A payout of 200% would require an achievement level above the maximum threshold for both criteria. An achievement level below the minimum threshold on either measure results in a 0% payout. Different combinations of relative sales growth and FCF achievements within the above ranges lead to payouts between 0% and 200%, ranked according to their long-term economic value generation for the Company. The outcome of the matrix payout approach is that outperformance on one performance criteria can be counterbalanced in the event of underperformance on the other. Accordingly, the weighting of impact for each performance criteria differs depending on the positioning within the matrix shown in table VIII. For awards granted in 2021, the payouts will be calculated using the payout matrix as per table VIII as previously for 80% of the award value at grant, and the other 20% will be calculated against People and Nature targets described on page 31. For each performance target as well as for the overall PSP achievement rate, a payout cap of 200% applies. Participants do not receive any dividends or have any voting rights in respect of Performance Shares during the vesting period. In general, Performance Shares lapse on cessation of employment. In specific circumstances such as death, disability or retirement, Performance Shares may vest subject to satisfaction of the performance criteria. In case of a change of control, Performance Shares may vest immediately. Vesting in 2021 The 2018 PSP vested on 15 April 2021 with a 140% payout. This reflects above target achievement on FCF and above target achievement on relative sales growth, as displayed in table X. Historical long-term incentive achievement is shown in table XI. For reference, Givaudan tests performance against other benchmark metrics, including relative total shareholder return (TSR), and it continues to outperform the market in many regards. For instance, Givaudan’s TSR measured over the latest three-year vesting period has generally been at or above third quartile when compared to local Swiss companies, related industry companies and the Company's benchmark peer group. Therefore Givaudan’s performance, return to shareholders and executive compensation remain aligned. X. 2018 PSP achievement Criteria Performance Payout Average like-for-like sales growth compared to peer group +1.1% 140% of performance shares granted Cumulative FCF / sales ¹ 12.5% 1. Formula = Σ (FCF margin reporting year x sales in reporting currency in year / Σ Sales in reporting currency in year). XI. Historical long-term incentive achievement Ta rget 100% 2018 vesting (2015 PSP) 2019 vesting (2016 PSP) 2020 vesting (2017 PSP) 2021 vesting (2018 PSP)  %  %  %  % 3.7 Benefits Executive Committee members participate in the benefit plans of the Company, consisting mainly of retirement, insurance and health care plans that are designed to provide a reasonable level of protection for the employees and their dependents in respect of the risks of retirement, ill-health, disability and death. Executive Committee members are also provided with certain executive perquisites and benefits in kind according to competitive market practice. The aggregate monetary value of these benefits is evaluated at fair value and disclosed in the compensation tables. Reflecting business and individual performance Governance Report Compensation Report Consolidated Financial Report Statutory Financial Report Appendix 31 Givaudan — 2021 Governance, Compensation and Financial Report