We work hard to make our Annual Report as understandable as possible. However, certain financial terms may be unfamiliar to some readers. This glossary explains some of the expressions we use. If you do not find the term you want, please click http://www.syngenta.com/en/site/contacts.aspx, and send your question to Investor Relations.

Constant Exchange Rates (CER). The Annual Report often compares results from different periods by using Constant Exchanges Rates. To do so, Syngenta converts local results in other currencies into dollars - at the previous years exchange rate. The CER presentation indicates underlying business performance.

EBITDA. This stands for earnings before interest, tax, minority interests, depreciation, amortization and impairment. Syngenta and many investors use EBITDA as a measure of operating performance. It is not a measure of financial performance under generally accepted accounting principles.

Free cash flow. Many investors use free cash flow as a useful measure of cash generation. It is not a measure of financial performance under generally accepted accounting principles. Cash flow is free after allowance for operating, investing and operational financing activities and taxes.

Impairment. Syngenta reviews its tangible and intangible assets annually. It does so to determine whether events or changes in circumstances indicate that the carrying amount of the assets may not be recoverable. If so, Syngenta estimates the recoverable amount of the asset as the higher of the net selling price or value in use. The resultant loss (the difference between carrying value and recoverable amount) appears as a charge in the income statement.

IFRS. Syngenta prepares its consolidated financial statements in line with International Financial Reporting Standards. In accordance with changes to IFRS, the company has recently adopted several new or revised accounting standards. http://www.syngenta.com/en/downloads/accounting_changes.pdf describes these in more detail.

Range Rationalization (RR). Since the formation of Syngenta, the Crop Protection business has sought to improve business quality and value by modernizing its portfolio. This process includes rationalization - the removal of numerous products from the range. At merger, Syngenta had 121 active ingredients. By the end of 2004, this number had fallen to 78.

Restructuring charges. Restructuring includes the effects of completing and integrating significant business combinations and divestments. Restructuring represents the effect on reported performance of initiating business changes which are considered major, and which, in the opinion of management, will have a material effect on the nature and focus of Syngenta operations. These items are disclosed separately, to provide a more thorough understanding of business performance.