Document:

Exhibit 4.2

                               30th March, 2001

                         CIBA SPECIALTY CHEMICALS PLC
                     CIBA SPECIALTY CHEMICALS CORPORATION
               CIBA SPEZIALITATENCHEMIE HOLDING DEUTSCHLAND GMBH
                                  as Issuers

                 --------------------------------------------

                               DEED OF COVENANT

                 --------------------------------------------

                                ALLEN & OVERY
                                    London

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                               DEED OF COVENANT

THIS DEED OF COVENANT is made on 30th March, 2001 by each of Ciba Specialty
Chemicals Corporation, Ciba Specialty Chemicals PLC and Ciba
Spezialitatenchemie Holding Deutschland GmbH (each an "Issuer") in favour of
the account holders of Clearstream Banking, societe anonyme ("Clearstream,
Luxembourg") and Euroclear Bank S.A./N.V. as operator of the Euroclear System
("Euroclear"), or any successor to the business thereof or any other
additional clearing system or systems as are specified in the Pricing
Supplement relating to any Note (as defined below) (each a "Clearing System").

WHEREAS:

(A)  Each Issuer has entered into an amended and restated Program Agreement
     (the "Program Agreement", which expression includes the same as it may be
     amended, supplemented, novated or restated from time to time) dated 30th
     March, 2001 with Ciba Specialty Chemicals Holding Inc. (the "Guarantor")
     and the Dealers named therein under which the relevant Issuer proposes
     from time to time to issue Euro Medium Term Notes (the "Notes"), which
     amends and restates the amended and restated program agreement dated 16th
     June, 2000 with Ciba Specialty Chemicals Corporation, Ciba Specialty
     Chemicals PLC, Ciba Spezialitatenchemie Holdings Deutschland GmbH, the
     Guarantor and the Dealers named therein (the "Principal Program
     Agreement").

(B)  Each Issuer has also entered into an amended and restated Agency
     Agreement (the "Agency Agreement", which expression includes the same as
     it may be amended, supplemented, novated or restated from time to time)
     dated 30th March, 2001 between, inter alios, the Issuer and The Chase
     Manhattan Bank (the "Agent").

(C)  The Notes will initially be represented by, and comprised in, Temporary
     Global Notes (the "Temporary Global Notes") and thereafter may be
     represented by, and comprised in, Permanent Global Notes (the "Permanent
     Global Notes" and together with the Temporary Global Notes, the "Global
     Notes"), such Global Notes representing a certain number of underlying
     Notes (the "Underlying Notes").

(D)  Each Global Note will, after issue, be deposited with a common depository
     for one or more Clearing Systems (each such Clearing System or all such
     Clearing Systems together, the "Relevant Clearing System"). Upon such
     deposit of a Global Note the Underlying Notes represented by such Global
     Note will be credited to a securities account or securities accounts with
     the Relevant Clearing System. Any account holder with the Relevant
     Clearing System which has Underlying Notes credited to its securities
     account from time to time (each a "Relevant Account Holder") will,
     subject to and in accordance with the terms and conditions and operating
     procedures or management regulations of the Relevant Clearing System, be
     entitled to transfer such Underlying Notes and (subject to and upon
     payment being made by the relevant Issuer to the bearer in accordance
     with the terms of the relevant Global Note) will be entitled to receive
     payments from the Relevant Clearing System calculated by reference to the
     Underlying Notes credited to its securities account.

(E)  In certain circumstances specified in each Global Note, a Global Note
     will become void. The time at which a Global Note becomes void is
     hereinafter referred to as the "Relevant Time". In such circumstances
     each Relevant Account Holder will, subject to and in accordance with the
     terms of this Deed, acquire against the relevant Issuer all those rights
     which such Relevant Account Holder would have had if, prior to the Global
     Note becoming void, duly executed and authenticated Definitive Note(s)
     (as defined in the Agency Agreement) and, if the Notes are repayable in
     instalments, receipts in respect thereof (the "Receipts") and interest
     coupons

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     (the "Coupons") appertaining to the Definitive Note(s) (if appropriate)
     had been issued in respect of its Underlying Note(s) and such Definitive
     Notes(s), Receipts (if appropriate) and Coupons (if appropriate) were
     held and beneficially owned by such Relevant Account Holder.

(F)  The obligations of each Issuer under this Deed have been guaranteed by
     the Guarantor pursuant to the amended and restated Deed of Guarantee (the
     "Guarantee") executed by the Guarantor on 30th March, 2001 and an
     executed copy of the Guarantee has been deposited with and shall be held
     by the Agent for the time being for the Notes. A copy of the Guarantee
     shall be available for inspection at the office of the Agent for the time
     being (being at the date hereof at Trinity Tower, 9 Thomas More Street,
     London E1 9YT).

(G)  This Deed of Covenant amends and restates the amended and restated Deed
     of Covenant entered into by Ciba Specialty Chemicals Corporation, Ciba
     Specialty Chemicals PLC, Ciba Spezialitatenchemie Holding Deutschland
     GmbH dated 16th June, 2000. This Deed of Covenant does not affect any
     Notes issued pursuant to the Principal Program Agreement prior to the
     date hereof.

NOW THIS DEED WITNESSES AS FOLLOWS:

1.   If any Global Note becomes void in accordance with the terms thereof the
     relevant Issuer hereby undertakes and covenants with each Relevant
     Account Holder (other than when any Relevant Clearing System is an
     account holder of any other Relevant Clearing System) that each Relevant
     Account Holder shall automatically acquire at the Relevant Time, without
     the need for any further action on behalf of any person, against the
     relevant Issuer all those rights which such Relevant Account Holder would
     have had if at the Relevant Time it held and beneficially owned duly
     executed and authenticated Definitive Note(s), Receipts (if appropriate)
     and Coupons (if appropriate) in respect of each Underlying Note
     represented by such Global Note which such Relevant Account Holder has
     credited to its securities account with the Relevant Clearing System at
     the Relevant Time. The relevant Issuer's obligation pursuant to this
     clause shall be a separate and independent obligation by reference to
     each Underlying Note which a Relevant Account Holder has credited to its
     securities account with the Relevant Clearing System and the relevant
     Issuer agrees that a Relevant Account Holder may assign its rights
     hereunder in whole or in part.

2.   The records of the Relevant Clearing System shall be conclusive evidence
     of the identity of the Relevant Account Holders and the number of
     Underlying Notes credited to the securities account of each Relevant
     Account Holder. For the purposes hereof a statement issued by the
     Relevant Clearing System stating:

     (i)  the name of the Relevant Account Holder to which such statement is
          issued; and

     (ii) the aggregate nominal amount of Underlying Notes credited to the
          securities account of such Relevant Account Holder as at the opening
          of business on the first day following the Relevant Time on which
          the Relevant Clearing System is open for business,

     shall be conclusive evidence of the records of the Relevant Clearing
     System at the Relevant Time.

3.   In the event of a dispute, the determination of the Relevant Time by the
     Relevant Clearing System shall be final and conclusive for all purposes
     in connection with the Relevant Account Holders with securities accounts
     with the Relevant Clearing System.

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4.(a) Where the Issuer is Ciba Specialty Chemicals Corporation:

     The Issuer will, subject to the exceptions and limitations set forth
     below, pay as additional interest on an Underlying Note such additional
     amounts as are necessary in order that the net amounts receivable
     pursuant to the terms of the Underlying Note by each Relevant Account
     Holder who is a United States Alien (as such term is defined below),
     after deduction for any present or future tax, assessment or governmental
     charge of the United States (as such term is defined below), or a
     political subdivision or authority thereof or therein, imposed by
     withholding with respect to the payment, will not be less than the
     amounts provided for in such Underlying Note to be then due and payable;
     provided, however, that the foregoing obligation to pay additional
     amounts shall not apply to:

     (i)  any tax, assessment or governmental charge that would not have been
          so imposed but for the existence of any present or former connection
          between such Relevant Account Holder (or between a fiduciary,
          settlor, beneficiary, member or shareholder of, or holder of power
          over, such holder, if such Relevant Account Holder is an estate,
          trust, partnership or corporation) and the United States, including,
          without limitation, such Relevant Account Holder (or fiduciary,
          settlor, beneficiary, member, shareholder or holder of a power)
          being considered as:

          (A)  being or having been present or engaged in a trade or business
               in the United States or having or having had a permanent
               establishment therein;

          (B)  having a current or former relationship with the United States,
               including a relationship as a citizen or resident or being
               treated as a resident thereof;

          (C)  being or having been a personal holding company, a controlled
               foreign corporation, a passive foreign investment company, a
               foreign personal holding company with respect to the United
               States, a corporation that has accumulated earnings to avoid
               United States Federal income tax or a private foundation or
               other tax-exempt organisation; or

          (D)  an actual or a constructive "10-per cent shareholder" of the
               Issuer as defined in Section 871(h)(3) of the United States
               Internal Revenue Code of 1986, as amended (the "Code");

     (ii) any Relevant Account Holder who is a fiduciary or partnership or
          other than the sole beneficial owner of the Underlying Note, but
          only to the extent that a beneficiary or settlor with respect to
          such fiduciary or member of such partnership or a beneficial owner
          of the Underlying Note would not have been entitled to the payment
          of an additional amount had such beneficiary, settlor, member or
          beneficial owner been the Relevant Account Holder of such Underlying
          Note;

     (iii) any tax, assessment or governmental charge that would not have been
          imposed or withheld but for the failure of the Relevant Account
          Holder, if required, to comply with certification, identification or
          information reporting requirements under United States income tax
          laws, without regard to any tax treaty, with respect to the payment,
          concerning the nationality, residence, identity or connection with
          the United States of the Relevant Account Holder or a beneficial
          owner of such Underlying Note, if such compliance is required by
          United States income tax laws, without regard to any tax treaty, as
          a precondition to relief or exemption from such tax, assessment or
          governmental charge;

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     (iv) any estate, inheritance, gift, sales, transfer, excise, wealth or
          personal property tax or any similar tax, assessment or governmental
          charge;

     (v)  any tax, assessment or governmental charge that is payable otherwise
          than by withholding from the payment of the amounts receivable in
          respect of such Underlying Note;

     (vi) any tax, assessment or governmental charge required to be withheld
          by any paying agent from such payment of amounts receivable in
          respect of any Underlying Note, if such payment can be made without
          such withholding by any other paying agent; or

     (vii) any combination of items (i), (ii), (iii), (iv), (v) or (vi).

     As used in this Clause, "United States" means the United States of
     America, the Commonwealth of Puerto Rico and each possession of the
     United States of America and place subject to its jurisdiction and
     "United States Alien" means any corporation, partnership, individual or
     fiduciary that, as to the United States, is for United States Federal
     income tax purposes (A) a foreign corporation, (B) a foreign partnership
     one or more of the members of which is, for United States Federal income
     tax purposes, a foreign corporation, a non-resident alien individual or a
     non-resident alien fiduciary of a foreign estate or trust, (C) a
     non-resident alien individual or (D) a non-resident alien fiduciary of a
     foreign estate or trust.

(b)  Where the Issuer is Ciba Spezialitatenchemie Holding Deutschland GmbH:

     All payments in respect of the Underlying Note by the Issuer will be made
     without withholding or deduction for or on account of any present or
     future taxes or duties of whatever nature imposed or levied by or on
     behalf of Germany or any state (Bundesland), municipality or other
     political subdivision or any authority thereof or therein having power to
     tax, unless such withholding or deduction is required by law. In such
     event, the Issuer will pay such additional amounts as shall be necessary
     in order that the net amounts received by the Relevant Account Holders
     after such withholding or deduction shall equal the amounts which would
     otherwise have been receivable in respect of the Underlying Note in the
     absence of such withholding or deduction; except that no such additional
     amounts shall be payable with respect to any Underlying Note to or to the
     order of a Relevant Account Holder who is liable for such taxes or duties
     in respect of such Underlying Note by reason of his having some
     connection with Germany other than the mere holding of such Underlying
     Note or with respect to any Underlying Note presented for payment to a
     paying agent which is required to deduct or withhold an amount for or on
     account of such taxes or duties if such amount can be paid without any
     deduction or withholding for or on account of any taxes or duties by any
     other paying agent. Any advance income tax (Zinsabschlagsteuer) levied in
     Germany since 1993 as well as the solidarity surcharge
     (Solidaritatszuschlag) imposed thereon since 1995 do not constitute a
     withholding or deduction within the meaning of this Clause 4(b).

(c)  Where the Issuer is Ciba Specialty Chemicals PLC:

     All payments by the Issuer in respect of the Underlying Notes shall be
     made without withholding or deduction for or on account of any present or
     future tax, duty or charge of whatever nature imposed or levied by or on
     behalf of the United Kingdom, or any authority thereof or therein having
     power to tax unless the withholding or deduction is required by law. In
     that event, the Issuer shall pay such additional amounts as will result
     (after such withholding or deduction) in the receipt by the Relevant
     Account Holders of the sums which would have been receivable (in the
     absence of such withholding or deduction) from the Issuer in respect of
     their Underlying Notes; except that no such additional amounts shall be
     payable

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     with respect to any Underlying Note to or to the order of a person liable
     to such tax, duty or charge in respect of such Underlying Note by reason
     of his having some connection with the United Kingdom other than the mere
     holding or ownership of such Underlying Note or with respect to any
     Underlying Note presented for payment to a paying agent which is required
     to deduct or withhold an amount for or on account of such tax, duty or
     charge if such amount can be paid without any deduction or withholding
     for or on account of any tax, duty or charge by any other paying agent.

5.   Each Issuer hereby warrants, represents and covenants with each Relevant
     Account Holder that it has all corporate power, and has taken all
     necessary corporate or other steps, to enable it to execute, deliver and
     perform this Deed, and that this Deed constitutes a legal, valid and
     binding obligation of the relevant Issuer enforceable in accordance with
     its terms subject to the laws of bankruptcy and other laws affecting the
     rights of creditors generally.

6.   This Deed shall take effect as a Deed Poll for the benefit of the
     Relevant Account Holders from time to time and for the time being. This
     Deed shall be deposited with and held by a depository for Clearstream,
     Luxembourg and Euroclear, or any successor to the business thereof and
     for the time being (being at the date hereof The Chase Manhattan Bank at
     Trinity Tower, 9 Thomas More Street, London E1 9YT) until all the
     obligations of each Issuer hereunder have been discharged in full.

7.   Each Issuer hereby acknowledges the right of every Relevant Account
     Holder to the production of, and the right of every Relevant Account
     Holder to obtain (upon payment of a reasonable charge) a copy of, this
     Deed, and further acknowledges and covenants that the obligations binding
     upon it contained herein are owed to, and shall be for the account of,
     each and every Relevant Account Holder, and that each Relevant Account
     Holder shall be entitled severally to enforce the said obligations
     against the relevant Issuer.

8.   No rights are conferred on any person under the Contracts (Rights of
     Third Parties) Act 1999 to enforce any term of this Deed, but this does
     not affect any right or remedy of any person which exists or is available
     apart from that Act.

9.   This Deed is governed by, and shall be construed in accordance with, the
     laws of England.

     Each Issuer hereby irrevocably agrees, for the exclusive benefit of the
     Relevant Account Holders, that the courts of England are to have
     jurisdiction to settle any dispute which may arise out of, or in
     connection with, this Deed and that accordingly any suit, action or
     proceedings (together referred to as "Proceedings") arising out of, or in
     connection with, this Deed may be brought in such courts. Each Issuer
     irrevocably waives any objection which it may have now or hereafter to
     the laying of the venue of any Proceedings in any such court and any
     claim that any such Proceedings have been brought in an inconvenient
     forum and further irrevocably agrees that a judgment in any Proceedings
     brought in the English courts shall be conclusive and binding upon the
     relevant Issuer and may be enforced in the courts of any other
     jurisdiction (subject to the laws of the jurisdiction in which
     enforcement is sought). Nothing contained in this Clause shall limit any
     right to take Proceedings against any Issuer in any other court of
     competent jurisdiction, nor shall the taking of Proceedings in one or
     more jurisdictions preclude the taking of Proceedings in any other
     jurisdiction, whether concurrently or not (subject to the laws of the
     relevant jurisdictions). Ciba Specialty Chemicals Corporation and Ciba
     Spezialitatenchemie Holding Deutschland GmbH each hereby appoints Ciba
     Specialty Chemicals PLC at its registered office for the time being to
     accept service of process on its behalf. If Ciba Specialty Chemicals PLC
     shall cease to be registered under the laws of England and Wales, the
     relevant Issuer shall appoint another

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     person with an office in London to accept such service. Nothing herein
     shall affect the right to serve process in any other manner permitted by
     law.

10.  This Deed may be executed by any one or more of the parties hereto in any
     number of counterparts, each of which shall be deemed to be an original,
     but all such counterparts shall together constitute one and the same
     instrument.

IN WITNESS whereof each Issuer has caused this Deed to be duly executed the
day and year first above mentioned.

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EXECUTED as a Deed under          )
Seal by CIBA SPECIALTY CHEMICALS  )
CORPORATION                       )
and SIGNED and                    )
DELIVERED as a deed on its        )
behalf by                         )   OLIVER STRUB      KIRK ERSTLING
in the presence of:               )

Witness's

Signature .........................................A. STEINER

Name      .........................................ANITA STEINER

Address   .........................................c/o CIBA SPECIALTY CHEMICALS
                                                   INC
          .........................................

EXECUTED as a Deed under           )
Seal by CIBA SPECIALTY CHEMICALS   )
PLC and SIGNED and DELIVERED as    )
a deed on its behalf by            )   OLIVER STRUB      KIRK ERSTLING
in the presence of:                )

Witness's

Signature .........................................A. STEINER

Name      .........................................ANITA STEINER

Address   .........................................c/o CIBA SPECIALTY CHEMICALS
                                                   INC
          .........................................

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EXECUTED as a Deed under             )
Seal by CIBA SPEZIALITATENCHEMIE     )
HOLDING DEUTSCHLAND GMBH             )
and SIGNED and DELIVERED as          )
a deed on its behalf by              )   OLIVER STRUB        KIRK ERSTLING
                                     )
in the presence of:                  )

Witness's

Signature .........................................A. STEINER

Name      .........................................ANITA STEINER

Address   .........................................c/o CIBA SPECIALTY CHEMICALS
                                                   INC
          .........................................Exhibit 4.3

                               30th March, 2001

                     CIBA SPECIALTY CHEMICALS HOLDING INC.
                                 as Guarantor

                 ---------------------------------------------

                               DEED OF GUARANTEE

                 --------------------------------------------

                                ALLEN & OVERY
                                    London

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                               DEED OF GUARANTEE

THIS DEED OF GUARANTEE is made on 30th March, 2001 by CIBA SPECIALTY CHEMICALS
HOLDING INC., (the "Guarantor") in favour of the Relevant Account Holders (as
defined in the Deed of Covenant referred to below) and the holders for the
time being of the Notes (as defined below) and the interest coupons (if any)
appertaining to the Notes ("Coupons"), the Coupons being attached on issue to
Definitive Note(s) (as defined below). Each Relevant Account Holder, each
holder of a Note and each holder of a Coupon is a "Holder".

WHEREAS:

(A)  CIBA SPECIALTY CHEMICALS CORPORATION, CIBA SPECIALTY CHEMICALS PLC, CIBA
     SPEZIALITATENCHEMIE HOLDING DEUTSCHLAND GMBH (the "Issuers" and each an
     "Issuer") and the Guarantor have entered into an amended and restated
     Program Agreement (the "Program Agreement", which expression includes the
     same as it may be amended or supplemented from time to time) dated 30th
     March, 2001 with the Dealers named therein, which amends and restates the
     amended and restated program agreement entered into by, inter alia, Ciba
     Specialty Chemicals Corporation, Ciba Specialty Chemicals PLC and Ciba
     Spezialitatenchemie Holding Deutschland GmbH dated 16th June, 2000 (the
     "Principal Program Agreement"), under which each Issuer proposes from
     time to time to issue Euro Medium Term Notes (the "Notes", such
     expression to include each Definitive Note issued by an Issuer and each
     Global Note issued by an Issuer (where "Definitive Note" and "Global
     Note" have the meanings ascribed thereto in the Agency Agreement defined
     below) and to include any receipts issued in respect of Notes repayable
     in instalments);

(B)  each Issuer has executed a Deed of Covenant of even date (the "Deed of
     Covenant") relating to Global Notes issued by that Issuer pursuant to the
     Program Agreement;

(C)  the Issuers and the Guarantor have entered into an amended and restated
     agency agreement (the "Agency Agreement", which expression includes the
     same as it may be amended or supplemented from time to time) dated 30th
     March, 2001 with the Paying Agents named therein; and

(D)  this Deed of Guarantee amends and restates the amended and restated Deed
     of Guarantee made by the Guarantor dated 16th June, 2000, and does not
     affect any Notes issued pursuant to the Principal Program Agreement prior
     to the date hereof.

NOW THIS DEED WITNESSES as follows:

1.   Guarantee: The Guarantor irrevocably and unconditionally undertakes to
     secure by way of deed poll to each Holder the due and punctual payment as
     stipulated in an Issuer's Note or Coupon or under its Deed of Covenant,
     as the case may be. The Guarantor therefore undertakes to pay on first
     demand of such a Holder, irrespective of the validity and the legal
     effects of the above mentioned relationship in respect of a Note or
     Coupon or Deed of Covenant and waiving all rights of objection and
     defence arising therefrom any amount not paid by the relevant Issuer
     (including any premium or any other amounts of whatever nature or
     additional amounts) upon receipt of the written request for payment by
     such Holder and the confirmation in writing by the Agent that the
     relevant Issuer has not made such payments on the dates specified and in
     the amount called under the Guarantee. The Guarantor hereby expressly
     undertakes and secures that payments under this Guarantee will not be
     less than as stipulated in an Issuer's Note or Coupon. In implementation
     of this undertaking and in case Swiss withholding taxes are imposed in
     respect of payments made under this Guarantee, the

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     Guarantor undertakes, as a separate and independent obligation, to pay an
     increased amount on the relevant Note or Coupon so that the payment
     received by the Noteholder or Couponholder shall equal the amount
     actually stipulated in such Note or Coupon (assuming no such withholding
     applies).

2.   Guarantor's Obligations Continuing: The Guarantor's obligations under
     this Guarantee are and will remain in full force and effect by way of
     continuing security until no sum remains payable under any Note, any
     Coupon or the Deed of Covenant. Furthermore, these obligations of the
     Guarantor are additional to, and not instead of, any security or other
     guarantee or indemnity at any time existing in favour of a Holder,
     whether from the Guarantor or otherwise. The Guarantor irrevocably waives
     all notices and demands whatsoever, except as provided herein.

3.   Repayment to the Issuer: If any payment received by a Holder is, on the
     subsequent liquidation or insolvency of the relevant Issuer, avoided
     under any laws relating to liquidation or insolvency, such payment will
     not be considered as having discharged or diminished the liability of the
     Guarantor and this Guarantee will continue to apply as if such payment
     had at all times remained owing by the relevant Issuer.

4.   Status of Guarantee: The payment obligations of the Guarantor under this
     Guarantee constitute direct, unconditional and (subject to clause 5
     below) unsecured obligations of the Guarantor and (subject as aforesaid)
     rank and will rank pari passu with all other outstanding unsecured and
     unsubordinated indebtedness and monetary obligations of the Guarantor,
     present or future, including those in respect of deposits (other than
     obligations preferred by law).

5.   Negative Pledge of the Guarantor: So long as any of the Notes remains
     outstanding, but not later than the time when payment for the full amount
     of principal and interest in respect of all outstanding Notes has been
     duly provided for, the Guarantor will procure that no Indebtedness of the
     Guarantor which is represented by bonds, notes or other securities which
     in any such case are listed or capable of being listed on any recognised
     Stock Exchange will be secured upon any of the present or future assets
     or revenues of the Guarantor unless all amounts payable under this
     Guarantee are secured equally and rateably with such other security or
     such other security or guarantee is granted to the Notes and Coupons as
     shall have been approved by an Extraordinary Resolution of the
     Noteholders. Any reference to an obligation being guaranteed shall
     include a reference to an indemnity being given in respect of payment
     thereof.

     As used herein "Indebtedness" means all indebtedness for money borrowed
     that is created, assumed, incurred or guaranteed in any manner by the
     Guarantor or for which the Guarantor is otherwise responsible or liable.

6.   Tax Gross-up: All payments in respect of the Notes by the Guarantor shall
     be made without withholding or deduction for, or on account of, any
     present or future taxes, duties, assessments or governmental charges of
     whatever nature ("Taxes") imposed or levied by or on behalf of
     Switzerland, or any political sub-division of, or any authority in, or
     of, Switzerland having power to tax, unless the withholding or deduction
     of the Taxes is required by law. In that event, the Guarantor will pay
     such additional amounts as may be necessary in order that the net amounts
     received by the Noteholders and Couponholders after the withholding or
     deduction shall equal the respective amounts which would have been
     receivable in respect of the Notes or, as the case may be, Coupons in the
     absence of the withholding or deduction; except that no additional amount
     shall be payable in relation to any payment in respect of any Note or
     Coupon:

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     (i)  by or on behalf of a person liable to such tax, duty or charge in
          respect of such Note, Receipt or Coupon by reason of his having some
          connection with Switzerland other than the mere holding or ownership
          of such Note, Receipt or Coupon; and/or

     (ii) presented for payment to the relevant Issuer more than 30 days after
          the Relevant Date (as defined in Condition 7(f) of the Terms and
          Conditions of the relevant Notes) except to the extent that a holder
          would have been entitled to additional amounts on presenting the
          same for payment on the last day of the period of 30 days; and/or

     (iii) to, or to a third party on behalf of, a holder who would be able to
          avoid such withholding or deduction by making a declaration of
          non-residence or similar claim for exemption but fails to do so;
          and/or

     (iv) where such withholding or deduction is imposed on a payment to an
          individual and is required to be made pursuant to any European Union
          Directive on the taxation of savings implementing the conclusions of
          the ECOFIN Council meeting of November 26-27, 2000, or any law
          implementing or complying with, or introduced in order to conform
          to, such Directive; and/or

     (v)  presented for payment by or on behalf of a holder who would have
          been able to avoid such withholding or deduction by presenting the
          relevant Note or Coupon to another Paying Agent in a Member State of
          the EU.

7.   Power to execute: The Guarantor hereby warrants, represents and covenants
     with each Holder that it has all corporate power, and has taken all
     necessary corporate or other steps, to enable it to execute, deliver and
     perform this Guarantee, and that this Guarantee constitutes a legal,
     valid and binding obligation of the Guarantor, enforceable in accordance
     with its terms subject to applicable bankruptcy, reorganisation,
     insolvency, fraudulent transfer, moratorium and other similar laws
     affecting creditor's rights generally from time to time in effect, and to
     general principles of equity, regardless of whether considered in a
     proceeding in law or at equity.

8.   Deposit of Guarantee: This Guarantee shall take effect as a Deed Poll for
     the benefit of the Holders from time to time and for the time being. This
     Guarantee shall be deposited with and held by The Chase Manhattan Bank
     for the benefit of the Holders until all the obligations of the Guarantor
     hereunder have been discharged in full.

9.   Production of Guarantee: The Guarantor hereby acknowledges the right of
     every Holder to the production of, and the right of every Holder to
     obtain (upon payment of a reasonable charge) a copy of, this Guarantee,
     and further acknowledges and covenants that the obligations binding upon
     it contained herein are owed to, and shall be for the account of, each
     and every Holder, and that each Holder shall be entitled severally to
     enforce the said obligations against the Guarantor.

10.  Subrogation: Until all amounts which may be payable under the Notes, the
     Coupons and/or the Deed of Covenant have been irrevocably paid in full,
     the Guarantor shall not exercise any rights of subrogation in respect of
     any rights of any Holder or claim in competition with the Holders against
     the relevant Issuer.

11.  Governing Law and Jurisdiction: This Guarantee is governed by and shall
     be construed in accordance with English law. The Guarantor irrevocably
     agrees for the benefit of each Holder that the courts of England are to
     have jurisdiction to settle any disputes which may

<PAGE>

                                      4

     arise out of or in connection with this Guarantee and that accordingly
     any suit, action or proceedings arising out of or in connection with this
     Guarantee (together referred to as "Proceedings") may be brought in the
     courts of England.

     The Guarantor irrevocably waives any objection which it may have now or
     hereafter to the laying of the venue of the Proceedings in the courts of
     England and irrevocably agrees that a final judgment in any Proceedings
     brought in the courts of England shall be conclusive and binding upon the
     Guarantor and may be enforced in the courts of any other jurisdiction.
     Nothing contained in this clause shall limit any right to take
     Proceedings against the Guarantor in any other court of competent
     jurisdiction, nor shall the taking of Proceedings in none or more
     jurisdictions preclude the taking of Proceedings in any other
     jurisdiction, whether concurrently or not.

     No rights are conferred on any person under the Contracts (Rights of
     Third Parties) Act 1999 to enforce any term of this Global Note, but this
     does not affect any right or remedy of any person which exists or is
     available apart from that Act.

     The Guarantor hereby appoints Ciba Specialty Chemicals PLC as its agent
     for service of process in England in respect of any Proceedings and
     undertakes that in the event of it ceasing so to act it will appoint
     another person as its agent for that purpose.

IN WITNESS whereof this Guarantee has been manually executed as a deed poll on
behalf of the Guarantor.

Executed as a deed             )
by CIBA SPECIALTY CHEMICALS    )
HOLDING INC.                   )   OLIVER STRUB      KIRK ERSTLING
acting by its attorneys        )

and in the presence of:        )

Witness's
Signature:  ..................................... A. STEINER

Name:       ..................................... ANITER STEINER

Address:    ..................................... c/o CIBA SPECIALTY CHEMICALS

            .....................................

Dated 30th March, 2001

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