Today Savia S.A. de C.V. released its financial results for the first quarter ended March 31, 2000. The consolidated net sales increased by 75% to reach $818 million dollars, compared to $469 million dollars reported last year for the same period.

Savia's consolidated sales mix by division was as follows: Financial Services 63%, Agrotechnology 31%, Packaging 5% and Other Businesses 1%. Of consolidated sales, $315 million dollars corresponded to foreign currency, which accounted for 38% of total company sales.

During the first quarter of 2000, Savia reported an EBITDA of $30 million dollars, a 71% decrease
from that of the previous year. Operating income was $16 million dollars, an 83% decrease
compared to the same period of the previous year. As a result, the net loss was $17 million dollars.

The decrease in the company's operating income is mainly due to external factors that affected the financial revenues of Seguros Comercial America. The Mexican Stock Exchange sectors that had SCA's investments, the decline of the fixed income interest rates, and the appreciation of the Mexican Peso against the US Dollar all had a negative impact on SCA'S investment portfolio value and financial proceeds.

Financial Services

During the first quarter of 2000 Savia consolidated sales of Seguros Comercial America (BMV:
SEGCOAM) was $514 million dollars; while during 1999, this company contributed with $152
million dollars, amount corresponding only to March 1999, date on which SCA was acquired by
Savia.

During this period the subsidiaries of SCA reported significant growth. Fianzas Comercial America increased its issued premiums by 5% and Arrendadora Comercial America increased its credit portfolio by 37%, while its net profit grew 86%. Furthermore, the mortgage business doubled its credit portfolio during the period.

Agrotechnology

Seminis registered sales for $188 million dollars during the first quarter of 2000, 9% less than the figure reported last year, mainly attributable to the reduction of $8.2 million dollars in the sales value in Europe brought on by the devaluation of the Euro against the Dollar and to the unfavorable climatic conditions in Europe and the Middle East. Seed sales were affected by overstocked inventories in the food processor companies. As a result of the sale reduction the operating income reached $47 million dollars in 2000, 19% less than last year.

Bionova had sales for $56 million dollars for the period, 5% less than in 1999. The operating loss was $7 million dollars, a 55% decrease in relation to last year. The reduction in sales is a result of the excess offering that provoked a price decrease in the fresh produce market. During the same period, the company began its restructuring process, focusing on its more profitable areas.

Packaging

During the first quarter of 2000, Empaques Ponderosa had sales for $39 million dollars, an 8% increase over the same period last year. The EBITDA totaled $12 million dollars, representing a 2.7% increase over the previous year. The company's operating margin reflected a high level with 26%.

The volume of folding boxboard sales for the period reached a record 47,059 metric tons, 2.6%
higher than that of 1999. The sale of secondary fiber to the open market totaled 26,907 metric
tons, an 85.3% increase over last year's volume.

Recent Activities

Savia also announced today that it has restructured its $260 million dollars subordinated debt with improved financial terms, through a zero coupon facility for $500 million dollars. The restructuring reduced the interest rate and extended the maturity to 2006. This is the second active step the Company has made to improve its financial structure. As announced last month, Savia improved its debt position by applying its $500 million dollars received from the announced ING Group transaction to a prepayment of its floating rate notes issued in March 1999 that would have matured in 2002.

Savia is a diversified group of companies, strategically focused on leadership, and on value creation. The group participates in industries offering high growth potential in Mexico and abroad. Its main subsidiaries are: Seguros Comercial America, Mexico's largest insurance company; Seminis, global leader in the production and marketing of seeds for fruits and vegetables; Bionova, focused on plant science for the development and improvement of fruits and vegetables, and Empaques Ponderosa, Mexico's leader in the production of recycled fiber folding cardboard.

Company news release
N2656