Company Update

May 28, 2010

Agriculture

Syngenta AG (SYT - $44.02 - Buy) FLASH NOTE

Tim Tiberio, Senior Research Analyst, (646) 465-9027
ttiberio@chardancm.com
Sales and trading 7 a.m. to 7 p.m. ET, (646) 465-9090
Sales and trading 7 p.m. to 7 a.m. ET, (646) 465-9040

Stock Data 05/27/10 Acquires Maribo Seed Business; Reiterate Buy On

52 Week Range ($42.96 - $57.74) Revenue Diversification Theme
Price Target $65.00
Market Cap (mil) $20,821.42
Purchases Beet Seed Business. Yesterday, Syngenta announced
Shares out (mil) 473.00
the acquisition of the Maribo seed beet business from Nordic Sugar,
One year price history SYT a subsidiary of Nordzucker AG, for $52.8mn plus contingent
payments of roughly $6.1mn. As part of this transaction, the company
1 Year Price History for SYT acquired seed production and distribution capabilities along with the
60 Maribo brand name. We note that the business unit generated sales
55 of approximately $49mn in 2009.
50
45 Background Of Maribo Seeds. The Maribo seed business was
40 started in 1920 and is headquartered in Holeby, Denmark. The
Q1 Q2 Q3 Q1 Q2
35 company sells its sugar beet seeds in 35 countries and has
2010 commercial operations across Europe including Russia, Poland,
Created by BlueMatrix Denmark and the UK.
Offers Opportunity To Consolidate EU Vegetable Segment. We
view this acquisition as part of Syngenta's long-term goal to be a
For the last note available click here leading consolidator within the vegetable,fruit, and sunflower seed
VIEW MODEL segment. The global sugar beet seed market is valued at roughly
$700-750mn, with beet sugar as a key input in roughly 30% of the
world's sugar production. We note that sugar beet seeds are primarily
grown within the European Union. As such, we see this acquisition as
an opportunity for Syngenta to further strengthen its position as a
leading sugar beet seed producer in Europe.
Reiterating Buy On Greater Revenue Diversification. With shares
down roughly 10% this month, albeit outperforming relative to
Monsanto's (MON - NR) performance of ~20%, we believe Syngenta
is oversold at current levels. Despite the closing valuation gap, we
maintain a positive bias on Syngenta, owing to its more diversified
crop protection business, seed portfolio rotation into higher-margin
traits, and favorable y/y raw material cost comparisons in 2010. With
much of Monsanto's woes related to the high percentage of crop
protection sales generated from Roundup herbicides (70-80%), we
recall that Syngenta operates a more diversified crop protection
business. We estimate that herbicide products accounted for only
40% of its overall crop protection revenues in 2009. Excluding
non-glyphosate-based herbicides, the revenue contribution from
Roundup-type products is even lower.

Please refer to important disclosure information and Regulation Analyst Certification found on pages 4 - 5 of this report.
 Flash Note
Syngenta AG May 28, 2010

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Syngenta AG May 28, 2010

Risks to achievement of target price:

Global inventory levels, price competition, new product delays, supply disruptions, new governmental environmental
regulations, global economic growth, foreign exchange fluctuations, global monetary policy, and pressure from NGO
environmental groups.

Company description:
Syngenta, head-quartered in Basel, Switzerland, is a leading global provider of crop protection and seeds. Syngenta is
listed on the Swiss stock exchange (SYNN) and as an ADR on the NYSE (SYT). While the company’s operations have
a longstanding presence in the agribusiness segment, Syngenta, as a company, was founded in 1999 and formed from
Novartis and AstraZeneca merging their agribusinesses in November, 2000. The company is organized around three
key segments: Crop Protection, Seeds, and Business Development

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Syngenta AG May 28, 2010

Important Research Disclosures

Rating and Price Target History for: Syngenta AG (SYT) as of 05-27-2010

02/23/10
I:B:$65
70
60
50
40
30
20
Q1 Q2 Q3 Q1 Q2 Q3 Q1 Q2 Q3 Q1 Q2
2008 2009 2010

Created by BlueMatrix

Distribution of Ratings/IB Services

Chardan Capital Markets
IB Serv./Past 12 Mos.
Rating Count Percent Count Percent
BUY [BUY] 14 58.30 3 21.43
HOLD [NEUTRAL] 9 37.50 0 0.00
SELL [SELL] 1 4.20 0 0.00
NOT RATED [NR] 0 0.00 0 0.00

Regulation Analyst Certification ("Reg AC") — Tim Tiberio

ANALYST(s) CERTIFICATION: The analyst(s) responsible for covering the securities in this report certify that the
views expressed in this research report accurately reflect their personal views about “Company” and its securities. The
analyst(s) responsible for covering the securities in this report certify that no part of their compensation was, is, or will
be directly or indirectly related to the specific recommendation or view contained in this research report.
DISCLOSURES
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other Company mentioned in the report.

Chardan Capital Markets expects to receive or intends to seek compensation for investment banking services from all
companies under research coverage within the next three months. Chardan Capital Markets or its officers, employees
or affiliates may execute transactions in securities mentioned in this report that may not be consistent with the report’s
conclusions.
RATINGS
Buy: Expected to materially outperform sector average over 12 months and indicates total return of at least 10% over
the next 12 months.
Neutral: Returns expected to be in line with sector average over 12 months and indicates total return between
negative 10% and 10% over the next 12 months.
Sell: Returns expected to be materially below sector average over 12 months and indicates total price decline of at
least 10% over the next 12 months.
FORWARD-LOOKING STATEMENTS: This Report contains forward-looking statements, which involve risks and
uncertainties. Actual results may differ significantly from such forward-looking statements. Factors that might cause
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available in electronic format through SEC Edgar filings at www.SEC.gov on the Internet.
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Syngenta AG May 28, 2010

decisions that are inconsistent with the recommendations expressed herein. Chardan may from time to time perform
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