour, direct materials, raw comprises process in work and goods finished of cost The formula. cost average weighted a using determined is Cost value. realisable net and cost of lower the at stated are Inventories 2.14 statement. income the in recognised is loss or gain arealised time which at derivatives, the of rights contractual the of control lost has Group the when derecognised are They statement. income the in recognised loss or gain unrealised the with prices, market quoted on based value fair at valued are instruments derivative these date position financial of statement each At statement. income the through value fair at for accounted are and accounting hedge for qualify not do instruments derivative Certain 2.13.3 statement. income the in expense and income financial other in immediately recognised is portion ineffective the to relating loss or gain The reserve. translation currency foreign the in accumulated and income comprehensive other in recognised is hedge the of portion effective the to relating contracts forward currency foreign the on loss or gain Any hedges. flow cash to similarly for accounted are operations foreign in investments net of Hedges 2.13.2 statement. income the to taken immediately is equity in existing loss or gain cumulative occur, any to expected longer no is transaction forecast the If occurs. transaction forecast ultimate the when recognised is and equity in remains time that at equity in existing loss or gain cumulative any accounting, hedge for criteria the meets longer no hedge the or exercised, or terminated sold, is or expires instrument hedging the When the hedgingrelationshipissufficientlyimmaterialtoexclusivelyperformaqualitativeassessment. management assumesthatthesourcesofhedgeeffectivenessinregardscharacteristics When forward contracts are used to hedge forecast transactions such as future debt issuance, Notes to the consolidated statements financial

Inventories Property, Plant and Equipment Derivatives at fair value through the income statement income the through value fair at Derivatives Hedges of net investments in foreign operations operations foreign in investments net of Hedges costs such as repairs and maintenance are recognised as expenses as incurred. as expenses as recognised are maintenance and repairs as such costs Subsequent reliably. measured be can item the of cost the and Group the to flow will item the with associated benefits economic future that probable is it when only appropriate, as asset, aseparate as recognised or amount carrying asset’s the in included are costs Subsequent statement. income the within expense operating other within recognised being losses and income operating other within recognised being gains with amount carrying the with proceeds the comparing by determined are disposals on losses and Gains 2.18). (Note amount recoverable estimated their than greater is value carrying the when amount recoverable their to down written are equipment and plant of values carrying The ofstatement financialposition date. each at appropriate, if adjusted and reviewed, are lives useful and values residual assets’ The – – the lease term, management considers all facts and circumstances that create an economic economic an create that circumstances and facts all considers management term, lease the determining In date. termination expected the until lease the of date commencement from as payments, lease future the of value present the at measured initially is liability lease The and non-lease a as components single component. lease lease both containing contracts for accounts Group The statement. income consolidated the in basis astraight-line on expense an as recognised are Those less. or months 12 of term lease a with leases as defined leases, short-term and assets low-value for except recognised, are liability lease acorresponding and aright-of-use asset a lease, containing agreements all For 2.16 – – follows: as are assets depreciable of classes major of lives useful Estimated depreciated. not is which land, for except basis, astraight-line on depreciated are assets The related totheobligationforwhichanentityincursasaconsequenceofinstallingasset. the Group’s accountingpolicy(Note2.19),and cost ofitsdismantlement, removal orrestoration, purchase orconstruction.Itincludes,forqualifyingassets,borrowingcostsinaccordancewith cost ofanitemproperty,plantandequipmentincludesexpenditurethatisattributabletothe – – – – vehicles Motor equipment Office equipment and Machinery improvements land and Buildings Leases 5 years 3 years 5 40 years 40 Givaudan – 2020 Governance, Compensation and Financial Report – 15 years 15

50 Appendix Statutory financial Consolidated Compensation Governance report financial report report report reportable operating segments:Taste &Wellbeing Divisionand Fragrance &Beauty Division, of impairment testing, goodwill is allocated to the cash-generating units being the Group’s the effectivedateoftransaction andtranslatedatyear-endexchangerates.Forthepurpose liabilities arisingontheacquisition ofaforeignoperationarerecognisedinthelocalcurrencyat not reversed.Anygoodwillor fair valueadjustmentstothecarryingamountsofassetsand and carriedatcostlessaccumulated impairmentlosses.Impairmentchargesongoodwillare is testedannuallyforimpairment ormorefrequentlywhenthereareindicationsofimpairment, acquisitions isrecognisedinthestatementoffinancialposition asanintangibleasset.Goodwill share of the net assets of the acquired subsidiary at the date of acquisition. Goodwill on Goodwill representstheexcessofcostanacquisitionover thefairvalueofGroup’s 2.17 for theshort-termandlow-valueleasescashflowswhichare booked underoperatingactivities. All leasepaymentsonleasesarepresentedaspartofcashflows fromfinancingactivities,except consolidated statementoffinancialpositionunderthelineproperty, plantandequipment. lease termandtheusefullifeofunderlyingasset.Right-of-use-assets arepresentedinthe for anyremeasurementoftheleaseliability.Theyaredepreciated overtheshorterperiodof subsequently measuredatcostlessaccumulateddepreciationandimpairmentlosses,adjusted cost toputtheunderlyingassetinappropriatecondition.Right-of-useassetsare lease paymentsmadeatorbeforethecommencementdate,initialdirectcostsandestimatesof The right-of-useassetscomprisetheinitialmeasurementofcorrespondingleaseliability, statement. income the inconsolidated costs financing line the in presented is expense interest The position. financial of statement consolidated the in debt long-term and debt short-term lines the under presented is liability lease The modifications. lease any and payments lease interest, reflect to measured subsequently is liability lease The environment. economic asimilar in right-of-use asset the to value asimilar of asset an obtain to necessary funds the security, asimilar with and term similar a over borrow, to pay to have would Group the that rate interest the as defined is which rate, borrowing incremental the available, or, not if contract the in implicit rate interest the using by discounted are payments lease The lessee. the of control the within is that and assessment, this affects which occurs, circumstances in change significant or a event significant a if revised only is certainty reasonable of assessment The it. exercise to not, or obliged, becomes Group the or exercised actually not, or is, option an if reassessed is term lease The extended. be to certain reasonably is lease the if term lease the in included only are options Extension option. a termination exercise not or option, extension an exercise to incentive Notes to the consolidated statements financial Intangible Assets Intangible the carrying amount is reduced to the asset’s recoverable value. This reduction is recognised recognised is reduction This value. recoverable asset’s the to reduced is amount carrying the then amount, carrying its than less is use, in value its and sell to cost less value fair its of higher the being asset, a non-financial of amount recoverable the When recoverable. be not may amount carrying the that indicate circumstances in changes or events whenever impairment for reviewed are amortisation or depreciation to subject are that assets Non-financial 2.18 the income statement. within expense operating other in recognised being losses and income operating other within recognised being gains with amount carrying the and proceeds disposal net the between difference the as measured are assets intangible of disposal the on arising losses or Gains – – – – – follows: as are assets amortisable of classes major of life useful definite Estimated impairment. for tested annually but amortised not is asset the case, that In indefinite. be may and asset the of character the on based determined is life Useful asset. the of life useful economic estimated the over basis a straight-line on is Amortisation losses. impairment accumulated and amortisation accumulated less cost at carried are assets Intangible reliably. measured be can cost its when and benefits economic probable generate will asset identifiable the when capitalised are assets intangible acquired Separately periods. subsequent in asset an as recognised not are expense an as recognised previously costs Development use. for asset the preparing to attributable directly costs all include Costs reliably. measured be can cost the when and benefits economic probable generate will that asset identifiable an is there when assets intangible as capitalised are developments Internal reliably. be measured can values fair their and asset intangible an of definition the satisfy they when goodwill from separately recognised and identified are combination abusiness in acquired assets Intangible and Fragrance Oils. which itselfincludestwolowerlevelsofcash-generatingunitsrelatedtoExpressionsParfumées – – – – – Supplier relationships Supplier relationships Client Process-oriented technology system Software/ERP brands product and Name Impairment of Long-Lived Assets Long-Lived of Impairment

3 years 3 years –23 15 5 – 3 2 – 10 years 2 –10 – 7years Givaudan – 2020 Governance, Compensation and Financial Report

20 years

51 Appendix Statutory financial Consolidated Compensation Governance report financial report report report life of the bonds or the private placements. Debt is derecognised at redemption date. redemption at derecognised is Debt placements. private the or bonds the of life the over expense interest to charged and method rate interest effective the using amortised is value, redemption the and proceeds net the between difference the by represented rate, coupon the from arising discount Any incurred. costs transaction of net received, proceeds the as recognised are issued debt of and placements private of bonds, straight of proceeds The 2.21 cost. amortised at carried are and suppliers from business of course ordinary the in acquired been have that services or goods for pay to obligations are Trade payables 2.20 incurred. are they which in period the in statement income the in recognised are costs borrowing other All capitalisation. for eligible costs borrowing the from deducted is assets qualifying on expenditure their pending borrowings specific of investment temporary the on earned income Investment use. intended their for ready substantially are assets the as time such until assets, those of cost the to added are use, intended their for prepare to time of period a substantial take necessarily that assets are which assets, qualifying of production or construction acquisition, the to attributable directly costs Borrowing 2.19 been recognised. had loss impairment no if amortisation, or depreciation of net determined, been have would that amount carrying the exceed not does amount carrying asset’s the that extent the to only reversed is loss impairment recognised Apreviously amount. recoverable the determine to used circumstances the in achange been has there if reversed is loss impairment An impaired. be may asset the that indication an is there whenever and annually, impairment for tested are life useful indefinite with assets Intangible asset. the to specific risks the and money of value time the of conditions market current reflects that rate discount apre-tax using discounted are These value. terminal and a period five-year a over projections cash-flow pre-tax using by determined is use in Value statement. income the within expense operating other within loss impairment an as Notes to the consolidated statements financial

Debt Borrowing Costs Payable Accounts – Trade Others and gain or loss recognised. loss or gain realised any with derivatives, the of rights contractual the of control lost has Group the when derecognised are They statement. income the in net (expense), income financial Other line the in recognised loss or gain unrealised any with prices, market quoted on based value fair at valued are derivatives as recognised instruments date position financial of statement each At equity. in recognised loss or gain realised the with derivative, the of rights contractual the of control lost has Group the when derecognised are They statement. income the of costs Financing line the in derivative the of life the over recognised charge interest the with shares own on derivative the of price strike the of value present net the at recognised are liabilities financial as recognised Instruments costs. transaction including cost acquisition at recognised are equity in recognised Instruments aderivative. as recognised is contract the settlement, of option of case the in or shares treasury in net or cash in net either settlement the assumes contract the When liability. afinancial as recognised is which options put write and buy to contract aforward for except equity in recognised is contract the shares, treasury of number afixed for cash of amount afixed exchanging by made is settlement the assumes contract the When instrument. each of categorisation the determine shares own on derivatives for contract the and settlement The equity derivativesarerecognisedattheexecutiondatemarket price. are recognisedaschangesinequity,net.Treasury sharesacquiredbytheexecutionofown deduction fromequity.Theoriginalcostofacquisition,resultsresaleandothermovements Purchases ofownsharesarerecognisedatacquisitioncostincludingtransactioncostsasa accounted foratthesettlementdate. Own equityinstrumentsareownsharesandderivativesonshares.Purchasessales 2.23 obligation. the of estimates best current the reflect to necessary where adjusted are and regularly reviewed are Provisions made. be can obligation the of amount the of estimate reliable a which for and obligation, the settle to required be will benefits economic embodying resources of outflow an that probable is it which for events, past of result a as obligation constructive or legal a present has Group the when recognised are Provisions Provisions 2.22 settlement oftheliabilityforatleasttwelvemonthsafterstatementfinancialpositiondate. Debt isclassifiedwithincurrentliabilitiesunlesstheGrouphasanunconditionalrighttodefer Own Equity Instruments Equity Own Givaudan – 2020 Governance, Compensation and Financial Report

52 Appendix Statutory financial Consolidated Compensation Governance report financial report report report Group's carrying amounts of assets and liabilities. liabilities. and assets of amounts carrying Group's the of value carrying the on pandemic coronavirus the of impact potential the assessment it's in included 2020 management During circumstances. the under reasonable be to believed are that events future of expectation including factors, other and experience historical on based are and basis ongoing an on reviewed are assumptions underlying and estimates The 3. approved by the Group’s shareholders. contributions ‘capital from reserves capital statutory of out distributions or distributions Dividend 2.26 jointly controlled with entities. transactions the from and subsidiaries, of acquisition the from assets, intangible and equipment and plant property, in investments the from principally arise activities investing from flows Cash payments. cash gross and receipts cash gross of separately reported are borrowings short-term and long-term from flows Cash paid. interest and shareholders to payment dividend the instruments, debt the of repayment and issue the from proceeds the primarily are activities financing from flows Cash activities. all on paid tax income includes It operations. from generated cash the derive to order in nature anon-cash of transactions the for adjusted is income operating the whereby used is method indirect The businesses. &Wellbeing Taste and &Beauty Fragrance the in Group the of activities principal the from arise activities operating from flows Cash 2.25 proceeds. the from tax, of net adeduction, as equity in shown are options or shares new of issue the to attributable directly costs Incremental equity. as classified are shares Ordinary 2.24 Notes to the consolidated statements financial

Critical Accounting Estimates and Judgments and AccountingCritical Estimates

Statement of Cash Flows Cash of Statement Distribution to the Shareholders Share Capital – additional paid-in capital’ are recognised in the period in which they are are they which in period the in recognised are capital’ paid-in additional circumstances change. circumstances the which in year the in appropriate as modified be will assumptions and estimates original the circumstances, actual the from deviate statements, financial the of date the at judgment best management’s on based are which assumptions, and estimates future, the in If, – – – – – – 3.1 – to: related part most the for year, are financial next the within liabilities and assets of amounts carrying the to adjustment material a causing of risk significant a have that date position financial of statement the at uncertainty estimation of keysources other and future, the concerning keyassumptions The – – – – – – – The contingentThe (Note liabilities assessment 29). The provisions requiring assumptions to determine reliable best estimates (Note 25); and 25); (Note estimates best reliable determine to assumptions requiring provisions The which the ultimate tax determination is uncertain (Note 16); (Note uncertain is determination tax ultimate the which for calculations estimated requiring taxes income for provision and determination The demographic assumptions (Notedemographic assumptions 8); and financial requiring obligations benefit defined of value present the of calculation The amount of an asset or group of assets (Note 21 and 22); and 21 (Note assets of group or asset an of amount recoverable the measure to estimates requiring assets long-lived of impairment The units to which goodwill is allocated (Note 22); (Note allocated is goodwill which to units cash-generating the of use in value the of estimates requiring goodwill of impairment The future depreciationandamortisationexpenseimpairmentcharges(Note6); allocation impactsreportedassetsandliabilities,futurenetearningsduetotheimpacton at thetimeofacquisition.Theexcessisreportedasgoodwill.Asaresult,purchaseprice allocated totheunderlyingacquiredassetsandliabilitiesbasedontheirestimatedfairvalue amount offuturerevenuesandexpensesassociatedwithanasset.Thepurchasepriceis available informationandinsomecasesonassumptionswithrespecttothetiming acquired, particularlyintangibles,andtheliabilityrequiringestimationswhicharebasedonall In abusinesscombination,thedeterminationoffairvalueidentifiableassets

Critical Accounting Estimates and Assumptions and AccountingCritical Estimates Givaudan – 2020 Governance, Compensation and Financial Report

53 Appendix Statutory financial Consolidated Compensation Governance report financial report report report Rupiah Mexican peso Yen Pound Singapore dollar Singapore Euro Renminbi Real Dollar exchange rates Swiss francs Foreign to currency 4. – – statements: financial consolidated the in recognised amounts the on effect significant most the have which estimates, involving those from apart judgments, following the made has management policies, accounting Group’s the applying of process the In 3.2 Notes to the consolidated statements financial – – activities are recognised as expense in the period in which they are incurred. are they which in period the in expense as recognised are activities these on expenditures The met. not generally are products and technologies formulas, on developments internal the of asset an as recognition the for criteria the Thus certain. not are developments these of benefits economic future the consequently and needs, customer meet to varies which application, and assemblage final their on depends developments outcome The technologies onInternal and of developments formulas, products: these and 22); (Note assets intangible of criterion the meet and Group the to benefits economic future provide will development and of phase the ERP internally developed software business transformations the that determined has Group The Compliance. and Chain Supply Finance, of areas the in done is business the way the changing is that system ERP an of implementation the to relates Planning Resource Enterprise applications. and systems IT existing of improvements substantial in or new in result that modifications or programmes developed and Resource Enterprise Computer software Planning: is Computer internally software

Foreign Exchange Rates

Critical Judgments in Applying the Entity’s Accounting Policies Entity’s the in Applying Judgments Critical ISO code MXN USD CNY SGD EUR GBP BRL IDR JPY 10,000 10,000 Units 100 100 1 1 1 1 1 1 31 Dec Dec 31 4.44 4.44 1.08 1.08 0.88 0.86 0.86 1.21 0.67 0.63 0.17 0.14 2020

Average Average 0.64 0.64 0.88 0.88 1.21 1.21 0.68 0.68 0.94 0.94 1.07 1.07 0.18 4.37 0.14 2020 31 Dec Dec 31 1.09 1.09 1.28 1.28 0.89 5.13 5.13 0.24 0.72 0.70 0.14 0.97 2019

Average Average 0.25 0.25 5.13 5.13 1.11 0.99 1.27 1.27 0.70 0.14 0.73 0.91 2019 31 Dec Dec 31 1.25 1.25 0.68 0.68 0.25 0.25 0.90 1.13 0.98 5.01 5.01 0.72 0.14 2018

Average Average 0.88 0.88 1.30 1.30 5.08 5.08 0.27 0.15 1.15 0.98 0.69 0.72 2018 Leverage ratio equity and debt Net Equity Remeasurement of post-employment benefitobligations Less: cash and cash equivalents cash and cash Less: Long-term debt – 5.1 5. – follows: as defined is ratio EBITDA to Debt Net The parent the of holders equity to attributable equity Total Short-term debt francs Swiss of millions in below). table the in ratio leverage for defined (as equity and debt net of sum the by divided debt net as defined is ratio Leverage The agencies. ratings external by defined as profile, credit grade investment an maintaining to committed is Group The EBITDA. to Debt Net and Leverage mainly measures, classic of a number using structure capital its monitors Group The programmes. buyback share through shares cancel and shares new issue shareholders, to capital return shareholders, the to distributed amounts the adjust to propose debt, reimburse or issue may management structure, capital the adjust or maintain to order In concern whilstmaximisingshareholdervaluethroughanoptimalbalanceofdebtandequity. The objectiveoftheGroupwhenmanagingcapitalistomaintainabilitycontinueasagoing Net debt – – amortisation and impairment of long-livedamortisation assets. Tax, corresponds to operating income Depreciation and Amortisation, before depreciation, net), (expense), income financial other (and Interest Before Earnings as defined is EBITDA cash and cash equivalents. equivalents. cash and cash less debt, long-term and short-term consolidated the of total the as calculated is debt Net

Financial Risk Management

Capital Management Givaudan – 2020 Governance, Compensation and Financial Report Note 23 23 18 8 8,014 8,014 3,974 3,490 3,490 4,040 4,040 4,245 4,245 (411) 50% 484 484 2020 206 206 3,679 3,679 3,640 3,640 3,796 3,796 4,165 4,165 7,84 4 4 7,84 (452) 47% 525 525 335 335 2019

54 Appendix Statutory financial Consolidated Compensation Governance report financial report report report reports for the Chief Financial Officer and quarterly reports for the Audit Committee. Audit the for reports quarterly and Officer Financial Chief the for reports monthly issues Treasury Group basis. acontinuous on controlling treasury the by reviewed is limits exposure and policies with Compliance options. and contracts currency forward swaps, rate interest primarily transactions, derivative into enters Group the finance, of sources its and operations Group’s the from arising risk currency and rate interest the manage To risk. of magnitude and degree by exposures analyse which reports risk internal through Group the of operations the to relating risks financial manages and monitors Treasury Group financial instrumentsandnon-derivativeinstruments,investmentofexcessliquidity. specific areas,suchasforeignexchangerisk,interestrateriskandcredituseofderivative Directors provideswrittenprinciplesforoverallriskmanagement,aswellpoliciescovering Treasury’) undertheriskmanagement policiesapprovedbytheBoardofDirectors.The Risk management is carried out by a team within the central treasury department (hereafter ‘Group exposures. related business underlying hedge to transactions derivative financial into enters generally Group The performance. financial Group’s the on effects adverse potential minimise to seeks and markets financial of unpredictability the on focuses programme management risk overall Group’s The risk. liquidity and risk credit risk), price and risk rate interest risk, currency (including risk market risks: financial of avariety to it expose activities Group’s The 5.2 2019. 2020 and December 31 at as requirements these with compliance in was Group The requirements. capital imposed externally with covenants various contain which placements private several into entered has Group The Notes to the consolidated statements financial

Financial Risk Management Long-term debt instruments financial Derivative liabilities Non-current financial Accounts payable Short-term debt Current financial liabilities December 31 at as Total financialassets through income statement value fair at assets Financial Derivative financial instruments Derivative financial instruments Non-current financialassets assets current Other Accounts receivable – trade through income statement value fair at assets Financial instruments financialDerivative Categories of financial instruments instruments financial of Categories Cash and cash equivalents cash and Cash Current financialassets francs Swiss of millions in 2020 table: the in items the to applied been have instruments financial for policies accounting The es liabilities. Lease b) a) as at 31 December 31 at as Total financial liabilities

Other current assets consistOther current assets of other receivables non trade.

a

Note 5.3 5.3 5.3 5.3 5.3 5.3 23 23 18 19 amortised amortised 1,924 Givaudan – 2020 Governance, Compensation and Financial Report 1,359 369 414 414 154 411 45 cost At At

b b

through the At fair value value fair At statement statement income 238 238 180 19 19 54 19 4

Derivatives accounting used for used hedge hedge 133 133 103 103 30 65 65 65

liabilities financial 4,846 4,846 3,876 3,876 Other Other 809 161

5,412 5,412 4,245 4,245 2,227 2,227 1,359 Total 809 206 180 154 103 411

54 49 65 4 55 Appendix Statutory financial Consolidated Compensation Governance report financial report report report Long-term debt instruments financialDerivative liabilities Non-current financial Accounts payable instruments financialDerivative Short-term debt Current financial liabilities December 31 at as Total financialassets through income statement value fair at assets Financial Derivative financial instruments Non-current financialassets Accounts receivable – trade through income statement value fair at assets Financial instruments financial Derivative assets current Other as at 31 December 31 at as Total financial liabilities considered as equivalent to the fair value. fair the to equivalent as considered is value carrying the items, trade receivable accounts Group’s the of nature the Given prices. market quoted the using techniques valuation on based estimated is and quotations price published to reference by determined is cost, amortised at liabilities and assets financial except liabilities, and assets financial of class each of value fair The value. fair the approximates tables previous the in disclosed liabilities and assets financial of class each of amount carrying The liabilities. Lease b) a) Cash and cash equivalents cash and Cash Current financialassets francs Swiss of millions in 2019 Notes to the consolidated statements financial

Other current assets consistOther current assets of other receivables non trade.

a

Note 5.3 5.3 5.3 5.3 5.3 5.3 23 23 18 19 At amortised amortised At 1,980 1,980 1,365 399 441 441 163 452 42 cost

b b through the At fair value value fair At statement statement income 205 205 177 10 10 10 24 4

Derivatives accounting used for used hedge hedge 98 98 79 19 1 1

liabilities financial 4,523 4,523 3,397 Other Other 833 293

5,072 5,072 2,186 2,186 1,365 3,796 Total 177 833 163 335 452 29 79 24 1 4 cosmetic business of Indena. of Indena. business cosmetic the and drom, SAS, Vieille Albert of acquisitions the to and coupons, bonds straight Euro the to related risk currency foreign the on accounting hedge applied Group 2020 the and 2019 In recognised incurrencytranslation differencesinequity2020. to thenetinvestmentinNaturex. ThisresultedinagainofCHF7million(2019:51million), EUR 1,292 millionofEurostraightbondsweredesignatedashedginginstruments,corresponding the investmentinNaturex(i.e.EUR)intoGroup’s presentationcurrency(i.e.CHF).Intotal Naturex SAwiththeaimofbeingprotectedfromforeigncurrency riskonthetranslationof In 2018theGroupappliedhedgeaccountingonnetinvestment inforeigncurrency currency. presentation Group’s the from different currency afunctional with operations foreign in investments certain from arising risk translation and transactions, currency foreign forecasted current, hedge to transactions derivative into enter to policy Group’s the is It transactions, recognisedassetsandliabilities,netinvestments inforeignoperations. its netincomeandfinancialposition.Foreignexchangerisk arisesfromfuturecommercial The Groupoperatesacrosstheworldandisexposedtomovementsinforeigncurrenciesaffecting 5.2.1.1 managed. are risks these which in manner the or risks market to exposure Group’s the of structure the in year the during change no been has There analysis. sensitivity using measured are exposures risk Market – 5.2.1 – including: risk, rate interest and risk currency foreign to exposure its manage to instruments financial derivative of a number into enters Group The prices. commodity and rates interest rates, exchange currency foreign in changes of risks financial the to it expose primarily activities Group’s The – – environment. rate interest prevailing the on depending costs rate interest manage optimally to and/or increases rate interest of risk the mitigate to instruments other and swaps rate Interest rate risk arising from recorded transactions; and transactions; recorded from arising risk rate exchange the hedge to contracts, exchange foreign forward mainly derivatives, Currency

Market Risk Market Foreign Exchange Risk Givaudan – 2020 Governance, Compensation and Financial Report

56 Appendix Statutory financial Consolidated Compensation Governance report financial report report report other than USD). than other (e.g. currency functional subsidiary’s the not is (e.g. USD) that acurrency in denominated are that liabilities and assets recognised of subsidiaries all of risk exchange foreign cumulative the measures It risk. the monitor to manner arepresentative Treasury Group of opinion the in is which currency, by exposure total the expresses risk currency foreign the of measurement The exposures. largest their effective, cost- whenever hedge, to required is and subsidiary, each of currency functional the against activities management risk exchange foreign manages centrally Treasury Group Furthermore Givaudan SA Entity characteristics: following the have relationship hedging mentioned above the in designated swaps cross-currency The equity. in differences translation currency in recognised million 51 CHF of gain in a resulted it In 2020, swap. cross-currency the of flow cash principal currency foreign the to corresponding million 544 USD of amount an for instrument hedging as designated are item single one as swaps cross-currency several and a Eurobond of combination The CHF). (i.e. currency presentation Group’s the USD) into (i.e. Ungerer in investment the of translation the on risk currency foreign the from protected being of aim the with Ungerer in currency foreign in investment net the on accounting hedge applied also Group 2020In the Notes to the consolidated statements financial 2020 date Issue swaps currency Cross- instrument of Type in millions Notional amount amount of EUR of 100 90 80 80 80 70

in millions Notional amount amount 108.8 of USD USD of 86.9 86.9 76.2 87.0 87.3 97.9

(payment) interest rate fixed USD Annual 2.126% 2.133% 2.166% 2.167% 2.166% 2.218%

(receipt) interest rate fixed EUR Annual 1%

date Starting 2020 Apr 22 date Maturity 2027 Apr 22 Currency exposure including hedge exposure Currency Hedged amount Currency exposure including hedge exposure Currency Hedged amount in millions of Swiss francs Swiss of millions in foreign hedging. exchange natural risk through the align to exposures USD and EUR the from respectively excluded been have instruments hedging as designated both are which million, 544 USD and million 1,292 EUR of amounts the for bonds straight Euro The included. are Ungerer, and Naturex in operations foreign in investments net to related those except positions, intra-Group the calculations exposure the In b) a) hedge without exposure Currency francs Swiss of millions in 2019 exposure Currency hedge without exposure Currency Currency exposure 2020 date of the consolidated statement of financial position: financial of statement consolidated the of date the at risk currency foreign the to exposures significant the summarises table following The Mainly due to unhedged positions in countries where hedging is not cost-effective. not is hedging where countries in positions unhedged to due Mainly position. -short position; + long

a a Givaudan – 2020 Governance, Compensation and Financial Report (440) (468) (16) 477 477 424 424 USD USD 9 b b

(159) (774) 754 754 (20) (76) EUR EUR 83 83 (108) (38) 113 CHF CHF 43 5 5 (200) (149) 156 156 195 195 GBP GBP (5) 7 (111) (162) 109 109 148 148 (14) SGD SGD (2)

57 Appendix Statutory financial Consolidated Compensation Governance report financial report report report weakens all currencies against other currency the if statement income on Impact all currencies against other strengthens currency the if statement income on Impact weakens all currencies against other currency the if statement income on Impact all currencies against other strengthens currency the if statement income on Impact Reasonable shift Reasonable francs Swiss of millions in 2019 risks Currency shift Reasonable francs Swiss of millions in Currency risks 2020 December: 31 at as currencies main the of exposures currency transactional to sensitivity the summarises table following The Notes to the consolidated statements financial Group to fair value interest rate risk. rate interest value fair to Group the expose rates fixed at issued Borrowings rates. variable at held cash by counterbalanced partially is which risk rate interest flow cash to Group the expose rates variable at issued Borrowings instruments. financial debt in invest and rates, interest floating and fixed both at funds borrow Group the in entities because risk rate interest to exposed is Group The 5.2.1.2 net. (expense), income financial other in recorded is loss) 8million CHF (2019: 2 million CHF of assets non-monetary of restatement the from resulting loss subsequent the year current the In equity. opening the in recorded is period the of beginning the at index price general the with Argentina in subsidiaries the of liabilities and assets monetary non- the of restatement the of impact The 2018. January of 1 as accounting hyperinflation of implementation retroactive requiring 2018, July 1 effective hyperinflationary became Argentina change. reasonable the to determine to exposure the contributing currencies significant the of volatilities historical uses Management tax. before income on impact the showing management, by reasonable deemed assumptions on based and position financial of statement consolidated the of date the at exposure the on based is sensitivity The Interest Rate Risk Rate Interest

13% USD USD 9% (1) (1) 1 1 EUR EUR 5% 6% (1) (4) 4 1 CHF CHF 6% 6% (1) – – 1 12% GBP GBP 8% (1) (1) 1 1 SGD SGD 6% 6% (1) 1 – – showing the impact on the income before tax. tax. before income the on impact the showing management by reasonable deemed been have which assumptions using position financial of statement consolidated the of date the at liabilities net on exposure on based is sensitivity The Impact on income statement francs Swiss of millions in 2019 December 31 at As Impact on income statement francs Swiss of millions in 2020 December 31 at As The following table shows the sensitivity to interest rate changes: rate interest to sensitivity the shows table following The in plans back fall place in 2021. and transition its have to aims Group The rates. benchmark alternative to transition smooth a enable to plan action an on deliver and prepare and exposures IBOR by impacted be could business the where understand to is programme the of aim The systems. and accounting legal, treasury, tax, management, risk streams: work following the comprising project transition IBOR an up set has Group the LIBOR, replace to rates interest benchmark new to transition the of regard in regulators LIBOR by made announcements the to response In contracts. swap rate interest of use the by mainly risk rate interest manages Group Treasury limits. risk define and views rate interest align to evaluated regularly are activities Hedging cycles. interest different through expense Hedging are strategies applied by positioning either the liabilities or interest protecting hedging. and positions existing of renewal refinancing, consideration into taking liabilities on scenarios various simulating by centrally risk rate interest manages Treasury Group Impact on equity on Impact equity on Impact

Givaudan – 2020 Governance, Compensation and Financial Report 150 basis points increase points basis 150 increase points basis 150 126 126 152 152 – – 25 basis points decrease points basis 25 decrease points basis 25 (25) (31)

– – 58 Appendix Statutory financial Consolidated Compensation Governance report financial report report report Entity corresponding losses which have been recorded in equity will be recycled in the income income the in recycled be will equity in recorded been have which losses corresponding The issuance. debt future on rate interest the fixing also while rate, interest in increases future against protect to entered been had which instruments financial several closed Group The Hedge positions closed million). 56 CHF (2019: million 58 CHF is income comprehensive other in recognised value fair of amount The million). 97 CHF (2019: million 133 2020CHF is December 31 at hedges flow cash total the of amount carrying The Givaudan SA issuance. The transactions have the following characteristics: following the have transactions The issuance. debt future on rate interest the fixing also while rates, interest in increases future against protect to order in swaps, rate interest starting forward several into entered Group The Cash flowhedges Notes to the consolidated statements financial 2020 date Issue 2020 2019 2018 2017 2016 2015 2014 instrument Hedge rate swaps interest starting Forward

instrument Currency of EUR CHF Notional amount in millions 250 100 100 100 125 350 50 25

Annual fixed interest rate (payment) 1.200% 1.200% 0.282% 1.302% 2.052% 2.345% 0.967% 1.275% 0.921% (receipt) rate Floating rate CHF Libor 6 months The rate Libor EUR months 6 The rate CHF Libor months 3 The

22 Apr 2032 Apr 22 2030 17 Sep Starting date Starting 17 Sep 2025 17 Sep 09 Apr 2025 Apr 09 2031 05 Dec 20 Dec 2024 Dec 20 202419 Mar 202415 Feb 2021 07 Dec 22 Apr 2042 Apr 22 2040 17 Sep Maturity date Maturity 17 Sep 203217 Sep 09 Apr 2030 Apr 09 2041 05 Dec 22 Dec 2031 Dec 22 2034 Mar 19 2034 15 Feb 2031 07 Dec of EUR 500 million, issued in Apr 2020 with a 12 year maturity year a12 2020 with Apr in issued million, 500 EUR of bond public the 2032 in replacing issuance debt probable Highly maturity year a12 2018 with Sep in issued million, 800 EUR of bond public the 2030 replacing in issuance debt probable Highly Hedge item Hedge of EUR 500 million, issued in Sep 2018 with a 7 year maturity a7year 2018 with Sep in issued million, 500 EUR of bond public the 2025 replacing in issuance debt probable Highly of CHF 200 million, issued in Apr 2018 with a 7 year maturity a7year 2018 with Apr in issued million, 200 CHF of bond public the 2025 replacing in issuance debt probable Highly maturity a15 year 2016 with Dec in issued million, 200 CHF of bond public the 2031 in replacing issuance debt probable Highly of EUR200million,issuedinDec2017witha7yearmaturity Highly probabledebtissuancein2024replacingtheprivateplacement maturity a10 year 2014 Mar in with issued million, 150 CHF of bond public the 2024 in replacing issuance debt probable Highly maturity a10 year 2011 with Dec in issued million, 150 CHF of bond public the replacing 2021 in issuance debt probable Highly Givaudan – 2020 Governance, Compensation and Financial Report

59 Appendix Statutory financial Consolidated Compensation Governance report financial report report report Total for the year ended 31 December 2020 December 31 ended year the Total for based payment schemes. share- various the under obligations expected future meet to shares own its holds Group The Directors. of Board the by approved limits the within portfolios of a diversification through risk price its manages Group The statement. income through value fair at classified held investments equity from arising risk price equity to exposed is Group The 5.2.1.3 characteristics: following the have transactions The different. sometimes is debts new the of flows cash of period the although hedged, initially flow cash the of period the over costs) (Financing statement Notes to the consolidated statements financial Givaudan SA

Price Risk Entity Inception 2012 2012 2012 2018 2018 2018 2015 2015 2019 2014 2014 2014 June June date interest rate Instrument Treasury Forward Forward starting starting swaps Type of of Type locks Instrument Currency USD EUR CHF CHF CHF of of

amount in in amount Notional millions 400 100 150 125 75 Average Average 1.40% 1.80% 1.90% 1.05% 1.63% rate millions of Swiss francs Swiss of millions Fair value of financial date of settlement in in settlement of date instrument at the the at instrument (20) (15) (2) (2) (1) (1) (1) (5) (8)

millions of Swiss francs Swiss of millions the income statement Amount recycled in in recycled Amount over the period in in period the over (6) (2) (1) (3) - - - -

through income Starting date Starting Nov 2020 Nov of recycling of recycling Dec 2016 Dec Feb 2013 Feb Sep 2018 Sep Apr 2018 Apr statement

Nov 2028 Nov Nov 2025 Nov Dec 2021 Dec Feb 2023 Feb Sep 2028 Sep Sep 2025 Sep Apr 2023 Apr Maturity Maturity Date Tranche 10Y 10Y 7Y 7Y 5Y 5Y 5Y 5Y 8Y Givaudan – 2020 Governance, Compensation and Financial Report with 8 year maturity. 8year with 0.150% of arate at million 150 CHF of bond Public to debt to Assigned rate of3.45%. redeemable inFebruary2025withanannualinterest an annualinterestrateof3.30%andUSD60million USD 150millionredeemableinFebruary2023with 2020 withanannualinterestrateof2.74%, respectively USD40millionredeemableinFebruary Private PlacementsforatotalofUSD250million, rate of 0.375% with 7 year maturity. 7year 0.375% of with rate a at million 200 CHF and maturity 2year with rate afloating at million 150 CHF respectively 350 million, CHF of atotal for bond Public at a rate of 2.000% for 12 years. 12 for 2.000% of arate at million 800 EUR and 7 years for 1.125% of arate at million 500 EUR of respectively million, 1,300 EUR totalling bond Euro of placement tranche Dual with 15 year maturity. 15 year with 0.625% of arate at million 200 CHF and maturity 6year with 0.000% of arate at million 100 CHF respectively million, 300 CHF of atotal for bond Public

60 Appendix Statutory financial Consolidated Compensation Governance report financial report report report because the counterparties are financial institutions with investment grade ratings. grade investment with institutions financial are counterparties the because limited is assets financial monetary other and derivatives funds, liquid on risk credit The are monitored. continuously exposures and limits credit Countries, million). 581 CHF (2019: million 566 CHF approximately of Division, &Beauty Fragrance the to attributable mainly revenues, generates that customer external single one of exception the with spread geographical wide their and with deals Group the that customers of number large the to due risk, credit counterparty commercial or receivables trade of concentration significant no is there Generally, procedures. monitoring account and evaluation credit ongoing limits, credit risk, country of assessment the on focuses which management risk active of apolicy to subject are Trade receivables function. Treasury Group the within managed centrally is institutions financial to related risk counterparty whilst basis aGroup on monitored and subsidiaries Group’s the by managed is risk credit Commercial Group. the to loss afinancial in resulting obligations contractual its on default will acounterparty that risk the to refers risk Credit 5.2.2 Impact on income statement francs Swiss of millions in EUR &18% USD -16% 2019 Impact on income statement francs Swiss of millions in 2020 period: reporting the of end the at risks price equity to exposure the on based determined been has analysis sensitivity The years). three last the (24% for index PME CAC of and years) three last the for (16% indexes US of volatility historical of average an is change reasonable the for benchmark The shares. EUR and US of composed is portfolio equity Group’s The analysis Sensitivity Notes to the consolidated statements financial

Credit Risk Credit

Equity price Equity price increase increase 32 32 26 26

Equity price Equity price decrease decrease (32) (26)

BBB − range BBB A − range AA − range AA The following table presents the credit risk exposure to individual financial institutions: financial individual to exposure risk credit the presents table following The AAA −range AAA and derivativefinancialinstruments.Thetablehasbeendrawn upbasedontheundiscounted The followingtableanalysestheGroup’s remainingcontractualmaturityforfinancialliabilities obligations. payment non-recurrent their meet to subsidiaries to Group the by granted are loans intercompany necessary, When funds. and deposits market money deposits, time accounts, current bearing interest in invested generally is cash of surplus The centre. treasury central the to transferred are management capital working for required amounts above and over subsidiaries by held surpluses Cash level. subsidiary at level cash maximum the defines and level Group the at cash manages and monitors Treasury Group uncommitted credit lines. and under committed availability by funding maintaining in flexibility maintains Treasury Group businesses, underlying the of nature dynamic the to Due positions. market out close to ability the and facilities credit committed of amount adequate an through funds of availability securities, marketable cash, sufficient maintaining by risk liquidity manages Group The 5.2.3 risk. credit to exposure maximum Group’s the represents losses, impairment of net is which statements, financial consolidated the in recognised assets financial of amount carrying The

Liquidity Risk in Mio CHF Mio in 104 104 275 275 Total Total 30 30 16 16

Max. with any with Max. in Mio CHF Mio in individual individual Givaudan – 2020 Governance, Compensation and Financial Report 155 155 bank 50 50 30 30 14 14

of banks Number 2020 12 12 7 4 1

in Mio CHF Mio in 136 136 271 271 Total Total 6 6

Max. with any with Max. in Mio CHF Mio in individual individual 132 132 bank 95 95 4 6

of banks Number 2019 10 10

7 4 1 61

Appendix Statutory financial Consolidated Compensation Governance report financial report report report Balance as at 31 December 31 at as Balance Short-term debt (excluding bank overdrafts) bank (excluding debt Short-term francs Swiss of millions in 2019 overdrafts) bank (excluding debt Short-term francs Swiss of millions in 2020 flows: cash principal and interest both includes table The cash flowsoffinancialliabilitiesbasedontheearliestdatewhichGroupisobligedtopay. Notes to the consolidated statements financial Long-term debt Accounts payable – isfair value measured: the which to degree the on 3based 1to levels into grouped value, fair at recognition initial to subsequent measured are that liabilities and assets Group’s the present tables following The 5.3 thereafter. million) 357 CHF (2019: million 261 CHF and 5years 1to within 92 million) CHF (2019: million 1year, 146 CHF within 47 million) CHF (2019: million 52 CHF are liabilities lease to related flows cash undiscounted The Balance as at 31 December 31 at as Balance − inflows instruments financial derivative settled Gross instruments − outflows financial derivative settled Gross instruments financial derivative settled Net Long-term debt − inflows instruments financial derivative settled Gross Accounts payable instruments − outflows financial derivative settled Gross instruments financial derivative settled Net – active markets for identical assets or liabilities; or assets identical for markets active in (unadjusted) prices quoted from derived those are value fair measure to 1inputs Level

Fair Measurements Value

(1,028) (1,860) (2,143) months months Up to 6 to Up 6 to Up 2,155 2,155 1,889 1,889 (809) (809) (192) (833) (15) (24) (5) – months months (186) (133) (700) (164) (101) (429) 6 − 12 6 −12 6 −12 706 706 431 431 (28) (33) (1)

(1,805) (1,728) (1,787) (1,709) years years (18) (19) 1 −5 1 −5

(2,590) (2,072) (2,477) (1,993) Over 5 Over 5 Over (113) years years (79)

(4,961) (5,390) (2,560) (2,572) (3,750) (4,316) 2,586 2,595 2,595 (809) (131) (169) (293) (833) Total Total (99) Swaps (hedge accounting) foreignForward exchange contracts Financial liabilities at fair value through income statement Total liabilities accounting) (no hedge Swaps Debt securities Total assets securities Equity Debt securities life insurance owned Corporate Total assets securities Equity Swaps (hedge accounting) foreignForward exchange contracts Financial assets at fair value through income statement francs Swiss of millions in 2019 Swaps (hedge accounting) foreignForward exchange contracts Financial assets at fair value through income statement francs Swiss of millions in 2020 Corporate owned life insurance owned Corporate – – Forward foreignForward exchange contracts Financial liabilities at fair value through income statement Total liabilities Swaps (hedge accounting) – – (unobservable inputs). data market observable on based not are that liability or asset the for inputs include that techniques valuation from derived those are value fair measure to 3inputs Level prices) or indirectly (i.e. derived from prices); and prices); from derived (i.e. indirectly or prices) as (i.e. directly either liability, or asset the for observable are 1that Level within included prices quoted than other inputs from derived those are value fair measure to 2inputs Level

Givaudan – 2020 Governance, Compensation and Financial Report Level 1 Level 1 Level 109 109 112 112 109 112

Level 2 Level 2 Level 108 190 190 152 133 94 94 54 36 98 10 37 16 19 24 65 17 17 17 1 – Level 3 Level 3 Level 4 4

Total Total 206 206 108 303 303 130 128 152 133

54 36 98 10 37 19 24 65 17 17 1 – 62 Appendix Statutory financial Consolidated Compensation Governance report financial report report report Group’s consolidated results. results. consolidated Group’s the to million 10 CHF of profit a net and sales of million 190 CHF contributed acquisition the 2020 February 1 from As activities. fragrance and flavour core its in leadership market Givaudan’s extend further will employees 650 its and capabilities Ungerer’s centres, R&D six and facilities manufacturing eight of atotal countries, 60 than more in apresence With base. customer its with reputation quality ahigh and segments all in position market strong a developed has Ungerer ago, years 125 than more Founded America. North in fragrances and flavours both for presence customer regional and local impressive an has also Ungerer specialties. such of customers end for as well as creation, fragrance and flavour for ingredients natural predominantly of palette a rich provides which oils, essential in notably most business, Ungerer is a leading independent company in the flavour andfragrance specialty ingredients USA, Jersey, New in Headquartered million). (USD 688 million 676 CHF of price apurchase for affiliates its and Ungerer of capital share the of 100% acquired 2020 Givaudan 20 February On Ungerer Indena and Alderys. of business cosmetics the Ungerer, acquisitions, three made 2020 Givaudan year the During 2020 Acquisitions 6. their fairvalue.Therewasnotransferbetweenthelevelcategoriesinperiod. The carrying amount of each class of financial assets and liabilities disclosed above approximates authorities. qualified by audited are which models valuation proprietary using parties third independent an by quarterly measured are that capital managers. fund unrelated by managed funds equity and income fixed market, money of amix in terms and ratings credit similar with instruments quoted on measured (COLI) are that insurance life owned corporate of and contracts, the of maturities matching rates interest quoted from derived curves yield and rates interest quoted using measured are that swaps interest of contracts, the of maturities matching rates interest quoted from derived curves yield and rates exchange forward quoted using measured are that contracts exchange foreign forward and swaps cross-currency of consist liabilities and assets financial 2 Level market. financial on quoted securities marketable of consist assets 1financial Level 3inputs. Level 2and Level 1, Level with measured are statement income through value fair at liabilities and assets Financial Notes to the consolidated statements financial Acquisitions Acquisitions Level 3 financial assets consist of investment funds in venture venture in funds investment of consist assets 3financial Level contractual cashflowsnottobe collectedamountstoCHF 1 million. million. The best estimation at the acquisition date of the 37 receivables acquired are CHF The acquiredreceivablesarefair valuedatCHF 36 million. Thegrosscontractualamountsofthe nil. is purposes tax for deductible be to expected is that goodwill of amount total The respectively. CHF 82 million and million 191 CHF of amounts the for division &Beauty Fragrance the to partly and division &Wellbeing Taste the to partly allocated is goodwill The assets. intangible separable as recognition for criteria the meet not do that synergies expected and workforce qualified the of value the to mainly relates acquisition the on arising CHF 273 million of goodwill The Goodwill consideration Cash acquired assets Net liabilities tax Deferred Debt Provisions payables Other Accounts payable Totalassets intangible identified system /ERP - Software - Name and brands product - Process-oriented and other technology - relationships Client plantProperty, and equipment assets current Other Inventories Accounts receivable equivalents Cash and Cash francs Swiss of millions in of acquisition and are as follows: as are and acquisition of date the at value fair at recorded are acquired Ungerer of liabilities and assets identifiable The Givaudan – 2020 Governance, Compensation and Financial Report Fair value 213 213 10 10 73 1 403 403 297 297 273 273 676 676 (67) (63) 94 94 36 36 36 78 78 10 10

(7) (7) (4) 63 Appendix Statutory financial Consolidated Compensation Governance report financial report report report acquisition price. the of allocation the finalise to acquisition of date the from months twelve has Group the and provisional are determined values these 3, IFRS with compliance In assets. intangible separable as recognition for criteria the meet not do that synergies expected and workforce qualified the of value the to mainly relates acquisition the on arising goodwill The recognised. been has goodwill million 10 CHF and acquisition of date the at value fair at recorded are acquired Alderys of business cosmetics the of liabilities and assets identifiable The generated CHF0.8millionotheroperatingincometotheGroup’s consolidated results. industrial solutionswithhighsustainabilitystandards.From 3August2020, theacquisition has industry sectorsaswellnutrition.Theyarerecognisedforoffering innovativetechnological renewable feedstock.TheprojectsdevelopedbyAlderysareaimed atthechemicalandcosmetic develops innovativeapproachestothebiologicalengineering ofvaluablecompoundsfrom biotechnology company headquartered in Orsay, France, employing 30 employees. Alderys price ofCHF23million(EUR21million).Foundedin2009, Alderys isaninnovativeFrench On 3August2020 Givaudan acquired80%ofthesharecapitalAlderysSASforapurchase Alderys price. acquisition the of allocation the finalise to acquisition of date the from months twelve has Group the and provisional are determined values these 3, IFRS with compliance In assets. intangible separable as recognition for criteria the meet not do that synergies expected and workforce qualified the of value the to mainly relates acquisition the on arising goodwill The recognised. been has goodwill million 21 CHF and acquisition of date the at value fair at recorded are acquired Indena of business cosmetics the of liabilities and assets identifiable The results. consolidated Group’s the to sales of CHF 3 million contributed has acquisition 2020, May the 29 From harvesting. uncontrolled from ecosystem the protecting and bio-diversity ensuring while field, this in expertise of breadth extensive an developed has Indena experience, botanical of acentury almost With industries. care personal and health-food pharmaceutical, the in use for plants, from derived ingredients company dedicated todevelopment the and identification, of production high quality active leading aworld is Indena Italy, Milan, in Headquartered (EUR million). 30 million 32 CHF of price apurchase for Indena of business cosmetics the acquired 2020 May Givaudan 29 On Indena price. acquisition the of allocation the finalise to acquisition of date the from months twelve has Group the and provisional are determined values fair the 3, IFRS with compliance In Notes to the consolidated statements financial Acquisitions 2019Acquisitions been finalised and no adjustments were made to the acquisition values. acquisition the to made were adjustments no and finalised been has price acquisition the of allocation The acquisition. of date the at value fair at recorded are acquired Vieille Albert of liabilities and assets identifiable The assets. intangible separable as recognition for criteria the meet not do that synergies expected and workforce qualified the of value the to mainly relates acquisition the on arising million 27 CHF of goodwill The ingredients sourcingandprocessing. fragrant cropsareharvestedandhavedevelopedovermanyyears strongcapabilitiesinnatural through anetworkofdistributors.Theysourcetheirrawmaterials acrosstheworld,where Grasse, inFrance, andhasamanufacturingfacilityinSpain,withitsproductssoldglobally its originsdatingbackto1920, andwithmorethan60employees,AlbertVieilleisbasedcloseto natural ingredientsareusedfortheformulationofperfumesand aromatherapyproducts.With aromatic plantsandspecialisesin100%pureessentialoilsspeciality naturalingredients.The 54million.AlbertVieillehasuniqueknow-howintherealmof for apurchasepriceofCHF On 3May2019Givaudanacquired100%ofthesharecapitalAlbertVieilleSASanditsaffiliates VieilleAlbert acquisition pricehasbeenfinalisedandnoadjustmentsweremadetothevalues. at fairvaluethedateofacquisitionandnogoodwillhasbeenrecognised.Theallocation The identifiableassetsandliabilitiesofthecosmeticsbusinessAMSilkacquiredarerecorded applications. in cosmetic biopolymers of use the for patents 10 filed have they 9years, last the hair.Over the of protection or colour anti-pollution touch, silk like benefits with care skin and care hair as such categories across applications of range broad a offer biopolymers vegan These of cosmetics. field the in properties functional unique with polypeptides biosourced high-performance of range a offers AMSilk Germany. Munich, near headquarters its has and biopolymers silk vegan of supplier industrial first world’s the is AMSilk 7 million. CHF of price apurchase for GmbH AMSilk of business cosmetics the acquired Givaudan 2019 April 25 On AMSilk drom. and Frog Golden Oils, Fragrance Vieille, Albert AMSilk, acquisitions, five made Givaudan 2019 year the During Givaudan – 2020 Governance, Compensation and Financial Report

64 Appendix Statutory financial Consolidated Compensation Governance report financial report report report been finalised and no adjustments were made to the acquisition values. acquisition the to made were adjustments no and finalised been has price acquisition the of allocation The acquisition. of date the at value fair at recorded are acquired Frog Golden of liabilities and assets identifiable The assets. intangible separable as recognition for criteria the meet not do that synergies expected and workforce qualified the of value the to mainly relates acquisition the on arising million 11 CHF of goodwill The markets. Asian East South the of needs the to caters and people 156 employs Frog Golden area, Minh Chi Ho the in facilities manufacturing and headquarters With Vietnam. of biodiversity great the from oils essential and extracts vegetable and fruit spices, herbs, including ingredients natural of range wide a offers It industry. beverage and food the for oils essential and extracts flavours, natural manufactures Frog Golden million. 30 CHF of price purchase a for company, flavour a Vietnamese Corporation, Manufacture Fragrance Flavor- Frog Golden of capital share the of 100% acquired Givaudan 2019 August 30 On FrogGolden values. acquisition the to made were adjustments no and finalised been has price acquisition the of allocation The assets. intangible separable as recognition for criteria the meet not do that synergies expected and workforce qualified the of value the to mainly relates which million of 105 goodwill in CHF resulting cash, in settled was million 244 CHF of price purchase total The (CHF 5 million). liabilities other and (CHF 17 million) liabilities tax deferred (CHF 91 million), name brand and relationships client knowledge, process of comprised are intangible which million), assets 24 (CHF assets fixed million), 21 (CHF capital working million), 25 (CHF cash of consist million 139 CHF of acquired assets Total net acquisition. of date the at value fair at recorded are acquired Oils of Fragrance liabilities and assets identifiable The markets. growth high in particular in 90 countries, than more in products its sells and employees 250 over employs UK, Radcliffe, in and state-of-the-art Their home personal care applications. fragrances, facility manufacturing fine for fragrances speciality innovative of marketer and manufacturer British-based leading isa Oils 1967,Fragrance in Founded CHF 244 million. of price purchase for a affiliates its and Limited Oils Fragrance of capital share the of 100% acquired Givaudan 2019 August 21 On Fragrance Oils Notes to the consolidated statements financial drom Taste &Wellbeing Fragrance & Beauty perspective: adivisional from business the considers Committee Executive The performance. their assess to and segments the to resources allocate to used are that Committee Executive the by reviewed reports the on based segments operating the determined has Management 7. values. acquisition the to made were adjustments no and finalised been has price acquisition the of allocation The assets. intangible separable as recognition for criteria the meet not do that synergies expected and workforce qualified the of value the to mainly relates which million 82 CHF of goodwill in resulting cash, in settled was million 180 CHF of price purchase total The (CHF 27liabilities million), short-term (CHF loans (CHF 27 million). million) liabilities 25 other and tax deferred million), 98 (CHF name brand and relationships client knowledge, process of comprised are which assets intangible (CHF 28 million), assets fixed (CHF 40 million), capital (CHF 11 million), working cash of consist CHF 98 million of acquired assets Total net acquisition. of date the at value fair at recorded are acquired drom of liabilities and assets identifiable The globally. 489 people employs company The Brazil. and USA the China, Germany, in facilities manufacturing has drom Germany, in Munich, near Headquartered world. the across customers fragrance fine and products consumer for fragrances creating house perfume global isa drom 1911, in Founded million. 180 CHF of price purchase for a affiliates its KG& Co. and GmbH fragrances drom of capital share the of 100% acquired Givaudan 2019 6September On Segment Information Segment

reviewed bytheExecutiveCommittee primarilybyregion. Natural Ingredients.Theinformation ofthesebusinessunitsare business units:Beverages,Dairy, Savoury,Sweet Goodsand Manufacture and saleofflavourwellbeingproducts intofive and Products; Consumer and Fragrances Fine in included both are Oils Fragrance and Parfumées Expressions Beauty. Active and Ingredients Fragrance and, Products Consumer Fragrances, Fine units: business global three into products beauty and fragrance of sale and Manufacture Givaudan – 2020 Governance, Compensation and Financial Report

65 Appendix Statutory financial Consolidated Compensation Governance report financial report report report in millions of Swiss francs Swiss of millions in Total gross investments goodwill) (excluding assets Acquisitions of Intangible assets Intangible to Additions sales % of as Segment Segment sales Business segments sales. of apercentage as EBITDA on based is segments operating the of performance The Notes to the consolidated statements financial Less interLess segment sales manner in terms of accounting policies with the consolidated financial statements. financial consolidated the with policies accounting of terms in manner aconsistent in measured are Committee Executive the to provided division by amounts The a) assets Impairment of long-lived Amortisation Depreciation EBITDA third parties to sales Segment Acquisitions of Property, plant and equipment plant and equipment Additions to Property, Transfer prices for inter-divisional sales are set on an arm's length basis. length arm's an on set are sales inter-divisional for prices Transfer

a

21, 22 21, 6, 22 6, 6, 21 6, Note 22 22 21 21 Fragrance &Beauty Fragrance 2,924 2,924 23.2% 2,924 2,924 2020 677 677 (77) (64) 177 50 22 89 16 –

2,799 2,799 19.8% 2,799 2,799 555 555 (73) 456 (49) 160 210 2019 27 59 – – Taste &Wellbeing Taste 3,398 3,398 21.2% 3,398 (123) (124) 2020 720 720 (13) 423 104 272 23 24 – 3,404 3,404 21.1% 3,410 3,410 (112) (120) 720 720 330 2019 374 (1) (6) 13 26 5 1,397 1,397 6,322 6,322 22.1% 6,322 (187) (201) 2020 600 (13) 322 193 40 45 Group – 6,203 6,203 1,275 1,275 6,209 6,209 20.6% (161) (193) 223 830 490 2019 (1) (6) 64 53 as % of sales % of as taxes before Income Other financial income (expense), net (expense), income financial Other as % of sales % of as income Operating assets long-lived of Impairment Amortisation Depreciation Financing Financing costs in millions of Swiss francs Swiss of millions in Total sales Compounds Taste & Wellbeing Ingredients and Active Beauty and Active Ingredients Reconciliation table to Group’s operating income Compounds Fragrance & Beauty francs Swiss of millions in follows: as is products similar of group major the from sales of breakdown The disclosures Entity-wide EBITDA Fragrance &Beauty Fragrance 18.4% Givaudan – 2020 Governance, Compensation and Financial Report 2020 536 536 677 677 (77) (64) – 15.5% 433 433 555 555 (73) (49) 2019 – Taste &Wellbeing Taste 13.5% (123) (124) 460 460 2020 720 720 (13) 14.3% (112) (120) 487 487 720 720 2019 (1) 1,397 1,397 6,322 6,322 15.8% 13.9% 3,398 2,529 2,529 (187) (201) 996 996 2020 2020 395 395 (34) (13) (86) 876 Group 6,203 6,203 1,275 1,275 3,404 13.0% 14.8% 2,427 2,427 (161) (193) 372 372 920 920 (79) 808 (33) 2019 2019

(1) 66 Appendix Statutory financial Consolidated Compensation Governance report financial report report report segments Total geographical Asia Pacific Asia Latin America Latin America North Africa and Africa Middle-East Europe external customer. These revenues are mainly attributable to the Fragrance & Beauty Division. &Beauty Fragrance the to attributable mainly are revenues These customer. external asingle from derived are million) 581 CHF (2019: million 566 CHF approximately of Revenues b) a) Switzerland francs Swiss of millions in Pacific. Asia and America; Latin America; North Middle-East; and Africa Europe, domicile); of (country Switzerland areas: geographical of anumber in operates Group The Notes to the consolidated statements financial

Non-current assets other than financial instruments, deferred tax assets, post-employment benefit assets. assets. benefit post-employment assets, tax They consist of property, plant anddeferred equipment, and intangible in investments assets jointly controlled entities. instruments, financial than other assets Non-current Segment sales are revenues from customers and external are shown by destination. Fragrance & Beauty &Beauty Fragrance 2,924 2,924 2020 882 882 775 775 618 618 255 255 359 359 Segment sales 35 35 2,799 2,799 346 346 226 226 775 775 859 859 559 559 2019 34 34

a 3,398 3,398 1,150 Taste & Wellbeing &Wellbeing Taste 2020 240 240 827 827 315 315 833 833 Segment sales 33 33 3,404 3,404 1,082 1,082 841 841 353 353 855 855 247 247 2019 26 26

a 6,322 6,322 1,602 1,715 1,768 2020 495 495 Group Segment 674 674 68 68 6,203 6,203 1,700 1,630 1,641 sales sales 699 699 473 473 2019 60 60 a Group Non-current 6,800 6,800 1,496 1,720 2,453 2,453 2020 211 211 839 839 81 81 assets assets 6,646 1,409 1,409 1,546 1,546 2,470 2,470 251 251 878 878 2019 92 92 b Givaudan – 2020 Governance, Compensation and Financial Report

67 Appendix Statutory Consolidated Compensation Governance financial report financial report report report Total employees' remuneration employeeOther benefits Change in fair value on own equity instruments equity own on value fair in Change instruments Equity-settled Post-employmentdefined benefits: plans contribution Post-employmentdefined benefit benefits: plans costs security Social principally in the United States of America. America. of States United the in principally schemes, insurance life and healthcare post-retirement of primarily consist plans Non-pension (further informationbycountryisdisclosedattheendofthisnote). most significant plans are held in Switzerland, United States of America and United Kingdom companies, taking account of the recommendations of independentqualified actuaries. The pension plansaregenerallyfundedbypaymentsfromemployeesandtherelevantGroup world, theassetsofwhicharegenerallyheldinseparatetrustee-administeredfunds.The The Groupoperatesanumberofdefinedbenefitandcontributionplansthroughoutthe Plans Benefit Retirement Wages and salaries francs Swiss of millions in income: operating determining in included are benefits and remuneration employee to related amounts following The 8. Notes to the consolidated statements financial Employee Benefits Employee 1,085 1,493 2020 104 104 164 164 54 54 37 37 49 49

1,405 1,019 112 112 156 156 2019 38 38 37 37 41 41 2 Unfunded obligations Unfunded Funded obligations Funded Of which arising from: definedbenefit cost Total components of Unfunded obligations Unfunded financing costs in included cost interest Net interest on plan assets plan on interest less assets plan on Return Funded obligations Funded Of which arising from: remuneration Total included in employees' financial assumptions financial in change from losses (Gains) settlement from arising (gain) Loss Experience (gains)Experience losses benefitobligations losses of post-employment Remeasurement (gains) demographic assumptions demographic in change from losses (Gains) francs Swiss of millions in follows: as are income comprehensive other in recognised amounts The cost service Current francs Swiss of millions in The amounts recognised in the consolidated income statement are as follows: as are statement income consolidated the in recognised amounts The

Pension Pension Givaudan – 2020 Governance, Compensation and Financial Report (189) Plans Plans 128 128 (49) (54) (11) 23 23 48 48 52 45 4 5 4 3

pension pension Plans Plans Non- Non- (2) – 3 3 2 3 5 1 1 3

(189) 2020 2020 Total Total (46) (11) (51) 133 21 21 46 49 55 51 51 4 6 5 3 Pension Pension (167) Plans Plans 262 262 10 10 (7) 44 40 88 37 78 78 37 – 4 7

pension pension Plans Plans Non- Non- (5) 1 – 3 2 3 2 1 3 1 3 5

(167) 267 267 Total Total 2019 2019

80 80 11 11 (5) (4) 38 38 91 47 43 68 4 9

Appendix Statutory Consolidated Compensation Governance financial report financial report report report in millions of Swiss francs Swiss of millions in follows: as are position financial of statement the in recognised amounts The Notes to the consolidated statements financial (liability) Total definedbenefit asset obligations unfunded Recognised asset (liability) for obligations of value unfunded Present Unfunded obligations funded obligations, net Recognised asset (liability) for assets plan of value Fair Present value of funded obligations funded of value Present Funded obligations within other current liabilities. current other within liabilities current as reported is portion current The liabilities. non-current and assets current plans benefit areas predominantlynon-current. non- Thenon-current is reported portion defined post-employment for position financial of statement the in recognised Amounts post-employment benefits for liabilities as recognised Deficit post-employment benefits for assets as recognised Surplus recognised Total net asset (liability) (2,301) Pension (464) (384) (464) 1,917 (484) Plans (80) (80) 20

pension Plans Non- (66) (66) (63) (66) (63) (3) (3)

(2,364) 1,917 (447) (530) (530) (550) 2020 Total (83) (83) 20 (2,206) Pension (507) (507) 1,783 (423) (539) Plans (84) (84) 32

pension Plans Non- (61) (69) (69) (61) (69) (8) (8) –

(2,267) 1,783 (484) (576) (576) (608) Total (92) (92) 2019 32 Currency translation effects translation Currency Acquisitions Settlements Balance as at 31 December 31 at as Balance payments Benefit Employee contributions financial assumptions financial in change from losses (Gains) Experience (gains)Experience losses demographic assumptions demographic in change from losses (Gains) comprehensive income other the in recognised Amounts Interest cost 1January at as Balance francs Swiss of millions in Changes in the present value of the defined benefit obligations are as follows: as are obligations benefit defined the of value present the in Changes Current service cost service Current come statement in the in recognised Amounts - Pension 2,290 2,381 Givaudan – 2020 Governance, Compensation and Financial Report Plans (77) (50) (11) 128 (9) 23 25 14 45 3

pension Plans Non- (2) (3) 66 (6) 69 5 2 1

2,447 2,359 2020 Total (11) (56) (80) 133 (9) 46 21 27 14 3 Pension 2,290 2,029 Plans (82) (10) 262 (7) 39 37 14 8

pension Plans Non- (5) (3) 64 69 – 2 5 3 2 1

2,093 2,359 Total (85) 267 2019

(5) (4) (8) 38 14 41 69 8

Appendix Statutory Consolidated Compensation Governance financial report financial report report report in millions of Swiss francs Swiss of millions in follows: as are assets plan the of value fair the in Changes Notes to the consolidated statements financial Balance as at 1January at as Balance occupied by, or other assets used by, the Group. by, the used assets by, other or occupied property any include not do They shares. registered Givaudan include not do assets plan The policies. insurance and property the of exception with market active an in quoted primarily are assets plan The risk. of level acceptable an with returns long-term providing country each of requirements statutory respective the within diversified are strategies investment The Insurances policies and other Property Equity Debt francs Swiss of millions in Plan assets are comprised as follows: as comprised are assets Plan Interest income the income statement in recognised Amounts Total Employee contributions Employer contributions Settlements payments Benefit assets plan on interest less assets plan on Return other comprehensive income the in recognised Amounts Currency translation effects translation Currency Acquisitions Balance as at 31 December 31 at as Balance

Pension 1,783 1,917 Plans (77) (12) (40) 189 21 37 14 2 1,917

688 568 326 335 pension Plans Non- (3) – 3 –

100% 1,783 1,917 30% 2020 2020 36% 17% 17% Total (12) (40) (80) 189 40 21 14 2 Pension 1,618 1,783 Plans (82) 167 (1) 34 32 14 1 1,783

309 560 669 245 pension Plans Non- (3) – – 3

1,618 100% 1,783 38% 17% 31% 14% Total (85) 167 2019 2019 (1) 32 37 14 1

Life expectancy trend cost Medical Pension increases Salary increases Salary a) rate Discount francs Swiss of millions in follows: as are assumptions in change the of ((gain)/loss) effects The assumptions. key some in change of a consequences the quantifies information below The assumptions. demographic and financial various of basis the on calculated are obligations benefit defined The analysis Sensitivity by weightingtheindividualratesinaccordancewithdefinedbenefitobligationofplans. The overalldiscountrateandtheprojectedratesofremunerationgrowtharecalculated Discount rates Weighted percentage Healthcare cost trend rate trend cost Healthcare currencies and interest rates, are as follows: as are rates, interest and currencies stable with countries in plans, benefit defined significant most the of valuations actuarial the in used assumptions The conditions. social and economic local on based vary assumptions actuarial the which for countries many in plans benefit defined operates Group The Projected rates ofProjected remuneration growth Future pension increases and minus 50 basis point change in interest rates respectively. rates interest plus in a for change million 91 CHF point plus and basis 50 million minus 84 and CHF minus between assets the of to value the in estimated is changes strategies offsetting these in of use result the above, shown obligation of benefit impact defined the on rates illustrative the discount in changes considering and 2020, end year the For assets. plan the liabilities in plan changes pension actual the on corresponding through assumptions rate discount the in financial changes of employ which impact the strategies mitigate to various use may instruments dictates, situation each as trustees, or fiduciaries plan pension The a assumption Change in 1 year 1.0% 0.5% 0.5% 0.5% Givaudan – 2020 Governance, Compensation and Financial Report on the definedbenefit obligation on the definedbenefit obligation on the definedbenefit obligation on the definedbenefit obligation on the definedbenefit obligation on the current service cost service current the on on the current service cost service current the on on the current service cost service current the on on the current service cost service current the on on the current service cost service current the on Effects of the change the of Effects assumption Increase in Increase (196) 156 0.9% 0.5% 0.1% 1.1% 2020 (6) 13 79 – 5 1 3 2 assumption Decrease inDecrease 1.2% 1.2% 0.5% 1.1% (80) (13) (41) 219 2019

(2) (1) (3) – – 8 70 Appendix Statutory Consolidated Compensation Governance financial report financial report report report accordance with the law. The fiduciaries are responsible for the investment of the assets assets the of investment the for responsible are fiduciaries law. The the with accordance in managed is plan the ensuring for responsible are that fiduciaries named are There plan. the under provided be may that benefits of amount the on limitations with together trust, the to contributed be can that amounts maximum and minimum requires law The change. plan the of enforcement of date the at as continue will benefits of accrual further no consequently and 2016 in frozen was plan The trust. apension in held are and employer the from separate legally are plan the of assets the law federal with accordance law. In federal US of requirements the with accordance in managed is and under qualified is plan pension US main The America of States United 2021. during plans these to CHF 27 million contribute to expects Group The method. credit unit projected the using by calculated is obligation pension the Consequently guarantees. benefits underlying and promises the to due plan benefit defined as classified is plan pension the benefits, employee 19 IAS Under capital. or pension of form the in retirement at employee the by taken be can account retirement the of amount The salary. of percentage a on based rules foundation the in out set rates at plan pension the to contributions financial consequences of oldage, anddisability The death. employer and employeespay the against insured are and plan the to participants are employees the of majority The basis. contribution defined on a benefits provides foundation The risk. of level acceptable an with returns long-term for strategy investment the defining assets the of investment the for responsible also is It policy. pension the with accordance in accounts retirement the to apply to any, if interest, of level the decides Trustees of Board the year Each representatives. employer and employee of numbers equal of composed is foundation the of Trustees of Board The employer. and employee the both from contributions savings increasing by and a pension into capital savings retirement the convert to used rate conversion the reducing by principally 2017 of half second the during amended was plan The afoundation. of structure legal the has (LPP/BVG), the pension plan is managed by an independent, legally autonomous which entity Disability and Survivors Retirement, Occupational on Law Federal Swiss the to According Switzerland bycountry Information Notes to the consolidated statements financial The Group expects to contribute CHF 8 million to these plans during 2021. during plans these to CHF 8 million contribute to expects Group The method. credit unit projected the using by calculated are Plan Pension UK Givaudan the and Scheme Pension UK Quest the both of sections benefit defined the in obligations pension the benefits, employee 19 IAS Under annuities. as out paid are benefits the sums, lump free tax and benefits death sum lump values, transfer amounts, trivial for exceptions With service. in death on and retirement at payable are freeze plan the to service on based benefits accrued The accruals and members. future to frozen now are and basis benefit defined on a benefits provide trusts both sections, respective their In risk. of level acceptable an with returns long-term for strategy investment the defining assets the of investment the for responsible are Trustees of Boards The Plan. Pension UK Givaudan the for representatives pensioner two plus representatives employer three representatives, employee three and Scheme, Pension UK Quest the for representatives, employer four and representatives employee two of composed are Trustees of Boards The change. plan the of enforcement of date the at as continue will benefits accrual further no consequently and 2016 during frozen were plans The Trustees. of Boards the by trusts pension autonomous legally as managed and Acts Pensions and Schemes Pension UK applicable the under arranged are Plan) Pension UK Givaudan and Scheme Pension UK (Quest schemes pension occupational two The United Kingdom The Group expects to contribute CHF 5 million to these plans during 2021. during plans these to CHF 5 million contribute to expects Group The method. unit credit projected the using by calculated are obligations pension the benefits, employee 19 IAS Under annuities. as out paid are benefits the plan, the of sections certain for amounts sum lump optional for exceptions With service. in death on and retirement at payable are freeze plan the to service on based benefits accrued The basis. benefit defined on a benefits provides plan The risk. of level acceptable an with returns long-term for strategy investment the defining Givaudan – 2020 Governance, Compensation and Financial Report

71 Appendix Statutory Consolidated Compensation Governance financial report financial report report report Funding ratio Deficit / (surplus) Funding ratio Deficit / (surplus) asset plan of value Fair Swiss francs of millions in obligation definedbenefit of value Present Swiss francs of millions in 31 December 2019 at As obligation definedbenefit of value Present 31 December 2020 at As follows: as are plans benefit defined funded the of position funding The 2021. in plans these to CHF 3 million contribute to expects Group The Group. the to material considered is above described those than other plan individual No countries. other some in plans contribution defined or benefit defined as either classified plans retirement other operates Group The world the of Rest Notes to the consolidated statements financial asset plan of value Fair

Switzerland Switzerland 73.3% 79.1% 1,306 1,089 1,376 349 287 957 of America of States of of States America 86.9% 87.3% United United States States 398 450 458 393 60 57

Kingdom Kingdom 108.6% 105.1% United United (31) (19) 388 361 369 392

countries countries 46.1% 42.9% Other Other Other Other 48 56 98 89 42 41

80.8% 83.3% 2,206 2,301 1,783 1,917 Total Total 384 423 of improvement. rate term long 1.25% a with projections (2019) CMI latest the reflect rates the Kingdom United the In MP2020 scale. the with accordance in projected and adjusted been have rates published the America of States United the In improvement. of rate term long a1.50% and approach (2016) CMI the adopting used been have rates generational the Switzerland In country. each in appropriate as for allowed been have mortality in improvements future for Allowance – – – tables: following the on year-end based at 2020 are countries important most the for assumptions Mortality territory. each in experience and statistics published with accordance in advice actuarial on based set are experience mortality future regarding Assumptions Future salary increases Future salary Discount rate in percentage 2019 Future average life expectancy for a pensioner retiring at age 65 age at retiring a pensioner for expectancy life average Future increases Future salary in percentage Key assumptions Discount rate 2020 Future average life expectancy for a pensioner retiring at age 65 age at retiring a pensioner for expectancy life average Future Future pension increases Future pension increases – – – United Kingdom: S3PA United States of America: Pri-2012 America: of States United Switzerland: BVG2015 Switzerland:

Givaudan – 2020 Governance, Compensation and Financial Report Switzerland Switzerland 0.00 0.00 0.00 22.8 22.9 1.99 0.15 1.75 States of of States States of of States America America United United 0.00 0.00 3.22 21.2 21.9 2.55 n/a n/a Kingdom Kingdom United United 2.00 1.40 23.3 2.83 22.7 2.74 n/a n/a

72 Appendix Statutory Consolidated Compensation Governance financial report financial report report report 2020 2019 2018 Restricted shares outstanding at the end of the year have the following terms: following the have year the of end the at outstanding shares Restricted are tradableandtransferableafterthevestingperiod.Participation intheseplansismandatory. Restricted sharesshownin the tablebelowhavebeengrantedonayearlybasis.Theseshares shares to restricted related instruments Equity-settled not permitted. is delivery aphysical where jurisdictions the in cash in settled be can delivered be to expected shares of number the of portion Amarginal statement. income consolidated the in expensed been has CHF 40 million) (2019: CHF 52 million of instruments equity-settled the of cost The 2018 of grant Year mandatory. is plan this in participation and involved condition vesting market no is There margin. flow cash free cumulative the and companies peer selected of growth sales average the of acombination is metric performance The conditions. performance to subject period, vesting the after SA Givaudan of shares transferable and tradable into converted are shares performance The basis. a yearly on granted are shares Performance share plan Performance 9. Notes to the consolidated statements financial 2020 2019 expensed in the consolidated income statement. income consolidated in the expensed been has CHF 1 million) (2019: CHF 2 million of instruments equity-settled these of cost The deliverable. was none) (2019: share no 2,260), (2019: shares restricted outstanding 1,962 the Of 2017 of grant Year

Share-Based Payments Share-Based

31 Mar 2020 31 Mar 201931 Mar 31 Mar 2018 31 Mar 31 Mar 2018 31 Mar 31 Mar 2020 31 Mar 201931 Mar 31 Mar 201731 Mar date Commencing date Commencing

15 Apr 2023 15 Apr 2022 15 Apr 15 Apr 2021 15 Apr 15 Apr 2021 15 Apr 15 Apr 2023 15 Apr 2022 15 Apr 15 Apr 2020 15 Apr date Vesting shares ends on restricted of Blocking period

Restricted share Restricted date (CHF) date 2,289.6 2,794.5 1,621.6 1,993.3 at grant expected to be delivered

Number of shares shares of Number at vesting date vesting at shares 2020 Number of restricted restricted 15,054 25,325 19,823 602 730 630

shares 2019 date (CHF) date Number of restricted restricted Fair value 2,289.6 2,794.5 1,993.3 at grant 900 730 630

Current liabilities Non-current liabilities December 31 at As Granted Income francs Swiss of millions in December 31 at As Non-current assets assets Current francs Swiss of millions in December 31 at As represent 100%following of net the assets jointly controlled entities: The below. out set is ventures joint Group’s the of respect in information financial Summarised 2014 incorporation of Year 10. shares. treasury disposal its at has Group the plans, these For Delivered/sold 1January at As shares restricted of Number 2016 2015 Movements in the number of restricted shares outstanding are as follows: follows: as are outstanding shares restricted of number the in Movements Total net assets of joint ventures joint of assets Total net Expenses Investments in Joint Ventures and Associates and Ventures Joint in Investments

BGN Tech LLC BGN Vanilla International Ltd International Ltd Extracts Natural Name of Joint ventures Joint of Name

Givaudan – 2020 Governance, Compensation and Financial Report ingredients natural Innovative collection and extract production derivatives Natural ingredient Natural ingredient Principal activity Principal

USA Mauritius Mauritius incorporation of Country

2,260 1,962 (900) 2020 2020 2020 (10) 602 (7) (7) 28 49 11 35 Ownership interest 2,260 2,565 (935) 49% 49% 49% (12) (37) (16) 630 2019 2019 2019

52 31 70 17 73

Appendix Statutory Consolidated Compensation Governance financial report financial report report report Total other operating expense expenses Other Acquisition and integration related expenses related and integration Acquisition taxes Business provisions Environmental Total other operating income incomeOther some ofitsoperationsandasaconsequence recordedimpairmentchargesofCHF13million. Furthermore, aspartofthemanufacturingfootprintoptimisation program,theGrouprestructured 8million. CHF of divestment on aloss in resulted which business, its of part asmall divested and portfolio business its review to continued Group 2020 the During Losses on disposal of fixed assets fixed of disposal on Losses divestment on Loss assets long-lived of Impairment assets intangible of Amortisation expenses related Project francs Swiss of millions in 12. the provisionthatGrouphasrecordedforPassaic riverenvironmentalmatter(Note25). The otherincomein2019includesCHF10millionofinsurancerecoverablerelationto assets fixed of disposal on Gains francs Swiss of millions in 11. million). 19 CHF (2019: 24 million CHF of assets net atotal in resulting CHF 36 million) (2019: million 36 CHF of liabilities atotal with 55 million) CHF (2019: million 60 CHF were assets total 2020, the December 31 at As 49%. is interest ownership Group’s The arrangement. the in set conditions and terms new the with accordance in 2019 in associate an became China, in ingredients fragrance manufacturing Ltd, Aromatics Xinrui Jiangsu Notes to the consolidated statements financial

Other Operating Income Operating Other Other Operating Expense 2020 2020 109 109 25 25 20 20 13 13 15 15 16 16 45 41 9 1 2 8 4 115 2019 2019 34 34 20 20 12 12 29 29 14 14 40 41 5 1 1 – IT related costs related IT expenses Consulting and service Freight expenses Total operating expenses by nature by expenses Total operating expenses Other Energies Transportation expenses Depreciation, amortisation and impairment charges Depreciation, amortisation Exchange (gains) losses, net losses, (gains) Exchange income statement) through value (at fair net instruments, derivatives from losses (gains) realised and value Fair francs Swiss of millions in 15. a) through income statement value fair at measured instruments financial from losses (gains) Unrealised Interest expense Interest in millions of Swiss francs Swiss of millions in 14. used consumables and materials Raw Total employee remuneration 13. in millions of Swiss francs Swiss of millions in Total financing costs Amortisation of debt discounts debt of Amortisation Derivative interest (gains) losses plans pension benefit defined to related interest Net Interest (income) Interest Total other financial (income)net expense, net expense, (income) Other Capital taxes and other non-business taxes non-business other and taxes Capital Out of which CHF 8 million (2019: CHF 9 million) are interest expense on lease liabilities. lease on expense interest are 9million) (2019: CHF 8million CHF which of Out

Other Financial (Income) Expense, Net (Income) Expense, Financial Other Expenses byNature Expenses Financing Costs Financing a Givaudan – 2020 Governance, Compensation and Financial Report 21, 22 21, Note Note 8 8 5,326 5,326 2,668 2,668 1,493 2020 2020 2020 401 401 126 126 324 324 153 153 (37) 80 80 71 71 86 86 34 34 73 73 52 52 10 10 16 16 17 17 (2) (3) (4) 2 6 5,283 5,283 1,405 1,405 2,714 2,714 330 330 146 146 131 131 355 355 (12) 2019 2019 2019 11 11 78 78 61 61 79 79 63 63 14 14

(5) 68 20 33 5 1 9 1 74 Appendix Statutory Consolidated Compensation Governance financial report financial report report report Total income tax expense tax Total income - in respect of prior years prior of respect - in income statement - reclassified from equity to - in respect of current year current of respect - in taxes Deferred including research tax credits and withholding tax on dividends, interest and royalties. and interest dividends, on tax withholding and credits tax research including operates, Group the which in jurisdictions tax the in rates tax the of average weighted a as rate tax applicable average its statement income the of basis the on calculates Group The made. are determinations final such which in period the in taxes deferred and current the impact recorded initially were that amounts the and outcome tax final the between differences any result, As a statements. financial the preparing of time the at uncertain is determination tax ultimate the which for transactions are there as required is judgment taxes, income for provision the determining in such, As jurisdictions. tax different many in taxes income to subject is it globally, operates Group the Since - in respect of prior years prior of respect - in - in respect of current year current of respect - in taxes Current francs Swiss of millions in follows: as are income comprehensive of statement consolidated in) the (credited to charged Amounts 16. Notes to the consolidated statements financial Income TaxesIncome Income state ment 133 133 176 176 (36) (1) (6) - compre hensive hensive income Other Other (4) (1) (3) - instru ments equity equity Own Own

- 2020 129 129 Total (37) 173 (1) (6) Income state ment 106 106 140 140 (21) (9) (4) - compre hensive hensive income Other Other (11) 21 21 (5) 5 - instru ments equity equity Own Own - 111 135 135 Total (32) 2019 (9) 17 17

Current income tax liabilities tax income Current Total net current income tax asset (liability) asset tax income current Total net Group's effective tax rate tax effective Group's differencesOther Other adjustments of income taxes of prior years prior of taxes income of adjustments Other rate tax in Change notExpenses deductible Current income tax assets tax income Current francs Swiss of millions in December 31 at As Amounts recognisedinthestatementoffinancialpositionrelated toincometaxesareasfollows: liabilities and assets tax Income Switzerland. in applicable balances tax deferred the revalued 2020 and 1 January from as effective is that Tax Reform Swiss the of impact the assessed Group the year prior the In rates. tax statutory local in changes to related factors external as well as portfolio, customer and mix product presence, geographical of terms in profile business Group’s the with accordance in subsidiaries, Group’s the within profitability Group’s the of composition the in changes to due arises rate tax applicable average Group’s the in variation The Income not taxable of Tax effect Group's average applicable rate tax The Group’s average applicable tax rate differs from the Group’s effective tax rate as follows: as rate tax effective Group’s the from differs rate tax applicable average Group’s The

Givaudan – 2020 Governance, Compensation and Financial Report (157) 16% 15% (3%) (1%) 2020 2020 (91) 66 66 2% 1% – (111) 14% 13% (2%) (4%) (61) 2019 2019 50 50 4% 1%

– 75 Appendix Statutory Consolidated Compensation Governance financial report financial report report report (liability) as at 31 December 31 at as (liability) asset tax deferred Net liabilities tax Deferred assets tax Deferred December 31 at as (liability) asset tax deferred Net effects translation Currency instruments equity own to debited (Credited) comprehensive income other to debited (Credited) income statement consolidated to debited (Credited) Acquisition (liability) as at 1January at as (liability) asset tax deferred Net francs Swiss of millions in 2020 Notes to the consolidated statements financial (liability) as at 31 December 31 at as (liability) asset tax deferred Net liabilities tax Deferred assets tax Deferred December 31 at as (liability) asset tax deferred Net comprehensive income other to debited (Credited) 1January at as (liability) asset tax deferred Net francs Swiss of millions in 2019 Acquisition Currency translation effects translation Currency instruments equity own to debited (Credited) income statement consolidated to debited (Credited)

equipment equipment Property, Property, plant & plant plant & plant (140) (105) (128) (128) 18 18 19 19 (7) (2) 6 1 Intangible Intangible (207) (207) (249) (178) assets assets (68) (47) 18 18 15 15 8 3

Pension Pension plans plans 105 113 113 112 (2) (5) (3) (4) 1 1 5

forward forward Tax loss loss Tax Tax loss loss Tax carry carry carry carry (1) (5) 24 29 29 12 17 1 – – differences differences Other Other Other Other (25) 124 124 159 133 (7) (6) (4) 4 6 5 – 1

(280) (310) 218 218 211 211 Total Total (30) (92) (92) (69) (69) (69) (52) (64) (10) 25 25 (2) 37 – 3 1

Basic earnings per share (CHF) Net weighted average number of shares outstanding recognised for undistributed earnings of CHF 627 million (2019: CHF 534 million). CHF 534 million). (2019: CHF 627 million of earnings undistributed for recognised be could liability tax deferred no whereas future, foreseeable the in expected distributions of timing the forecast to aposition in is entity parent the as dividend as out paid when tax withholding to subject earnings undistributed have which subsidiaries foreign certain for 2020 in CHF 26 million) (2019: recognised been has CHF 24 million of liability tax A deferred Deferred tax assets on tax credits of CHF 92 million (2019: CHF 71 million) have been recognised. subsidiaries in Spain. in located mainly are recognised been not have which million) 17 CHF (2019: CHF 16 million of losses tax unused on assets tax Deferred recovered. be can losses tax these which against available profit taxable future be will there that considers management The 2022. after expires which of majority the China, and France in subsidiaries the in principally recognised been have CHF 29 million) (2019: CHF 24 million of forwards carry loss on assets tax Deferred 2021. during statement income consolidated the to credited or charged be will portion current The liabilities. non-current and assets non-current as reported are taxes deferred for position financial of statement the in recognised Amounts Treasury shares shares Ordinary Weighted average number of shares outstanding francs) Swiss of millions (in parent the of holder equity to attributable Income shareholders by the weighted average number of shares outstanding: to attributable period the for income the dividing by calculated is share per earnings Basic earnings shareBasic per 17. Earnings per Share Share per Earnings Givaudan – 2020 Governance, Compensation and Financial Report 9,219,217 9,219,217 9,233,586 (14,369) 80.59 80.59 2020 743 743 9,216,232 9,233,586 (17,354) 76.17 76.17 702 702 2019

76 Appendix Statutory Consolidated Compensation Governance financial report financial report report report Balance as at 31 December 31 at as Balance Less: allowance for doubtful accounts Above 90 days Above days − 90 60 days −60 30 days 30 than Less Neither past due nor impaired nor due past Neither francs Swiss of millions in list: Ageing Accounts receivable francs Swiss of millions in 19. December 31 at as Balance Short-term investments banks with balances and hand on Cash francs Swiss of millions in 18. Diluted earnings per share (CHF) 70,619) (2019: 72,588 of share per Weighted average number of shares outstanding for diluted earnings francs) Swiss of millions (in parent the of holder equity to attributable Income shares: dilutive potentially all of conversion assume to adjusted is outstanding shares of number average weighted the share, per earnings diluted of calculation the For Diluted earnings share per Notes to the consolidated statements financial Balance as at 31 December 31 at as Balance Less: allowance for doubtful accounts Notes receivable

–TradeReceivable Accounts Cash and Cash Equivalents 9,291,805 9,291,805 79.96 1,359 1,359 1,359 1,359 1,377 2020 743 743 1,280 1,280 2020 2020 2020 411 411 (19) (19) 339 72 18 16 59 1 5 9,286,851 9,286,851 1,365 1,365 75.59 75.59 1,384 1,384 1,269 452 452 702 702 (20) (20) 379 2019 2019 2019 2019 78 73 17 14 7 1 Work in process in Work accounts: doubtful for allowance the in Movement At 31 December 2020 and 2019 no significant inventory was valued at net realisable value. realisable net at valued was inventory significant no 2019 2020 and December 31 At million). CHF 40 (2019: CHF 45 million was inventories of write-down of amount 2020In the Raw materials and supplies francs Swiss of millions in 20. receivable accounts of amount carrying The recoverable. considered still are receivables impaired and due Past 2019. 2020 in in or statement income consolidated the in recognised been has charge impairment significant No uncollectible as off written Amounts 1January at as Balance francs Swiss of millions in Reversal of allowance for doubtful accounts statement income consolidated in recognised accounts doubtful for allowance in Increase Currency translation effects translation Currency Balance as at 31 December 31 at as Balance Balance as at 31 December 31 at as Balance inventories obsolete and moving slow for allowance Less: Intermediate and finished goods Inventories Givaudan – 2020 Governance, Compensation and Financial Report – trade is considered to correspond to the fair value. fair the to correspond to considered is trade 1,201 1,201 460 460 2020 2020 787 787 (20) (19) (74) 28 28 (5) 2 2 2 1,149 1,149 (21) (20) (62) 438 2019 2019 747

(4) 26 1 3 1 77

Appendix Statutory Consolidated Compensation Governance financial report financial report report report francs Swiss of millions in 2020 impairment Accumulated effects translation Currency at 31 December Balance as depreciation Accumulated Cost at 31 December Balance as at 1January at Balance as value book Net 21. Notes to the consolidated statements financial assets held for sale for held assets Reclassifiedas Depreciation Impairment Transfers Disposals Acquisitions Additions

Property, Plant and Equipment

129 129 129 131 131 Land 129 (1) (5) (5) Acquired Property, Plant & Equipment 9

improve Buildings and land 1,523 ments (561) 949 949 949 (50) (50) (13) 901 133 (2) 16 16 1 – – -

ment and (1,257) vehicles 1,888 1,888 Machi- equip (100) 623 623 623 nery, nery, (34) 631 118 11 11 (7) (8) 4 – -

struction struction progress (251) 112 112 222 112 112 112 151 151 Con (10) in in – - Acquired (1,818) 1,885 1,813 1,813 1,813 3,652 3,652 (150) PP&E Total Total (21) (10) (99) 156 36 36 (5) –

Buildings, Buildings, improve ments 388 388 388 463 463 419 419 (75) (17) (41) land Right-of-Use Assets and 28 28 (4) 3 – -

ment and vehicles Machi- equip nery, nery, (10) (16) 37 37 21 21 21 22 22 (1) 1 9 – – -

Right-of- Assets 500 500 409 409 409 441 441 Total Total (51) (18) (91) Use Use 37 37 (4) 4

Property, (1,909) 2,222 2,222 2,222 Plant & Plant 2,326 4,152 4,152 Equip (201) (117) ment Total Total (21) (14) 193 (5) 40 –

- francs Swiss of millions in 2019 Impairment significant financial effect was triggered by revision of lease terms (2019: nil). (2019: terms lease of revision by triggered was effect financial significant year,no financial current the During lessor. respective the by not and Group the by only exercisable are held options termination and extension of majority The operations. Group’s the in used assets the managing of terms in flexibility operational maximise to used options, termination and extension have may but years, 30 to of 1 periods fixed for made typically are contracts Rental equipment. and machinery warehouses, offices, various leases Group The respectively. 6million) CHF (2019: 2million CHF and 1million) CHF (2019: 2million CHF to amounts leases short-term and low-value the to related expense The at 31 December Balance as depreciation Accumulated 1January at Balance as value book Net impairment Accumulated at 31 December Balance as Additions Cost Depreciation Acquisitions translation effects translation Currency sale for held assets Reclassifiedas Transfers Disposals

Land 131 131 131 131 (2) (1) Acquired Property, Plant & Equipment 3

improve Buildings and land 1,449 ments (535) (46) 901 (13) 901 821 (14) 116 (2) (1) (3) 29 1 -

ment and (1,214) vehicles Machi- 1,855 equip (101) Givaudan – 2020 Governance, Compensation and Financial Report nery, nery, (10) 134 631 631 592 (3) (8) 10 – 7 -

struction struction progress (250) Con 222 205 222 222 270 (5) in in 2 - Acquired (1,749) 1,885 1,885 1,749 3,657 (147) PP&E Total Total (23) (29) 278 (1) 44 (3) (6)

Buildings, Buildings, improve ments 457 457 246 (38) (39) 419 419 198 land Right-of-Use Assets and (5) 19

-

ment and vehicles Machi- equip nery, nery, 29 29 (7) (7) (3) 22 22 17 14 – 1

-

Right-of- Assets Total Total 441 441 (46) 486 (45) 263 212 Use Use (5) (3) 20

Property, (1,794) Plant & Plant 2,326 2,326 2,012 4,143 Equip (193) ment Total Total (34) (23) 490

(1) (3) (9) 64 78

- Appendix Statutory Consolidated Compensation Governance financial report financial report report report Balance as at 31 December 31 at as Balance Accumulated impairment amortisation Accumulated Cost Balance as at 31 December 31 at as Balance Accumulated amortisation Accumulated Cost Balance as at 31 December 31 at as Balance Impairment Acquisitions Currency translation effects translation Currency Amortisation Acquisitions Balance as at 31 December 31 at as Balance Accumulated impairment Currency translation effects translation Currency Amortisation Disposals Additions Additions Balance as at 1January at as Balance value book Net francs Swiss of millions in 2019 1January at as Balance value book Net francs Swiss of millions in 2020 22. for. accounted were costs borrowing capitalised significant no 2019 2020 and December 31 At purposes. borrowing for security as used be not may assets Leased lessor. the by held are that assets leased the in interests security the than other covenants any impose not do agreements lease The conditions. and terms different of range a wide contain and basis individual an on negotiated are terms Lease Notes to the consolidated statements financial

Intangible Assets Intangible Goodwill Goodwill 3,146 3,146 3,146 3,146 2,968 3,294 3,294 3,294 3,294 3,146 3,294 3,294 3,146 (156) 304 304 225 225 (47)

Process-oriented Process-oriented technology and technology and 1,129 1,059 (820) (763) other other 290 290 290 290 290 290 287 287 303 303 303 303 (52) (10) (61) 86 86 61 61 (2) (6) (6) (6) –

relation relation 1,095 (327) (385) Client Client 604 604 604 604 604 604 706 706 706 706 224 224 511 ships ships 931 931 (52) (64) (47) 152 152 (7) (7) (4) (4)

- - relation relation Supplier Supplier ships ships (32) (13) (19) (14) 44 44 25 25 25 25 12 12 25 25 37 37 44 12 – – 2 - - Name and Name and product product product brands brands (12) (12) (24) 56 56 12 12 56 56 69 69 57 57 57 57 (2) (1) (5) 80 57 57 – 7

Software/ Software/ system system (647) (610) 148 148 164 164 164 164 164 164 819 819 172 172 172 172 774 774 (37) (38) ERP ERP ERP 53 53 45 45 1 – – – (1,908) (1,731) 4,286 4,286 4,286 4,286 4,286 4,286 4,008 4,008 4,543 4,543 4,543 4,543 6,461 6,461 6,023 (187) (161) (214) 626 626 Total Total 448 (62) (10) 45 45 (9) (6) (4) 53 Total expenses Research and development product Classification of amortisation expenses is as follows: as is expenses amortisation of Classification These discount rates are pre-tax. are rates discount These Oils. of Fragrance projections flow cash to applied was 10.8%) (2019: 10.6% and Parfumées Expressions of projections flow cash to applied was 8.5%) (2019: 9.1% Division, Wellbeing & the of Taste projections flow cash to applied was 8.9%) (2019: 9.2% Division, Beauty & Fragrance the of projections flow cash to applied was 8.9%) (2019: 9.1% of rate A discount financing. obtain can rating credit similar with companies which on conditions the on based is debt of cost the where and industry, flavour and fragrance the in companies comparable with benchmarking by shareholders the by expected return the to corresponds equity of cost the where information market capital from derived are which components of number a has flows cash future estimated the discount to used rate discount The period. year five the beyond growth for rate inflation long-term the assumes value terminal The gains. share market estimated for adjusted growth market is assumptions key the of basis The value. terminal as a well as period, year afive covering management by approved budgets and plans business financial on based projections flow cash pre-tax use calculations These calculations. use in value on based determined been CGU has each of amount recoverable The Oils. Fragrance to million) 112 CHF (2019: million 105 CHF and Parfumées, Expressions to million) CHF 135 (2019: CHF 135 million Division, &Beauty Fragrance the to million) 685 CHF (2019: million 756 CHF Division, & Wellbeing Taste the to million) CHF 2,214 (2019: CHF 2,298 million CGUs was these to allocated Goodwill Oils. Fragrance and Parfumées Expressions to related units cash-generating of levels lower two includes itself which Division, &Beauty Fragrance the and Division &Wellbeing Taste theas defined (CGUs), are which units cash-generating Group’s the to allocated is Goodwill goodwill for test Impairment expenses Administration expenses and distribution marketing Selling, sales of Cost francs Swiss of millions in Other operatingOther expenses Fragrance & Beauty Givaudan – 2020 Governance, Compensation and Financial Report 64 64 10 10 10 10 33 33 3 8 Wellbeing Taste & & Taste 123 123 12 12 52 52 37 37 14 14 8 2020 187 187 Total 62 62 15 15 70 70 16 16 24 24 Fragrance & Beauty 21 21 11 11 49 8 5 4 Wellbeing Taste & & Taste 112 112 58 58 10 10 24 24 13 13 7 161 161 Total 2019 12 12 18 18 69 69 45 45

17 17 79 Appendix Statutory Consolidated Compensation Governance financial report financial report report report identifiable software products and ERP systems. systems. ERP and products software identifiable of development the with associated assets intangible generated internally of consists This Software/ERP system natural flavourbusinesses. Ungerer andIndena,theGroup acquirednameandproductbrandsinactivebeauty Nutra, ExpressionsParfumées, Naturex,AlbertVieille,GoldenFrog, drom,Fragrance Oils, In connectionwiththeacquisitionofInduchem,Spicetec,Activ International,Vika,Centroflora Name and brands product with key suppliers. Divisions,mainlyconsistingofrelationships &Beauty Fragrance and &Wellbeing in theTaste As partoftheacquisitionNaturexandAlbertVieille,Group acquiredsupplierrelationships Supplier relationships Fragrance &BeautyDivisions,mainlyconsistingofclient relationshipswithkey customers. Oils, Ungerer andIndenatheGroupacquiredclientrelationshipsinTaste &Wellbeing and Centroflora Nutra,Expressions Parfumées, Naturex,AlbertVieille,Golden Frog, drom, Fragrance As part of the acquisition of QuestInternational, Induchem, Spicetec, ActivInternational, Vika, Client relationships Ungerer, IndenaandAlderys. Expressions Parfumées, Naturex,AlbertVieille,AMSilk,GoldenFrog, drom,Fragrance Oils, Quest International, Soliance, Induchem, Spicetec, Activ International, Vika, Centroflora Nutra, when theGrouppurchasedFoodIngredientsSpecialties(FIS),InternationalBioflavors(IBF), well as process knowledge and research expertise in innovative cosmetic solutions, acquired This consistsmainlyofprocess-orientedtechnology,formulas,molecules,deliverysystemsas Process-oriented and other technology CGU. each of amount recoverable the exceed to amount carrying the cause not would assumptions the in change reasonable any that believes Management presented. periods the in rate discount the in and flows cash the in changes to test impairment the of sensitivity the of analysis an conducted has Group The goodwill. for tests impairment the from CGUs resulted the of any in loss impairment No Notes to the consolidated statements financial – – – – – follows: as are assets intangible amortisable of classes major of lives useful Remaining 2.17. Note in out set principles the with accordance in determined are date, acquisition at value fair their being cost, at carried assets intangible acquired the of lives useful residual The – – – – – Supplier relationships Supplier relationships Client Process-oriented and other technology brands product and Name Software

Givaudan – 2020 Governance, Compensation and Financial Report 0.7 years years 0.7 15.3 years 15.3 6.8 years 6.8 12.7 years 12.7 2.7 years 2.7

80 Appendix Statutory Consolidated Compensation Governance financial report financial report report report Balance as at 1January at as Balance francs Swiss of millions in 2019 Balance as at 1January at as Balance francs Swiss of millions in 2020 Debt 23. Notes to the consolidated statements financial Cash flows Cash - Amortisation of debt discount debt of - Amortisation changes Non-cash flows Cash - Amortisation of debt discount debt of - Amortisation changes Non-cash - Acquisition / Divestment - Acquisition - Currency effects - Currency / Divestment - Acquisition Balance as at 31 December 31 at as Balance liabilities - Lease Balance as at 31 December 31 at as Balance - Currency effects - Currency Within 3 to 5years 3 to Within 3years 1 to Within 1 year Within Within 1 year Within - Lease liabilities - Lease Balance as at 31 December 31 at as Balance Within 1 to 3 years 1 to Within Thereafter Within 3 to 5 years 3 to Within Balance as at 31 December 31 at as Balance Thereafter

Bank borrowings Bank Bank borrowings Bank (28) 103 103 103 44 44 40 40 36 36 18 18 31 31 13 13 31 31 10 10 (5) 68 68 68 68 68 68 60 60 3 2 8 11 Bank facility Bank Bank facility Bank (600) 600 600 600 600 431 431 600 600 600 600 169

Bank overdrafts Bank Bank overdrafts Bank (1) (1) (1) 1 2 1 2 1 3 1 2 2 Public bonds Public bonds 2,505 2,505 3,424 3,424 2,453 2,453 1,804 1,804 2,286 2,453 2,453 3,424 3,424 2,453 2,453 888 250 250 100 100 150 150 150 150 945 945 249 249 (53) 24 24 2 1 Private placements Private placements 240 240 108 108 362 362 582 582 269 269 567 567 (20) (15) 509 509 509 (39) 567 567 567 567 58 58 39 39 1 Total short-term and Total short-term and Givaudan – 2020 Governance, Compensation and Financial Report long-term debt long-term debt 3,690 3,690 3,690 3,690 2,299 1,201 3,690 3,690 1,870 1,152 4,037 4,037 4,037 4,037 3,270 3,270 461 461 365 365 375 375 376 376 (24) (74) 161 161 293 293 32 32 2 1 4 Total lease liabilities lease Total Total lease liabilities lease Total 260 260 414 414 242 242 (21) 441 441 441 441 (52) (52) 441 441 414 206 206 315 315 20 20 49 49 35 35 53 53 74 74 (2) 37 37 42 42 45 45 8 9 1 Total debt Total Total debt Total 1,254 1,254 4,131 4,131 4,131 4,451 4,451 4,451 3,530 3,530 2,541 2,541 2,185 2,185 1,187 4,131 4,131 206 206 450 450 424 424 409 409 (76) 206 206 (45) 313 313 335 335 52 52 10 10 10 10 37 37

5 81 Appendix Statutory Consolidated Compensation Governance financial report financial report report report Givaudan SA Givaudan United States, Inc. States, United Givaudan Total short-term and long-term debt as at 31 b December Givaudan SA transactions: debt following the into entered Group The Notes to the consolidated statements financial Issuer c) b) a) Other entities Other Givaudan Finance Europe BV The floating interest rate is based on a Libor rate. Libor on a based is rate interest floating The at as 9% approximately by 31 December 2020. value carrying its exceeds debt long-term and short-term the of value fair The compliance full in set. been has and covenants is the company with The Inc. States, United and Givaudan of indebtedness expense worth, net interest on net to ratio conditions EBITDA covering transactions these in contained covenants various are There 2017 2016 2014 2012 2019 2020 2019 2018 2011 Issue date Issue 2019 2020 2020 2020 placements Private Public bonds Public placements Private credit facility credit bank Group bonds Public Public bonds Public Type of debt of Type borrowings localOther Public bonds Public Public bonds Public

a

Currency of principal other USD USD USD CNY EUR EUR EUR EUR EUR EUR CHF CHF CHF CHF CHF CHF CHF CHF Principal amount in millions 600 800 500 500 500 200 200 200 100 100 100 180 150 150 150 150 150 714 426 40 60 6 7 10 Nov 2028 2028 10 Nov 19 Mar 202419 Mar 20 Dec 2022 Dec 20 07 Dec 2022 07 Dec 07 Dec 2021 07 Dec 05 Dec 2031 05 Dec 20 Dec 2024 Dec 20 06 Feb 2023 Feb 06 06 Feb 2025 Feb 06 06 Feb 2020 Feb 06 18 Sep 2020 18 Sep 09 Apr 2025 Apr 09 2020 Apr 09 17 Sep 2030 17 Sep 17 Sep 2025 17 Sep 22 Avr 2032 Avr 22 2027 Avr 22 26 Jun 2023 26 Jun maturities Redeemable Various Various

Interest rate 2.000% 0.000% 1.000% 1.000% 3.300% 1.180% 0.150% 3.450% 2.125% 1.750% 1.125% 0.625% 1.625% 2.740% 0.375% 1.331% Givaudan – 2020 Governance, Compensation and Financial Report Type of interest of Type Floating Floating Floating Floating Floating Floating Floating Fixed Fixed Fixed Fixed Fixed Fixed c c Reimbursed Reimbursed Reimbursed Reimbursed in millions of Swiss francs Swiss of millions in 4,037 2020 200 200 100 150 150 150 108 861 132 216 538 538 537 97 53 6 1

3,690 540 600 200 200 864 100 100 150 150 108 217 149 2019 2019 145

58 39 59 82 8 3 Appendix Statutory Consolidated Compensation Governance financial report financial report report report Straight bond (CHF) Straight bond (EUR) Weighted average effective interest rate on gross debt gross on rate interest effective average Weighted facility Bank Private placements (EUR) Private placements (USD) follows: as were date position financial of statement the at rates interest effective average weighted The Notes to the consolidated statements financial 1.5% 5.0% 0.8% 3.3% 1.5% 1.1% 2020 1.3% 0.8% 3.2% 0.9% 1.7% 1.1% 2019 activities from financing Total liabilities liabilities Lease 24. francs Swiss of millions in 2020 Interest on liabilities and long-term debt Total short-term instruments financialDerivative Others, net Others, francs Swiss of millions in 2019 activities from financing Total liabilities and long-term debt Total short-term Others, net Others, liabilities Lease Interest on liabilities instruments financialDerivative

Changes in Liabilities Arising from Financing Activities Balance as Balance as January January at 1 at at 1 at 4,261 4,261 3,690 3,690 3,270 3,270 3,603 3,603 260 260 441 441 13 13 19 19 17 17 43 43 98 98 13 13 Cash impact Cash Cash impact Cash Cash flows flows Cash Cash flows flows Cash (Outflow) (Outflow) Inflow Inflow 461 461 232 232 365 365 (52) (52) (51) (19) (53) 351 (7) (9) Givaudan – 2020 Governance, Compensation and Financial Report and interest and interest tion of debt debt of tion tion of debt debt of tion Amortisa Amortisa discount / discount / premium premium expense expense 10 10 10 10 2 8 1 9 - - Acquisition / Acquisition / Divestment Divestment Non-cash changes Non-cash changes 52 52 20 20 32 32 1 5 4 changes and changes and Fair values Fair values Others Others 206 206 162 321 321 37 37 54 54 62 62 51 51 55 9 9 Currency Currency effects effects (76) (45) (21) (24) (74) (2) – – – – – – Balance as at at as Balance Balance as at at as Balance 31 December 31 December 4,261 4,261 4,625 4,625 3,690 3,690 4,037 4,037 441 441 133 133 414 414 98 98 13 13 19 19 19 19

22 22 83 Appendix Statutory Consolidated Compensation Governance financial report financial report report report Balance as at 31 December 31 at as Balance Non-current liabilities Current liabilities Balance as at 31 December 31 at as Balance Currency translation effects translation Currency Utilised during the year the during Utilised Unused amounts reversed amounts Unused Non-current liabilities Balance as at 31 December 31 at as Balance in millions of Swiss francs Swiss of millions in 2020 25. Provisions Notes to the consolidated statements financial Balance as at 31 December 31 at as Balance Current liabilities provisions Additional Acquisitions 1January at as Balance Currency translation effects translation Currency year the during Utilised reversed amounts Unused Additional provisions Additional Balance as at 1January at as Balance francs Swiss of millions in 2019 reorganisations in the Taste & Wellbeing Division. Division. &Wellbeing Taste the in reorganisations from and of acquired businesses to integration related primarily structure management and operations Group’s the of reorganisations from arise provisions Restructuring Restructuring provisions made. is determination such which in period the in statement income the impact recognised initially were that amounts the and obligations final the between Differences aprovision. of recognition the for sufficient is that obligation the of estimates reliable make to determined is outcomes possible of range A provisions. various the determining in required is judgment Significant

Restruc Restruc turing turing 25 25 (2) (2) (9) 14 14 14 (8) 20 20 13 10 16 – – 4 7 - - Claims and Claims and litigation litigation 10 10 (1) (5) 10 11 10 12 11 2 3 – – – – 8 2 8 3 Environ Environ mental mental 27 27 (2) (2) (3) (4) 26 21 21 20 27 27 24 3 – – 3 1 3 - - Others Others (2) (2) (1) (1) (5) (3) 36 34 36 36 42 42 36 33 9 7 6 3 6 Total Total (21) (16) (7) (1) (3) 94 94 (4) 87 87 23 97 87 18 71 69 15 27 7 Claims and litigation clean and refurbish contaminated sites and to treat where necessary. necessary. where treat to and sites contaminated refurbish and clean sufficiently to costs of consist provisions environmental the of components material other The available. currently information the any, given if obligation, Company’s the cover to expected be reasonably can believes it which areserve recorded has Group the guidance, accounting with accordance in any. However, if costs, the of share Company’s the and River the for plans remediation final the with associated uncertainties many are there time, this At Environmental Protection. of Department Jersey New the EPA and the by review under remains which IRM, and FS the of approval final for waiting is CPG The River. Passaic Lower the of 9miles upper the in sediment of areas certain for (‘IRM’) Measure Remedial Interim an proposed 2020, which September in (‘FS’) Study Feasibility final its submitted and 2019 in (‘RI’) Investigation Remedial its completed amember, been had Givaudan which of (‘CPG’), Group Parties Cooperating The 2028. least at through continue and 2022 in begin may and 6 years least at take 2will Unit Operable for remediation ROD the of implementation the anticipates EPAThe of 2020. end the at concluded was which of phase first the 2, Unit Operable for costs remediation the of allocation an on PRP’s the with work to allocator an selected also EPA has The 2021. in completed be to expected and underway is which 2, Unit Operable for design remediation detailed the conduct to 2016 in agreed PRP One billion. 1.3 CHF of cost estimated an with cap, engineered an of installation the and 2’), Unit (‘Operable River the of 8miles lower the of dredge abank-to-bank entails solution chosen The FFS. the to related solution remediation the confirm to (‘ROD’) Decision of Record its EPA issued the 2016, March In 2014. in River the of 8miles lower the only covering (‘FFS’) Study Feasibility Focused a EPA released The River. Passaic Lower the of contamination alleged for (‘PRP’) Parties’ Responsible ‘Potentially as (‘EPA’) Agency Protection Environmental US the by identified Givaudan’s affiliate,Givaudan Fragrancesoneis Corporation, of approximately 100 companies Environmental provisions. in these included are also fees legal Related estimated litigations. potential and Group the against brought claims legal of respect in made are provisions These Givaudan – 2020 Governance, Compensation and Financial Report

84 Appendix Statutory Consolidated Compensation Governance financial report financial report report report been paid out of available retained earnings. retained available of out paid been has payment dividend The approved. was share) per CHF 60.00 (2019: share per CHF 62.00 of dividend ordinary an of distribution 2020 the March 25 on held Meeting General Annual the At a maximumofCHF 1,618,200 canbeusedforexecutiveshareoptionplans. of CHF 7,481,980 thatmaybeissued throughamaximumof748,198 registeredshares,ofwhich The BoardofDirectorshasatits disposalconditionalcapital of amaximumaggregate amount vote. one to right the gives share Every each. CHF 10.00 of value anominal with shares, registered paid-up fully 9,233,586 into divided CHF 92,335,860, to amounts capital share 2020 the December 31 at As Share capital 27. calls Purchased shares Registered 2019 31 December at As Written puts Written calls Purchased shares Registered 2020 31 December at As follows: as are instruments equity own of Details 26. restoring expensesrelatedtoleasedfacilities. These consist largely of provisions related to long-term deferred compensation plan and to provisions Other Notes to the consolidated statements financial Written puts Written Equity

Own Equity Instruments Equity Own Gross shares Gross Gross shares Gross shares Gross Gross shares Gross Settlement Settlement Financial Financial Financial Financial Category Category liability liability Equity Equity Equity Equity Equity Equity 2021 - 2022 - 2021 2021 - 2022 - 2021 2020 - 2021 2020 - 2021 Maturity Maturity 1,704.0 - 2,884.0 1,704.0 1,704.0 - 2,794.0 - 1,704.0 1,680.0 - 3,369.31,680.0 1,680.0 - 3,475.31,680.0 Strike price Strike Strike price Strike (CHF) (CHF)

in equivalent in equivalent 42,000 42,000 49,000 49,000 15,541 15,541 16,570 16,570 shares shares

in millions of of millions in in millions of of millions in Swiss francs Swiss francs Fair value Fair value 46 46 62 62 37 47 1 1

Movements in own equity instruments are as follows: as are instruments equity own in Movements Balance as at 1January at as Balance 2019 2020 Balance as at 1January at as Balance equipment totalling CHF 13 million (2019: CHF 28 million). CHF 28 (2019: CHF 13 million totalling equipment and plant property, of construction or purchase the for commitments capital has Group The million). CHF 14 (2019: CHF 17 million was leases operating all for statement income consolidated the in charge The 2.1.1). (Note leases low-value and term short- for except 16, IFRS of scope the in commitments lease for liabilities lease and assets right-of-use recognised has Group the 16, IFRS with accordance in as 2019, 1 January From 28. Balance as 31 December 31 as Balance Income taxes own shares, net on derivatives on Movement net shares, registered on Movement equity in recognised net losses, (Gains) at cost Purchases Purchases at cost Purchases Sales andSales transfers Balance as 31 December 31 as Balance Income taxes own shares, net on derivatives on Movement net shares, registered on Movement equity in recognised net losses, (Gains) andSales transfers Commitments

Givaudan – 2020 Governance, Compensation and Financial Report (22,365) (23,971) 11,906 11,906 15,541 15,541 15,541 15,541 16,570 16,570 25,000 26,000 Number Number 2,154.0 2,154.0 3,634.8 3,634.8 1,858.0 2,595.0 2,595.0 High High Price in Swiss francs Swiss in Price francs Swiss in Price 2,250.0 2,250.0 2,180.6 2,180.6 1,968.3 1,858.0 Average Average 1,800.0 1,800.0 1,858.0 1,799.0 1,799.0 2,141.6 2,141.6 Low Low millions of millions of Total in in Total in Total francs francs Swiss Swiss Swiss 168 168 168 168 168 168 (52) 142 (42) 56 56 51 51

17 17 (4) 9 4 – – 85 Appendix Statutory Consolidated Compensation Governance financial report financial report report report Post-employment benefits andSalaries other short-term benefits francs Swiss of millions in follows: as was year the during Committee Executive the and Directors of Board the of compensation The Compensation of key management personnel note. this in disclosed not are and consolidation on eliminated been have SA, Givaudan of parties related are which subsidiaries, its and SA Givaudan between Transactions 30. costs. future such any of a portion recover to continue will and policies, insurance its from costs settlement and defence prior the of portion a recovered already has Group The filed. been have cases new numerous however, dismissed; or settled been have affiliates Group's the against filed cases the of many date, To chemicals. flavouring other and pentanedione 2,3 diacetyl, contain that flavours to due injuries pulmonary sustained they that allege plaintiffs The companies. supply chemical raw and flavour other and them against brought lawsuits numerous in defendants as named been have Company & Ungerer and Corporation Flavors Givaudan affiliates, US Two Group’s the of litigation. employment and disputes contractual including business, of its typical considered anature of proceedings regulatory and legal various in involved are companies Group Givaudan predictable. not are earnings and operations future the on effect their as well as insurance, by covered are which of all not events, and developments these of frequency and nature The kinds. various of risks physical to subject also are engaged is Group the which in activities The operates. it which in countries the in protection, environmental to relating those including developments, andregulatory fiscal legislative, political, by affected be to continue earnings and operations Group degrees, varying in and time to time From 29. Notes to the consolidated statements financial Total compensation Share-based payments

Contingent Liabilities Contingent Related Parties Parties Related 2020 12 27 14 1 2019 24 12 11 1 Total compensation Share-based payments Post-employment benefits and thekey managementpersonnel. No otherrelatedpartytransactionshavetaken placeduring 2020 (2019:nil)betweentheGroup There arenoothersignificantrelatedpartytransactionsincludinginthejointlycontrolledentities. a) benefits andSalaries other short-term francs Swiss of millions in obligations of code Swiss to the table Reconciliation grant date. IFRS information also includes security costs. security at value includes also economic 2versus information IFRS IFRS date. grant payments, share-based the of recognition the to mainly adjusted is information IFRS Givaudan – 2020 Governance, Compensation and Financial Report 2020 12 12 27 27 14 14 1 IFRS 2019 12 12 11 11 24 1 2020 (7) (2) (6) 1 Adjustments Adjustments 2019 (4) (1) (4) 1 a Swiss CO (Art. 663b CO (Art. Swiss 2020 20 20 10 10 2 8 2019

10 10 20 bis 2 8 86 ) Appendix Statutory Consolidated Compensation Governance financial report financial report report report Value at grant granted RSUs of Number Total compensation (cash) fixed Total Committee fees b Total fixed (cash) fixed Total (2019: CHF 233,000). (2019: 259,320 CHF to amounted 2020 on compensation based charges security social Estimated e) d) c) b) a) Committee fees fees Director francs Swiss in 2019 g) f) e) d) c) b) a) fees Director francs Swiss in 2020 prevent theofferingofGivaudansecurities)atendathree-yearblockingperiod. the righttoreceiveGivaudanshares(or acashequivalentincountrieswheresecuritieslaws Units (RSUs). Feesarepaidattheendofeachyearinoffice completed.RSUs giveparticipants Compensation ofBoardmembersconsistsDirectorfees,Committee feesandRestricted Share Directors of Board the of members of Compensation 31. Notes to the consolidated statements financial Total compensation Value at grant granted RSUs of Number

The function of each member of the Board of Directors is indicated on pages 5-6 in the 2019 Governance report. report. 2019 Governance the in 5-6 pages on indicated is Directors of Board the of member period. each of blocking the function for The applied discount no with methodology, IFRS to according grant at value Economic 2022. 15April on ends period blocking RSUs Represents DirectorandCommittee feespaidinrespectofthereportingyear, reportedinaccordance withtheaccrualprinciple. reported year, reporting the of in accordance accrual the principle. with respect in paid Director of Board the for compensation total Represents Represents compensation from September to December 2020. report. Governance 2020 7-9Represents compensation the in from April to December pages 2020. on indicated is Directors of Board the of member period. each of blocking the function for The applied discount no with methodology, IFRS to according grant at value Economic 2023. 15April on ends period blocking RSUs Represents DirectorandCommittee feespaidinrespectofthereportingyear, reportedinaccordancewiththeaccrualprinciple. year, reporting the in of accordance accrual the principle. with reported respect in paid Director of Board the for compensation total Represents

Board of Directors and Executive Committee Compensation Committee Executive and Directors of Board

b b

d d

b c c Calvin Grieder 1,046,256 Chairman 400,000 465,000 581,256 581,256 65,000 208 208

e Balli Victor 295,314 295,314 100,000 150,000 150,000 145,314 145,314 50,000 50,000 52 52 e Werner Bauer Prof. Dr-Ing. Dr-Ing. Prof. Calvin Grieder 310,314 310,314 100,000 165,000 1,041,980 145,314 145,314 65,000 Chairman 576,980 400,000 465,000 65,000 52 52 252 252

e

e Biner Lilian 270,314 270,314 100,000 125,000 125,000 145,314 145,314 Balli Victor 25,000 294,245 294,245 144,245 144,245 100,000 150,000 50,000 52 52 e 63 63 e Michael Carlos Werner Bauer table below: table the in shown is period reporting the for members Board the to paid compensation The period. same the for granted also are RSUs The office. in year coming the for paid is amount This out-of-pocket expenses. cover to 10,000 CHF of amount additional an receives member Board Each fees. Membership Committee additional any receive not does Chairman a Committee Similarly, fees. Membership Board additional any receive not does Board the of Chairman The 310,314 310,314 100,000 165,000 145,314 145,314 Prof. Dr-Ing. Dr-Ing. Prof. 65,000 309,245 309,245 144,245 144,245 100,000 165,000 65,000 52 52

e 63 63

e

Deltenre Ingrid 295,314 295,314 100,000 150,000 150,000 145,314 145,314 Biner Lilian 50,000 50,000 269,245 269,245 144,245 144,245 100,000 125,000 25,000 52 52 e 63 63 e Thomas RuferThomas Michael Carlos 300,314 300,314 100,000 155,000 145,314 145,314 55,000 309,245 309,245 144,245 144,245 100,000 165,000 65,000 52 52 Givaudan – 2020 Governance, Compensation and Financial Report

e 63 63

e Olivier Filliol Olivier Deltenre Ingrid 221,486 112,500 112,500 108,986 108,986 75,000 37,50 0 0 37,50 294,245 294,245 144,245 144,245 100,000 150,000 50,000 39 39 e,f 63 63 e Thomas RuferThomas Gasperment 299,245 299,245 144,245 144,245 100,000 155,000 89,173 89,173 41,666 33,333 33,333 47,507 47,507 55,000 8,333 8,333 Sophie 63 63 17 17

e,g

e

3,138,799 3,138,799 2,817,450 1,442,450 1,609,633 1,609,633 1,108,333 1,529,166 1,000,000 1,375,000 420,833 420,833 375,000 2020 2019 630 630 576 576 Total Total Total Total

87

a a

Appendix Statutory Consolidated Compensation Governance financial report financial report report report benefits - Other benefits - Pension g) f) e) d) c) b) a) Total fixed compensation salary - Base in Swiss francs Swiss in follows: as was year the during Committee Executive the of compensation The Committee Executive the of members of Compensation period. reporting the during incurred was compensation such No period reporting the during company the left who Board the of members of compensation Special 2020. December 31 of as outstanding loan any had parties related or member Board No Board. the of member any to paid were fees or compensation additional No Board the of members former or to members loans and fees compensation, Other Notes to the consolidated statements financial incentive - Annual grant at - Value granted shares performance of - Number Total variable compensation Total compensation security social Employer 2020 estimated social security charges based on 2020 compensation; 2019 estimated social security charges based on on based charges security social 2019 2019 estimated compensation. compensation; 2020 on based charges targets. security social performance of estimated 2020 achievement 100% on based and methodology IFRS to according calculated grant at 2022. Value 15April on vest Shares 2019 Performance 2023, 15April on vest period. shares reporting the in Performance 2020 performance on based kind. in period benefits reporting other in and accrued benefits incentive Annual assignment international plans, welfare and health of value annual Represents for accrued expenses annualised and executive retirement plans supplementary benefit. savings retirement and pension broad-based to contributions Company members. Committee Executive six of compensation year full Represents

e f c b d g Gilles Andrier 6,068,279 6,068,279 1,930,665 1,930,665 4,137,614 4,137,614 1,211,084 1,211,084 2,501,078 1,636,536 504,728 504,728 145,344 145,344 574,237 CEO 2020 CEO 895 895

Gilles Andrier 5,826,335 5,826,335 3,939,168 3,939,168 1,887,167 2,500,243 1,438,925 1,167,910 471,214 141,730 141,730 577,527 577,527 CEO 2019 1,092

Executive Committee members (excluding CEO) 13,787,350 8,980,424 8,980,424 4,806,926 4,806,926 5,804,177 5,804,177 3,336,973 1,029,178 1,029,178 1,036,769 3,176,247 433,184 2,077 2,077

a 2020 Executive Committee members (excluding CEO) 13,195,288 13,195,288 8,435,648 8,435,648 4,759,640 4,759,640 5,604,941 5,604,941 1,005,412 2,830,707 2,830,707 3,191,433 989,482 989,482 562,795 562,795 2,448 2,448

a 2019 Givaudan – 2020 Governance, Compensation and Financial Report 13,118,038 13,118,038 19,855,629 4,548,057 4,548,057 1,611,006 1,611,006 6,737,591 8,305,255 1,533,906 4,812,783 4,812,783 578,528 578,528 2,972 2,972 Total Total 2020

12,374,816 12,374,816 19,021,623 6,646,807 6,646,807 1,460,696 1,460,696 8,105,184 1,582,939 4,269,632 4,269,632 4,359,343 704,525 704,525 3,540 3,540 Total Total 2019

88

Appendix Statutory Consolidated Compensation Governance financial report financial report report report Total 2019 Total Total 2020 Sophie Gasperment Filliol Olivier RuferThomas Calvin Grieder, Chairman in numbers 2020 Ingrid Deltenre Ingrid Michael Carlos Biner Lilian Prof. Dr-Ing. Werner Bauer Balli Victor – – showing: table following the to refer please details, further For total. in shares Givaudan 6,501 held them to connected closely persons including members Board other and Chairman 2020, the December 31 per As 9. Note in described are plans payment based share Givaudan the on Details Ownership of shares and unvested share rights Company. the from departure their of aresult as compensation special any receive not 2020 did during down stepped that Committee Executive the of Members company during period the reporting the left who members Committee Executive of compensation Special 2020. December 31 of as outstanding loan any had parties related or Committee Executive the of member former or member No period. reporting the during Committee Executive the of member former or member any to paid or for accrued were fees or compensation other No the Executive Committee of members former or to members loans and fees compensation, Other Notes to the consolidated statements financial – – 2018 in granted were that RSUs The 2020. December 31 per as member Board each by individually held shares The as peras 31 December 2020.

– 2020 and were still owned by members of the Board Board the of members by owned still were 2020 and 1,200 1,200 1,187 6,501 4,501 Shares 1,355 662 662 292 292 975 975 175 175 655 655 – Blocked RSUs 1,962 2,260 188 188 188 188 188 188 188 188 188 188 752 752 30 30 52 52 Maurizio VolpiMaurizio Louie D'Amico – Total 2019 Total Total 2020 Tayac Anne Mutsaerts Willem – showing: table below the to refer please details, further For total. in shares Givaudan 6,312 held them, to connected closely persons including Committee, Executive the of members other and Officer Executive Chief 2020, the December 31 per As Board. the of members to connected closely 2020 persons by December 31 per as shares performance or RSUs rights, options/option share shares, of ownership other any of aware not is company The members of the Executive Committee. Executive the of members to connected closely 2020 persons by December 31 per as shares performance or RSUs rights, options/option share shares, of ownership other any of aware not is company The 2020. December 31 at as Shares Performance unvested 217 owned Committee Executive the of amember to connected closely person One 2020 none). (2019: 31 December at as rights option or options share any held Committee Executive the of member No Simon Halle-Smith Tom Hallam CEO Andrier, Gilles in numbers 2020 – – by members of the Executive Committee as per 31 December 2020. December 31 per as Committee Executive the of members by 2018 in granted were that shares performance unvested The 31 December 2020. per as Committee Executive the of member each by individually held shares The

Givaudan – 2020 Governance, Compensation and Financial Report – 2020 and were still owned owned still were 2020 and 6,312 3,900 5,265 Shares 584 584 350 350 326 326 269 269 452 452 431 431 Performance Unvested Unvested 10,937 13,073 1,362 1,023 1,023 1,023 1,358 1,715 Shares 3,433

89 Appendix Statutory Consolidated Compensation Governance financial report financial report report report Chile Canada Brazil Bermuda Belgium Austria Australia Argentina Switzerland thousands of units: currency in shown is capital Share Group. the by owned fully companies principal the are following The 32. Notes to the consolidated statements financial

List of Principal Group Companies FF Holdings (Bermuda) Ltd SPRL Naturex GmbH Austria Givaudan Ltd Pty Ungerer Australia Ltd Pty International drom Ltd Pty Australia Naturex Ltd Pty Australia Givaudan SA Givaudan Argentina Servicios SA Argentina Givaudan Fondation Givaudan AG RE Agthemis AGNaturex TreasuryGivaudan SA International Vamara Holding SA SA International Givaudan Finance SA Givaudan SA Suisse Givaudan SA Givaudan Naturex Chile SA Chile Naturex Chile SA Botanics Chile Ltda Givaudan IncNaturex (Canada) Canada Co Givaudan drom Internacional Fragrâncias Indústria e Comércio Ltda. Naturex Ingredientes Naturais Ltda Ltda eNutricionais Alim Prod Com Ind G Nutra Ltda do Brasil Givaudan Ltd Insurance FF Ltd International Givaudan CLP CLP CLP CAD CAD BRL BRL BRL BRL CHF USD USD EUR EUR AUD AUD AUD AUD ARS ARS - CHF CHF CHF CHF CHF CHF CHF CHF 1,731,600 1,837,205 5,000 500 12,901 14,388 7,035 31,219 345,381 170 12 12 1,000 40 1,311 50 0.003 93,703 8,000 30,000 - 3,300 15,288 1,000 100 100 100,000 4,000 92,336 India Hungary Hong Kong Germany France Egypt Republic Czech Colombia China Ungerer Flavours India PVT Ltd PVT India Flavours Ungerer Valentine Foods Private Ltd Ltd Private India Naturex Ltd Private (India) Givaudan Kft Solutions Business Givaudan Kft Hungary Givaudan Ltd. Pacific Asia drom drom Trade Perfume GmbH Dr.rer.nat.Storp Vermögensverwaltungs-GmbH mbH drom Verwaltungsgesellschaft drom Holding GmbH KG &Co. GmbH fragrances drom GmbH Naturex Givaudan GmbH Deutschland 80%) of (ownership SAS Alderys drom International SARL Vieille SAS Albert SCI Les Broquetons SA Naturex SAS Parfumées Expressions SAS France Givaudan LLC Fragrances Egypt Givaudan SAE Egypt Givaudan s.r.o. CR, Givaudan Ungerer de Colombia SAS Givaudan Colombia SA Ltd Co (Shanghai) &Flavor Fragrance Ungerer drom Fragrances International (Guangzhou) Co Ltd Ltd Co Shanghai Trading Naturex Ltd (Shanghai) Products Specialty Givaudan Ltd (Shanghai) Flavors Givaudan Givaudan (Shanghai) Fragrances Ltd Givaudan Flavors (Nantong) Ltd (Nantong) Flavors Givaudan Givaudan Hong Kong Ltd Givaudan – 2020 Governance, Compensation and Financial Report INR INR INR INR EUR EUR HKD EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EGP USD CZK COP COP CNY CNY CNY USD HKD USD USD USD 100 100 64,416 87,330 12 15 10 44,276 2,773 25 4,747 48,063 150 164,402 13 1,011 908 495 14,551 3,548 5,006 50 21,360 200 39,600 6,965,925 7,677 14,058 5,608 39,000 7,374 12,000 10,783 7,750

90 Appendix Statutory Consolidated Compensation Governance financial report financial report report report Singapore Russia Poland Peru Nigeria New Zealand Netherlands Mexico Morocco Malaysia Korea Japan Coast Ivory Italy Indonesia Notes to the consolidated statements financial Ungerer Mexico S. de R.L. de CV de R.L. de S. Mexico Ungerer CV de AS Servicios Ungerer de CV Oxiquimica S.A.P.I CV de SA Naturales Ingredientes Naturex CV de SA Mexico de Givaudan Naturex Morocco Casablanca Sdn.Bhd (Malaysia) Oils Fragrance Sdn.Bhd Malaysia &Fragrances Flavours Givaudan Sdn.Bhd Pacific Asia Solutions Business Givaudan office sales Seoul Korea Naturex Ltd Korea Givaudan K.K. Naturex Japan K.K. Givaudan Purchasing Abidjan Coast Ivory Naturex S.r.l. Italia drom International SpA Naturex SRLA Parfumées Expressions SpA Italia Givaudan P.T. Fragrance Oils Indonesia P.T. drom Fragrances Indonesia P.T. Givaudan Indonesia Ungerer Singapore Ltd Pte Ltd Pte East) (Far Oils Fragrance Naturex Holdings Singapore Ltd Private Ltd Pte Singapore Givaudan LLC Naturex LLC Rus Givaudan SAC International Activ SAC Peru Givaudan Ltd Africa) (West Oils Fragrance Ltd (Nigeria) Givaudan Ltd NZ Givaudan BV Europe Finance Givaudan UA Coöperatief Naturex B.V.Virgula B.V. Vika Givaudan Nederland B.V. Givaudan Polska Sp.Givaudan Z.o.o. IDR USD GBP SGD SGD RUB RUB PLN PEN PEN NGN NGN NZD EUR EUR EUR EUR EUR MXN MXN MXN MXN MXN MAD MYR MYR MYR KRW KRW JPY JPY XOF EUR EUR EUR EUR USD IDR 2,608,000 100 5 500 24,000 1,500 9,000 50 14,043 1,303 15,000 10,000 71 5,000 1 20 20 402 92,556 50 500 62,768 53,611 24,640 - 3,981 2,000 284,000 550,020 5,000 1,000,000 6,000 26 1,200 10 521 30 3,462,600 South Africa Vietnam Venezuela Uruguay America of States United Emirates United Arab United Kingdom Turkey Thailand Sweden Spain Golden Frog Flavor-Fragrance Manufacture Corporation Givaudan Venezuela SA SA Uruguay Ungerer Ungerer and Company, Inc. Ungerer Inc Industries, drom International, Inc. Vegetable Juices, Inc. Inc. Naturex, Naturex Holdings, Inc. Givaudan Flavors and Fragrances, Inc. Givaudan Fragrances Corporation Givaudan Flavors Corporation Inc. States, United Givaudan LLC Parfumées Expression FZE &Africa East Middle Givaudan Ungerer Limited Oils (Purchasing) Limited Fragrance Fragrance Oils (International) Limited Oils Limited Fragrance drom International UK Limited Ltd Naturex Givaudan Holdings UK Ltd Major International Ltd Ltd UK Givaudan Sirketi Limited Ve Ticaret Sanayi Ve Esans Aroma Givaudan Ltd (Thailand) Givaudan AB Fiber Oat Swedish Givaudan Europe North AB SL Spain drom SL Sur del Aromatical Tierra S.L.U. Aromasur SL Naturex Iberian Partners, SA Iberica, Givaudan Ltd (Pty) Africa South Givaudan Givaudan – 2020 Governance, Compensation and Financial Report USD VES UYU USD USD USD USD USD USD USD USD USD USD AED AED GBP GBP GBP GBP GBP GBP GBP GBP GBP TRY THB SEK SEK EUR EUR EUR EUR EUR ZAR 3,279 4.5 360 650 1,807 20 - 1 0.1 0.1 0.1 0.1 0.05 300 1,000 5 1 16 80 30 1,006 317,348 50 70 34 100,000 1,000 120 10 3 1,320 13,497 8,020 360,002

91 Appendix Statutory Consolidated Compensation Governance financial report financial report report report functional management teamsandtheCorporate Compliance Officer. assessment is performed in collaboration between the Executive Committee, divisional and mitigation directivesoftheExecutive Committee, includingperiodicreportingtotheBoard. levels. Thismanagementisalso responsibleforimplementing,trackingandreportingtherisk and adequacy of theriskanalysis.Mitigation decisions are taken atindividualandcombined Givaudan’s management,atalllevels, isaccountableforensuringtheappropriateness,timeliness and of protect the interests shareholders. assets, its and company the of values the safeguard and decision-making; effective for information management risk-based provides risks; of magnitude the of key executives all of awareness the creates process the time, same the At them. with dealing for philosophy company’s the regulations, where applicable; facilitate disclosure to key stakeholders of potential and risks and laws as well as practices and guidelines governance corporate good with compliance improve and ensure continuously to are process Management Risk the of objectives The information for decision making. management risk-based additional provide and business; the of profile risk the understand better practices; good and guidelines regulations, governance corporate with compliance improve to order in documented and organised comprehensive, be to aims process The consequences. their or source their nature, their of terms in risks of types all includes It functions. Group Givaudan as well as businesses, Flavour and Fragrance the both encompasses Management Risk Enterprise authorities. delegated the in reflected are which responsibilities and roles associated the defines It reported. and managed identified, are risks material that ensure which Management, Risk Enterprise Givaudan the of process and framework principles, the describes Charter Management Risk Enterprise Givaudan The level. management operational the at risks of management and monitoring continuous the promotes actively Group The process. management risk company overall the of management the Committee Executive the to delegates which Directors, of Board the of responsibility the is management Risk risks. managing of part also is objectives its achieving in business the hinder might they how and create risks these that threats and opportunities the of reporting The risks. to responses on deciding and assessing identifying, of process continuous and astructured is It business. the of part integral an is Givaudan in management Risk Assessment Risk of Process the of 33. Disclosure Notes to the consolidated statements financial The financial reporting controls are defined for each risk. risk. each for defined are controls reporting financial relevant Then, reporting. financial and accounting the from arise may which risks identified those for System Control Internal the throughout performed is assessment Arisk reporting. financial and accounting over controls internal of review annual its out carried has Givaudan accountability. and openness foster to order in Audit Internal Corporate and functions corporate senior other Committee, Executive Givaudan’s Board, the between BoardThe Audit of Committee also Directors’ promotescommunication the effective Givaudan – 2020 Governance, Compensation and Financial Report

92 Appendix Statutory Consolidated Compensation Governance financial report financial report report report We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. our for basis a provide to appropriate and sufficient is obtained have we evidence audit the that We believe Accountants (IESBACode) andwehavefulfilledourotherethicalresponsibilities inaccordancewiththeserequirements. Professional Accountants,(includingInternationalIndependence Standards)oftheInternationalEthics StandardsBoardfor the provisionsofSwiss lawandtherequirementsofSwiss auditprofession,aswelltheInternationalCode ofEthics for the auditofconsolidatedfinancialstatementssectionour report. We areindependentoftheGroupinaccordancewith Standards. Ourresponsibilitiesunderthoseprovisionsandstandards arefurtherdescribedintheAuditor’sResponsibilities for We conductedourauditinaccordancewithSwiss law,InternationalStandards onAuditing(ISAs)andSwiss Auditing forBasis Opinion for theyearthenendedinaccordancewithInternationalFinancialReporting Standards(IFRS)andcomplywithSwiss law. financial positionoftheGroupasat31December2020, itsconsolidatedfinancialperformanceandcashflows In ouropiniontheconsolidatedfinancialstatements,presentedonpages39to 92, giveatrueandfairviewoftheconsolidated 2020, andnotestotheconsolidatedfinancialstatements,includingasummaryofsignificantaccountingpolicies. position, consolidatedstatementofchangesinequity,cashflowsfortheyearended31December consolidated incomestatement,statementofcomprehensiveincome,financial We haveauditedtheconsolidatedfinancialstatementsofGivaudanSAanditssubsidiaries(theGroup), whichcomprisethe Opinion Statements Financial Consolidated the of Audit the on Report Vernier GIVAUDAN of SA, To Meeting General the Report Auditor’s Statutory Givaudan – 2020 Governance, Compensation and Financial Report www.deloitte.ch (0)58 279 8800 +41 Fax: (0)58 279 8000 +41 Phone: Switzerland Geneva 1202 1 Pré-de-la-Bichette du Rue SA Deloitte

93 Appendix Statutory Consolidated Compensation Governance financial report financial report report report opinion on matters. these separate a provide not do we and thereon, opinion our forming in and whole, as a statements financial consolidated the of audit our of context the in addressed were matters These period. current the of statements financial consolidated the of audit our in significance most of were judgment, professional our in that, matters those are matters audit Key Key Matters Audit matters audit Key Summary Approach Audit Our Scoping Materiality – – – matters: audit key following the identified we scoping, audit our on Based operating income and group total assets are disclosed below. disclosed are assets total group and group income sales, group operating on ratio Coverage phase. assessment risk our in identified risks the audit address to perform to procedures countries these in auditors the from requested We have purposes. that reporting group for countries 11 in scope in are operations component 17 defined have we operations, Givaudan’s of understanding our on Based million. 60 CHF be to awhole as Group the for materiality determined we judgment professional our on Based – – – Taxation. and assets; intangible of value Carrying affiliates; its and Ungerer to related accounting Acquisition Givaudan – 2020 Governance, Compensation and Financial Report

94 Appendix Statutory Consolidated Compensation Governance financial report financial report report report and the liabilities assumed and the significance of consideration paid on that particular transaction in 2020. and theliabilitiesassumedsignificanceofconsiderationpaidonthat particulartransactionin2020. judgment relatingtotheidentificationandvaluationofintangibleassets, valuationoftangibleassetsacquired We focusedonthistransactionbecauseofthecomplexityapplyingacquisition accounting,thelevelof significant estimatethataffectscurrentandfuturefinancialperiods. In addition,theamortisationperiodretainedforintangiblesacquiredalso requires judgmentandconstitutesa of return,attritionrateandroyaltyrate. assumptions suchasdiscountrate,growthrateandotherused inthebusinessplan,internalrate of intangibleassetsidentified,requiresanumbercomplexaccountingjudgments sensitiveto key The accountingfortheacquisitionofassetsandliabilitiesUngerer anditsaffiliates,includingthevaluation the fairvalueofliabilitiesassumedCHF148millionandgoodwill273million. identified intangibleassetsforCHF297million,thefairvalueofotheridentifiable254 of For theacquisitionofUngerer anditsaffiliates,theconsiderationpaidwasallocatedagainstfairvalue consideration paidagainstthenetassetsacquiredandfairvaluedgoodwill. requires managementtoperformapurchasepriceallocation.Theallocationapportionsthe This transactionisconsideredasabusinesscombinationdefinedbyIFRS3Business Combinations which Ungerer on20February2020 foratotalconsiderationofCHF676million. As describedinNote6totheconsolidatedfinancialstatements,Groupcompletedacquisitionof assets andliabilitiesbasedontheirestimatedfairvalue. asset andaliability.Inaddition,judgmentisrequiredtoallocatethepurchasepriceunderlyingacquired assumptions withrespecttothetimingandamountoffuturerevenuesexpensesassociatedan assumed. Suchjudgmentsrequireestimatesthatarenotonlybasedonavailableinformationbutaswell determining thefairvalueofidentifiableassetsacquired,particularlyintangibles,andliabilities As describedintheCriticalAccountingEstimatesandJudgmentsNote3,significantjudgmentisrequired matter audit Key affiliates its and Ungerer to related accounting Acquisition management’s judgments andassumptionsregardingthe acquisitionaccountingofUngerer anditsaffiliates. Based ontheproceduresperformedabove, weobtainedsufficientauditevidencestocorroborate consolidated financialstatements. We validatedtheappropriatenessandcompleteness oftherelateddisclosuresinNote3and6to acquired, comparingthemtocurrent Groupaccountingpoliciesandotherrecentacquisitions. We alsochallengedthedurationestimated bymanagementfortheamortisationofintangibleassets the attritionandroyaltyrateaswellcontributoryassetcharges(‘CAC’) usedinthevaluation. Using previousacquisitionsandavailablemarket data,webenchmarked theassumptionsusedindetermining challenged salesforecastswithhistoricaldatafromthebusinessacquired andmarket trendsfromGivaudan. We evaluatedthereasonablenessofbusinessplanusedinvaluationmodel. Inparticular, we computation oftangibleandintangibleassetsvalue. valuation specialiststotestthereasonablenessofmethodologyandassumptions usedaswellthe determining thefairvaluesincludinganyvalueadjustmentstotangible assets.We haveinvolvedourown valuation methodologyforeachcategoryofintangibleassets,alongwith the key judgmentsmadein We reviewedandassessedtheworkperformedbymanagement’sexternalvaluation expertsincludingthe purchase agreement,management’sexpertsreportsandcomparabletransactions. assets acquiredandliabilitiesassumedintheacquisitionaccountingagainst thetermsofsaleand We challengedmanagementontheidentificationandvaluationofintangibleassetstangible of thefunds. We testedthepaymentsofconsiderationbytracingthemtobankstatementsevidencing Combinations". We alsoappraisedtheacquisition dateselectedbymanagement. We assessedwhetherthetransactionconstitutesabusinesscombinationinaccordancewithIFRS3"Business assets intheacquisitionaccounting. report frommanagement’sexternalvaluationexpertsprovidingtheofintangibleandtangible of theacquisitionaswellcompletenessassetsacquiredandliabilitiesassumed.We alsoobtained We obtainedvariousreportsfrommanagement’sadvisorsthatsupportedourunderstandingoftherationale inquiries withmanagement. evaluate thekey termsandconditions.We confirmedourunderstandingofthetransactionbyconducting We obtainedlegaldocumentssuchasthesaleandpurchaseagreementitsrelevantappendicesto We havetestedthedesign&implementationofGivaudaninternalcontrolsinrelationtoacquisitionaccounting. matter audit key the to responded audit our of scope the How Givaudan – 2020 Governance, Compensation and Financial Report

95 Appendix Statutory Consolidated Compensation Governance financial report financial report report report – The goodwillhasbeenallocatedtothefollowingfourCashGeneratingUnits (“CGUs”): CHF 3,294millionandotherintangibleassetsof1,249million. As of31December2020, GivaudancarriesintangibleassetsofCHF4,543millionwhichgoodwill matter audit Key value ofCarrying intangible assets details regardingthediscountratesused foreachoftheCGUs. Further detailsinrelation tomanagementimpairmentconsiderationshavebeenprovidedinNote 22,with assumptions inthecashflowsand thediscountratesdoesnotgiverisetoanymaterialimpairment. that noimpairmentshouldberecognised onthatbasis.Asensitivityanalysisconsideringchangesin Management concludedthatinallcases,value-in-useformedthebasisof theimpairmentconclusionsand – – – – The key inputs thatrequirejudgmentare: Management hasprepareddiscountedcashflowsmodels. recoverable valueoftheassets.Inordertoderiveinuseassets attributabletotheCGUs, test ofgoodwillinthefourthquarter2020 andhascalculated thevalue-in-useinordertoestimate the recoverablevalueofassetswiththeircarryingvalues.Management performeditsannualimpairment Goodwill, Managementhasproceededtoanevaluationoftherecoverable amountoftheCGUs bycomparing indicators arepresent.Managementhasnotidentifiedanyofimpairment intheperiod.For assets withinfiniteusefuleconomiclifeistestedforimpairmentannually ormorefrequentlyifimpairment As statedinNote2.17totheconsolidatedfinancialstatements,carryingvalueofgoodwillandintangible 2020) havenotbeenrecognisedfromacquisitionaccounting. Audit MatterconsiderationasSoftwareandERPsystemassets(carrying value172millionasof31December allocations inaccordancewithIFRS3"BusinessCombination". ThevaluationofsoftwareisnotpartourKey relationships andbrandnames.Theseassetshavebeenrecognisedduringtheinitialpurchaseprice amounting toCHF1,077 million.Theseassetsaremainlytechnology-relatedassets,customerandsuppliers’ Furthermore, Givaudanholdsintangibleassetsthatwererecognisedfrompreviousbusinesscombinations – – – – – – – – – – – T The long-termgrowthrateusedtoderivetheterminalvalue. The discountrates;and The estimateofthefuturecashflowsentityexpectstoderivefromeach ofthe CGUs; The identificationoftherelevant CGUs; Fragrance Oils:CHF105million. Expressions Parfumées: CHF135million, Fragrance &Beauty:CHF756million, aste &Wellbeing: CHF2,298million,

How the scope of our audit responded to the key audit matter audit key the to responded audit our of scope the How with adefiniteuseful economiclife. We alsoreviewedtheappropriateness oftheamortisationmethod andrelatedchargesforintangible assets We havecomparedmanagementestimates ofeconomicusefullifewiththeactualusageassets. management’s impairmentmodelswith therequirementsofIAS36"ImpairmentAssets". We auditedtheintegrityofimpairment modelsandcashflowforecasts. We consideredthecomplianceof – – – – – – – In challengingtheassumptions,wehave: of selectingalternativeassumptions. estimating arangeofacceptableoutcomeandperformingsensitivityanalysesinordertoevaluatetheimpact We evaluatedandchallengedthekey assumptionsandinputstotheimpairmentmodelsbyindependently inquiries withpersonneloutsidethefinancefunction. our inquirieswithareviewofthefinancialperformanceunderlyingmarkets andlegalentitiesaswell that havebeenrecognizedfromcurrentandpastbusinesscombinations.We havecorroboratedtheresultsof We haveinquiredwithmanagementaboutthepresenceofimpairmentindicatorsforintangibleassets useful life. preparation andreviewoftheassetimpairmentmodelsforGoodwillintangibleassetswithindefinite information processandapproval,thepreparationreviewofweightedaveragecostcapital We assessedthedesignandimplementationofinternalcontrolsrelatingtoprojectedfinancial independently theresults. We assessedinternalcontrolsinrelationtotheidentificationofimpairmentindicatorsandchallenged – – – – – – – Evaluated thesensitivityinvaluationresultingfromchangestokey assumptionsapplied. COVID-19 pandemic; Evaluated thereasonablenessofcashflow projectionsbyconsideringthepotentialeffectsrelatedto reasonably possibledownsidesensitivities; Confirmed thatforecasted cashflowswereconsistentwithBoardapprovedforecastsandanalysed budget revision; performing retrospectivereviewtocomparepriorperiodforecastswithactual resultsandreviewedany Tested theextenttowhichprojectedfinancialinformationcanbereliablypreparedbymanagement by them backtoaprominentsourceofmacroeconomicprojections; Evaluated theappropriatenessoflong termgrowthratesappliedtoderivetheterminalvaluebytracing included benchmarkingtheseinputsagainstavailablemarket data; appropriateness ofmanagement’skey inputs andmethodologyusedinderivingthediscountrates.This Assessed thediscountratesused.Indoingso,weinvolvedourinternalvaluation specialiststoassessthe Wellbeing CGUs; separate CGUs andthatthe2020 acquisitionsareintegratedtotheFragrance &BeautyandTaste & Considered theappropriateness ofthejudgmentthatExpressionsParfumées andFragrance Oils constitute Givaudan – 2020 Governance, Compensation and Financial Report

96 Appendix Statutory Consolidated Compensation Governance financial report financial report report report positions isconsideredakey auditmatter. evaluation ofcurrentanddeferredtaxbalancesincludingtheassessment of provisionsforuncertaintax estimation requiredtodeterminetheirvaluesandthegeographicalspread withdifferentjurisdictions,the Due totheirsignificancethefinancialstatementsasawhole,combined withthelevelofjudgmentand and deferredtaxbalancesaredisclosedinNote16totheconsolidatedfinancial statements. expense recognisedintheconsolidatedincomestatementamountstoCHF 133million.Detailsofallcurrent together withdeferredtaxassetsofCHF218millionandliabilities ofCHF310million.Thetax financial positionincludescurrenttaxassetsofCHF66million, liabilitiesofCHF157million, The effectivetaxrateofthegroupincreasedfrom13%in2019to15%2020. Theconsolidatedstatementof uncertain taxpositionsincludingestimatesofinterestandpenaltieswhereappropriate. determining provisionforincometaxes,bothcurrentanddeferred,aswelltheassessmentofprovisions and inNote3onCriticalAccountingEstimatesJudgments,significantjudgmentisrequired 2 with differingrulesandregulations.AsdescribedintheSummaryofSignificantAccountingPoliciesNote The Groupoperatesinalargenumberofdifferentjurisdictionsandisthereforesubjecttomanytaxregimes matter audit Key Taxation judgments involvedinperformingtheimpairmenttest,thismatterwasconsideredasakey auditmatter. Due tothesignificanceofcarryingvalueforgoodwillandacquisition-relatedintangibleassets estimated economicusefullifeoftheasset,managementassessedimpairmentindicatorsonaregularbasis. accumulated impairmentlosses.Inadditiontotheamortisationbooked onastraight-linebasisoverthe Intangible assetswithadefiniteusefuleconomiclifearecarriedatcostlessaccumulatedamortisationand matter audit Key value ofCarrying intangible assets uncertain taxpositions. management’s judgments andestimatesregardingcurrent anddeferredtaxbalancesincluding provisionsfor Based ontheprocedures performed,weobtainedsufficient appropriateauditevidenceto corroborate financial statements. We validatedtheappropriatenessandcompleteness oftherelateddisclosuresinNote16toconsolidated the temporarydifferences. estimates suchastheexpectedfuture taxrate,expecteddividenddistributionfromsubsidiariesandtimingof For thedeferredtaxassetsandliabilities, weassessedtheappropriatenessofmanagement’sassumptionsand available includinganyinformationregardingsimilarcaseswiththerelevant taxauthorities. positions, evaluatingthebasisofassessmentandreviewingrelevantcorrespondence andlegaladvicewhere We consideredmanagement’sassessmentofthevalidityandadequacyprovisions foruncertaintax and weverifiedtheconsolidationanalysisoftaxbalances. main contributingsubsidiariesincludingtheinformationrelatedtodeferred taxassetsonlosscarryforwards exposures. Withthesupportoftaxspecialists,wereviewedandchallenged theinformationreportedby We performedanassessmentofthematerialcomponentsaffectingGroup’s taxexpense,balancesand circumstances. Ourworkwasconductedwiththesupportofourinternal taxspecialists. valuation andauditedtherelatedtaxcomputationsestimatesinlight ofourknowledgethetax We examinedtheproceduresinplaceforcurrentanddeferredtaxcalculations forcompletenessand tax, aswellthereportingofuncertaintaxpositions. We evaluatedmanagement’simplementationofGrouppoliciesandcontrolsregardingcurrentdeferred the recognitionandrecoverabilityofdeferredtaxassets. We assessedthedesignandimplementationofinternalcontrolsinrespecttoprovisionsforcurrenttax matter audit key the to responded audit our of scope the How management’s judgmentsandestimatesregardingthecarryingvalueforintangiblesassets. Based ontheproceduresperformed,weobtainedsufficientappropriateauditevidencetocorroborate consolidated financialstatements. We havevalidatedtheappropriatenessandcompletenessofrelateddisclosuresinNote22to matter audit key the to responded audit our of scope the How Givaudan – 2020 Governance, Compensation and Financial Report

97 Appendix Statutory Consolidated Compensation Governance financial report financial report report report assessment of the risks of material misstatement and of the materiality of the group’s operations at those locations. locations. those at operations group’s the of materiality the of and misstatement material of risks the of assessment our on based was testing our of extent the where procedures audit specified to subject were six remaining the whilst audit, afull to subject were these of 11 countries. 11 in operations component 17 at work audit the on primarily scope audit group our focused we assessment, that on Based level. group the at misstatement material of risks the assessing and controls, group-wide including environment, its and group the of understanding an obtaining by scoped was audit group Our audit our of scope the of overview An statements. financial the of presentation overall the assessing when identified we that matters disclosure on Committee Audit the to reported We also grounds. qualitative on reporting warranted view, our in that, threshold that below differences as well as 3million, CHF of excess in differences audit all Committee the to report would we that Committee Audit the with We agreed location. each to specific risks of assessment our and assets total Group taxes, before income Group sales, Group to contribution component’s the operations, component’s the of scale the on depending million 18 CHF to million 45 CHF from ranged auditors component the by applied materiality The accepted benchmark. agenerally is and assessed commonly is Givaudan which against indicators the of one is and Group the of performance the represents measure this view, our in because, materiality our determining for basis the as taxes before income Group We selected transactions. non-recurring for adjusted taxes, before income Group normalised of 7% of calculation a on based million, 60 CHF be to awhole as Group the for materiality determined we judgment professional our on Based work. our of results the evaluating in and work audit our of scope the planning in both materiality use We influenced. or changed be would person knowledgeable areasonably of decisions economic the that probable it makes that statements financial the in misstatement of magnitude the as materiality We define Our application of materiality Givaudan – 2020 Governance, Compensation and Financial Report

98 Appendix Statutory Consolidated Compensation Governance financial report financial report report report from their procedures. their from results the of documentation the reviewed we and assessment risk their discussed we briefings, planning in included were partners audit component year. All the during occurred events main and affiliates the of significance on based visits our defining are We stage. planning at defined as locations key some visited virtually team audit group The balances. account specified of audit or audit to subject not components remaining the of information financial aggregated the of misstatement material of risks significant no were there that conclusion our confirm to procedures analytical out carried and controls consolidation the tested also we level entity parent the At predominantly completed subsequent to our on audit the consolidatedare report financialstatements. these although affiliates, Group’s the of majority the at Deloitte by conducted are audits statutory Annual audit. Group the of purpose the for procedures review analytical to subject were businesses venture joint and owned wholly other All Revenue In represented scope components aggregate, these coverage of: office. Head the at centrally and centres service shared Givaudan the within locally, performed procedures audit of acombination through countries these over assurance obtain We operations. global Givaudan’s reflecting regions, all across spread geographically are locations These 73 Audits forgroupreportingpurposes tax before Profit

27 Review atgrouplevel 96 Total assets 4 75 25 Givaudan – 2020 Governance, Compensation and Financial Report

99 Appendix Statutory Consolidated Compensation Governance financial report financial report report report influence the economic decisions of users taken on the basis of these consolidated financial statements. financial consolidated these of basis the on taken users of decisions economic the influence to expected be reasonably could they aggregate, the in or individually if, material considered are and error or fraud from arise can Misstatements exists. it when misstatement amaterial detect always will Standards Auditing Swiss and law, ISAs Swiss with accordance in conducted audit an that aguarantee not is but assurance, of level ahigh is assurance Reasonable opinion. our includes that report auditor’s an issue to and error, or fraud to due whether misstatement, material from free are whole as a statements financial consolidated the whether about assurance reasonable obtain to are objectives Our Statements Financial Consolidated the of Audit the for Responsibilities Auditor’s alternative buttodoso. accounting unlesstheBoardofDirectorseitherintendstoliquidate theGrouportoceaseoperations,hasnorealistic continue asagoingconcern,disclosing,applicable,mattersrelated togoingconcernandusingthebasisof In preparingtheconsolidatedfinancialstatements,Board of DirectorsisresponsibleforassessingtheGroup’s abilityto due tofraudorerror. necessary toenablethepreparationofconsolidatedfinancialstatements thatarefreefrommaterialmisstatement,whether in accordancewithIFRSandtheprovisionsofSwiss law,andforsuchinternalcontrolastheBoardofDirectorsdeterminesis The Board of Directors is responsible for the preparation of the consolidated financial statements that give a true and fair view Statements Financial Consolidated the for Directors of Board the of Responsibility regard. this in report to nothing We have fact. that report to required are we information, other this of misstatement amaterial is there that conclude we performed, have we work the on based If, misstated. materially be to appears otherwise or audit, the in obtained knowledge our or statements financial consolidated the with inconsistent materially is information other the whether consider so, doing in and, report annual the in information other the read to is responsibility our statements, financial consolidated the of audit our with connection In thereon. conclusion assurance of form any express not do we and report annual the in information other the cover not does statements financial consolidated the on opinion Our thereon. reports auditor’s our and Company the of statements financial stand-alone the statements, financial consolidated the include not does but report, annual the in included information all comprises information other The report. annual the in information other the for responsible is Directors of Board The Report Annual inthe Information Other Givaudan – 2020 Governance, Compensation and Financial Report

100 Appendix Statutory Consolidated Compensation Governance financial report financial report report report Geneva, 28 January 2021 January 28 Geneva, Auditor in Charge Licensed Audit Expert Pingoud Szegedi Karine SA Deloitte approved. be you to submitted statements financial consolidated the that We recommend Directors. of Board the of instructions the to according statements financial consolidated of preparation the for designed been has which exists, system control internal an that confirm we 890, Standard Auditing Swiss 3CO and 1item paragraph 728a article with accordance In and Legal on RegulatoryReport Other Requirements report. EXPERTsuisse: http://expertsuisse.ch/en/audit-report-for-public-companies.of website the at located is statements of financial our forms This part description auditor’s the of audit the for responsibilities our of description A further

Licensed Audit Expert Petit Cejudo Laetitia Givaudan – 2020 Governance, Compensation and Financial Report

101 Statutory Financial Report

In this section

103 Statutory financial statements of Givaudan SA (Group Holding Company) 106 6. Indirect Taxes 103 Income Statement 106 7. Equity 103 Statement of Financial Position 108 8. Own Shares 104 Notes to the statutory financial statements 108 9. Board of Directors and Executive Committee Compensation 104 1. General Information 109 Appropriation of available earnings 104 2. Summary of Accounting Principles Adopted 109 Proposal of the Board of Directors to the General Meeting 104 3. Subsidiaries of Shareholders 105 4. Investments in Joint Ventures and Associates 110 Report of the Statutory Auditor 106 5. Debt 110 Statutory Auditor’s Report on the Financial Statements Appendix Statutory financial Consolidated Compensation Governance report financial report report report Net income income Net Income taxes Income taxes before Income Non-operating expenses Financial income Financial expenses income Operating Total Operating expenses and impairment of intangible assets Amortisation Depreciation of plant property, and equipment operatingOther expenses expenses Personnel Research and to development Group expenses companies Total Operating income associates and ventures joint of results of Share operatingOther income Royalties from Group companies companies Group in investments from Income francs Swiss of millions in For the year ended 31 December Income Statement Company) Holding (Group of Givaudan SA statements Statutory financial Note 4 3 1,040 1,040 1,274 1,274 (454) (325) (385) 2020 (38) (66) 599 599 (88) (61) 820 290 290 232 232 637 637 (2) 1 1 – 1,286 (452) (294) (331) (27) (60) (61) 585 585 834 834 612 612 286 286 997 997 (93) 165 165 2019 2 1 Loans to Group companies Investments in GroupInvestments companies long-termOther assets Non-current liabilities Non-current non-currentOther liabilities Loans from Group companies Long-term debt Current liabilities Statement of Financial Position Current assets expenses prepaid and income Accrued francs Swiss of millions in Intangible assets plantProperty, and equipment financialassets Other in jointInterests ventures in and associates investments assets current Other Accounts receivable from Group companies Marketable securities equivalents cash and Cash Non-current assets Non-current Own shares earnings retained Voluntary - additional paid-in capital from contributions capital reserves capital Statutory Total liabilities Accounts payable to Group companies Short-term debt Total assets Equity current liabilities Other Deferred income and accrued expenses accrued and income Deferred - Balance frombrought previous forward year Available retained earnings earnings retained Statutory Share capital - Net income for the year the for income - Net Total liabilities and equity Givaudan – 2020 Governance, Compensation and Financial Report Note 7, 8 7, 3 5 4 7 7 5 7 7 31 December 2,311 2,311 6,822 6,822 6,822 6,822 4,511 4,511 6,472 6,472 3,719 3,719 1,092 1,542 2,524 2,524 5,991 5,991 2020 (35) 468 468 350 350 180 180 106 106 106 106 150 150 792 792 210 210 599 599 133 133 103 103 13 13 18 18 31 31 52 52 10 10 75 75 85 85 92 92 92 92 2 2 3

31 December 2,287 2,287 3,207 3,207 5,683 5,683 6,030 6,030 6,030 6,030 3,743 3,743 3,128 5,253 5,253 1,542 (31) 222 290 290 536 536 150 150 186 186 108 108 347 347 585 585 2019 103 89 89 11 11 32 32 18 18 79 79 79 79 15 15 78 78 78 78 10 10 92 92 41 41 2 3

Appendix Statutory financial Consolidated Compensation Governance report financial report report report income statement as they occur with the exception of unrealised gains which are deferred. are which gains unrealised of exception the with occur they as statement income the in recognised are losses and gains currency Foreign date. transaction the of rate exchange daily the using francs Swiss in converted are currencies foreign in income and expenses statement, income the In rates. exchange historical at valued are which companies Group in investments of exception the with rates year-end at exchange remeasured are liabilities and assets currency foreign position, financial of statement the In francs. Swiss in presented are accounts the (CHF) and francs Swiss is operates SA Givaudan which in currency The value. fair at recorded are Derivatives value. market and cost of lower the at shown are securities Marketable downs. write- appropriate less cost at stated are companies Group to, loans and in, Investments Valuation and Methods Translation of Foreign Currencies information. this preparing from exempt is SA Givaudan report, management a and notes accompanying statement, flow acash (IFRS) including Standards Reporting comprehensiveand consolidated reports financial under statements International Financial prepares Givaudan As Obligations. of Code Swiss the of 1 al. 961d art. of definition the under accounts group present to criteria the meets it as entity large as a classified is company The law. Swiss with accordance in prepared 2020are December 31 at statements financial The 2. ten). than less (2019: ten than less was year the during employees of number average The 1.2 of the company. property intellectual the manage to is goal It's created. been has (Switzerland) Zug in 2020 abranch March In formulas. and processes manufacturing licenses, patents, trademarks, all of use makes and registers develops, SA Givaudan products. these of use the for services supplies and development and research in invests SA Givaudan addition, In products. related other as well as materials raw fragrance or aromatic synthetic and natural commercialise and manufacture to is aim whose in companies invests SA Givaudan specifically More subsidiaries. in investments its manage to is goal main whose Geneva, near Vernier, in based company aholding is SA Givaudan 1.1 1. Notes to the statutory statements financial

General Information General Summary of AccountingSummary Principles Adopted Employees Structure and Description of the Activity the of Description and Structure 3. Subsidiaries Germany France Egypt Republic Czech Colombia China Chile Canada Brazil Bermuda Austria Australia Argentina Switzerland of rights): voting (percentage indicated otherwise unless wholly-owned are which company, the of subsidiaries direct the of List Dr. rer.nat. Storp Vermögensverwaltungs-GmbH mbH drom Verwaltungsgesellschaft Givaudan GmbH Deutschland 80%) of (ownership SAS Alderys Vieille SAS Albert SA Naturex SAS Parfumées Expressions SAS International Activ SAS France Givaudan LLC Fragrances Egypt Givaudan SAE Egypt Givaudan s.r.o. CR, Givaudan Givaudan Colombia SA Givaudan Fragrances (Changzhou) Ltd Consulting Management Givaudan (Shanghai) Ltd Ltd (Nantong) Flavors Givaudan Givaudan Hong Kong Ltd Ltd (Shanghai) Products Specialty Givaudan Ltd (Shanghai) Flavors Givaudan Givaudan (Shanghai) Fragrances Ltd Chile Ltda Givaudan Canada Co Givaudan Naturex Ingredientes Naturais Ltda Ltda do Brasil Givaudan TransactionsGivaudan Capital Ltd GmbH Austria Givaudan Ltd Pty Australia Givaudan SA Givaudan Argentina Servicios SA Argentina Givaudan TreasuryGivaudan SA International Kemptthal Immobilien Nord AG Vamara Holding SA SA International Givaudan Prodiga AG Finance SA Givaudan SA Suisse Givaudan Givaudan – 2020 Governance, Compensation and Financial Report 104 Appendix Statutory financial Consolidated Compensation Governance report financial report report report Inc. and Alderys SAS during the year 2020. year the during SAS Alderys and Inc. Industries, Ungerer acquired SA Givaudan Finally, &Co.KG. GmbH fragrances drom of shares the of ownership of form the in GmbH Deutschland Givaudan in contribution its increased has SA Givaudan Furthermore Indena. of business cosmetics the of acquisition the of consequence a as SpA, Italy Givaudan in investment its increased also SA Givaudan and SA Naturex and Ltd (Changzhou) Fragrances Givaudan in investments its increased SA 2020In Givaudan Vietnam America of States United United Arab Emirates United Kingdom Turkey Thailand Sweden Spain South Africa Singapore Russia Poland Peru Nigeria Netherlands Mexico Malaysia Korea Japan Italy Indonesia India Hungary Guatemala Notes to the statutory statements financial Golden Frog Flavor-Fragrance Manufacture Corporation Ungerer Inc. Industries, Inc. States, United Givaudan FZE &Africa East Middle Givaudan Oils Limited Fragrance Givaudan Holdings UK Ltd Sirketi Limited Ve Ticaret Sanayi Ve Esans Aroma Givaudan Ltd (Thailand) Givaudan Givaudan Europe North AB SA Iberica, Givaudan Ltd (Pty) Africa South Givaudan Ltd Pte Singapore Givaudan LLC Rus Givaudan Polska Sp.Givaudan Z.o.o. SAC Peru Givaudan Ltd (Nigeria) Givaudan B.V.Virgula Givaudan Nederland B.V. CV de SA Givaudan Grupo CV de SA Mexico de Givaudan Sdn.Bhd Malaysia &Fragrances Flavours Givaudan Malaysia Sdn.Bhd Givaudan Ltd Korea Givaudan Japan K.K. Givaudan SpA Italia Givaudan P.T. Givaudan Flavours and Fragrances Indonesia P.T. Givaudan Indonesia Ltd Private (India) Givaudan Kft Services Finance Givaudan Kft Hungary Givaudan SA Guatemala Givaudan International Ltd Extracts Natural 4. Givaudan SA’s ownership interest is 49%. 49%. is interest SA’s ownership Givaudan The arrangement. the in set conditions and terms new the with accordance in associate an 2019 in became China, in ingredients fragrance manufacturing Ltd, Aromatics Xinrui Jiangsu Tech LLC BGN ventures joint of Name Vanilla International Ltd Investments in Joint Ventures and Associates and Ventures Joint in Investments Natural ingredient and collection Innovative natural ingredients Natural ingredient derivatives Givaudan – 2020 Governance, Compensation and Financial Report Principal activity Principal production extract incorporation Mauritius Mauritius Country of of Country USA Ownership interest / interest Ownership Voting rights Voting 49% 49% 49% 105

Appendix Statutory financial Consolidated Compensation Governance report financial report report report date Issue transactions: debt following the into entered SA Givaudan 5. Debt Notes to the statutory statements financial CHF 40 million) related to the cash pooling agreements with a Group company. company. aGroup with agreements pooling cash the to related million) CHF 40 (2019: million 319 CHF of overdraft an includes debt term 2020, short December 31 at As 2018 2017 2014 2016 2011 2019 Total debt as at 31 December 31 at as debt Total 2020

debt of Type bonds Public placements Private bonds Public credit facility Group bank Public bonds

CHF principal of Currency CHF EUR CHF CHF CHF EUR CHF CHF EUR EUR CHF amount in in amount Principal Principal millions 600 800 500 200 200 200 100 100 100 180 150 150 150 150 Redeemable 09 Apr 2020 Apr 09 20 Dec 2022 Dec 20 20 Dec 2024 Dec 20 07 Dec 2022 Dec 07 10 Nov 2028 Nov 10 09 Apr 2025 Apr 09 19 Mar 2024 Mar 19 05 Dec 2031 Dec 05 07 Dec 2021 Dec 07 18 Sep 2020 Sep 18 17 Sep 2030 Sep 17 26 Jun 2023 Jun 26 17 Sep 2025 Sep 17 Interest 0.000% 2.000% 1.000% 0.625% 0.375% 0.150% 1.750% 2.125% 1.125% 1.331% rate Floating Floating Floating Fixed Fixed Fixed Fixed interest Type of of Type in millions of Swiss francs Swiss of millions in bursed bursed bursed Reim Reim Reim 2,673 200 200 100 538 108 150 150 150 2020 861 216 - - -

3,378 600 200 200 540 864 100 100 108 150 150 149 217 2019 2019 6. been made out of available retained earnings. retained available of out made been has payment dividend The approved. was share) per 60.00 CHF (2019: share per 62.00 CHF of dividend ordinary an of distribution 2020 the March 25 on held Meeting General Annual the At plans. option share executive for used be can 1,618,200 CHF of a maximum which of shares, registered 748,198 of amaximum through issued be may that 7,481,980 CHF of amount aggregate amaximum of capital conditional disposal its at has Directors of Board The vote. one to right the gives share Every each. 10.00 CHF of value anominal with shares, registered paid-up fully 9,233,586 into divided 92,335,860, CHF to amounts capital share 2020 the December 31 at As 7. belongs. it which VAT to the of Group VAT payables future and current for authorities tax the towards liable severally and jointly is company The Switzerland. in Group the of affiliates other two with VAT for purposes aGroup of part is company The Equity Indirect TaxesIndirect Givaudan – 2020 Governance, Compensation and Financial Report 106 Appendix Statutory financial Consolidated Compensation Governance report financial report report report Distribution to the shareholders paid relating to 2018 to relating paid shareholders the to Distribution Appropriation of available earnings Movement of shares shares of Issuance Registered shares 2019 to relating paid shareholders the to Distribution Appropriation of available earnings Movement of shares shares of Issuance Registered shares 1January at as Balance francs Swiss of millions in 2020 withholding tax, nor subject to income tax on individual shareholders who are resident in Switzerland. Switzerland. in resident are who Swiss shareholders to subject individual not on are tax income to reserves subject these of nor out made tax, payments Any withholding equity. in separately presented are capital paid-in –additional contributions capital from reserves capital Statutory 1January at as Balance francs Swiss of millions in 2019 The movements in equity are as follows: as are equity in movements The Notes to the statutory statements financial Net profit for the year the for profit Net Net profit for the year the for profit Net Balance as at 31 December December 31 at as Balance Balance as at 31 December December 31 at as Balance

Capital Capital Share Share 92 92 92 92 92 92 92 92

Statutory retained retained Statutory Statutory retained retained Statutory earnings earnings 18 18 18 18 18 18 18 18 Additional paid-in Additional paid-in capital capital 3 3 3 3 Voluntary retained retained Voluntary Voluntary retained retained Voluntary earnings earnings 1,542 1,542 1,542 1,542 1,542 1,542 1,542 1,542 Givaudan – 2020 Governance, Compensation and Financial Report Available retained Available retained earnings earnings (571) (552) 599 599 663 663 663 663 585 585 691 691 630 630 Own shares Own shares (22) (31) (31) (35) (9) (4) 2,287 2,287 2,287 2,287 2,263 2,263 2,311 2,311 (571) (552) Total Total 599 599 585 585 107 (9) (4) Appendix Statutory financial Consolidated Compensation Governance report financial report report report Balance as at 31 December December 31 at as Balance Sales and transfers at cost at transfers and Sales Purchases at cost Purchases statements, Note 31. statements, Committee compensationExecutive are disclosed in the Givaudan consolidated financial and Directors of Board CO, the bis on 663b art. per law, as Swiss by required Information 9. than 3%oftotalvotingrights. 7.71%) and Banque Pictet & Cie SA (nominee; 4.49%) were the only shareholders holding more Management (4.99%), NortrustNomineesLtd (nominee;14.98%), ChaseNomineesLtd (nominee; As at31December2020, William H.GatesIII(13.86%),BlackRock Inc.(5.06%), MFSInvestment shares. SA Givaudan held that SA Givaudan by controlled companies other no were there 2019, 2020 and December 31 at As 1January at as Balance 2019 at cost Purchases 1January at as Balance 2020 follows: as are shares own in movements The 8. Notes to the statutory statements financial Balance as at 31 December December 31 at as Balance Sales and transfers at cost at transfers and Sales

Board of Directors and Executive Committee Compensation Committee Executive and Directors of Board Own Shares (22,365) (23,971) 11,906 11,906 15,541 15,541 15,541 15,541 16,570 16,570 25,000 26,000 Number Number 2,154.0 3,634.8 3,634.8 2,595.0 2,595.0 1,857.9 High High Price in Swiss francs Swiss in Price francs Swiss in Price 2,250.0 2,250.0 1,968.3 2,170.2 1,857.9 Average Average 1,800.0 1,799.0 1,799.0 2,141.6 2,141.6 1,857.9 Low Low Swiss francs Swiss francs millions of millions of Total in in Total in Total (52) (42) 22 22 31 31 56 56 31 31 35 35 51 51 Givaudan – 2020 Governance, Compensation and Financial Report 108 Appendix Statutory financial Consolidated Compensation Governance report financial report report report Total available earnings Amount to be carried forward Total additional paid-in capital Balance broughtfrom previous forward year francs Swiss in from capitalStatutory contributions capital reserves – additional paid-in capital Balance broughtfrom previous forward year year the for income Net francs Swiss in Available earnings Shareholders of Meeting General to the Directors of Board the of Proposal additional paid-in capital of Givaudan SA capital reserves from contributions – and distribution from the statutory Appropriation of available earnings Amount to be carried forward Group the by held shares Treasury on paid not Distribution Total appropriation of available earnings share per gross 64.00 CHF of proposal 2020 distribution share per gross 62.00 CHF of proposal 2019 distribution Givaudan – 2020 Governance, Compensation and Financial Report 690,664,597 690,664,597 590,949,504 590,949,504 590,949,504 590,949,504 599,056,995 99,715,093 99,715,093 91,607,602 3,322,955 3,322,955 3,322,955 3,322,955 3,322,955 2020 2020 572,482,332 572,482,332 662,320,392 662,320,392 572,482,332 572,482,332 584,670,019 91,607,602 77,650,373 3,322,955 3,322,955 3,322,955 3,322,955 1,769,542 1,769,542 3,322,955 109 2019 2019 Givaudan – 2020 Governance, Compensation and Financial Report 110

Deloitte SA Rue du Pré-de-la-Bichette 1 1202 Geneva Switzerland Governance report Phone: +41 (0)58 279 8000 Fax: +41 (0)58 279 8800 www.deloitte.ch

Statutory Auditor’s Report

Compensation Compensation report To the General Meeting of GIVAUDAN SA, Vernier

Report on the Audit of the Financial Statements

Opinion We have audited the financial statements of Givaudan SA, which comprise the income statement, the statement of financial position for the year ended 31 December 2020, and notes to the financial statements, including a summary of significant accounting policies.

Consolidated Consolidated report financial In our opinion, the accompanying financial statements as at 31 December 2020, presented on pages 103 to 109, comply with Swiss law and the company’s articles of incorporation.

Basis for Opinion We conducted our audit in accordance with Swiss law and Swiss Auditing Standards. Our responsibilities under those provisions and standards are further described in the Auditor’s Responsibilities for the Audit of the Financial Statements section of our report. We are independent of the entity in accordance with the provisions of Swiss law and the requirements of the Swiss audit profession and we have fulfilled our other ethical responsibilities in accordance with these requirements. Statutory financial financial Statutory report

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Report on Key Audit Matters based on the circular 1/2015 of the Federal Audit Oversight Authority Key audit matters are those matters that, in our professional judgement, were of most significance in our audit of the financial statements of the current period. These matters were addressed in the context of our audit of the financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters. Appendix Givaudan – 2020 Governance, Compensation and Financial Report 111 Governance report

Carrying value of Investments in Group companies

Key audit matter How the scope of our audit responded to the key audit matter

As described in Note 3 to the financial statements, the Company holds investments in Givaudan Group We evaluated management’s implementation of accounting policies regarding the valuation of companies with a carrying value of CHF 5,991 million as of 31 December 2020, representing 88% of total assets. investments in Group companies.

Each investment held is valued individually and reviewed annually for impairment. Each investment showing We evaluated the design and implementation of controls around the valuation of investments in Group another than temporary impairment indicator must be tested for impairment and an impairment would need companies to determine whether appropriate controls are in place.

Compensation Compensation report to be recorded if the recoverable amount is lower than the carrying value. We challenged the assessment of the existence of impairment indicators done by the Company. The impairment test performed by Givaudan management is subject to judgement around the valuation method, key assumptions used and the susceptibility to the expected future market developments that could We tested the valuations by critically assessing the methodology applied and the reasonableness affect the profitability and positive cash flows of these entities. of the underlying assumptions and judgements. We assessed the impairment testing models and calculations by: Accordingly, for the purposes of our audit, we identified judgements and estimates applied by management on –– checking the arithmetical accuracy of the impairment models and the extraction of inputs from the valuation of these investments as representing a key audit matter. source documents; and –– challenging the significant inputs and assumptions used in impairment testing for investments in Givaudan Group companies, such as the ability of the Group companies to generate positive cash flows in the future. Consolidated Consolidated report financial We validated the appropriateness and completeness of the related disclosures in Note 3 to the financial statements.

Based on the procedures performed, we consider judgements and estimates applied by management on the valuation of investments in Group companies to be reasonable. Statutory financial financial Statutory report Appendix Givaudan – 2020 Governance, Compensation and Financial Report 112 Governance report

Responsibility of the Board of Directors for the Financial Statements The Board of Directors is responsible for the preparation of the financial statements in accordance with the provisions of Swiss law and the company’s articles of incorporation, and for such internal control as the Board of Directors determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the Board of Directors is responsible for assessing the entity’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Compensation Compensation report Board of Directors either intends to liquidate the entity or to cease operations, or has no realistic alternative but to do so.

Auditor’s Responsibilities for the Audit of the Financial Statements Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with Swiss law and Swiss Auditing Standards will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected

Consolidated Consolidated report financial to influence the economic decisions of users taken on the basis of these financial statements.

A further description of our responsibilities for the audit of the financial statements is located at the website of EXPERTsuisse: http://expertsuisse.ch/en/audit-report-for-public-companies. This description forms part of our auditor’s report. Statutory financial financial Statutory report Appendix Givaudan – 2020 Governance, Compensation and Financial Report 113 Governance report

Report on Other Legal and Regulatory Requirements In accordance with article 728a paragraph 1 item 3 CO and Swiss Auditing Standard 890, we confirm that an internal control system exists, which has been designed for the preparation of financial statements according to the instructions of the Board of Directors.

We further confirm that the proposed appropriation of available earnings complies with Swiss law and the company’s articles of incorporation. We recommend that the financial statements submitted to you be approved. Compensation Compensation report Deloitte SA

Consolidated Consolidated report financial Karine Szegedi Pingoud Laetitia Cejudo Petit Licensed Audit Expert Licensed Audit Expert Auditor in Charge

Geneva, 28 January 2021 Statutory financial financial Statutory report Appendix Appendix

In this section

115 Alternative performance measures 117 Givaudan registered offices 123 Our reporting suite Appendix Statutory Consolidated Compensation Governance financial report financial report report report included in the 2020 Full Year Results Media Release. Release. Media 2020 Year Results Full the in included been have IFRS with accordance in sales reported the to sales LFL the of tables Reconciliation period. prior comparable the of date end period the until date disposal the from of disposed businesses the of sales (c) and excluding date, acquisition the from months 12 to up date, end period the until date acquisition the from acquired businesses of sales excluding year, (b)prior the of rates exchange invoicing the using calculated as: sales (a) defined is LFL Like-for-Like (LFL) below. defined and listed are that Measures Performance Alternative of anumber uses Group the Report, Annual the 2020 of 35 to 31 Integrated pages on and Release Media 2020 Year Results Full the In Givaudan’s Alternative Measures Performance explained. be must items reconciliation Significant standard. accounting recognised the to according statement financial the in measure acomparable to disclosed be must statement areconciliation items, specific omitting or adding by adjusted been have which and standards accounting recognised with accordance in prepared statements financial the in included a measure on based are that measures performance alternative for Also, used. measures performance alternative all for disclosed be must definitions comprehensible and clear that prescribes Directive The measures. performance alternative of use transparent and clear the promote to purpose the with force into came Regulation, Exchange SIX the by (DAPM), issued Measures Performance Alternative Directive the 2019 1January On Introduction Appendix to the 2020 Year Full Results measures performance Alternative that reconciliation table, all significant one-off items have been explained. explained. been have items one-off significant all table, reconciliation that In Release. Media 2020 Year Results Full the in included been has above) EBITDA section the in defined as (EBITDA EBITDA Comparable the to EBITDA published the of table A reconciliation activities. operating normal underlying the of understanding the on impact an have which nature recurring non- of a items significant for adjusted as EBITDA, reported the is EBITDA Comparable Comparable EBITDA period the for Income francs Swiss of millions In and impairment of long-livedamortisation assets. corresponds to operating incomeDepreciation and Amortisation, before depreciation, net), Tax, (expense), income financial other (and Interest Before Earnings as defined EBITDA EBITDA Income taxes Income Interest and other financial (income)net expense, EBITDA Impairment Amortisation Depreciation income Operating Givaudan – 2020 Governance, Compensation and Financial Report 1,397 1,397 2020 133 133 996 996 120 120 187 187 201 201 743 743 13 13 1,275 1,275 106 106 702 702 112 112 920 920 161 161 2019 193 193 115 1 Appendix Statutory Consolidated Compensation Governance financial report financial report report report Short-term debt francs Swiss of millions In below). table the in ratio leverage for defined (as equity and debt net of sum the by divided debt net as defined is ratio Leverage Ratio Leverage activities operating from (for) flows Cash francs Swiss of millions In payments. lease and paid interest investments, net after flow cash operating to refers FCF Flow (FCF) Cash Free Alternative performance measures Less: cash and cash equivalents cash and cash Less: Long-term debt (FCF) flow cash Free payments Lease Interest paid assets intangible of disposal the from Proceeds assets intangible of Acquisition equipment and plant property, of disposal the from Proceeds Acquisition of plant property, and equipment Leverage ratio ratio) leverage for (as defined equity and debt Net ratio) leverage for (as defined Equity Remeasurement of post-employment benefitobligations parent the of holders equity to attributable equity Total Net debt Sales Free cash flow (FCF) as a % of sales of as a% (FCF) flow cash Free 31 December 12.8% 4,040 4,040 8,014 8,014 1,133 1,133 3,974 6,322 3,490 3,490 4,245 4,245 (188) (411) 50% 2020 2020 (52) 484 484 (39) 206 206 811 811 (53) 2 8 31 December 12.7% 3,679 3,679 1,136 1,136 4,165 4,165 7,84 4 4 7,84 3,640 3,640 6,203 3,796 3,796 (275) (452) 47% (52) (51) (45) 787 787 525 525 335 335 2019 2019 74 74 – Net debt toRatio EBITDA debt Net Less: cash and cash equivalents cash and cash Less: Short-term debt francs Swiss of millions In follows: as calculated is ratio EBITDA to debt Net The Long-term debt EBITDA Net debt Net debt to Comparable EBITDA ratio EBITDA Comparable to debt Net ratio EBITDA to debt Net Comparable EBITDA Givaudan – 2020 Governance, Compensation and Financial Report 31 December 4,040 4,040 1,397 1,397 1,442 1,442 4,245 4,245 (411) 2.80 2.80 2.89 2.89 2020 206 206 31 December 3,679 3,679 1,275 1,275 3,796 3,796 1,331 (452) 2.76 2.76 2.88 2.88 335 335 2019 116 Appendix Statutory Consolidated Compensation Governance financial report financial report report report Chile Canada Brazil Bermuda Belgium Austria Australia Argentina Algeria Country offices registered Givaudan Legal Entity name Chile Botanics SPA Botanics Chile CHILE SPANaturex Chile Ltda Givaudan Inc (Canada)Naturex Co. Canada Givaudan Naturex Naturais Ingredients Ltda Ltda. eCom. Ind. Fragrâncias Internacional drom e Nutricionais Ltda G. Nutra Industria e Comércio deProdutos. Alimenticios Ltda do Brasil Givaudan SPRL Naturex Ltd Insurance FF FF Holdings (Bermuda) Ltd Givaudan International Ltd NV Ingredients Naska Givaudan Austria GmbH Ltd. Pty. Australia Ungerer Ltd Pty Australia Naturex drom International Ltd. Pty. Ltd Pty Australia Givaudan SA Servicios Argentina Givaudan SA Argentina Givaudan Algérie Liaison de Bureau (Suisse) SA International Givaudan

Panamericana Sur, Kilómetro 297, Comuna de Linares Chile de Santiago Condes, 9, Las piso 3001, Apoquindo Avenida Chile de Santiago Huechuraba, de Comuna Empresarial, 203,Ciudad 869, oficina Valle Del Avda 2A9 E2L Brunswick New John, – Saint 1000 Suite Hill, Chipman 44 5G9 L4W Ontario Mississauga, East, Blvd. Matheson 2400 69075-000 Code: Zip Amazonas, of state Manaus, of city Industrial, 5.391, Distrito no. Buriti Avenida Paulo São Charqueada, 13515-000 Vista, Bela Bairro 120 120, Verdi Natalino Via Paulo São 18603-970, - CEP Botucatu/ Rural - Zona 21,5 Km Zucari, Eduardo Rodovia 2185, Billings Avenida PauloSP Engenheiro São – 05321-010 Jaguaré, – 5 96 Gulledelle, d’Or, Val Hamilton Hamilton Hamilton 4, 3630 Maasmechelen Lausbedstraat Vienna 1109 11, Wienerbergstrasse Twin Tower Vienna, P.O. 22229 2143, NSW Box Taren Point 2148 NSW Park Kings Road, 9 Garling 2153 NSW Sydney, HIlls, Baulkham Place, 1 Maitland 2/1, suite Centre, Business Parkview 12 Aires Buenos de Autónoma Ciudad B, oficina 5, piso 1568, Peña Rodriguez 5 1568, Peña Rodriguez Nicolàs Tour A – 4 Address – 14 Britton Street, Smithfield, Sydney NSW 2164 ème Etage, Business Centre Dar El Madina, Micro Zone d’activité Hydra Lot No. 20, 16035 20, No. Algers Lot Hydra d’activité Zone Micro Madina, El Dar Centre Business Etage, th Floor, 1200 Brussels 1200 Floor, ° B, 1021, C.A.B.A. ° B, Givaudan – 2020 Governance, Compensation and Financial Report 117 Appendix Statutory Consolidated Compensation Governance financial report financial report report report France Finland Egypt Republic Czech Colombia China Country offices registered Givaudan Legal Entity name Alderys SA Naturex drom International S.A.R.L. SAS Vieille Albert Parfumées Expressions SAS France Givaudan Branch in FinlandGivaudan International SA, LLC Fragrances Egypt Givaudan SAE Egypt Givaudan s.r.o. CR, Givaudan Givaudan Colombia SAS Ungerer Fragrance & Flavor (Shanghai) Co. Ltd. Naturex Trading Shanghai Co. Ltd Ltd. Pacific Asia drom drom InternationalFragrances (Guangzhou) Co., Ltd. Givaudan Hong Kong Ltd Givaudan Management Consulting (Shanghai) Ltd (Shanghai) Products Givaudan Specialty Ltd Givaudan (Changzhou) Fragrances Ltd Givaudan Flavors (Shanghai) Ltd Zhengzhou Branch Givaudan Flavors (Nantong) Ltd Givaudan Flavors (Shanghai) Ltd Chengdu Branch Givaudan (Shanghai) Fragrances Ltd Guangzhou Branch Givaudan Flavors (Shanghai) Ltd Guangzhou Branch Givaudan (Shanghai) Fragrances Ltd Givaudan Flavors (Shanghai) Ltd Givaudan (Shanghai) Fragrances Ltd Beijing Branch Givaudan Flavors (Shanghai) Ltd Beijing Branch Bátiment Mélèze, 86 rue de Paris, 91400 Orsay 91400 Paris, de rue 86 Mélèze, Bátiment 9 Cedex 84911 81218, Avignon – BP Bayle Pierre rue 250 Paris 92150 Suresnes, Curie, 6 rue 4 et Vallauris 6220 Grasse, de 629 Route Grasse 06130 Saint-Marc, de Chemin 136 Cedex 95102 Argenteuil CS500024, Bans, des Voie la 55 de Rue Niemenkatu 73, 15140 Lahti 3 st., Thawra El 46 6 3, Zone 37,Piece Industrial 110 00 10, Praha Klimentská D.C. 151196 Bogotá G– 40, 25 no. 98 Carrera 201407 Shanghai Fengxian, Road, 2655#1-2 Fengzhe Lane 508, No. Building 6 Kong Hong Kowloon, new Wan, Sha Cheung Road, Shing 8 Sham 510760 Guangzhou GETDD, of Section East Road Hongjing 66, no. 6 3 201600 Road,222, District, East Jiangtian Shanghai Songjiang Province Jiangsu 213034, Changzhou District, Xinbei Huayuan, Zhongyang, Chunjiang 238 no. 232, Room Province Nan He Zhengzhou, City, Green New (East), Road Shui Jin 80 no. 2, Bldg A1301, Room 226017 Province Jiangsu Nantong, Area, Development Technology and Economic Nantong Road, Hai 7Jiang No. Province Sichuan 610041, Chengdu District, Xin TaiGao Ji Road, Plaza, Nian 2Fu 2001, Room 374 No Centrepoint, 15F The 374 No Centrepoint, 15F The 201303 Shanghai Zone, Trade Free pilote Road, Zhen Shi Li 298 201201 Shanghai Area, New Dong Pu Area, Export Qiao Jin Ye Jing Road, 668 100027 Beijing District, Yang Chao Road, Li Yuan 16 Xin No. Center, Sha 15F Tower Kun 2, 100027 Beijing District, Yang Chao Road, Li Yuan 16 Xin No. Center, Sha 15F Tower Kun 2, Address th th rd floor, no. 5 building, 298 Lishizhen Road, Zhangjiang High-Tech Park, Pudong New Area, 201203 Shanghai Area, New Pudong High-Tech Park, Zhangjiang Road, Lishizhen 298 building, 5 no. floor, Floor, Building 4, no. 333 Gui Ping Rd, Xuhui DST, Shanghai, 200233 DST, Shanghai, Xuhui Rd, Ping 333 Gui no. 4, Building Floor, Kong , Hong Central Road, 18 Chater House, Alexandra Floor rd floor, Appt 304, Heliopolis 304, Appt floor, th – – of October City October of 2 Beijing Road, Yue Xiu District, Guangzhou 510030 Guangzhou District, Xiu Yue Road, 2 Beijing 510030 Guangzhou District, Xiu Yue Road, 2 Beijing Givaudan – 2020 Governance, Compensation and Financial Report 118 Appendix Statutory Consolidated Compensation Governance financial report financial report report report Malaysia Kenya Japan Coast Ivory Italy Iran Indonesia India Hungary Guatemala Germany Country offices registered Givaudan Legal Entity name Fragrance Oils (Malaysia) Sdn Bhd Sdn (Malaysia) Oils Fragrance Bhd Sdn. Pacific Asia Solutions Business Givaudan Bhd Sdn. Malaysia & Fragrances Flavours Givaudan Branch - Kenya FZE MEA Givaudan K.K Naturex K.K. Japan Givaudan ITRAD Givaudan International. SA Côte d’Ivoire SPANaturex Indena S.p.A. Srl Parfumées Expressions drom International Italia Srl Givaudan Italia SpA Iran Branch Givaudan International SA, Indonesia Oils Fragrance PT Indonesia fragrances drom PT PT. Indonesia Givaudan Limited Private India Flavours Ungerer Ltd) Private Agro Valentine (ex. Ltd Pty India Naturex Ltd Pvt (India) Givaudan Kft Solutions Business Givaudan Kft Hungary Givaudan SA Guatemala Givaudan GmbH Naturex mbH drom Verwaltungsgesellschaft GmbH trade perfume drom drom Holding GmbH KG & Co. GmbH fragrances drom GmbH Givaudan Deutschland Suite 733, Block B2, Level 7, Leisure Commerce Square, 9, Jalan PJS 8/9, 46150 Petaling Jaya, Selangor Jaya, 8/9, Petaling PJS 46150 9, Jalan Square, 7, Commerce Level B2, Leisure 733, Block Suite Selangor Jaya, Petaling 47800 6, PJU Utama, Bandar 12, level Utama, Banda Avenue, 1 First 48 2/15, Jalan Kota Laksamana Taman 2, 75200 Seksyen Kota Laksamana, Melaka (P.O.44168-00100)Road Nairobi Box Crescent House State Building, Wing West floor, Ground Court, Vienna 141-0032 Tokyo Shinagawa-ku, 3-chome, 6-6 Osaki 141-0032 Tokyo Shinagawa-ku, 3-chome, 6-6 Osaki Abidjan Yopougon, Chaumière du Banco, 04 BP 1682 Abidjan 5 RMO, Immeuble (VA) Pertusella Caronno 21042 44, Ferraris, Galileo Via Pertusella, Caronno 20139 12, Milan Ortles Via 162, 20156 Milano Varesina Via 24, 20159 Milano Valassina Via 20121 5, Milano Borgogne Via P.O. 15175/534 Box – No.202 Rukan Senayan blok Permata B-22. Jalan Tentara Pelajar, Senayan, 12210 Jakarta German Center Building, 6 16951 Java West Depok, 35, Cimanggis Km Jakarta-Bogor Raya Jl. Punjab Mohali, Point, Focal Ind. - Viii-B, F-366, No. Phase Plot 059 – 400 Mumbai (East) Andheri Road, Sahar Hotel, Maratha Grand ITC to Next Hub. Star 2, no. Bldge 302, 26, 2 no. Plot Budapest 1138 B, Greens , Váci 1. utca Bence Makó 6900 3, út Királyhegyesi 1803 - 01010 1 Of Torre Pradera, Zona 10 Empresarial Zona 18 Calle, Proceres Los Boulevar Köln 50678 Süd, 24, Kranhaus Zollhafen Im 82065 Baierbrunn 18, str. Oberdiller 82065 Baierbrunn 18, str. Oberdiller 82065 Baierbrunn 18, str. Oberdiller 82065 Baierbrunn 18, str. Oberdiller 44319 11, Dortmund Giselherstrasse Address nd Cross Jigani Industrial Area, Anekal Taluk, Anekal Cross Area, Jigani Industrial 560 105 Jigani, Karnataka Bangalore, ème étage, Rue étage, du Blanchard Docteur Zone Abidjan 4C, th floor, suites 6120-6130, Jl. Kapt. Subijanto Dj., 15321 South Tangerang City, Banten City, South Tangerang 15321 Dj., Subijanto Kapt. Jl. 6120-6130, suites floor, – 204, Gol Bld., Gol Alley, After Park Saei, Vali Asr, Tehran Asr, Vali Saei, Park After Alley, Gol Bld., Gol 204, Givaudan – 2020 Governance, Compensation and Financial Report 119 Appendix Statutory Consolidated Compensation Governance financial report financial report report report Netherlands Myanmar Morocco Mexico Country Singapore Federation Russian Poland Philippines Peru Pakistan Nigeria New Zealand Givaudan registered offices registered Givaudan Legal Entity name Naturex Holdings Singapore Private Ldt Private Singapore Holdings Naturex Ltd Pte. (Far East) Oils Fragrance Givaudan Singapore Ltd Pte LLC (Russia)Naturex Givaudan Rus LLC Polska Sp. z.o.o. Naturex z o.o. Sp. Polska Givaudan Givaudan Singapore Ltd, Regional Pte Headquarter Operating SAC International Activ SAC Peru Givaudan Givaudan International SA Pakistan Limited Africa) (West Oils Fragrance (Nigeria)Givaudan Limited Cuisine NZ Resources limited Ltd NZ Givaudan U.A Coöperatief Naturex International B.V. G.A.L.M B.V. Nutrition Vika B.V.Virgula B.V. Vika BV Europe Finance Givaudan Givaudan Nederland B.V. Givaudan Singapore Ltd Pte (Myanmar Branch) Maroc SA Naturex Branch Morocco FZE MEA Givaudan C.V. de L. R. de S. Mexico Ungerer Naturex Ingredientes Naturales SA de CV Grupo Givaudan CV de SA México de Givaudan SA de CV de SA 20 Changi Business Park Central 2, #05-04A, Singapore 486031 Singapore #05-04A, 2, Central Park Business Changi 20 298135 Singapore Building, SLF #04-01 Rd, 510 Thomson 738972 Singapore 8, Avenue 1 Woodland 201, 115162Moscow 9, Office Str, 14, building Shuhova Moscow 52/5, 115054 Naberezhnaya Kosmodamianskaya Centre, Business Towers Riverside 29, 38-200 Jaslo Baczyńskiego K.K. Ul. 02-670 Warszawa IO-1 182, Building, Puławska Ul. 1605 City Pasig Center, Ortigas Street, Poveda corner Tower, Avenue ADB Equitable 37/F Robinsons 3,Arequipa K – Lt Mz Industrial Parque 200 Vucetich, Ambrosio 27, Isidro San 11, Lima Piso 1, Real Torre Real, 147, Empresarial Belaúnde Centro Andrés Av. Victor 25 Lagos Way, Oregun, Billings A2 Lagos Expressway, Apapa/Oshodi scheme, Industrial Odofin Amuwo D, Block 4, 2 and Plot 2120 Pukekohe Road, 15 Crosbie 2010 Botany Drive, Te Town Center, Irirangi Botany Lane, 1 The Level 3127, Amsterdam 1077 ZX Strawinskylaan 6718 4, ZC Ede Nizolaan 6718 4, ZC Ede Nizolaan 6718 4, ZC Ede Nizolaan 6718 4, ZC Ede Nizolaan 1411 28, Naarden GP Huizerstraatweg 1411 28, Naarden GP Huizerstraatweg 46A Casablanca 42 – BP Nouasser, 20240 ONDA Technopole Casablanca 20053 Bourgogne, Aladdadi, Binna Ibnou 8 Rue 71803 Oaxaca Tututepec, Ocampo, Melchor de de Villa Tututepec 63, Km. Pacifico del Costera Carr. - 06500 México de , Ciudad Cuauhtémoc Col. 21 Piso 483, Reforma la de Av. Paseo Morelos 62578 Jiutepec 11 Civac, no. Norte-Sur Av. Eje Morelos 62578 Jiutepec 11 Civac, no. Norte-Sur Av. Eje Address th Floor, The Ocean Tower, Block – 9, Clifton, Karachi – 75600 Karachi – 9, Tower, Clifton, Ocean Block The Floor, – 2C Excellent Condo, Pantra Street, Dagon Township, Yangon Township, Dagon Street, Pantra Condo, 2C Excellent Givaudan – 2020 Governance, Compensation and Financial Report 120 Appendix Statutory Consolidated Compensation Governance financial report financial report report report UAE Turkey Thailand of China Taiwan, Republic Switzerland Sweden Spain South Korea South Africa Country offices registered Givaudan

Legal Entity name Naturex S.A (Middle East) (Middle S.A Naturex LLC Parfumées Expressions FZE &Africa East Middle Givaudan LLC Trading Gulf Givaudan Office Turkey Liason Parfumées, Expressions Sirketi Ltd. Ticaret ve Sanayi Esans ve Aroma Givaudan Givaudan (Thailand) Ltd Givaudan Singapore Ltd, Taiwan Pte Branch AG Naturex SA Holding Vamara SA TreasuryGivaudan International Givaudan International SA SA Suisse Givaudan SA Finance Givaudan SA Givaudan AB Fiber Oat Swedish EuropeGivaudan North AB SL Sur del Aromaticas Tierras S.L.U Partners Iberian Naturex drom spain S.L. SL Aromasur SA Ibérica, Givaudan Naturex (Korea) Ltd Korea Givaudan Ltd (Pty) Naturex Ltd (Pty) Africa South Givaudan Building P6 Office #132, Sharjah Airport International Free Zone (SAIF Zone),SHARJAH 121873, Box (SAIF P.O. Zone Free International Airport Sharjah #132, Office P6 Building Dubai St., Waleed Al Bin Khalid 210, Office Bldg, Hamsah-A Dubai Zone, Free Ali Jebel no. 129, office floor, 19, First View Jafza Establishment, Zone Free Dubai City, , Media & 36 20 Tower, Floor Concord Istanbul 34335 n°14/2B, Akatlar sok Meydan Plaza, Edin&Suner Istanbul 6/7 Besiktas, 1 daire 19 no. Barclay Sitesi Maya Park sokak, Bilge mahallesi, Akat 10310 Bangkok Huaykwang, Bangkapi 9 Road, 16 Tower, Rama & 25, 719 KPN Floor 106 Taiwan City Taipei 4, Sec 7/F Road, Yi Hsin 303, No 9220 8, Bischofszell Industriestrasse 17, Bienne 2504 Mettlenweg 1214 5, Vernier Parfumerie la de Chemin 1214 5, Vernier Parfumerie la de Chemin 1214 5, Vernier Parfumerie la de Chemin 1214 5, Vernier Parfumerie la de Chemin 1214 5, Vernier Parfumerie la de Chemin 12, 432 BUA 63 Båtafjordsvägen 12, 215 32 Malmö Vattenparksgata Hyllie Sevilla Plata, la de 41240 1, Almaden Km Olalla, Santa De Carretera Poblet de s/n 46930 Quart Torrent de 343. Camino salida A3, Autovía Barcelona 15-25,Vall Del Augusta 8174 via Cugat av. 15, Sant Núm. Of. 5a, Planta B2, Edificio Park, Business Cugat Sant Sevilla Plata, la de 41240 S/n, Almaden Olalla, Santa De Carretera Barcelona Celoni, 8470 s/n, Sant Batllé d’en Pla 13590 GyeongGi-do, SeongNam-si, Bundang-gu, 311 beon-gil, 14, Hwangsaeul-Ro Bldg, Leaders 503, Room 11 8002 Town, Cape Waterfront, V&A, Floor, B-Ground Block Building, Court Bay Granger 9 Address – – 11 Brunei Road, Tulisa Park, Johannesburg 2197 Johannesburg Park, Tulisa Road, 11 Brunei 12/F Trus Tower Building, 60 Mabang-Ro, Seocho-Gu, Seoul Seocho-Gu, Mabang-Ro, 60 Trus12/F Tower Building, Givaudan – 2020 Governance, Compensation and Financial Report e s, s, 121 Appendix Statutory Consolidated Compensation Governance financial report financial report report report Vietnam America of States United Ukraine United Kingdom Country offices registered Givaudan Legal Entity name Branch of Golden Frog Flavor- Fragrance Manufacture Corporation Manufacture Flavor- Fragrance Frog Golden of Branch 3 Branch Golden Frog Flavor-Fragrance Manufacture Corporation - Golden Frog Flavour-Fragrance Manufacture Company Ltd Givaudan Singapore Office Representative Ltd, Vietnam Pte Vegetable Juices Inc Ungerer & Company LLC Cooperative Naturex Inc Holdings Naturex Inc Naturex drom International Inc. Inc. States United Givaudan Inc. Fragrances and Flavors Givaudan Givaudan Fragrances Corporation Givaudan Flavors Corporation Office Representative Givaudan International SA, Ungerer Ltd LImited Odouraze (Sales) Aromatics Northern LImited Fragrance Oils (Purchasing) Limited Fragrance Oils (International) Limited Fragrance Oils Limited Ltd Naturex Major International Limited drom International UK Ltd. Ltd UK Holdings Givaudan Givaudan UK Ltd Tan Hoa Hamlet , Tan Hoi Dong Commune Chau Thanh District , Tien Giang Province Giang , Tien District Thanh Chau Commune , Tan Dong Hoi Tan Hamlet Hoa Province Tan Duong U yenTown, Tan Binh Commune, Vinh Zone, II-A Industrial 31, Vietnam-Singapore no Road II-A, VSIP Duong Province Binh Town, An , Thuan Ward Hoa Binh Quarter, Dang , Binh Park Industrial Vietnam-Singapore No.8, 31 Road 5 Plaza Viet Giay IL 62703 – Springfield, Drive Stevenson Adlai , 801 Company Service Corporation c/o Illinois PA 18017 Way, Bethlehem, Commerce 110 North IL 62703 – Springfield, Drive Stevenson Adlai 801 19808 DE Wilmington, Drive, Falls 251 Little Company, Service c/o Corporation 19808 DE Wilmington, Drive, Falls 251 Little Road, Towaco,5 Jacksonville NJ 7082 19901 DE Dover, Street, North 15 East 45216 OH Cincinnati, Drive, 1199 Edison 45216 OH Cincinnati, Drive, 1199 Edison 45216 OH Cincinnati, Drive, 1199 Edison Kiev Str. 13 04050 6B/18, Pimonenko Sealand Road, Chester, Sealand Estate, Industrial England CH1 4LP M26 2FR Manchester, Radcliffe, road, Hill Eton Estate, Industrial Hill Eton M26 2FR Manchester, Radcliffe, road, Hill Eton Estate, Industrial Hill Eton M26 2FR Manchester, Radcliffe, road, Hill Eton Estate, Industrial Hill Eton M26 2FR Manchester, Radcliffe, road, Hill Eton Estate, Industrial Hill Eton M26 2FR Manchester, Radcliffe, road, Hill Eton Estate, Industrial Hill Eton 6JX DE12 Derbyshire Swadlincote, Overseal, Road, Park NN10 8HQ Rushden Ferrers, Higham Close, Bury Park, Business Higham Manchester Worseley, M28 2WN Boatyard, The 3-4 Wharfside, Ltd, Consultants Business Northline TN24 0LT Kent Ashford, Road, Kennington TN24 0LT Kent Ashford, Road, Kennington Address th 180 Fl., – 182 Ly Chinh Thang Street, District 3, Ho Chi Minh City Minh Chi Ho 3, District Street, Thang 182 Ly Chinh Givaudan – 2020 Governance, Compensation and Financial Report 122 Appendix Statutory Consolidated Compensation Governance financial report financial report report report Online annual report ▸ Download centre ▸Download report annual Online ▸ www.givaudan.com ▸Investors on: found be can suite full The ▸Publications www.givaudan.com ▸Media To order publications: overview. acomplete get to suite reporting entire our consult to advised are Readers Report. 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The separate one in available are reports Financial and Compensation Governance, full The performance. financial capitals and creation,and financial non- explanation of our value Report offers a holistic The 2020Integrated Annual reportingOur suite PDF from 29 January 2021 January 29 from PDF Report Sustainability 2020 GRI AVAILABLE IN ENGLISH Online version Online from 29 January 2021 2021 January 29 from AVAILABLE IN ENGLISH from 25 March 2021 March 25 from versions language and Print 2021 January 29 from English in PDF Highlights Report Annual 2020 Integrated FRENCH AND GERMAN AVAILABLE IN ENGLISH, Givaudan – 2020 Governance, Compensation and Financial Report Print from 25 March 2021 March 25 from Print 2021 January 29 from PDF Annual Report 2020 Integrated AVAILABLE IN ENGLISH PDF from 29 January 2021 January 29 from PDF Financial Report Compensation and Governance, 2020 AVAILABLE IN ENGLISH 123 Givaudan SA Chemin de la Parfumerie 5 1214 Vernier, Switzerland

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