2020 Full Year Results Investor Conference

Leverage ratio and Net debt to EBITDA Increase related to the Ungerer acquisition Leverage ratio of 50% as at December 2020 compared to 47% in 2019. The increase is largely driven by currency impacts on the CTA in Equity and the acquisition of Ungerer in February 2020. The net debt to EBITDA as at December 2020 was 2.9x, flat compared to December 2019 and down from 3.4x in June 2020. 50% 28% 29% 24% 21% 18% 19% 17% 15% 47% 41% ill Dec '19 Dec '20 Dec '10 Dec '11 Dec '12 Dec '13 Dec '14 Dec '15 Dec '16 Dec '17 Dec '18 Givaudan 2020 Full year results investor conference 29/01/2021

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