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

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 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 2 INVESTORS PRESENTATION May, 2017 2

09/05/2017 AGENDA VILMORIN & CIE AT A GLANCE s. 04 VILMORIN & CIE GROWTH STRATEGY s. 11 HIGHLIGHTS AT THE END OF THE 3 RD QUARTER 2016-2017 s. 22 SALES AT THE END OF THE 3 RD 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 3 INVESTORS PRESENTATION May, 2017 3

09/05/2017 VILMORIN & CIE AT A GLANCE 4 4 INVESTORS PRESENTATION May, 2017 4

09/05/2017 VILMORIN & CIE AT A GLANCE TH LARGEST VILMORI RIN N & C CIE, 4 4 TH ST SEEDS COMPANY NY IN TH THE WORLD Fourth largest seeds company in the world with leading positions on its core activities N ° 1 N ° 2 N ° 3 N ° 4 in Europe worldwide in North in Europe for straw for vegetable America for for corn cereals (1) seeds corn seeds seeds 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 (1) Wheat and barley 5 INVESTORS PRESENTATION May, 2017 5

09/05/2017 VILMORIN & CIE AT A GLANCE A FU FULL CONTROL L OF A ALL STAGES IN S SEEDS BUSINESS SS ANALYZING NEEDS A 7 TO 10 YEARS CYCLE COLLECTING CREATING GENETIC NEW SEEDS RESOURCES PRODUCING AROUND 300 VARIETIES SEEDS LAUNCHED PER YEAR DISTRIBUTING AND SELLING SEEDS 6 INVESTORS PRESENTATION May, 2017 6

09/05/2017 VILMORIN & CIE AT A GLANCE A S SOLID TRACK RECORD Eureka Seed / USA Canterra Seeds / Canada(*) In M € Link Seed / South Africa Seed Co / Africa (*) Hengji Limagrain Seeds / China (JV) Bisco Bio Sciences / India Golden Acres / USA Seed Asia / Thailand BSF/Genesis/Trigen/ Trio Research / USA Century Seeds / India Shamrock / USA and Mexico Genica Research / USA Su Tarim / Turkey Brasmilho Sementes Guerra / Brazil Tropdicorp/Vietnam Meza Maize / USA Field seeds acquisition 1800 1 627 Integration of European 140 and US field seeds 1 531 1 500 1600 1 472 1 338 1 325 120 1400 1 269 1 192 1200 100 1 064 1 002 99.4 939 Vegetable seeds acquisition 897 91 1000 80 29.3 84.1 80.6 800 72.9 60 61.7 59.3 600 494 54.8 54.1 53.0 40 44.3 400 43.8 20 200 0 0 2005-06 2006-07 2007-08 2008-09 2009-10 2010-11 2011-12 2012-13 2013-14 2014-15 2015-16 7 INVESTORS PRESENTATION May, 2017 7

09/05/2017 VILMORIN & CIE AT A GLANCE A B BUSINESS SS ORGANIZATION N CLOSE TO THE MARKETS TS : K KEY FOR S SUCCES ESS VEGETABLE SEEDS FIELD SEEDS GARDEN PRODUCTS VEGETABLE GROWERS FARMERS MARKET GARDENERS 3 BUSINESS UNITS 6 BUSINESS UNITS 1 BUSINESS UNIT Key leading brands: Key leading brands: Key leading brand: 8 INVESTORS PRESENTATION May, 2017 8

09/05/2017 VILMORIN & CIE AT A GLANCE A L LONG TERM REFERENC NCE E SHAREHO HOLD LDER Groupe Limagrain: BREAKDOWN OF THE CAPITAL ON JANUARY 31 th 2017 Individual shareholders 6.60% Investors An international agricultural cooperative group, founded and 19.60% managed by French farmers (of which ~53% Groupe internationally Limagrain* based: USA, UK, Singapore, 73.80% Belgium…) A seed group involved in the development of integrated agricultural chains * of which BPI France as a strategic shareholder of Limagrain Vegetable seeds and field seeds TOTAL NUMBER OF SHARES: Cereal products 20 833 902 (cereal ingredients and bakery products) Sources: Euroclear and Euronext 9 INVESTORS PRESENTATION May, 2017 9

09/05/2017 VILMORIN & CIE AT A GLANCE 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 Moving agriculture forward to meet food challenges MISSION To provide farmers throughout the world with STRATEGY sustainable solutions to improve their farms' profitability Nearly 2,000 farmer members KEY FIGURES Close to 2.5 billion Euros in sales More than 10,000 employees * Figures for the overall scope of activity worldwide, taking into account data from the companies AgReliant, AGT, Genective, Seed Co and Soltis . 10 INVESTORS PRESENTATION May, 2017 10

09/05/2017 VILMORIN & CIE GROWTH STRATEGY 11 11 INVESTORS PRESENTATION May, 2017 11

09/05/2017 VILMORIN & CIE GROWTH STRATEGY 1/ P PROMISI SING WORLD SEEDS MARKET ETS WORLD MARKET POWERFUL GROWTH FACTORS: FOR COMMERCIAL SEEDS (2015) 13,9 % Increase in seeds demand Vegetable seeds (Conventional seeds) 53,2 % Growth in the world population (10 bn in 2050) Field Seeds – Improvement in the standards of living GM seeds 32,9 % Field Seeds – Conventional seeds Increase in the use of commercial seeds MARKET VALUE 2015: Ever greater use of genetically modified $37.2 BN. ( “ GM ” ) seeds worldwide GLOBAL CAGR: +3,8% / YEAR (CAGR between 2010 and 2015) Sources: Phillips McDougall 2016 and ISAAA 2016 12 INVESTORS PRESENTATION May, 2017 12

09/05/2017 VILMORIN & CIE GROWTH STRATEGY 1/ M MARKET ET FOR SEEDS: FOCUS ON GM GMO WORLD MARKET ACREAGE 185.1 million hectares (around 10% of arable land), +3% / 2015, grown by 18 million farmers in 28 countries 185 million ha 182 180 170 175 180 GMO : 160 ACREAGE PER COUNTRY 160 148 134 140 125 120 100 Others 80 China India 60 Canada 40 Argentina Brazil 20 USA 0 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 WORLD MARKET VALUE $20 billion in 2015 (i.e. 53 % of the world market for seeds), -6% / 2014 Sources: ISAAA 2016. Phillips McDougall 2016 13 INVESTORS PRESENTATION May, 2017 13

09/05/2017 VILMORIN & CIE GROWTH STRATEGY 1/ M MARKET ET FOR SEEDS: HIGH BARRIER ERS S TO E ENTRY 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 9 080 Monsanto Monsanto 6 019 Dupont Pioneer 27% 30% Others 2 415 Syngenta + ChemChina Dow Dupont 1 573 Vilmorin & Cie Vilmorin & Cie Bayer/ Monsanto 1 409 Dow Bayer KWS 1 357 4% 4% 18% KWS 1 356 Bayer 4% Dupont Pioneer 5% 480 DLF 8% 388 Dow Rijk Zwaan 270 Syngenta Sakata Vilmorin & Cie 0 1 000 2 000 3 000 4 000 5 000 6 000 7 000 8 000 9 000 10 000 Seeds companies – Sales* in millions of euros – 2016 Sources: Company publications and internal. 2016 (KWS, Monsanto and Vilmorin & Cie : 2015-2016 data). Vilmorin & Cie : excluding Garden products. *Without IFRS 11 impact 14 INVESTORS PRESENTATION May, 2017 14

09/05/2017 VILMORIN & CIE GROWTH STRATEGY 2/ A S STRATEGY Y OF W WINNING MARKET ET SHARES 3 strategic foundations INNOVATION TARGETED POLICY OF INTERNATIONALIZATION EXTERNAL GROWTH 3 strategic priorities Vegetable seeds: reinforce world leadership Corn seeds: become a global actor Wheat seeds : become the world reference 15 INVESTORS PRESENTATION May, 2017 15

09/05/2017 VILMORIN & CIE GROWTH STRATEGY 3 3 / V VEGETABLE LE SEEDS. DIVISION PROFILE E KEY FIGURES 2015-2016 N ° 2 - A very strong competitive position addressing COUNTRIES M € 689 31 WITH worldwide vegetable growers and food processors SALES LOCATIONS - An extremely diversified product line-up with In the OPERATING 15.9 % more than 30 species (tomato, carrot, melon, MARGIN World pepper, bean, etc.) Current operating margin : 16.2% SALES OF VEGETABLE SEEDS SALES OF VEGETABLE SEEDS PER CROP. 2015-2016 PER GEOGRAPHICAL AREA. 2015-2016 Africa / Middle East 1 Tomato 17% Europe 34% Others Asia / Oceania 3 Sweet and hot 17% pepper 1 Carrot Americas 1 Melon Onion 32% 1 Squash 2 Bean 1,2,3: worldwide competitive positions 16 INVESTORS PRESENTATION May, 2017 16