INVESTORS PRESENTATION JANUARY, 2018 1 INVESTORS PRESENTATION - - PowerPoint PPT Presentation

January, 2018 INVESTORS PRESENTATION 1

JANUARY, 2018

INVESTORS PRESENTATION

January, 2018 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

January, 2018 INVESTORS PRESENTATION 3

AGENDA

VILMORIN & CIE AT A GLANCE

• s. 04

VILMORIN & CIE GROWTH STRATEGY

• s. 11

SALES FOR THE 1st QUARTER 2017-2018

• s. 22

OUTLOOK FOR 2017-2018 AND MID TERM AMBITIONS

• s. 30

VILMORIN & CIE ON THE STOCK EXCHANGE

• s. 34

SCHEDULE AND CONTACTS

• s. 37

APPENDICES

• s. 40

January, 2018 INVESTORS PRESENTATION 4 4

VILMORIN & CIE AT A GLANCE

January, 2018 INVESTORS PRESENTATION 5

VILMORIN & CIE, 4TH LARGEST SEEDS COMPANY IN 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

January, 2018 INVESTORS PRESENTATION 6

A FULL CONTROL OF ALL STAGES IN SEEDS BUSINESS

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

January, 2018 INVESTORS PRESENTATION 7

43.8 54.8 44.3 53.0 54.1 80.6 99.4 84.1 72.9 59.3 86.9 494 939 897 1 002 1 064 1 192 1 338 1 472 1 500 1 531 1 627 1 715 1 269 1 325 1 414

20 40 60 80 100 120 140 200 400 600 800 1000 1200 1400 1600 1800 2000

2005-06 2006-07 2007-08 2008-09 2009-10 2010-11 2011-12 2012-13 2013-14 2014-15 2015-16 2016-17

A 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

Vegetable seeds acquisition

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

29.3 61.7

January, 2018 INVESTORS PRESENTATION 8

A BUSINESS ORGANIZATION CLOSE TO THE MARKETS : KEY FOR SUCCESS

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:

January, 2018 INVESTORS PRESENTATION 9

Investors

(of which ~50% internationally based: USA, UK, Singapore, Belgium…)

A LONG TERM REFERENCE SHAREHOLDER

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 JUNE 30th 2017

6.2% 20.0% 73.8%

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

January, 2018 INVESTORS PRESENTATION 10

Moving agriculture forward to meet food challenges

A LONG TERM REFERENCE SHAREHOLDER

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 2.6 billion euros in sales More than 10,000 employees

January, 2018 INVESTORS PRESENTATION 11 11

VILMORIN & CIE GROWTH STRATEGY

January, 2018 INVESTORS PRESENTATION 12

1/ PROMISING WORLD SEEDS MARKETS

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 (2016)

(CAGR between 2011 and 2016)

Field Seeds – Conventional seeds Field Seeds – GM seeds

14,1 % 30,6 % 55,3 %

MARKET VALUE 2016:

$36.9 BN.

GLOBAL CAGR: +1,4% / YEAR

Sources: Phillips McDougall 2017 and ISAAA 2017

January, 2018 INVESTORS PRESENTATION 13

1/ MARKET FOR SEEDS: SLIGHT INCREASE FOR GMO IN 2016

VILMORIN & CIE GROWTH STRATEGY

WORLD MARKET ACREAGE

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

grown by 18 million farmers in 26 countries

Sources: ISAAA 2017. Phillips McDougall 2017

WORLD MARKET VALUE

More than $20 billion in 2016 (i.e. 55 % of the world market for seeds), +3% / 2015

million ha 185

GMO : ACREAGE PER COUNTRY

• 10

10 30 50 70 90 110 130 150 170 190

1996 1998 2000 2002 2004 2006 2008 2010 2012 2014 2016

Others China India Canada Argentina Brazil USA

January, 2018 INVESTORS PRESENTATION 14

1/ MARKET FOR SEEDS: HIGH BARRIERS TO 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

(Monsanto and Vilmorin & Cie: data 2016-2017) (Vilmorin & Cie: sales excluding Garden products and without IFRS 11 impact) (Bayer : estimations of the repartition between Field seeds and Vegetable seeds) Sources: Company publications and internal. 2016

KWS Monsanto Others

Vegetable seeds Field seeds

2 000 4 000 6 000 8 000 10 000 12 000

Sakata LPHT Rijk Zwaan DLF Bayer KWS Vilmorin & Cie Syngenta / Chemchina Dow Dupont Monsanto

+ ≈ 260 M€ with Citic

• 830 M€ acquired by BASF

Bayer / Monsanto + ≈ 160 M€ were acquired from Syngenta (sugar beet) 7,496 - ≈ 260 M€ acquired by Citic 1,663 1,394 420 479 304 285 2,437

• ≈ 160 M€ acquired by DLF (sugar beet)

10,011 1,358

27% 20% 6% 5% 4% 4% 34%

Dow Dupont Syngenta - ChemChina Bayer Vilmorin & Cie Monsanto Others

January, 2018 INVESTORS PRESENTATION 15

2/ A STRATEGY OF WINNING MARKET 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

January, 2018 INVESTORS PRESENTATION 16

34% 33% 17% 16%

3 / VEGETABLE SEEDS. DIVISION PROFILE

VILMORIN & CIE GROWTH STRATEGY

Tomato Sweet and hot pepper Carrot Melon Squash Bean Onion Others

SALES OF VEGETABLE SEEDS PER CROP. 2016-2017 SALES OF VEGETABLE SEEDS PER GEOGRAPHICAL AREA. 2016-2017

Europe Americas Africa / Middle East Asia / Oceania

KEY FIGURES 2016-2017

32 736 17.1%

COUNTRIES WITH LOCATIONS M€ SALES OPERATING MARGIN

Current operating margin : 17.3% 1 3 1 1 2 2 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.)

January, 2018 INVESTORS PRESENTATION 17

3 / VEGETABLE 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:

January, 2018 INVESTORS PRESENTATION 18

52% 42% 3% 3%

4 / FIELD SEEDS. DIVISION PROFILE

VILMORIN & CIE GROWTH STRATEGY

SALES OF FIELD SEEDS* PER GEOGRAPHICAL AREA. 2016-2017

Europe Americas Asia / Oceania

KEY FIGURES 2016-2017

33 626 2.7%

COUNTRIES WITH LOCATIONS* M€ SALES OPERATING MARGIN

Current operating margin : 3.6% (928 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 and in South Africa

11% 4% 4% 15% 66%

SALES OF FIELD SEEDS* PER CROP. 2016-2017

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)

January, 2018 INVESTORS PRESENTATION 19

4 / CORN SEEDS. STRATEGY

VILMORIN & CIE GROWTH STRATEGY

CORN SEEDS: BECOME A GLOBAL ACTOR

SEED CO

Minority stake. 2014

#1 African seeds company Sales: 135 M$ 6 factories & 8 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: USDA

Internationalize activities

further afield from European and North American activities on the largest world seed market in terms of value (more than $15 bn in 2016*) GM corn traits licensing agreements with Syngenta (October 2015)

Develop a proprietary portfolio of GM seeds

Recent acquisitions:

January, 2018 INVESTORS PRESENTATION 20

4 / WHEAT SEEDS. STRATEGY

VILMORIN & CIE GROWTH STRATEGY

WHEAT SEEDS: BECOME THE WORLD REFERENCE

*Source: USDA

Consolidate position of leader in Europe and become the world reference of the first worldwide crop in terms of cultivated surface areas (more than 220 million hectares in 2016*) 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

January, 2018 INVESTORS PRESENTATION 21

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

VILMORIN & CIE GROWTH STRATEGY

2016-2017

*of which €240 million research investments without integrating partnerships

€310 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 1,274 255 242 261 302 301 183 194 211 225 240 14.2% 14.6% 15.3% 15.2% 15.2%

17.4% 17.4% 18.9% 19.1% 18.8%

200 400 600 800 1 000 1 200 1 400 1 600 1 800 2012-2013 2013-2014 2014-2015 2015-2016 2016-2017

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)

January, 2018 INVESTORS PRESENTATION 22 22

SALES FOR THE 1ST QUARTER 2017-2018 (ON SEPTEMBER 30, 2017)

January, 2018 INVESTORS PRESENTATION 23

A marked drop in sales for the 1st quarter : €207.6 M i.e. -8.2%*, marked by contrasting performances according to activities

• Vegetable Seeds (-18.1%*): a sharp decline in the 1st quarter, on a high benchmark basis
• Field Seeds (+7%*): significant growth for the start of the fiscal year, buoyed by a quality

performance in Europe

… on a globally unrepresentative basis for the fiscal year

• The 1st quarter has represented in recent years on average around 15% of sales for the

year

Confirmation of objectives for 2017-2018

• In market conditions still affected by pressure on agricultural prices and marked by the

consolidation operations taking place in the agrochemical sector

* On a like-for-like basis

KEY POINTS

SALES FOR THE 1ST QUARTER 2017-2018

January, 2018 INVESTORS PRESENTATION 24

REFERENCES

SALES FOR THE 1ST QUARTER 2017-2018

2016 2017 $ 1.12 1.17 ¥ 114 130 £ 0.85 0.90 TRY 3.31 4.13 ILS 4.25 4.18 BRL 3.62 3.71 INR 75 76 MXN 20.9 20.9 UAH 28.3 30.5 RUB 72.1 69.3

Accounting reference

IFRS on September 30, 2017

Consolidation scope

No variation

Average rates of the main currencies on September 30, 2017 (and September 30, 2016)

January, 2018 INVESTORS PRESENTATION 25

CONSOLIDATED SALES*

In M€

53% 43% 4%

SALES* FOR THE 1ST QUARTER 2017-2018 PER DIVISION

Vegetable Seeds Field Seeds Garden Products and Holdings SALES FOR THE 1ST QUARTER 2017-2018

* Revenue from ordinary activities

232 208

• 6
• 18

sept.-16 Impact devises Activité sept.-17

• 10.5%
• 8.2%

Currency impact Activity

January, 2018 INVESTORS PRESENTATION 26

SALES* VEGETABLE SEEDS

In M€

SALES FOR THE 1ST QUARTER 2017-2018

• Clear drop in business, on a high benchmark basis (with a 1st quarter

2016-2017 that had progressed by 12.3% on a like-for-like basis).

• One-off decline in business:
• which concerns the three Business Units (HM.CLAUSE, Hazera and

VILMORIN-MIKADO),

• particularly in North America, without however altering, in the short-

term, the potential of this region, on which Vilmorin & Cie had recorded several quarters of extremely strong growth.

• Performance that follows an extremely dynamic 4th quarter and which

reflects certain delays in activity, due in particular to temporary problems of availability for certain seed varieties.

• Acceleration of the programmed rundown of the Japanese agricultural

supplies and equipment business in the VILMORIN-MIKADO Business Unit.

• Performance which does not call into question the growth dynamics of

the activity.

* Revenue from ordinary activities

138 109

• 5

sept.-16 Impact devises Activité sept.-17

• 20.9%
• 18.1%
• 24

Confirmation of the global growth objective in sales for the fiscal year (4% on a like-for-like basis)

Currency impact Activity

January, 2018 INVESTORS PRESENTATION 27

SALES* FIELD SEEDS

In M€

SALES FOR THE 1ST QUARTER 2017-2018

Europe:

• Rapeseed: high level of growth (volume and value), particularly in Central Europe,

France and the United Kingdom, leading to significant market shares gains, thanks to a portfolio of highly efficient products from a technical point of view.

• Straw cereals (wheat, barley): very slight increase in sales, in a market still affected by a

reduction in certified seeds.

• Forage and amenity grass seeds: slight growth in business.

South America:

• Increase in sales, particularly for soybean, a relevant complement to the corn offering.
• Drop in sales for the first corn campaign in Brazil (safra), reflecting the current evolution
• f cultivated acreage for this crop.
• Promising outlook for orders for the 2nd corn campaign (safrinha), for which acreage

should increase, but with less intensity than during the previous fiscal year.

• Confirmation of the growth objectives fixed for this region.

Asia:

• Good start to the fiscal year, with a strong increase in business particularly in India.

Europe and North America:

• Procurement of corn seeds is nearly complete, and according to the latest estimates, is

globally in line with production plans objectives.

• Revenue from ordinary activities

after application of IFRS 11 (i.e. excluding AgReliant)

85 90 6

• 1

sept.-16 Impact devises Activité sept.-17

+5.9% +7.0%

Reaffirmation of the objective to increase sales for the fiscal year (at least 5% on a like-for-like basis)

Currency impact Activity

January, 2018 INVESTORS PRESENTATION 28

CONSOLIDATED SALES* PER GEOGRAPHICAL AREA

Americas

€43 M. -23.6%**

Africa/Middle East

€20 M. -16.3% **

Europe

€115 M. +1.4%**

Asia/Oceania

€28 M. -24.0%**

60 % 10 %

* Sales of goods ** Current data compared with 2016-2017

56% 21% 13% 10%

Africa/ Middle East Americas Asia/Oceania Europe SALES FOR THE 1ST QUARTER 2017-2018

January, 2018 INVESTORS PRESENTATION 29

CONSOLIDATED SALES* PER QUARTER

* Revenue from ordinary activities

SALES FOR THE 1ST QUARTER 2017-2018

8 8 6 25 12 22 21 37 25 11

63 70 79 305 83 138 109 149 212 237

Q1 16-17 Q1 17-18 Q2 16-17 Q2 17-18 Q3 16-17 Q3 17-18 Q4 16-17 Q4 17-18

208

In M€

232 271

Vegetable Seeds Field Seeds Europe Field Seeds other regions Garden Products and Holdings

SALES* PER QUARTER 567 344

Disclosure February 27, 2018 Disclosure April 23, 2018 Disclosure August 6, 2018

January, 2018 INVESTORS PRESENTATION 30

OUTLOOK FOR 2017-2018 AND MID-TERM AMBITIONS

January, 2018 INVESTORS PRESENTATION 31

CONFIRMATION OF OBJECTIVES

OUTLOOK FOR 2017-2018

Vegetable Seeds

Strengthen world leadership: > By pursuing innovation in plant breeding and close proximity to markets. > While remaining on the look-out for any external growth opportunity to consolidate positions for strategic zones and crops. In Japan, Vilmorin & Cie will pursue its programmed rundown of the agricultural supplies and equipment activity of the Business Unit VILMORIN-MIKADO.

Objective for 2017-2018

Sales for Vegetable Seeds = +4%

• n a like-for-like basis

Field Seeds

Strengthen positions in regions where facilities have been established:

Objective for 2017-2018

Sales for Field Seeds > +5%

• n a like-for-like basis

> In market conditions that will probably remain difficult in Europe. > Pursuing the deployment of the strategic plan for Field Seeds aiming to:

• Become a global player in corn seeds.
• Ultimately become the world reference for wheat seeds.

January, 2018 INVESTORS PRESENTATION 32

CONFIRMATION OF OBJECTIVES

OUTLOOK FOR 2017-2018

Achieve significant growth in sales and consolidate the current operating margin rate Aim for a contribution from its associated companies* at least equivalent to that of 2016-2017.

* Mainly AgReliant (North America. Field Seeds), Seed Co (Africa. Field Seeds) and AGT (Australia. Field Seeds).

Consolidated sales +5%

• n a like-for-like basis

Current operating margin rate at the same level as in 2016-2017, taking into account research investment ≈ €255 M

Pursue deployment of the development and innovation strategy, in a long-term vision,

• ver a fiscal year which should continue to be affected

by the pressure on agricultural prices and will be marked by the consolidation operations in the agrochemical sector.

January, 2018 33 INVESTORS PRESENTATION

STRATEGIC ORIENTATIONS

MID-TERM AMBITIONS

VEGETABLE SEEDS CORN SEEDS WHEAT SEEDS ULTIMATELY BECOME THE WORLD REFERENCE BECOME A GLOBAL PLAYER REINFORCE WORLD LEADERSHIP

• Accelerate development to reach business growth higher than market trends and increase
• perating margins, both in Vegetable Seeds and Field Seeds
• Materialize the three strategic priorities:

Confirmation of the strategic ambitions for 2020 Fiscal year 2016-2017 fully confirmed these ambitions Objectives for 2017-2018 firmly in line with these trends

January, 2018 INVESTORS PRESENTATION 34

VILMORIN & CIE ON THE STOCK EXCHANGE

January, 2018 INVESTORS PRESENTATION 35 (Source: Euronext.com)

€89.70

SHARE PRICE ON JANUARY 5TH, 2018

VILMORIN & CIE ON THE STOCK EXCHANGE

EVOLUTION OF THE SHARE PRICE

Vilmorin & Cie :

Vilmorin & Cie CAC 40

MARKET CAPITALIZATION ON JANUARY 5TH, 2018

€1.9 BN.

+ 27.3% 10 years + 26.5% 5 years + 52.3% 1 year

January, 2018 INVESTORS PRESENTATION 36

VILMORIN & CIE ON THE STOCK EXCHANGE

DIVIDENDS (1)

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

(1) Data not 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 4.17 1.24 1.36 1.50 1.50 1.57 1.10 1.60

2011 2012 2013 2014 2015 2016 2017

Profit (group share) per share Dividend

1.40*

38.4%

Proposal

January, 2018 INVESTORS PRESENTATION 37

SCHEDULE AND CONTACTS

January, 2018 INVESTORS PRESENTATION 38

TUESDAY FEBRUARY 27, 2018 Disclosure of the sales and results for the 1st semester 2017-2018 MONDAY APRIL 23, 2018 Disclosure of the sales for the 3rd quarter 2017-2018 MONDAY AUGUST 6, 2018 Disclosure of the sales at the end for fiscal year 2017-2018 WEDNESDAY OCTOBER 17, 2018 Disclosure of the annual results for fiscal year 2017-2018

SCHEDULE

January, 2018 INVESTORS PRESENTATION 39

FOR ANY FURTHER INFORMATION:

CONTACTS

Valérie MONSERAT 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

Vincent SUPIOT vincent.supiot@vilmorincie.com

January, 2018 INVESTORS PRESENTATION 40

APPENDICES

Key financial data for fiscal year 2016-2017 Organization chart

January, 2018 INVESTORS PRESENTATION 41

APPENDICES Key financial data for fiscal year 2016-2017

January, 2018 INVESTORS PRESENTATION 42

INCOME STATEMENT

In M€ 2015-2016 2016-2017 Variation Sales 1 325.1 1 414.0 +6.7% Sales margin 632.2 687.0 +€54.8 M Sales margin rate 47.7% 48.6% +0.9 pt Operating income 100.3 118.3 +€18.0 M Operating margin rate 7.6% 8.4% +0.8 pt Current operating margin rate 8.4% 9.2% +0.8 pt Income from associated companies 30.8 33.9 +€3.1 M Financial income

• 36.5
• 24.5
• (€12.0) M

Income taxes

• 33.8
• 37.6

+(€3.8) M Net income 60.8 90.1 +€29.3 M Net income Group share 59.3 86.9 +€27.6 M

RESULTS FOR FISCAL YEAR 2016-2017

January, 2018 INVESTORS PRESENTATION 43

KEY FIGURES FOR EACH ACTIVITY’S CONTRIBUTION TO CONSOLIDATED SALES

* Revenue from ordinary activities

Sales* Operating income Net income In M€ 2015-2016 2016-2017 2015-2016 2016-2017 2015-2016 2016-2017 Vegetable Seeds 688.7 735.8 109.3 125.8 71.6 84.9 Field Seeds 581.7 626.0 10.6 17.2 17.3 31.9 Garden Products 53.6 51.2

• 4.6
• 6.7
• 4.6
• 6.9

Holdings 1.1 1.0

• 15.0
• 18.0
• 23.5
• 19.8

Consolidated 1 325.1 1 414.0 100.3 118.3 60.8 90.1

RESULTS FOR FISCAL YEAR 2016-2017

January, 2018 INVESTORS PRESENTATION 44

FREE CASH-FLOW

In M€ 2015-2016 2016-2017 Net indebtedness at the beginning of the FY 660 742 EBITDA 278 316 Variation of working capital needs 20

• 43

Other operating items

• 28
• 12

Net industrial investments

• 46
• 38

Activated development costs

• 157
• 165

Operating cash-flow 68 57 Net financial investments

• 116
• 5

Capital and other equity contributions

• 1
• Dividends
• 10
• 4

Net financial charges

• 23
• 23

Free cash-flow

• 83

25 Other restatements (IFRS/Currency, etc.) 1 3 Net indebtedness at the end of the FY 742 714

RESULTS FOR FISCAL YEAR 2016-2017

January, 2018 INVESTORS PRESENTATION 45

BALANCE SHEET STRUCTURE

Total balance sheet 2 159 2 179

• f which cash

207 256

In M€

Gearing 55% Leverage 2.3

742 714 64 76 89 80 1 264 1 309

June 2016 June 2017

Equity Provisions Net deferred taxes Net indebtedness 468 492 1 691 1 687 Net fixed assets Net working capital needs

RESULTS FOR FISCAL YEAR 2016-2017

January, 2018 INVESTORS PRESENTATION 46

APPENDICES VILMORIN & CIE ORGANIZATION CHART

January, 2018 INVESTORS PRESENTATION 47

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-MIKADO

January, 2018 INVESTORS PRESENTATION 48

THANK YOU

VILMORIN & CIE Head office: 4 quai de la Mégisserie – F-75001 PARIS Postal address: CS 20001 Saint-Beauzire – F-63360 GERZAT Tel: +33 473 634 485 www.vilmorincie.com