On January 17, 2020, International Flavors & Fragrances Inc. and certain of its subsidiaries entered into an amendment (the Revolving Credit Amendment) to its Revolving Credit Agreement, to facilitate the Transactions and the related guarantee or assumption by the Company of indebtedness to be incurred by Nutrition & Biosciences Inc. in connection with the Company's previously announced merger with N&Bco by, among other things, providing that after the closing date of the Transactions, the Company's maximum permitted ratio of Net Debt to Consolidated EBITDA shall be 4.50 to 1.0, stepping down to 3.50 to 1.0 over time (with a step-up if the Company consummates certain qualified acquisitions). The amendments were made pursuant to the Credit Agreement, dated as of November 9, 2011, amended and restated as of December 2, 2016, amended as of May 21, 2018, amended and restated as of June 6, 2018, and amended as of July 13, 2018 among the Company, certain of its subsidiaries, the banks, financial institutions and other institutional lenders party thereto, and Citibank, N.A. as administrative agent (the Revolving Credit Agreement"). The lenders and other financial institutions that are party to the Revolving Credit Amendment and their respective affiliates engage in financial advisory, investment banking, commercial banking or other transactions of a financial nature with the Company and its subsidiaries, including the provision of advisory services for which they receive certain fees, expense reimbursements or other payments.