Seminis, Inc. today reported financial results for the fourth quarter and the year ended September 30, 1999. Seminis annual revenues increased by 24% from $428.4 million to $530.6 million from 1998 to 1999 while revenues for the fourth quarter in 1999 grew 9% over the fourth quarter of 1998. Income before extraordinary items for the year ended September 30, 1999 was $2.4 million or $0.05 per share compared to $6.8 million or $0.21 per share for 1998. Extraordinary items related to debt refinancing costs. Income before extraordinary items was $2.9 million or $0.05 per share for the fourth quarter 1999 compared to a net loss of $4.8 million or $0.13 per share in the fourth quarter 1998. Seminis also reported a net loss available to shareholders for 1999 of $10.9 million or $0.25 1per share versus a net loss available to shareholders in 1998 of $133.4 million or $4.23 per share. Seminis net loss available to shareholders for the fourth quarter 1999 was $1.5 million or $0.02 per share, compared to a net loss available to shareholders of $5.9 million or $0.16 per share for the fourth quarter 1998.

The improved net loss available to shareholders in 1999 compared to 1998 was largely attributed to the accounting charge related to the repurchase of Class B shares that the company concluded last year. The improvement in net loss available to shareholders for the fourth quarter 1999 compared the fourth quarter 1998 was due primarily to an improved net income of $0.1 million versus a net loss of $4.8 million in the fourth quarter of 1998.

The higher revenue in 1999 versus 1998 was attributable primarily to sales from newly acquired
companies and investments. Hungnong and ChoongAng, both based in Korea, were acquired in the fourth quarter of 1998 along with investments LSL PlantSciences in the US and Nath Sluis in India. The consolidation of the Brazil-based Horticeres was completed during the first quarter 1999. Seminis also enjoyed strong organic growth of 11% comparing 1999 to 1998. Revenue growth in the fourth quarter 1999 compared with the fourth quarter 1998 was based on significant growth in North America. EBIT (earnings before interest and taxes) for 1999 grew $9.5 million or 25% compared with 1998. For the fourth quarter 1999 EBIT increased by $7.9 million or 222% compared to the fourth quarter 1998. EBITDA (EBIT plus depreciation and amortization) for 1999 was $93.7 million compared to $68.6 million in 1998, a 37% increase. EBITDA for the fourth quarter 1999 was $23.6 million up 71% over the fourth quarter 1998 EBITDA of $13.8 million.

Seminis continued to implement its strategies to build a high growth and sustainable global business platform through acquisitions and the introduction of new, higher margin products, mainly through plant breeding. While the application of biotechnology to the vegetable seed sector shows significant promise in the long-term, plant breeding drives the company's growth. In 1999 less than 0.2% of the company's seed sales resulted from genetically modified seed. Seminis believes that through its research alliances with leading companies, universities and institutes it can enjoy the long-term potential of biotechnology without significant up-front investment.

Seminis is the largest developer, producer and marketer of vegetable seeds in the world. The
company uses seeds as the delivery vehicle for innovative agricultural technology. Its products are
designed to reduce the need for agricultural chemicals, increase crop yield, reduce spoilage, offer
longer shelf life, create better tasting foods and foods with better nutritional content. Seminis has
established a worldwide presence and global distribution network that spans more than 120 countries with 70 research stations in 19 countries and production sites in 32 countries. Seminis is a majority owned subsidiary of Savia, Mexico-based conglomerate with leadership positions in financial services, packaging, and fresh foods.

All statements in this press release other than statements of historical facts are ``forward looking''
statements, including without limitation statements regarding the Company's financial position,
business strategy, plans, and objectives of management and industry conditions. Although the
Company believes that the expectations reflected in such forward-looking statements are reasonable, it can give no assurance that such expectations will prove to be correct. The following factors, among others, may affect the Company's actual results and could cause such results to differ materially from those expressed in any forward-looking statements made by on behalf of the Company: competitive factors, agribusiness risks, governmental and economic risks associated with foreign operations, commercial success of new products, proprietary protection of and advances in technology, possible need for additional financing as well as the ability of the Company to successfully integrate recent acquisitions and its management information systems and controls. Further information on the factors that could affect the Company's financial results is contained in the Company's S-1 registration statement dated June 29, 1999 and filed with the Securities and Exchange Commission.

Company news release
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