Hedge positions closed The Group closed several financial instruments which had been entered into to protect against future increases in interest rate, while also fixing the interest rate on future debt issuance. The corresponding losses which have been recorded in equity will be recycled in the income statement (Financing costs) over the period of the cash flow initially hedged, although the period of cash flows of the newly issued debt is sometimes different. The transactions have the following characteristics: Entity Inception date Type of Instrument Currency of Instrument Notional amount in millions Average rate Fair value of financial instrument at the date of settlement in millions of Swiss francs Amount recycled in the income statement over the period in millions of Swiss francs Starting date of recycling through income statement Maturity Date Tranche Assigned to debt Givaudan SA 2012 Treasury locks USD 100 1.80% (1) – Feb 2013 Feb 2023 10Y Private Placements for a total of USD 250 million, respectively USD 40 million redeemable in February 2020 with an annual interest rate of 2.74%, USD 150 million redeemable in February 2023 with an annual interest rate of 3.30% and USD 60 million redeemable in February 2025 with an annual interest rate of 3.45%. 2012 Forward starting interest rate swaps CHF 0 75 1.63% (8) (2) Dec 2016 Dec 2021 5Y Public bond for a total of CHF 300 million, respectively CHF 100 million at a rate of 0.000% with 6 year maturity and CHF 200 million at a rate of 0.625% with 15 year maturity. 2012 2014 CHF 150 1.90% (15) (3) Apr 2018 Apr 2023 5Y Public bond for a total of CHF 350 million, respectively CHF 150 million at a floating rate with 2 year maturity and CHF 200 million at a rate of 0.375% with 7 year maturity. June 2018 EUR 400 1.05% (1) (5) – (1) Sep 2018 Sep 2025 Sep 2028 7Y 10Y Dual tranche placement of Euro bond totalling EUR 1,300 million, respectively of EUR 500 million at a rate of 1.125% for 7 years and EUR 800 million at a rate of 2.000% for 12 years. 2014 2015 2018 2019 CHF 125 1.40% (2) (20) – (2) Nov 2020 Nov 2025 Nov 2028 5Y 8Y Public bond of CHF 150 million at a rate of 0.150% with 8 year maturity. 2014 2015 CHF 125 2.05% (25) – Dec 2021 Jun 2030 8.5Y Public bond of CHF 150 million at a rate of 0.375% with 10 year maturity. Total for the year ended 31 December 2021 (8) 64 Givaudan — 2021 Governance, Compensation and Financial Report Governance Report Compensation Report Consolidated Financial Report Statutory Financial Report Appendix Notes to the consolidated financial statements