CONSENSUS

The Consensus Forecasts 2011 and 2012, compiled by Givaudan, are based on emails and reports, received between 3 and 19 January 2012.

Disclaimer

The consensus forecast set out below results from regular research reports made by analysts currently covering Givaudan, as detailed in the list below. This list has been drawn up to the best of Givaudan’s knowledge but does not purport to be comprehensive of all institutions publishing financial research on Givaudan.

Any opinions, forecasts, estimates, projections or predictions regarding Givaudan’s performance made by the analysts are exclusively theirs and do not represent the opinions, forecasts, estimates, projections or predictions of Givaudan or its management. The publication of this information on this website does not imply that Givaudan endorses, or concurs with, the reports, conclusions or recommendations of the cited analysts. Givaudan disclaims any liability for the accuracy or completeness of such information and does not assume any obligation to update it even if it becomes aware of any changes.

This information is provided for ease of reference only and does not constitute an offer or solicitation to buy, hold or sell Givaudan securities.

Consensus Forecasts Full Year Results 2011

Consensus Forecasts Full Year Results 2012

Recommendations

List of Analysts who have contributed to this consensus:

Rolf Kunz, Bank am Bellevue
Andrew Stott, Bank of America Merrill Lynch
Jean-Philippe Bertschy, Bank Vontobel AG
Christoph Wirtz, CA Cheuvreux Switzerland
Andrew Benson, Citigroup
Virginie Boucher-Ferte, Deutsche Bank AG
Richard Logan, Goldman Sachs International
Martin Flückiger, Helvea SA
Simon Marshall-Lockyer, Jefferies
Ankur Gupta, JP Morgan Securities Ltd.
Arne Rautenberg, Kepler Capital Markets
Adam Collins, Liberum Capital
Jürgen Reck, Macquarie Securities Europe
Bernd Pomrehn, MainFirst Schweiz AG
Daniel Bürki, ZKB