Roth Capital Partners Presentation

March 2016

2

Forward Looking Statements

This presentation contains certain "forward looking statements". These statements relate to future

events or future performance and reflect the Company's expectations regarding its growth, results of

operations, performance, business prospects, opportunities or industry performance and trends.

These forward looking statements reflect the Company's current internal projections, expectations or

beliefs and are based on information currently available to the Company. In some cases, forward

looking statements can be identified by terminology such as "may", "will", "should", "expect", "plan",

"anticipate", "believe", "estimate", "predict" , "potential", "continue" or the negative of these terms or

other comparable terminology. A number of factors could cause actual events or results to differ

materially from the results discussed in the forward looking statements. In evaluating these

statements, you should specifically consider various factors, including, but not limited to, such risks

and uncertainties as availability of resource, competitive pressures and changes in market activity,

risks associated with U.S. and Canadian sales and foreign exchange, regulatory requirements and

all of the other "Risk Factors" set out in the Company's current annual information form and

management's discussion and analysis for the year ended December 31, 2014, which is available

electronically at www.sedar.com. Actual results may differ materially from any forward looking

statement. Although the Company believes that the forward looking statements contained in this

presentation are based upon reasonable assumptions, you cannot be assured that actual results will

be consistent with these forward looking statements. These forward looking statements are made as

of the date of this presentation, and other than as specifically required by applicable law, the

Company assumes no obligation to update or revise them to reflect new events or circumstances.

3

Company Overview

A leading greenhouse grower & marketer of branded,

high-quality produce

CPG company growing and selling fresh produce

Vertically integrated year-round direct supplier to leading retail grocers

Oldest greenhouse operation and brand in the U.S.

Largest greenhouse operator in North America

Strong reputation as industry leader in quality and food safety

Exclusive rights to produce certain varieties

Highly Sustainable

Hydroponically grown

Responsible growing practices

Highly productive compared to field farming - 30x

“Local” source produce supplier

Operating and marketing in Canada, US and Mexico

Greenhouse acres owned – 240 acres

Exclusive marketing arrangements with US, MX and CA growers

Representing approx. – 140 acres

Stock Data on March 8, 2016

Current Market Capitalization: US$26M

Current Shares Outstanding: 38.8M

Current Shares Diluted: 40.7 M

52 Week Hi/Lo: C$1.07 / $0.70

Approx. Institutional Ownership: 28%

Approx. Insider Ownership: 50%

4

Investor Considerations

Controlled Agriculture – is

the Future

Diverse Base of National

Marquee Customers

Largest Hydroponic Greenhouse Producer in

North America

Highly Experienced

Management and Production TeamHigh

Barriers of Entry into

Greenhouse Market

Year Round Producer tied to

Advanced Technologies

Strong Consumer Demand for Local,

Sustainable Products

Strong Track Record for Food Safety

5

Greenhouse Produce – A Premium Product Retail consumers pay a premium for Greenhouse produce

Offers more consistent quality, taste, appearance and food safety than field grown produce

Vine-Ripened Tomatoes

Flavor fully develops/better taste

Consistent quality

Year-round production

Multiple varieties

Peppers

Vibrant colors, firm skin

Stems; green and fresh

Sweet taste

English Cucumbers

Mini and Long

Thin dark green skin

Unwaxed/not coated

Seedless

6

Exclusive Varietal Innovation & DevelopmentExclusive Varieties

0.5

18

28

44

62

0

10

20

30

40

50

60

70

2012 2013 2014 2015 2016

Mini San Marzano Acres

7

Exclusive Varietal Innovation & DevelopmentExclusive Varieties

0.25

2.7

13

0

5

10

15

2014 2015 2016

Cherry no. 9 Acres

0.1

3.3

8.3

0

2

4

6

8

10

2014 2015 2016

Cabernet Acres

8

Exclusive Varietal Innovation & DevelopmentExclusive Varieties

Launching in 2016 with approximately 10+ acres

Additional testing of other varieties

Marquee Customers

10

Size of Retail Produce Markets

Top 22 US Produce Category Contribution to Department for 52 weeks Ending 12/31/15

Data Source : Perishables Group FreshFacts® Powered by Nielsen

Rank Product Dollars VolumeDollar Contribution to

Department Dollars YAGO Volume YAGODollar Contribution to

Department YAGODollars % Change vs

YAGOVolume % Change vs

YAGO

Dollar Contribution to Department Change vs

YAGO

Produce $46,914,271,041 31,617,311,495 100.0% $45,116,367,557 30,717,461,861 100.0% 4.0% 2.9% 0.0%

1 Berries $3,969,115,364 1,321,528,906 8.5% $3,721,607,157 1,244,140,476 8.2% 6.7% 6.2% 0.2%

2 Packaged Salad $3,621,253,544 1,286,555,881 7.7% $3,296,784,207 1,207,565,076 7.3% 9.8% 6.5% 0.4%

3 Citrus $2,817,309,553 2,242,187,296 6.0% $2,588,215,739 2,047,822,823 5.7% 8.9% 9.5% 0.3%

4 Apples $2,765,234,531 1,776,972,128 5.9% $2,854,440,287 1,808,268,359 6.3% -3.1% -1.7% -0.4%

5 Grapes $2,690,429,944 1,229,674,499 5.7% $2,570,445,665 1,137,811,000 5.7% 4.7% 8.1% 0.0%

6 Bananas $2,512,303,848 4,402,683,636 5.4% $2,524,305,672 4,414,294,954 5.6% -0.5% -0.3% -0.2%

7 Tomatoes $2,490,073,093 1,091,927,510 5.3% $2,394,637,501 1,074,350,893 5.3% 4.0% 1.6% 0.0%

8 Potatoes $2,354,876,716 3,380,024,855 5.0% $2,374,686,115 3,442,939,745 5.3% -0.8% -1.8% -0.2%

9 Value-Added Fruit $2,149,742,338 671,408,460 4.6% $1,982,641,741 658,118,720 4.4% 8.4% 2.0% 0.2%

10 Cooking Vegetables $1,719,015,541 1,000,274,711 3.7% $1,653,170,884 1,004,275,152 3.7% 4.0% -0.4% -0.0%

11 Value-Added Vegetables $1,638,345,659 526,349,777 3.5% $1,499,082,897 495,431,018 3.3% 9.3% 6.2% 0.2%

12 Onions $1,428,598,502 1,425,865,691 3.0% $1,448,704,484 1,456,441,311 3.2% -1.4% -2.1% -0.2%

13 Peppers $1,373,762,507 613,864,930 2.9% $1,300,827,816 587,648,438 2.9% 5.6% 4.5% 0.0%

14 Beverages $1,286,442,404 388,049,429 2.7% $1,135,330,497 349,785,495 2.5% 13.3% 10.9% 0.2%

15 Avocados $1,258,090,593 1,214,470,719 2.7% $1,106,776,586 1,006,114,715 2.5% 13.7% 20.7% 0.2%

16 Lettuce $1,225,405,510 661,839,696 2.6% $1,180,239,685 656,949,883 2.6% 3.8% 0.7% -0.0%

17 Melons $1,148,664,783 2,185,577,541 2.4% $1,126,643,911 2,028,599,464 2.5% 2.0% 7.7% -0.0%

18 Nuts & Seeds $1,023,332,778 157,807,918 2.2% $1,069,661,362 170,633,287 2.4% -4.3% -7.5% -0.2%

19 Herbs, Spices and Seasonings $885,137,884 667,480,279 1.9% $813,524,429 636,786,447 1.8% 8.8% 4.8% 0.1%

20 Stone Fruits $875,978,357 473,446,175 1.9% $913,656,843 477,690,890 2.0% -4.1% -0.9% -0.2%

23 Cucumbers $715,888,728 719,581,316 1.5% $685,011,778 688,931,066 1.5% 4.5% 4.4% 0.0%

11

U.S. Tomato Retail Market Segmentation

Retail Tomato Dollars Retail Tomato Volume (lbs)

Note – information above excludes Costco and BJs which are 100% Greenhouse retailers.

Source: Perishables Group FreshFacts® Powered by Nielsen

Greenhouse Total$300,451,500

54%

Field Total$191,771,738

35%

Undefined Total$61,697,970

11%

Greenhouse Total103,660,343

43%Field Total118,276,276

49%

Undefined Total19,756,219

8%

12

Strategically Located Operations

Ontario & British Columbia

1 facility in Ontario

65 acres

Production:

All tomato types

2 facilities in BC

25 acres

Production:

Peppers & LE cucumbers

VF Greenhouses Partner Growers

Mexico

3 facilities in Queretaro

50 acres

Production:

All varieties of tomatoes

Mini-cucumbers

British Columbia

3 facilities in Delta, BC

110 acres

Production:

All tomato types

Greenhouses

Partners

Distribution

Centers

Corporate

Offices

VFF has the logistics and distribution capabilities to ensure fresh high quality produce

that meets consumer demands.

4

Texas

3 facilities in Marfa & Ft. Davis

100 acres

Production:

All varieties of tomatoes

1 facility in Monahans

30 acres

Production:

Tomatoes-on-the-vine

Long English cucumbers

13

Experienced Management Team

Mike DeGiglio – Chief Executive Officer and Director

Co-Founder; Served as Chief Executive Officer since inception

30 years intensive agricultural experience in controlled environmental growing – former CEO of two other

industry related companies in greenhouse and agriculture biotechnology

Served on active duty in the United States Navy as an officer and jet aviator (1976 – 1983), and the Naval Air

Reserves (1983 – 2001), retiring at the rank of Captain

Stephen Ruffini – Chief Financial Officer and Director

Joined Village Farms in 2009

Previously at HIT Entertainment PLC where he served as Chief Financial Officer

25 years of extensive financial, operations, investor relations and mergers and acquisitions experience with

leading international companies

Doug Kling – Chief Marketing Officer

Joined Village Farms in 2008

Previously at Johanna Foods where he served as VP – Sales and Marketing / Mgmt. Board

30 years of extensive management experience in sales, marketing and acquisitions with global CPG companies

including Cadbury Schweppes and Nabisco Brands

Bret Wiley – Senior Vice President of Sales

Joined Village Farms in 1998

Previously at Dole Fresh and Gargiulo Inc.

30 years of extensive sales, retail and marketing experience

14

Financial Performance

Revenue (US$ millions) EBITDA (US$ millions)

Trend Improvement Hail Storm in May 2012 took out 3 TX facilities

Hail Storm Proceeds in 2012 & 2013

Improving Margins due to higher margin product mix

Addition of new third party distribution in 2016

Approx. $20-$25m of additional top line

$133.1 $130.5

$144.8

$164.4

$133.9 $137.6 $136.6 $133.6

$-

$20.0

$40.0

$60.0

$80.0

$100.0

$120.0

$140.0

$160.0

$180.0

2008 2009 2010 2011 2012 2013 2014 LTM

$19.0

$9.1

$15.1 $15.7

$1.6

$12.9

$8.7

$10.7

$-

$5.0

$10.0

$15.0

$20.0

$25.0

$30.0

2008 2009 2010 2011 2012 2013 2014 LTM

Reported EBITDA Normalized EBITDA

15

Select Balance Sheet Info Expressed in Thousands USD (000’s)

As of Sept. 30

2015

As of Dec 31

2014

Assets

Cash $ 5,147 $ 6,337

Accounts Receivable $10,197 $ 9,168

Inventory (Including Bio Asset) $16,994 $19,122

Other $ 2,320 $2,832

Net Fixed Assets $ 96,172 $101,430

Total Assets $130,830 $138,889

Liabilities

Short Term Debt $4,392 $ 4,418

Accounts payable $8,551 $11,795

Other (Including Def. Tax) $11,929 $12,729

Long Term Debt $45,534 $48,947

Total Liabilities $70,406 $77,889

Shareholders' Equity $60,424 $61,000

16

Significant Insider Ownership

Shareholder Overview (fully diluted)

1 Includes options. Total company stock options outstanding 1,896,665 options.

2 Management estimate

3 Co-founder left Company in 2010 has sold 1.6m shares over last two years. He has no ongoing

relationship with the Company or management but is an “insider” as he owns > 10%.

Insiders hold an economic interest in Village Farms of approximately 50.4%

Number of

Shares % Ownership

Insiders

Michael DeGiglio(1) 10,304,149 25.3%

Other Insiders(1)

Albert Vanzeyst(3)

2,431,065

7,757,733

6.0%

19.1%

Insiders Total 20,492,947 50.4%

Institutions

Canagro Century Holdings (2) 3,847,187 9.5%

Other (2) 7,726,269 18.9%

Institutional Total 11,573,456 28.4%

Retail (2) 8,637,607 21.2%

Total (1) 40,704,010 100.0%

Valuation Comparison

($ in mill ions, except per share data)

Price Market Enterprise Dividend Price/

Produce Company 1-Mar-16 High Low Cap (M) Value (M) Yield Revenue EBITDA Revenue EBITDA Earnings

Village Farms 0.67$ 0.79$ 0.52$ 26$ 71$ 0.0% 147.3$ 10.7$ 0.5x 6.6x 13.4xCalavo Growers 53.53$ 62.13$ 43.08$ 931$ 971$ 1.5% 856.8$ 52.9$ 1.1x 18.4x 33.7x

Limoneria 14.12$ 24.22$ 11.30$ 200$ 292$ 1.4% 110.3$ 8.8$ 2.6x 33.2x 30.7x

Landec* 9.70$ 15.16$ 9.48$ 262$ 310$ 0.0% 549.0$ 25.7$ 0.6x 12.1x 6.1x

* Included due to ownership of 27% interest in Windset Growers, which is carrying the investment at $63m, resulting in a market cap value on Windset of approx. $233m.

Publicly Traded Agriculture Companies

52- WeekMarket Data Financial Results

LTM EV/LTM

Multiples

18

Investment Summary Highlights

Greenhouse

Produce Industry

Leader

Financial

Performance &

Valuation

Value-Add and

Sustainability

Story

Vertically integrated year-round direct supplier to leading retailers

Largest greenhouse producer in North America

Strong reputation as industry innovator in quality and safety and varieties

“Local source” produce supplier – market is short of US grown supply

Small carbon and physical footprint

Highly productive compared to field farming

Improving Financial Results in 2015

Returning to Normalized Returns in 2016

Undervalued as compared to other publicly traded agriculture companies

Strong Industry

Trends

Controlled Ag is the future

Growing more specialty products with superior quality, taste, appearance

Innovative greenhouse technologies improve efficiencies in energy and water use

Barriers to Entry

High Capital Costs – approx. $1.5m/acre

Need experienced growing team and climate knowledge

More stringent Food Safety Regulations and Retailer Audits