Heinz Imhof

I am pleased to report another successful year for Syngenta. Our share price has been improving solidly throughout the year, resulting in top rankings in major stock market indices including best performance in the Swiss Market Index.

Earnings per share increased by 76 per cent. Our plans announced at the Annual General Meeting 2004 to return more than $800 million to shareholders over three years through the combination of a progressive dividend and share repurchase program are well underway. Our confidence in the future performance of Syngenta has enabled the Board to propose an increased dividend of CHF 2.70, to be paid by way of a nominal value reduction.

Throughout the year we were able to take full advantage of the favorable market dynamics due to the strength of our products and our organization. Demand for food has increased as global population continues to grow, and dietary requirements have been changing towards products of higher nutritional quality. Worldwide stocks of the most important crops such as corn, soybeans and wheat have been lower than in previous years and therefore stimulated planting in all regions. Latin America, particularly Brazil, has seen an unprecedented upswing in agricultural production due to high international demand. This was supported by favorable exchange rates and high productivity. Our company has been in an excellent position to benefit from these market dynamics due to our broad product portfolio and tailored customer solutions.

On reviewing the companys strategy, the Board made decisions concerning a number of acquisitions in the important sectors of US corn and soybean seed, and in plant technologies. Other topics addressed at our five Board meetings this year included a review of business development projects, the restructuring of our global research function and the implementation of a risk management process throughout the company. In June, Martin Taylor was appointed Vice-Chairman of the Board of Directors, following the retirement of Sir David Barnes.

We continued integrating corporate social responsibility more deeply into all our business practices. Examples of our commitment include our support of the Global Crop Diversity Trust, which preserves gene banks and plant biodiversity around the world, as well as our donation of new Golden Rice seeds and lines to the Golden Rice Humanitarian Board, addressing healththreatening vitamin A deficiency in developing countries.

2004 has been a year of a very satisfying business performance. I would like to thank all of our employees for their dedication and commitment to Syngenta that has made this success possible. Thanks to their contribution we all can be proud of what has been achieved. I am confident that Syngenta is in great shape to meet the demands of customers around the world for many years to come as we continue to perform for you, our shareholders.