R O B E R T E T

R O B E R T E T 2 0 0 8

R O B E R T E T 2 0 0 8 Naturally creative

J e a n M a u b e r t Jean Maubert passed away on 28 October. Right up to the very end, he wished to remain informed on everything that was happening in the Company. W ith the utmost tact, he sent strong messages to Management conveying a pro-active policy of innovation with a focus on commerce. He was always available to share his optimism and his unshakable faith in the future of Robertet. Born in 1923, he took over the reins of the Group in 1961, alongside his brother Paul, representing the third generation of the Maubert family running the Company. Whilst strengthening Robertet's position in the field of natural products, he initiated diversification, firstly into ingredients for the Perfumer y sector and later into the field of

Flavours. These decisions were not easy to make at the time but proved to be vital for the Group's expansion, notably on an international scale, including the United States, now a major factor in Robertet's diversity. Certainly not the least of his achievements was opening many subsidiaries and forming a top-quality, international management team which is strongly united. Whilst playing a hands-on role in the day-to-day management of the Group, he always kept the Group's future in mind as well as long-term governance. In 1994, he placed the fourth generation of Mauberts at the head of Robertet and took the firm decision to step down from operations. He yielded the Chairmanship of the G r o u p t o h i s s o n, P h i l i p p e, w h o h a d c o m p l e t e d a l e n g t h y a p p r e n t i c e s h i p f o r t h i s responsibility, partly by his father's side. Jean Maubert remained Chairman of the Super visor y Board with enlightened opinions on major development options. In, he had the satisfaction of seeing representatives of the 5th generation of the Maubert family joining the company. Robertet's success is closely linked to that of the Maubert family. The family guarantees Robertet's independence and a long-term management policy. When appointed Chairman in 1961, he was surprised to note that his family did not hold the majority of shares in the Company, despite the fact that his grandfather and his father had managed the Company single-handedly. He thus set about obtaining a solid and lasting majority in the Company's capital to strongly protect this majority. When Robertet went public in 1984, only non-family-member shareholders sold their s h a r e s o n t h e m a r k e t. J e a n M a u b e r t ' s f a m i l y c o n c e n t r a t e d t h e l i o n ' s s h a r e o f i t s holdings in Robertet, deliberately spurning short-term profits. J e a n M a u b e r t ' s a c h i e v e m e n t s w e r e a l s o l a r g e l y r e c o g n i s e d o u t s i d e t h e c o m p a n y : he was raised to the rank of Officer of the Legion d Honneur. He left his mark on Robertet and the entire flavour and fragrance industr y. His spirited style has been passed on and will continue to set the pace for the Robertet Group in the future. We are all extremely grateful to him.

Results for the year were as budgeted, with turnover of 303 million euros compared to 241 million euros in. At constant exchange and structural rates, the increase amounts to 4% - in line with the overall progress of companies in our business sector. The EBITDA of 28,900 million euros corresponds to 9.5% of turnover. Net profit of 13 million euros is 9% down, compared to, excluding expenses due to a reduction of good will. These results were obtained in a sluggish market. The environment was therefore not particularly favourable throughout, although the trend was even more marked in the second half of the year. Margins were reduced in light of strong competition and a substantial increase in the cost of raw materials. The year saw the launch of the strategic programme "Robertet 2012". Main pillars of the programme include: tightening links between the Group and some of Charabot's operational units; starting to invest in the industrial platform in Grasse; completing the investment programme in the United States to increase liquid and powder blend capabilities substantially in the Flavours area. All of these investments are full of promise for the future. They call for strong commitment in-house, as well as in terms of funding. These strategic choices are being maintained in the current context of crisis because we are convinced that enhanced efficiency is essential for future growth. As in the past, our success will depend on listening to the client, the support of our shareholders and the commitment of our workforce. Philippe Maubert

K E Y F I N A N C I A L D A T A 2004 2005 2006 2004 2005 2006 2004 2005 2006 2004 2005 2006 2004 2005 2006 106,00 72,00 Share value at December 31st (euros) Staff Robertet group 6,20 % 4,35 % 11,00 % 9,00 % 30,57 94,00 130,70 114,90 1150 1160 1155 1500 1500 203,90 207,00 221,00 241,00 303,00 14,00 13,14 * 14,19 * 14,96 * 13,26 * 1,70 1,80 1,90 2,00 1,80 Sales (consolidated turnover in EUR millions) Net profit (EUR millions) (version IFRS)* D i v i d e n d s ( e u r o s ) 28,88 20,50 17,70 Raw materials Fragrances Flavors Segmental analysis of sales 25% 37 % 38 % France 15 % International 85 % Profit over sales Profit over equities EBITDA (EUR millions) Cash flow (EUR millions) G e o g r a p h i c a l a n a l y s i s o f s a l e s

North America 33 % 4 1 % Europe 1 3 % Asia L a t i n A m e r i c a 7 % 6 % Middle East, Africa

Robertet is reinforcing its position in the field of organic products. T h i s i s n o t a m a t t e r o f e n t e r i n g a n i c h e m a r k e t. T h e i s s u e i s t h e f u t u r e o f o u r c o r e b u s i n e s s, t h a t o f n a t u r a l r a w m a t e r i a l s. W i t h o u r p a r t n e r " L e s P l a n t e s A r o m a t i q u e s d u D i o i s ", w e a r e s e t t i n g u p c h a n n e l s o f s u s t a i n a b l e p r o c u r e m e n t t h a t r e s p e c t t h e e n v i r o n m e n t a n d i n v o l v e l o c a l p r o d u c e r s. W e a r e a l s o d e v e l o p i n g t h e n e c e s s a r y i n f r a s t r u c t u r e s f o r c r e a t i n g p e r f u m e s t h a t a r e c e r t i f i e d n a t u r a l o r o r g a n i c. B y a d o p t i n g t h i s a p p r o a c h a n d e n d e a v o u r i n g t o e n s u r e t h e s u s t a i n a b i l i t y o f n a t u r a l r e s o u r c e s, R o b e r t e t i s s a t i s f y i n g a m a j o r c l i e n t d e m a n d.

ORGANIC S U S TA I N A B L E RESPONSIBLE PRODUCTS DE V E LOP M E N T PROCUREMENT

N E W I N D U S T R I A L P L A T F O R M I N G R A S S E W o r k o n t h e n e w f a c t o r y c o m m e n c e d d u r i n g t h e f i r s t h a l f o f 2 0 0 9. T h i s n e w, h i g h l y - a u t o m a t e d u n i t i s a c u t t i n g - e d g e f a c i l i t y. I t i s d e s i g n e d t o r e i n f o r c e t h e R o b e r t e t G r o u p ' s c o m p e t i t i v e e d g e i n y e a r s t o c o m e i n a m a r k e t t h a t w i l l s e t i n c r e a s i n g s t o r e i n s p e e d, q u a l i t y, t r a c e a b i l i t y a n d s a f e t y. T h i s i n v e s t m e n t i s a l s o p a r t o f t h e p r o c e s s t o b r i n g C h a r a b o t a n d R o b e r t e t e n t i t i e s c l o s e r t o g e t h e r.

r o b e r t e t S. A. Art direction Esther Burkhard, Photos Stephane Martinelli, printed by Carestia B O A R D O F D I R E C T O R S M. Philippe Maubert Chairman M. Xavier Givaudan Mme Gilberte Lombard M. Dlawar Barakat M. Alain Moynot Mme Catherine Canovas M. Peter Lombardo M. Robert Nicol Mme Isabelle Maubert M. Lionel Picolet M. Christophe Maubert M. Olivier Maubert M A N A G E M E N T G R A S S E M. Philippe Maubert Chief Executive Officer. M. Lionel Picolet General Manager. M. Peter Lombardo Raw Material. M. Christophe Maubert Fragrances. M. Olivier Maubert Flavors. ROBERTET GRASSE 37, avenue Sidi Brahim BP 52100 06130 Grasse Cedex Phone : +33 4 93 40 33 66 Fax : +33 4 93 70 68 09 www.robertet.com CHARABOT 10 Avenue Emmanuel Baudoin BP 22070 06131 Grasse Cedex Phone : +33 4 93 09 33 33 Fax : +33 4 93 09 33 01 E-mail: contact@charabot.fr ROBERTET PARIS 43, rue du Colisée 75008 Paris Phone: +33 1 44 95 02 80 Fax: +33 1 45 61 93 69 S U B S I D I A R I E S USA USA - Robertet Flavors Inc Phone : +1 732 981 8300 Fax : +1 732 981 1717 E-mail: plombardo@robertetusa.com USA - Robertet Incorporated Oakland, NJ 07436-3190 Phone : +1 201 405 1000 Fax: +1 201 337 6863 E-mail: plombardo@robertetusa.com USA - Robertet Incorporated New York Creative Center Phone : +212 710 4600 Fax : +1 212 245 4092 E-mail: lbroc@robertetusa.com ARGENTINA Robertet Argentina Phone : +54 11 4771 4105 Fax : +54 11 4774 2837 E-mail: m.garnero@robertet.com.ar BELGIUM Robertet Savoury Phone : +32 3 641 95 00 Fax : +32 3 645 36 58 E-Mail: philip.van.den.broecke@robertet.be BRASIL Robertet do Brasil Ind. e Com. Ltda Phone : +55 11 4133 7103 Fax : +55 11 4133 7122 E-mail: francisco.marques@robertet.com.br CHINA Robertet Flavors & Fragrances (Beijing) CO., LTD. Phone : +86 10 844 053 38 Fax : +86 10 844 053 39 E-mail: candy.zhou@robertet.cn GERMANY Robertet GMBH Phone : +49 22 33 39 44 0 Fax : +49 22 33 39 44 20 E-mail: info@robertet.de GREAT BRITAIN Robertet UK Ltd., Phone : +44 1428 647240 Fax: +44 1428 647241 E-mail: stephanie.topps@robertet.co.uk INDIA Robertet Flavours & Fragrances Pvt. Ltd. Phone: +91 22 66 95 28 21 Fax : +91 22 66 95 28 24 E-mail: sunil.donde@robertet.co.in IRAN Robertet Sirjan Phone : +98 21 877 451 16 Fax : +98 21 877 343 19 E-Mail: Kamals.Tehrani@taamafshan.com ITALY Robertet Italia Srl Phone : +39 02 48 00 89 90 Fax : +39 02 48 00 98 03 E-mail : tommaso.milella@robertet.it JAPAN Robertet Japan Phone : +81 33 666 12 41 Fax : +81 33 666 12 42 E-mail: tamura@robertet.co.jp MEXICO Robertet de Mexico s.a. de c.v. Phone: +52 555 686 61 64 Fax : +52 555 685 80 71 E-mail: jpenice@robertet.com.mx SINGAPORE Robertet Singapore PTE Ltd Phone : +65 6 221 04 41 Fax : +65 6 223 56 08 E-mail: wonggnaw@robertet.com.sg SPAIN Robertet España SA Phone : +34 93 417 71 04 Fax : +34 93 417 96 55 E-mail: jordi.torradeflot@robertet.es SWITZERLAND Robertet SA Phone : +41 22 311 31 55 Fax : +41 22 310 31 77 E-mail: robertet@swissonline.ch SOUTH AFRICA Robertet South Africa Aromatics Ltd. Phone : +27 014 537 2773 E-Mail: robertetsouthafricaaromatics@yebo.co.za TURKEY Robertet Gulyagi ve Phone : +90 246 553 20 29 Fax: +90 246 553 24 92 E-Mail: mustafaazizyilmaz@hotmail.com VIETNAM Robertet Vietnam Phone : +84 8 3 822 1845 Fax : +84 8 3 822 1896 E-mail: ptlan@hcm.fpt.vn

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