Michael Pragnell

Our performance in 2004 reflects the strong foundation we have been building since the companys creation and the immense commitment of our people worldwide. All businesses performed well as they capitalized on the opportunities presented by recovering agricultural markets. Our sustained emphasis on cost and capital efficiency contributed to significant earnings growth and substantially enhanced returns

As we enter a new phase with the merger successfully behind us, our strategy has three main elements: to enhance leadership in Crop Protection and Field Crops Seeds; to drive growth in the consumer-led areas of Professional Products and Vegetables and Flower Seeds; and to create new opportunities by exploiting our Plant Science capabilities. Progress was marked in all three as we continue to build on the firm foundation we have created and our promising R&D pipeline.

Crop Protection growth was notably high in Latin America. Our leading brands, combined with excellent local marketing, also enabled us to expand sales in Eastern Europe and parts of Asia whilst taking full advantage of better conditions in Western Europe. New products again grew strongly. In particular, growth in the ACTARA, AMISTAR and CALLISTO® families enhanced Syngentas leadership in many markets.

In Field Crops, the acquisition of GARST and GOLDEN HARVEST substantially strengthened our position in US corn and soybean seeds, creating a broad platform for trait commercialization. In cotton, we entered a long-term technology agreement with the US market leader, Delta & Pine Land Company.

Professional Products and Vegetables and Flower Seeds maintained their five year record of consistent growth thanks to sustained product innovation.

In the consumer-led fresh produce market we are developing new business models, and Dulcinea Farms in the USA continues to demonstrate promise. Progress in the animal feed market was slower than expected due to unanticipated delays in the US registration of QUANTUM Phytase. Longer-term developments in enzymes and biopharmaceuticals look promising.

None of the many achievements of last year would have been possible without the support of our customers to whom I extend my thanks. This support reflects the dedication of our employees worldwide whose energy and enthusiasm remain unflagging: to them my warmest appreciation.

Our confidence in our people, and their ability to innovate and exploit our broad portfolio and commercial reach, leads us to re-affirm our target of high-teens growth in earnings per share in each of the next two years. It also enables us to increase our three year cash return program to shareholders to more than $1 billion by end 2006.

At the end of 2004, Jeff Beard stepped down from the Executive Committee. I would like to thank him as COO Seeds since merger for his professionalism and his contribution to our progress. He is succeeded by Mike Mack who joined Syngenta in 2002 as Head of Crop Protection NAFTA.

We remain fully committed to enhancing value for shareholders as we continue to reinforce leadership in our core businesses and drive growth. Our goal is to build an enterprise of which employees, customers and shareholders alike can be truly proud.