INVESTORS PRESENTATION MAY, 2017 1 INVESTORS PRESENTATION May, - - PowerPoint PPT Presentation

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INVESTORS PRESENTATION MAY, 2017 1 INVESTORS PRESENTATION May, - - PowerPoint PPT Presentation

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09/05/2017 INVESTORS PRESENTATION MAY, 2017 1 INVESTORS PRESENTATION May, 2017 1 09/05/2017 DISCLAIMER Some of the statements contained in this document may be forward- looking statements concerning Vilmorin & Cie SA's financial

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09/05/2017 1

May, 2017 INVESTORS PRESENTATION 1

INVESTORS PRESENTATION

MAY, 2017

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May, 2017 INVESTORS PRESENTATION 2

DISCLAIMER

Some of the statements contained in this document may be forward- looking statements concerning Vilmorin & Cie SA's financial position, results, businesses, strategy or projects. Vilmorin & Cie SA considers that such statements are based on reasonable assumptions but cannot and does not give any assurance that the Group's future performance will be consistent with those statements. Actual results could differ from those currently anticipated in such statements due to a certain number of inherent risks and uncertainties, most of which are beyond Vilmorin & Cie SA's control, such as those described in the documents filed or to be filed by Vilmorin & Cie SA with the French securities regulator (Autorité des marchés financiers) and made available for downloading from the Company's website: www.vilmorincie.com

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AGENDA

VILMORIN & CIE AT A GLANCE

  • s. 04

VILMORIN & CIE GROWTH STRATEGY

  • s. 11

HIGHLIGHTS AT THE END OF THE 3RD QUARTER 2016-2017

  • s. 22

SALES AT THE END OF THE 3RD QUARTER 2016-2017

  • s. 26

OUTLOOK 2016-2017 AND MID-TERM AMBITIONS

  • s. 35

VILMORIN & CIE ON THE STOCK EXCHANGE

  • s. 43

SCHEDULE AND CONTACTS

  • s. 46

APPENDICES

  • s. 49
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VILMORIN & CIE AT A GLANCE

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VILMORI RIN N & C CIE, 4 4TH

TH LARGEST

ST SEEDS COMPANY NY IN TH THE WORLD

Fourth largest seeds company in the world with leading positions on its core activities Pure player built up on historical expertise in botany since 1743 and on the basis of real proximity with the agricultural world A long-term vision of the development, strengthened by the consistent support of its reference shareholder, Limagrain, an international agricultural cooperative group

VILMORIN & CIE AT A GLANCE

N°2

worldwide for vegetable seeds

N°1

in Europe for straw cereals (1)

N°3

in North America for corn seeds

N°4

in Europe for corn seeds

(1) Wheat and barley

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A FU FULL CONTROL L OF A ALL STAGES IN S SEEDS BUSINESS SS

VILMORIN & CIE AT A GLANCE

ANALYZING NEEDS CREATING NEW SEEDS COLLECTING GENETIC RESOURCES PRODUCING SEEDS DISTRIBUTING AND SELLING SEEDS

AROUND 300 VARIETIES LAUNCHED PER YEAR

A 7 TO 10 YEARS CYCLE

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A S SOLID TRACK RECORD

VILMORIN & CIE AT A GLANCE

In M€

Integration of European and US field seeds Brasmilho Sementes Guerra / Brazil Bisco Bio Sciences / India BSF/Genesis/Trigen/ Trio Research / USA Century Seeds / India Link Seed / South Africa Eureka Seed / USA Seed Co / Africa (*) Seed Asia / Thailand

Field seeds acquisition

Hengji Limagrain Seeds / China (JV) Golden Acres / USA

43.8 54.8 44.3 53.0 54.1 91 80.6 99.4 84.1 72.9 59.3 494 939 897 1 002 1 064 1 192 1 338 1 472 1 500 1 531 1 627 1 269 1 325

20 40 60 80 100 120 140 200 400 600 800 1000 1200 1400 1600 1800

2005-06 2006-07 2007-08 2008-09 2009-10 2010-11 2011-12 2012-13 2013-14 2014-15 2015-16

Vegetable seeds acquisition

Tropdicorp/Vietnam Shamrock / USA and Mexico Canterra Seeds / Canada(*) Genica Research / USA Su Tarim / Turkey Meza Maize / USA

61.7 29.3

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A B BUSINESS SS ORGANIZATION N CLOSE TO THE MARKETS TS : K KEY FOR S SUCCES ESS

VILMORIN & CIE AT A GLANCE

VEGETABLE SEEDS

VEGETABLE GROWERS

3 BUSINESS UNITS

Key leading brands:

FIELD SEEDS

FARMERS

6 BUSINESS UNITS

Key leading brands:

GARDEN PRODUCTS

MARKET GARDENERS

1 BUSINESS UNIT

Key leading brand:

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Investors

(of which ~53% internationally based: USA, UK, Singapore, Belgium…)

A L LONG TERM REFERENC NCE E SHAREHO HOLD LDER

Groupe Limagrain: An international agricultural cooperative group, founded and managed by French farmers A seed group involved in the development of integrated agricultural chains Vegetable seeds and field seeds Cereal products (cereal ingredients and bakery products)

BREAKDOWN OF THE CAPITAL ON JANUARY 31th 2017

6.60% 19.60% 73.80%

Groupe Limagrain* Individual shareholders

* of which BPI France as a strategic shareholder of Limagrain

Sources: Euroclear and Euronext

TOTAL NUMBER OF SHARES:

20 833 902

VILMORIN & CIE AT A GLANCE

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Moving agriculture forward to meet food challenges

A L LONG TERM REFERENC NCE E SHAREHO HOLD LDER

Groupe Limagrain, a reference shareholder guaranteeing: Stable corporate governance Long term strategy A perfect knowledge of agriculture, customers and theirs needs

LIMAGRAIN IN BRIEF

MISSION

* Figures for the overall scope of activity worldwide, taking into account data from the companies AgReliant, AGT, Genective, Seed Co and Soltis.

VILMORIN & CIE AT A GLANCE

STRATEGY KEY FIGURES

To provide farmers throughout the world with sustainable solutions to improve their farms' profitability Nearly 2,000 farmer members Close to 2.5 billion Euros in sales More than 10,000 employees

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VILMORIN & CIE GROWTH STRATEGY

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1/ P PROMISI SING WORLD SEEDS MARKET ETS

VILMORIN & CIE GROWTH STRATEGY

POWERFUL GROWTH FACTORS:

Increase in seeds demand

Growth in the world population (10 bn in 2050) Improvement in the standards of living

Increase in the use of commercial seeds Ever greater use of genetically modified (“GM”) seeds worldwide

Vegetable seeds (Conventional seeds)

WORLD MARKET FOR COMMERCIAL SEEDS (2015)

(CAGR between 2010 and 2015)

Field Seeds – Conventional seeds Field Seeds – GM seeds

13,9 % 32,9 % 53,2 %

MARKET VALUE 2015:

$37.2 BN.

GLOBAL CAGR: +3,8% / YEAR

Sources: Phillips McDougall 2016 and ISAAA 2016

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20 40 60 80 100 120 140 160 180 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016

Others China India Canada Argentina Brazil USA

185

1/ M MARKET ET FOR SEEDS: FOCUS ON GM GMO

VILMORIN & CIE GROWTH STRATEGY

WORLD MARKET ACREAGE

185.1 million hectares (around 10% of arable land), +3% / 2015,

grown by 18 million farmers in 28 countries

Sources: ISAAA 2016. Phillips McDougall 2016

WORLD MARKET VALUE

$20 billion in 2015 (i.e. 53 % of the world market for seeds), -6% / 2014

million ha 180

125 134 148 160 170 175 182

GMO : ACREAGE PER COUNTRY

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1/ M MARKET ET FOR SEEDS: HIGH BARRIER ERS S TO E ENTRY

VILMORIN & CIE GROWTH STRATEGY

A concentrated competitive environment High barriers to entry:

Width and depth of the genetic resources R&D investment (conventional breeding and biotechnologies) International coverage

WORLDWIDE COMPETITIVE ENVIRONMENT FOR SEEDS

Seeds companies – Sales* in millions of euros – 2016

(KWS, Monsanto and Vilmorin & Cie : 2015-2016 data). Vilmorin & Cie : excluding Garden products. Sources: Company publications and internal. 2016

1 000 2 000 3 000 4 000 5 000 6 000 7 000 8 000 9 000 10 000

Sakata Rijk Zwaan DLF Bayer KWS Dow Vilmorin & Cie Syngenta Dupont Pioneer Monsanto

388 270 Bayer/ Monsanto + ChemChina 9 080 6 019 2 415 1 573 Dow Dupont 1 409 1 357 1 356 480

27% 18% 8% 5% 4% 4% 4% 30%

Dupont Pioneer Syngenta KWS Bayer Vilmorin & Cie Monsanto Others Dow

*Without IFRS 11 impact

Vilmorin & Cie

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2/ A S STRATEGY Y OF W WINNING MARKET ET SHARES

VILMORIN & CIE GROWTH STRATEGY

3 strategic priorities 3 strategic foundations

INNOVATION TARGETED POLICY OF EXTERNAL GROWTH INTERNATIONALIZATION

Vegetable seeds: reinforce world leadership Corn seeds: become a global actor Wheat seeds : become the world reference

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34% 32% 17% 17%

3 3 / V VEGETABLE LE SEEDS. DIVISION PROFILE E

VILMORIN & CIE GROWTH STRATEGY Tomato Sweet and hot pepper Carrot Melon Bean Squash Onion Others

SALES OF VEGETABLE SEEDS PER CROP. 2015-2016 SALES OF VEGETABLE SEEDS PER GEOGRAPHICAL AREA. 2015-2016

Europe Americas Africa / Middle East Asia / Oceania

KEY FIGURES 2015-2016

31 689 15.9%

COUNTRIES WITH LOCATIONS M€ SALES OPERATING MARGIN

Current operating margin : 16.2% 1 3 1 1 2 1 1,2,3: worldwide competitive positions

N°2

In the World

  • A very strong competitive position addressing

worldwide vegetable growers and food processors

  • An extremely diversified product line-up with

more than 30 species (tomato, carrot, melon, pepper, bean, etc.)

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3 3 / V VEGETABLE LE SEEDS. STRATEGY

VILMORIN & CIE GROWTH STRATEGY

Reinforce world leadership

Make full use of the virtuous circle of innovation and proximity to continue to win market shares Close targeted operations for acquisitions or partnerships to strengthen positions on certain crops and/or certain geographical zones (particularly in Asia) CAMPBELLS’ SEEDS

September 2012

Tomato and pepper United States Sales: more than 5 M$

CENTURY SEEDS

October 2012

10 local crops India Sales: 4 M€

TROPDICORP

March 2015

Bitter gourd, pumpkin, wax gourd Vietnam Sales: 6 M$

GENICA RESEARCH

February 2016

Sweet and hot peppers, cucumber, summer squash United States Sales: more than 25 M$ Recent acquisitions:

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54% 40% 4% 2%

4 / / FIELD SEEDS. DIVISION PROFILE

VILMORIN & CIE GROWTH STRATEGY

SALES OF FIELD SEEDS* PER GEOGRAPHICAL AREA. 2015-2016

Europe Americas Asia / Oceania

KEY FIGURES 2015-2016

33 582 1.8%

COUNTRIES WITH LOCATIONS* M€ SALES OPERATING MARGIN

Current operating margin : 2.8% (884 M€)*

N°1

In Europe for straw cereals

N°3

In North America And N°4 In Europe for corn seeds

  • One of the top players in strategic crops targeting

farmers

  • 2 worldwide strategic crops: corn and wheat
  • And regional strategic crops: sunflower, rapeseed

and barley in Europe, rice in India, and soybean, which Vilmorin & Cie distributes in North and South America

10% 3% 4% 14% 69%

SALES OF FIELD SEEDS* PER CROP. 2015-2016

Cereals (corn, wheat, barley) Other field seeds Rapeseed Feed grains Sunflower

(1) Wheat and barley

Africa / Middle East

* Without the application of the standard IFRS 11 (“Joint arrangements”) resulting in certain

activities being consolidated using the “Equity method” since 2014-2015 (in particular AgReliant. North America. Field seeds)

(1)

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4 / / CORN SEEDS. STRATEGY

VILMORIN & CIE GROWTH STRATEGY

CORN SEEDS: BECOME A GLOBAL ACTOR

SEED CO

Minority stake. 2014

#1 African seeds company Sales: 96 M$ 5 factories & 6 research stations in south east Africa SEED ASIA

March 2014

Hybrid tropical corn Thailand Sales: 9 M$ HENGJI LIMAGRAIN SEEDS

  • JV. September 2015

Corn China Production and distribution

Technological strategic partnership between Vilmorin & Cie and KWS

*Source: ISAAA 2016

Internationalize activities

further afield from European and North American activities on the largest world seed market in terms of value (about $15 bn in 2015*) GM corn traits licensing agreements with Syngenta (October 2015)

Develop a proprietary portfolio of GM seeds

Recent acquisitions:

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4 / / WHEAT SEEDS. STRATEGY

VILMORIN & CIE GROWTH STRATEGY

WHEAT SEEDS: BECOME THE WORLD REFERENCE

*Source: ISAAA 2016

Consolidate position of leader in Europe and become the world reference of the first worldwide crop in terms of cultivated surface areas (≈ 222 million hectares in 2015*) Develop more efficient seeds and contribute to converting the market to high yield seeds Gradually extend the positions to other major wheat markets and develop strong partnerships internationally

NORTH AMERICA

United States Canada

AUSTRALIA

Australian Grain Technologies

OTHER ZONES

South America Asia

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5/ R&D: INNOVATE TO INSURE TOMORROW’S GROWTH

VILMORIN & CIE GROWTH STRATEGY

2015-2016

*of which €225 million research investments without integrating partnerships

€300 MILLION

RESEARCH INVESTMENT INTEGRATING PARTNERSHIPS* MORE THAN

14%

INVESTED IN BIOTECHNOLOGIES

Maintain regular investment in research (breeding and biotechnologies) and broaden the partnerships

1,036 1,086 1,120 1,180 255 242 261 302 183 194 211 225 14.2% 14.6% 15.3% 15.2%

17.4% 17.4% 18.9% 19.1%

200 400 600 800 1 000 1 200 1 400 1 600 2012-2013 2013-2014 2014-2015 2015-2016

Effort de recherche Chiffre d'affaires semences AgReliant (à 50%) Chiffre d'affaires semences Effort de recherche/chiffre d'affaires semences (yc AgReliant 50%) Effort de recherche/chiffre d'affaires semences (IFRS 11) Investment in research AgReliant’ sales of seeds (50%) Sales of seeds Investment in research/Sales of seeds (incl. 50% AgReliant) Investment in research/Sales of seeds (IFRS 11)

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HIGHLIGHTS AT THE END OF THE 3RD QUARTER 2016-2017

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KEY POINTS

Significant increase in sales for the 3rd quarter 2016-2017: +5.7%* Strong growth in aggregate sales (9 months): +8.1%*

Fine performance of the Vegetable seeds activity: +5.1%* Confirmed upturn in business for the Field seeds activity, in a market context that remains difficult: +11.7%*

Outlook for 2016-2017

Confirmation of the global objective for business growth Upward adjustment of the current operating margin

* On a like-for-like basis

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VEGETABLE LE SEEDS. AFRICA.

  • A. MARCH 2017

17

VILMORIN & CIE LATEST NEWS

Context:

Minority stake of Vilmorin & Cie, since 2013-2014, in Seed Co (30.4%), the largest seed company in Africa Entry of Seed Co, already solidly established in South East Africa (mainly in corn), into the vegetable seed market in 2015: acquisition of Prime Seed in Zimbabwe

Objective: Take up position, as a result of the numerous synergies between the two companies, on a vegetable seed market with enormous potential for development in Sub-Saharan Africa.

Creation of a joint venture in Vegetable seeds “Prime Seed Co” between Vilmorin & Cie and Seed Co in Africa*

* Joint venture set up operationally between Seed Co (holding 51% of the capital stock) and the Vegetable seeds Business Unit HM.CLAUSE

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WHEAT SEEDS. UNITED STATES. MARCH 2017 17

VILMORIN & CIE LATEST NEWS

Reminder:

Minority stake of 35% held by Arcadia Biosciences, since 2010, in Limagrain Cereal Seeds, the Vilmorin & Cie Business Unit devoted to the development of wheat seed in North America Minority stake held by Vilmorin & Cie (< 4%) in Arcadia Biosciences, listed on the NASDAQ since May 2015

Renegotiation of the partnership with Arcadia Biosciences (United States. Wheat)

Vilmorin & Cie and Arcadia Biosciences, an American biotechnology company, terminate (end of March 2017) their system of cross shareholdings set up in 2010.

The two companies envisage pursuing their scientific partnership, particularly with regard to research in wheat.

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SALES AT THE END OF THE 3RD QUARTER 2016-2017

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REFEREN ENCES ES

SALES AT THE END OF THE 3RD QUARTER 2016-2017

average close 2016 2017 2016 2017 $ 1.10 1.09 1.14 1.07 ¥ 132 118 128 120 £ 0.74 0.86 0.79 0.86 TRY 3.20 3.60 3.21 3.89 ILS 4.28 4.12 4.30 3.89 BRL 4.15 3.51 4.12 3.38 INR 73 73 75 69 MXN 18.84 21.31 19.59 20.02 UAH 26 28 30 29 RUB 75 68 76 60

Accounting reference

IFRS on March 31, 2017

Rates of the main currencies on March 31, 2017 (and March 31, 2016)

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CONSOLIDAT ATED ED SALES*

AT THE END OF THE THIRD QUARTER THIRD QUARTER

* Revenue from ordinary activities

* of which: Vegetable seeds: 212 Field seeds: 330

SALES AT THE END OF THE 3RD QUARTER 2016-2017

In M€

533 567* 3 31

mar.-16 Impact devises Activité mar.-17

+6.4% +5.7%

990 1 070 0.5 80

mar.-16 Impact devises Activité mar.-17

+8.1% +8.1% March 16 Mars 17 Mars 16 Mars 17 March 16 March 17 March 17 Currency impact Currency impact Activity Activity

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SALES*

* OF V

VEGETABLE LE SEEDS

THIRD QUARTER

* Revenue from ordinary activities

SALES AT THE END OF THE 3RD QUARTER 2016-2017

471 499 4 24

mar.-16 Impact devises Activité mar.-17

+5.9% +5.1%

200 212 2 10

mar.-16 Impact devises Activité mar.-17

+6.3% +5.0%

In M€ AT THE END OF THE THIRD QUARTER

Mars 16 Mars 17 Mars 16 Mars 17 March 16 March 16 March 17 March 17 Currency impact Currency impact Activity Activity

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SALES OF VEGETABLE LE SEEDS

SALES AT THE END OF THE 3RD QUARTER 2016-2017

37% 30% 18% 15%

Context of a dynamic market, which is however less buoyant at the moment in certain territories (Italy, Spain, Mexico) Very good level of sales, bearing in mind the high reference base of fiscal year 2015-2016 Significant business growth of the three Business Units in all the geographical zones Increase in sales once again very strong at the end of the quarter, demonstrating that the European market is picking up and in North America business is extremely dynamic Great success for certain strategic crops: carrot, hot and sweet pepper and summer squash in particular Programmed run-down of the agricultural supplies and equipment activity of the Business Unit Vilmorin-MKS pursued in Japan

Europe Africa / Middle East Asia / Oceania Americas

ANALYSIS OF SALES* OF VEGETABLE SEEDS PER GEOGRAPHICAL ZONE

A quarter with solid growth

* Sales of products

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SALES*

* OF FI

FIELD SEEDS

AT THE END OF THE THIRD QUARTER THIRD QUARTER

* Revenue from ordinary activities

after application of IFRS 11 (i.e. excluding AgReliant) SALES AT THE END OF THE 3RD QUARTER 2016-2017

479 532 56

  • 3

mar.-16 Impact devises Activité mar.-17

+11.0% +11.7%

308 330 1 21

mar.-16 Impact devises Activité mar.-17

+7.0% +6.7%

In M€

Mars 16 Mars 17 Mars 16 Mars 17 March 16 March 16 March 17 March 17 Currency impact Currency impact Activity Activity

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SALES OF FIELD SEEDS

SALES AT THE END OF THE 3RD QUARTER 2016-2017

447 234 84

Corn and sunflower. Europe

Growing business, in a context marked again this year by considerable pressure on prices Further drop in the sales of corn seeds:

Direct consequence of the predicted decrease in cultivated acreage, mainly in Western Europe (especially in France) In spite of a commendable increase in business in Eastern Europe, where market shares gains were achieved

Very strong increase in the sales of sunflower seeds, mainly in key markets: Ukraine and Russia

  • Corn. South America

Extremely powerful business growth for the second sales campaign in Brazil (Safrinha), resulting in market share gains

  • Corn. North America (AgReliant)

Drop in volumes of corn seeds brought to market, proportionately to the lower acreage predicted for this crop

  • Corn. Africa (Seed Co)

Strong increase in sales of corn seed

Europe North America (AgReliant) Other zones ANALYSIS PER GEOGRAPHICAL ZONE

(evolution on a like-for-like basis, before application of IFRS 11)

(+5.6%) (-6.1%) (+61.4%)

TOTAL SALES (including AgReliant): €765 M

Confirmed upturn in business in an environment that remains difficult

In M€

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CONSOLIDAT ATED ED SALES*

* PER GEOGRAPHIC

ICAL AL ZONE

SALES AT THE END OF THE 3RD QUARTER 2016-2017

Americas

€226 M. +24.1%**

Africa/Middle East

€107 M. +2.9% **

Europe

€595 M. +3.7%**

Asia/Oceania

€107 M. +10.8%**

60 % 10 %

58% 22% 10% 10% Africa/ Middle East Americas Asia / Oceania Europe

* Sales of products ** With current data compared with 2015-2016

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CONSOLIDAT ATED ED SALES*

* PER QUARTER

ER

SALES AT THE END OF THE 3RD QUARTER 2016-2017

* Revenue from ordinary activities

8 8 6 6 25 25 15 13 22 15 37 19 25 11

66 63 77 79 289 305 92 122 138 149 149 200 212 218

Q1 15-16 Q1 16-17 Q2 15-16 Q2 16-17 Q3 15-16 Q3 16-17 Q4 15-16 Q4 16-17 In M€

210 247 533 335 232

Vegetable seeds Field seeds Europe Field seeds other zones Garden products and Holdings

SALES* PER QUARTER

Disclosure on July 31, 2017

271 ___ 567

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OUTLOOK 2016-2017 AND MID-TERM AMBITIONS

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VEGETABLE LE SEEDS

OUTLOOK FOR THE END OF FISCAL YEAR 2016-2017

Outlook for the end of the fiscal year: Objective for Vegetable seeds sales readjusted slightly lower Challenges for the end of the fiscal year: Market share gains and confirmation of the strong growth of the Vegetable seeds activity over the fourth quarter, with a high reference base for 2015-2016

Objective Sales = +6%*

* On a like-for-like basis.

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FIELD SEEDS

OUTLOOK FOR THE END OF FISCAL YEAR 2016-2017

Definitive evolution of corn and sunflower acreage Resistance to the persistent pressure on prices Final impact of the exchange rates between different currencies

Challenges for the end of the fiscal year: Outlook for the end of the fiscal year:

Objective for Field seeds sales raised

Objective Sales > +5%*

* On a like-for-like basis

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CONFIRMA MATION OF TH THE G GLOBAL L SALES OBJECTIV TIVE

OUTLOOK FOR THE END OF FISCAL YEAR 2016-2017

OBJECTIVE PRESENTED IN FEBRUARY 2017*

(following disclosure of the results for the first semester)

Sales

  • f which:

Vegetable seeds Field seeds +5% > 7% > 2%

* On a like-for-like basis

Sales objective for 2016-2017 :

Achieve significant growth in business, in market conditions that remain tense for field seeds and characterized by consolidation operations in the agrochemical sector OBJECTIVE PRESENTED AT THE END OF THE 3RD QUARTER*

Sales

  • f which:

Vegetable seeds Field seeds > 5% +6% > 5%

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UPWARD ADJUST STME MENT T OF TH THE C CURRENT OPERATING MARGIN

OUTLOOK FOR THE END OF FISCAL YEAR 2016-2017

OBJECTIVE PRESENTED IN FEBRUARY 2017

(following disclosure of the results for the first semester)

Current operating margin ~ 8.4%

(which is the same level as in 2015-2016) including a research investment of more than €240 M

Current operating margin objective for 2016-2017:

REVISED OBJECTIVE (at the end of the 3rd quarter)

Current operating margin 9.0%

including a research investment

  • f more than €240 M

The fruit, in particular, of the implementation, as of April 2016,

  • f the operational action plan

Aim for a contribution from the companies it consolidates under the equity method, at least equivalent to 2015-2016 While continuing to deploy the strategy of development and innovation, in a long-term vision, and relying on the complementarity of the two strategic activities

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REMINDER DER OF THE STRATEGIC C AMBITIONS NS FOR 2 2020 20

MID-TERM AMBITIONS

Accelerate development to reach business growth higher than market trends and increase operating margins, both in Vegetable Seeds and Field Seeds Consolidate the financial profile, both in terms of leverage (aiming a level of between 1.5 and 2) and indebtedness (with gearing lower than 40%), making sure in particular to increase cash generation Materialize the 3 strategic priorities:

VEGETABLE SEEDS

REINFORCE WORLD LEADERSHIP

CORN SEEDS

BECOME A GLOBAL PLAYER

WHEAT SEEDS

ULTIMATELY BECOME THE WORLD REFERENCE

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REMINDER DER OF AMBITIONS NS FOR 2 2020.

  • 0. VEGETABLE

LE SEEDS

MID-TERM AMBITIONS

Pursue the strategy of combining organic and external growth

Regular renewal and optimization of the product portfolio Even greater proximity to markets Targeted external growth operations Continue to increase value in emerging markets

AVERAGE SALES GROWTH OF MORE THAN 5% PER YEAR REACH AN ANNUAL OPERATING MARGIN LEVEL OF 18%

AMBITION FOR 2020

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REMINDER DER OF AMBITIONS NS FOR 2 2020.

  • 0. FIELD SEEDS

MID-TERM AMBITIONS

Continue the strategy of innovation and internationalization

Quality of the products pipeline International deployment Development of a proprietary range of genetically modified varieties REACH SALES OF AROUND 1 BILLION EUROS AND AN ANNUAL OPERATING MARGIN LEVEL OF 10% (INCLUDING AGRELIANT AT 50%)

AMBITION FOR 2020

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VILMORIN & CIE ON THE STOCK EXCHANGE

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May, 2017 INVESTORS PRESENTATION 44 (Source: Euronext.com)

€66.02

SHARE PRICE ON APRIL 26TH, 2017

+33.5% 10 Years +8.7% 5 Years +9.1% 1 Year

VILMORIN & CIE ON THE STOCK EXCHANGE

EVOLUTION ION OF THE SHARE PRICE

Vilmorin & Cie :

Vilmorin & Cie CAC 40

MARKET CAPITALIZATION ON APRIL 26TH, 2017

€1.4 BN.

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VILMORIN & CIE ON THE STOCK EXCHANGE

DIVIDEND NDS (1)

* Capital gain from the disposal of a minority stake in China.

(1) Data restated for the allotment of free shares of January 2013 and January 2015.

28.4% Pay-out 35.3% 31.4% 37.2% 44.8% 38.6% 4.37 3.87 4.77 4.04 3.50 2.85 1.24 1.36 1.50 1.50 1.57 1.10

2011 2012 2013 2014 2015 2016

Profit (group share) per share Dividend

1.40*

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SCHEDULE AND CONTACTS

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MONDAY JULY 31, 2017, AFTER TRADING Disclosure of sales for fiscal year 2016-2017 (on June 30, 2017) WEDNESDAY OCTOBER 18, 2017, AFTER TRADING Disclosure of results for fiscal year 2016-2017 (on June 30, 2017) MONDAY NOVEMBER 6, 2017, AFTER TRADING Disclosure of sales at the end of the first quarter 2017-2018 (on September 30, 2017)

SCHEDULE

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Daniel JACQUEMOND Chief Financial Officer daniel.jacquemond@vilmorincie.com

FOR A ANY FURTHER ER INFORMAT ATION: N:

CONTACTS

Clémence DATURI Financial Communication Officer and Individual Shareholders Relations clemence.daturi@vilmorincie.com Valérie MONSERAT Head of Financial Communication and Investor Relations valerie.monserat@vilmorincie.com

All our financial information on www.vilmorincie.com

Vilmorin & Cie

Head Office: 4 quai de la Mégisserie – F-75001 PARIS Postal address: CS 20001 Saint-Beauzire – F-63360 GERZAT Tel: +33 (0)473 634 485

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APPENDICES

Market context Key financial data for fiscal year 2015-2016 Organization chart

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APPENDICES Market context

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50 100 150 200 250 300 août-12

  • ct.-12

déc.-12 févr.-13 avr.-13 juin-13 août-13

  • ct.-13

déc.-13 févr.-14 avr.-14 juin-14 août-14

  • ct.-14

déc.-14 févr.-15 avr.-15 juin-15 août-15

  • ct.-15

déc.-15 févr.-16 avr.-16 juin-16 août-16

  • ct.-16

déc.-16 Blé rendu Rouen Maïs rendu Bordeaux

FIELD SEEDS TRENDS DS

Price levels for agricultural production

MARKET CONTEXT

Price of corn. Bordeaux: 166 €/tn. Price of wheat. Rouen: 166 €/tn. February 2017 Corn, soybean and wheat prices. Chicago Corn: 146 $/t Soybean: 389 $/t Wheat: 159 $/t February 2017

50 150 250 350 450 550 650 août-12

  • ct.-12

déc.-12 févr.-13 avr.-13 juin-13 août-13

  • ct.-13

déc.-13 févr.-14 avr.-14 juin-14 août-14

  • ct.-14

déc.-14 févr.-15 avr.-15 juin-15 août-15

  • ct.-15

déc.-15 févr.-16 avr.-16 juin-16 août-16

  • ct.-16

déc.-16 Blé US Chicago Maïs US Chicago Soja Chicago

Sources: Cereals market - FranceAgriMer, IGC, La dépêche. November 2016

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FIELD SEEDS TRENDS DS

MARKET CONTEXT

Sources: internal estimates

Corn Sunflower

United States ↘ Acreage Europe 28 ↘ Acreage Greater Europe ↘ Acreage Brazil ↗ Safra acreage ↗ Safrinha acreage Europe 28 ↗ Acreage Greater Europe ↗ Acreage

Low level of prices for agricultural raw materials Trends in the evolution of acreage A market context that remains difficult for field seeds

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APPENDICES Key financial data for fiscal year 2015-2016

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INCOME STATEMENT NT FOR FI FISCAL L YEAR 2015 15-20 2016 16 (CLOSING NG JUNE) E)

VILMORIN & CIE KEY FINANCIALS

(1) The current operating margin is defined as the operating margin in the accounts restated for impairments, reorganization costs and certain items

  • f an extraordinary nature(additional procurement costs and partial allocation of goodwill in 2015-2016).

In M€ 2014-2015 2015-2016 Variation Sales 1 269.4 1 325.1 +4.4% Sales margin 603.3 632.2 +28.9 M€ Sales margin rate 47.5% 47.7% +0.2 pt Operating income 100.2 100.3 +0.1 M€ Operating margin rate 7.9% 7.6%

  • 0.3 pt

Current operating margin rate(1) 8.0% 8.4% +0.4 pt Financial income

  • 39.2
  • 36.5
  • (2.7) M€

Income from associated companies 29.4 30.8 +1.4 M€ Income taxes

  • 14.5
  • 33.8

+(19.3) M€ Net income 75.9 60.8

  • 15.1 M€

Net income Group share 72.9 59.3

  • 13.6 M€
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KEY KEY FIGURE URES S CONTR TRIBUTED IBUTED TO CONSOLIDA OLIDATED TED SALES S PER DIVISION ISION FOR FISCAL AL YEAR 2015-20 2016 16

VILMORIN & CIE KEY FINANCIALS

* Revenue from ordinary activities

In M€ Sales* Operating income Net income 2014-15 2015-16 2014-15 2015-16 2014-15 2015-16 Vegetable seeds 614.6 688.7 95.8 109.3 63.9 71.6 Field seeds 595.3 581.7 20.9 10.6 20.7 17.3 Garden products 58.4 53.6

  • 0.7
  • 4.6
  • 1.3
  • 4.6

Holdings 1.1 1.1

  • 15.8
  • 15.0
  • 7.4
  • 23.5

Consolidated 1,269.4 1,325.1 100.2 100.3 75.9 60.8

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FREE CASH FLOW

VILMORIN & CIE KEY FINANCIALS

(1) EBITDA is defined as follows: Operating income + Net depreciation & amortization + Net impairment

In M€ 2014-2015 2015-2016 Net indebtedness at the beginning of the FY 515 660 EBITDA(1) 263 278 Variation of working capital needs (44) 20 Other operating items (41) (28) Net industrial investments (62) (46) Activated development costs (148) (157) Operating cash-flow (32) 68 Net financial investments (62) (116) Capital and other equity contributions

  • (1)

Dividends (21) (10) Net financial charges (28) (23) Free cash-flow (142) (83) Other restatements (IFRS/ Currency, etc.) (4) 1 Net indebtedness at the end of FY 660 742

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BALANC NCE E SHEET STRUCTUR TURE

VILMORIN & CIE KEY FINANCIALS

660 742 63 64 69 89 1,272 1,264

30.06.2015 30.06.2016

Total balance sheet

2,064

* of which cash 373 207

In M€

Gearing 59% Leverage 2.7

2,159

501 468 1,563 1,691

30.06.2015 30.06.2016

Assets

Net fixed assets Net working capital needs

Liabilities

Equity Provisions Net deferred taxes Net indebtedness

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APPENDICES VILMORIN & CIE ORGANIZATION CHART

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FIELD SEEDS

Limagrain Europe AgReliant (corn, soybean) Limagrain Asia Limagrain Cereal Seeds (wheat) Limagrain South America Limagrain Africa

ORGANIZATION CHART

VEGETABLE SEEDS

HM.CLAUSE Hazera Vilmorin-MKS

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THANK YOU

VILMORIN & CIE Head Office : 4 Quai de la Mégisserie – F - 75001 PARIS Postal address : CS 20001 Saint-Beauzire - 63360 GERZAT

  • Tel. + 33 (0)4 73 63 44 85

www.vilmorincie.com