BIONOVA Holding Corporation announced year-end and fourth-quarter financial results for the full year ended December 31, 1999.

For the year ended December 31, 1999, Bionova Holding reported a net loss of $38.6 million, or
$1.64 per share, as compared with a loss of $15.6 million, or $0.80 per share in 1998. The
Company stated that the primary reasons for the large increase in the year-on-year loss were (1) a $15.3 million unfavorable swing at the gross margin line due to lower prices for its fresh produce
and the poor agricultural output experienced during the first half of the year associated with the extremely cold weather conditions in Mexico, write offs taken in grower receivables, and a
reduction in royalties generated by its technology company, (2) a $2.2 million increase in
administrative expenses resulting from higher legal costs incurred in connection with the
Company's defense against shareholder suits and annual salary and wage increases granted to
employees in the Company's farming operations and administrative areas in Mexico, which was
consistent with the rate of inflation and the impact in dollar terms of the appreciation in the
Mexican peso over the past year, and (3) a higher net interest expense (interest income less
interest expense) of $7.4 million due to increased loan balances and the higher interest rates the
Company incurred following the long-term financing arrangement concluded in the first quarter of
this year.

Total revenues for full-year 1999 were $242.3 million versus $261.1 million for full-year 1998.
This decline in revenues was almost entirely attributable to the discontinuation of a Florida grower, which generated very little income for the company.

Bionova Holding's net loss increased from $1.3 million in the fourth quarter of 1998, or $0.05 per
share, to $14.2 million, or $0.61 per share in the fourth quarter of 1999. Total revenues for the
quarter ended December 31, 1999 were $61.8 million, compared with $70.7 million for the same
quarter in 1998. Due to the extremely difficult pricing environment experienced through the
majority of the fourth quarter, fresh produce revenues declined by 9.5% from $67.5 million to
$61.1 million. This, in combination with the unfavorable effects that the low prices had on the
margins of the Company's farming activities and write offs taken on grower receivables, caused
gross margins in the fresh produce segment of the business to decline by $12.0 million from the
fourth quarter of 1998 to 1999. Reductions in selling and administrative expenses of $1.7 million
and a positive swing in foreign exchange gains and losses of $1.9 million was offset in large part by higher net interest expense of $3.1 million in the quarter.

"Obviously, we are extremely disappointed with the results in this quarter and for the entire year,''
stated Bernardo Jimenez, Chief Executive Officer of Bionova Holding. "We really believed we
had started to turn the business around in the fourth quarter of 1998. Difficult agricultural and
competitive conditions, notwithstanding, we have just not made the progress we had hoped to in
1999. Management is in the process of completing a review of its operations with the goal of
re-focusing its business strategy.''

Bionova Holding Corporation is a leading biotechnology company focused on using its proprietary
genetic engineering and plant science technologies to develop and improve the quality and
agronomic traits of fruits and vegetables. Through its fresh produce growers and distribution
companies, Bionova Holding is known for its premium Master's Touch® and FreshWorld
Farms® brands. Bionova Holding and its subsidiaries have strategic alliances and licensing
agreements with some of the world's leading agricultural companies, with its affiliates, including
Seminis Vegetable Seeds, Inc., with value-added producers and marketers, and with
biotechnology research groups. Bionova Holding Corporation is majority owned by Mexico's
SAVIA, S.A. de C.V., whose subsidiaries include the world's largest vegetable seed company.

Company news release
N2541