#1DISCLAIMER: "The following document contains protected and confidential information from Symrise and must be kept in confidence. This information may not be used by anyone who obtains it if Symrise has not granted written permission to do so. always inspiring more... Symrise Investor Presentation Olaf Klinger (CFO) - June 2019 symrise →#2Agenda Overview 1 Who is Symrise? 2 Financials 3 Investment Highlights 4 Outlook 5 Appendix - symrise 2#3always inspiring more... Who is Symrise? symrise 3#4Symrise Overview symrise Symrise's products provide exciting flavor and fragrance experiences and contribute to the health and well-being of consumers in ~160 countries around the world. Symrise offers ~30,000 innovative fragrances and flavors, cosmetic ingredients and pet food ingredients. Based on ~10,000 mostly natural raw materials including vanilla, citrus products, onions, fish, meat and flower and plant materials, these products are custom-tailored for every region of the world. 200♡ Furthermore, for solutions in the health and personal care application areas, we provide biofunctional and bioactive ingredients and substances. ~10,000 employees around the world make up the company. Their hard work, passion and diversity are key to the company's success. 4#5The Symrise Group >100 Sites Around the World UK DONCASTER HOLBEACH RIPLEY CORBY NL BELFELD RU RU ROGOVO MOSCOW MARLOW DE PL RU EXETER AT WARSAW BELGOROD KR CN SEONGNAM VIENNA TUA KZ FR THU UA CHARKIW ALMATY BELED KIEV QINGDAO CN KR GANGNAM-GU SEOUL IT BEJING ES RIBERA D'ONDARA ES MILAN TR IR P ISTANBUL TEHERAN ES BARCELONA CERVERA IN CN CN CHUZHOU IBARAKI NEW DELHI EG CAIRO AE DUBAI NANTONG CN JP TOKYO IN CN IN GURUGRAM GUANGZHOU MUMBAI SHANGHAI TW ΤΑΙΡΕΙ TH TH SAMUT SAKHON BANGKOK NG LAGOS PH PASIG CITY CHENNAI VN MY HO CHI MINH CITY SHAH ALAM SG Singapore us ELYRIA us CHICAGO CA SAINT-BLAISE SUR RICHELIEU CA US SILVERTON US LAGUNA BEACH GUYMON HODGES MONDOVI CHAMPLAIN US us US BUSHY PARK MX MONTERREY US BANKS US CROSSING COLONEL'S ISLAND Jus JACKSONVILLE MAX QUERÉTARO CR CAÑAS IVE CARACAS BOGOTÁ EC EC GUAYAQUIL DURÁN LA VICTORIA BR AMAZONIA EC PASAJE BR VINHEDO BR BR DESCALVADO São Paulo IMG ANTANANARIVO MG BENAVONY BR SOROCABA BR CL COTIA SANTIAGO DE CHILE ZA JOHANNESBURG CL AR BUÍN BUENOS AIRES ZANDWIJK PAARL AR TORTUGUITAS GLOBAL HEADQUARTER • REGIONAL HEADQUARTER • SITE JAKARTA symrise BRANCHBURG RENNES LANGUIDIC SADDLE BROOK Teterboro NEW YORK CITY US ANTRAIN PARIS CLICHY-LA-GARENNE SAINT-NOLFF COSSÉ-LE-VIVIEN ELVEN HAMBURG BRAUNSCHWEIG AU AU BERESFIELD DEE WHY KÖLN Holzminden NÖRDLINGEN ROSENHEIM FR DE 5 LO#6Industry An attractive niche Megatrends support organic growth: ...health & wellness ... middle class boom & urbanization sustainability ... traceability ... vegetarian food ... naturalness & symrise Industry tied to population growth and disposable income; little dependence on cyclical, economic trends. High market concentration - top 4 players with ~47%. Global footprint key to meet local tastes & preferences. 'Sweet spot' in value chain: only a small fraction of product costs (1-5%), but a key buying criteria. Sustainability & supply chain management increasingly important. High barriers to entry e.g. core list system and increasing regulatory pressure. Tailor-made products with generally small volumes and decreasing product life cycles. Handling complexity for our clients. Managing ~10,000 raw materials for~30,000 products. Short-term visibility. CO 6#7Products and solutions for every need We operate our business through three segments symrise FLAVOR Flavor Beverages Savory Sweet NUTRITION Diana Food Pet food Fragrances Fine fragrances Consumer fragrances Oral care SCENT & CARE Cosmetic Ingredients Cosmetic actives Sun protection Aroma Molecules Scent components Menthol Cooling substances Production of flavorings to give foods and beverages their individual tastes Supply of individual flavorings, as well as complete solutions with additional functional ingredients Approximately 13,000 items sold in 146 countries • Aqua Probi* World leader in food production solutions based on natural ingredients Production of food ingredients comprising sensory product solutions, solutions to improve taste and pets' acceptance of pet food, marine ingredients for aquacultures and probiotics . Combination of aromatic raw materials to make complex fragrances (perfume oils) Perfume oils used in fine fragrances and in personal care and household products, as well as mint flavors for oral care products Portfolio of active ingredients, sun protection, hair care, micro protection, functionals, botanicals and color solutions Combination of nature, science and chemistry to cater to the needs of modern global consumers • Production of nature-identical menthols, scent components and cooling substances Products used for own production of perfume oils, as well as marketed to companies in the consumer goods and fragrance & flavor industries * Probi AB is listed in Sweden; Symrise owns 57.65% as per December 31, 2018 7#8Corporate strategy Consequent strategy implementation pays off symrise . Growth Growth in Emerging Markets Maximization of customer spectrum Targeted innovation . Vision Efficiency • Specific efficiency programs Optimizing raw material portfolio Sustainability Values Portfolio · Portfolio expansion in Nutrition and Cosmetics Bolt-on M&A in the core business Strategic priorities Growth Focus on organic growth by implementation of incremental growth projects and capacity expansion Efficiency Efficiency programs such as employing artificial intelligence Portfolio Further driving shift into high margin applications going forward 8#9Well-balanced Business Portfolio across segments, customers, regions and markets Symrise's 12 largest customers Distribution by division/BU 1. 2. 3. 4. 5. 6. Legend 7. 8. 9. 10. 11. 12. Flavor Diana Food Diana Pet Food Fragrance symrise Sales distribution by Segment Sales distribution by Region Nutrition Flavor Latin America Scent & Care Asia/Pacific Sales distribution by Customer Type Oral Care Regional Customers Cosmetic Ingredients Aroma Molecules Multiple touchpoints with clients The largest customer constitutes only 5% of overall sales Local Customers North America EAME Sales distribution by Markets Global Key Accounts Emerging Markets Developed Markets 9#10* Beyond traditional Flavor & Fragrances Building a unique portfolio Our portfolio today Cosmetic Ingredients Nowa Aqua Pet Food Menthol UV Filters Beverages additional business units Savory External growth - selected acquisitions 2006-2018 S&C Kaden Biochemicals MANHEIMER fragrances symrise Trilogy BELMAY PINOVA RENESSENZ citratus DIANA FLAVOR INFUSION NutraceuTIX CELTA Nutra Cobell First -QUALITY EXTRACTS Sweet CHR, HANSEN Flavors Perlarnance fra nature probl F&N Food Our product world Our unique backward integration 18 19 Fine Fragrances • Industry-leading backward integration Beauty Care • Fragrance & Sensory Ingredients Home Care Oral Care Naturals and synthetics, e.g. Vanilla, Onion, Citrus and Menthol No. 1 supplier of fragrance raw materials* Sustainable partnership with farmers worldwide E.g. >80% of oral care compounds are homemade (Menthol, Anethol, Carvone and Cooling compounds) 10#11Growth and Sustainable Business by implementing the UN Sustainable Development Goals symrise United Nations Sustainable Development Goals 11 10 ARE 12 Q NIT WASAMPL SUSTAINABLE DEVELOPMENT GOALS 15 € 13 We actively measure our progress Recent awards received 15 15 16 Y 1 aber Fores Biodivers sible Sourcing Bodiversity Responsible Sourcing Reducing mission innovative & Sustainable Product Solutions RedSupply Chan Win Sutery Hospeter Local Valor Creat cal value Creation Occupational Health & Safety Management & Employee Ma 13 17 Diversity & Equal Opportunies JA 8 Water Strategy +⑩ Carbon Disclosure Project Top rating in the categories air, water, forest EcoVadis Gold status for corporate social responsibility DQS Excellence Award for "Green Chemistry" and "Social Engagement" German Sustainability Award Category: Large corporations Symrise Deutschlands nachhaltigstes Großunternehmen" 2019 11#12always inspiring more... symrise Financials 12#13Sales and EBITDA Profitable growth and creating value since IPO Development of Sales / EBITDA Sales and EBITDA in Em, margin in % symrise 22%* ** EBITDA margin 19.8 21.3 19.9 18.0 21.1 20.0 19.5 20.4 21.9 22.0 21.5 21.0 20.0 19% CAGR 06-18 8.2% Sales 1,229 1,275 1,320 1,362 1,572 1,584 1,735 1,830 2,120 2,602 2,903 2,996 3,154 EBITDA 243 272 263 246 331 316 340 373 465 572 625 630 631 8.3 % 2006* 2007 2008 2009 2010 2011 2012 2013 2014* 2015 2016* 2017 2018 * EBITDA adjusted for restructuring and integration expenses **19-22% EBITDA margin target since 2012 13#14Financial Highlights 2018 Symrise records another year of outstanding sales growth symrise Sales € 3,154m +5.3% +8.8% Cash flow from operating activities +12% € 442m in reporting currency Organic growth New KPI since 2018 EBITDA Margin 20.0% EBITDA € 631m Business Free Cash Flow* Net income ** € 275m Earnings per share** € 2.12 *** Net Debt € 1,380m Net Debt (including pensions) € 1,893m Investments Mainly for accelerated growth initiatives €226m or 7.2% of sales *Business Free Cash Flow = EBITDA - CAPEX +/- Change in Working Capital **attributable to shareholders of Symrise AG *** undiluted 14#15Business Free Cash Flow introduced as a new internal KPI for 2018 BFCF as % of Sales 13.3% 9.9% 16.4% 12.5% 11.8% 9.9% 9.9% 2012 2013 2014 2015 2016 2017 2018 Definition of BFCF: EBITDA CAPEX +/- = Change in Working Capital Business Free Cash Flow symrise 10% BFCF in % of sales in line with past year despite inventory challenges and highest ever capacity growth investment Limited EBITDA Growth vs. 2017 Working Capital Growth in line with topline growth CAPEX above guidance: 7.2% in 2018 Ambition Steady improvement of BFCF as % of sales until 2025 15#16Q1 2019 On track for strong growth Symrise Group Sales in € million 776.9 8.2% 1.1% 9.3% 8.5 63.4 848.8 Sales by Region in € million (Organic growth in %) 682.0 +12.4% 383.0 +16.2% symrise 1,378.5 +6.4% Q1 2018 Organic growth Portfolio FX Q1 2019 9.1% 331.8 30.2 Scent & Care Sales in € million Q1 2018 Organic Portfolio growth 367.3 10.7% 291.2 315.6 710.6 +6.1% 153.8 ■EAME ■Northern America ■Asia/Pacific -0.9% Latin America 165.9 + F-1 F-1 Q1 2019 Flavor Sales in € million Q1 2018 Organic Portfolio growth Q1 2019 Nutrition Sales in € million Q1 2018 Organic Portfolio growth Q1 2019 16#17always inspiring more... Investment Highlights symrise 17#18Investment Highlights Diversified, stable and profitable growth symrise Leading global focused F&F producer Attractive and well- positioned business model with exposure to fundamental macro trends Cash generation and profitable growth Investment-Grade Financing Structure Symrise is a leading supplier of consumer ingredients with approx. 10% market share of the global AFF market Outperformed peers in top-line growth in recent years Strong and experienced management with proven track record since Symrise IPO in 2006 Diversified business model by segments and regions with well-positioned portfolio that allows to participate in future growth dynamics across several industries and cross-linking of competencies High barriers to entry and stable oligopoly market structure Favourable industry dynamics with robust above GDP growth prospects in a diverse range of end-markets, supported by global macro trends Constantly strong EBITDA margin supports cash generation; Sales CAGR of approx. 11% p.a. suggests good future cash generation Investments in growth are currently at peak and should decline over the next years, whilst profitability should further increase. Additionally, management implemented cash- based KPIs to improve sensibility for margin strength Top priority is to remain an Investment-Grade Profile Conservative Financial Policy - last acquisition was financed via Equity & Debt Long-term leverage target of 2.0 to 2.5x (Net Debt incl. Pensions to EBITDA) Well-balanced maturity profile with strong access to Equity and Debt Capital Markets 18#19always inspiring more... symrise Outlook 19#20Outlook 2019 Confident to achieve targets Grow faster than symrise Targets 2019* Organic growth 5-7% CAGR سهر Strong focus on cash flow Growth dynamics Promising start into 2019 Ongoing good business dynamics and project pipeline Added competencies and further differentiated portfolio through integration of ADF/IDF Industry leading backward integration with focus on naturals Capacity expansion in growth segments and markets to fully leverage growth opportunities the relevant market > 3-4% Profitability -20% EBITDA * Impact of ADF/IDF not included 20 20#21Driving growth through targeted investments ... especially in R&D, technology and capacity expansion symrise Selected growth initiatives and capacity expansion 2018 Pet Food Elven/France Production. €10m + Pet Food Cervera/Spain Production. €7m Fragrances Shanghai/China R&D. €8m In Єm 7.2% 5-6% of group sales 226 -200 2018 2019 est. 2018 Flavors Branchburg/USA Technology. €10m Food Ingredients Banks County/USA Production. €50m Aroma Molecules Holzminden/Germany Production. €10m 2019 Fragrances Holzminden/Germany Technology. €15m Menthol Charleston/USA Production. €30m + Cosmetic Ingredients Charleston/USA Production. €20m + Fragrances/Flavors Nantong/China Production. €50m Logistic Holzminden/Germany New Site. €10m 21#22... and carefully selected acquisitions like ADF/IDF symrise A unique provider of meat- and egg-based protein ADF/IDF is operating 2 business segments... Chicken Egg $136m 62% $84m 38% Meat-based ingredients Chicken-based ingredients for pet food and food Pet food: supporting trend of quality increase in ingredients by providing protein specialties Food: pioneer in clean label & natural taste solutions Egg-based ingredients Egg-based ingredients for pet food Leading provider of egg-based protein specialties Supporting premium and super-premium pet food brands to develop non-extruded products that mirror human food Protein Broth Bone Broth Fat Nutritional egg Binding egg Emulsifying egg serving a diversified client base Key multinationals Long-standing relationship Recurring and stable revenue Growing regional brands Fostering product innovation Providing further growth potential ... already fully refinanced 400m capital increase 250m Schuldschein (promissory note) 200m term loan 22 22#23Objectives 2025 Supported by our proven strategy Financial goals 2020 2025 symrise Sales growth Sales in Emerging markets Customer mix 5-7% pa (CAGR) > 50 % 1/3 global, regional, local 5-7% pa (CAGR) > 50 % 1/3 global, regional, local EBITDA margin CAPEX Dividend Sustainability goals Environment *Science-based target (SBT) 2016-2025 19-22% 5-6% 30-50% 20-23% due to more favorable product mix 4-5% by 2022 most of the major invests completed 30 - 50 % planned to be continued 33 % improvement of footprint 50%* improvement of footprint 23 23#24Symrise AG Financial Calendar & Contact Financial Calendar August 8, 2019 H1 2019 results October 29, 2019 9M 2019 trading statement Contact Symrise AG Mühlenfeldstraße 1 37603 Holzminden, Germany Tobias Erfurth Investor Relations [email protected] Tel +49 5531 90-1879 symrise Disclaimer: This document contains forward-looking statements, which are based on the current estimates and assumptions by the corporate management of Symrise AG. Future performance and the results actually achieved by Symrise AG and its affiliated companies depend on a number of risks and uncertainties and may therefore differ materially from the forward-looking statements. Many of these factors are outside Symrise's control and cannot be accurately estimated in advance, such as the future economic environment and the actions of competitors and others involved in the marketplace. Symrise neither plans nor undertakes to update any forward-looking statements. 24 24#25always inspiring more... symrise Appendix 25#26Appendix: Solid Financing Structure Clear focus on investment grade Maturity Profile as of May 31, 2019 800 600 400 Already financed symrise Net debt / EBITDA as of December 31, 2018 Net debt + provisions & pension/EBITDA ratio 3,5 3,0 2,5 2,0 Net debt/EBITDA ratio 200 0 m ווי 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 US private placement 2010 EIB 2013 Promissory loan notes 2019 Bond 2019 Promissory loan notes 2015 Revolver 2015 ● Convertible 2017 Well-balanced maturity profile • Well-diversified financing instruments 1,5 1,0 Pinova Diana Step changes 2008 2009 2010 2011 2012 2013 2014* 2015 2016* 2017 2018 * EBITDA adjusted for restructuring and integration expenses Status Quo Net debt of €1,380m reflects 2.2 x EBITDA Net debt including pensions of €1,893m reflects 3.0 x EBITDA Ambition . · Long-term leverage target of 2.0 to 2.5x EBITDA (incl. pensions) Unchanged since IPO · Top priority: Remain an investment grade profile 26#27Appendix: Proposed ADF/IDF acquisition All three financing facilities completed Bridge and Term Facilities Agreement €800m / 31 Jan 2019 symrise Facility A Bridge to Equity* €400m Accelerated book building of primary shares Offer price €71.25 / Volume €400m Pricing date 8 Feb 2019 BNP and UniCredit Facility B Bridge to Debt €200m [increased to €250m] Issuance of a Schuldschein loan Size €200m Launch date 22 Feb 2019 Estimated settlement 29 Mar 2019 LBBW, Helaba and Commerzbank Facility C Term Loan €200m Syndication amongst existing banking group Term 5Y, amortizing Closing 25 Feb 2019 * 5,614,036 new shares; increase from 129,812,574 to 135,426,610 shares 27#28Appendix: Amortization from business combinations Major effects are fading out symrise Diana Other M&A 2003 Merger 18 17 16 16 15 18 18 15 12 11 11 9 56 56 56 56 56 9 6 51 6 45 .45 45 25 0 :0 6 6 6 6 6 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 * only M&A-related amortization (without software or internally generated intangible assets) Main drivers Merger of Haarmann & Reimer and Dragoco in 2003: Recipes Acquisition of Diana in 2014: Brands, customer base and recipes Status Further EPS support expected over time 28