Investor Presentation: March 2015

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 grower & marketer of branded, high-quality

hydroponic greenhouse grown produce in North America

High value produce

Oldest greenhouse operation and brand in the U.S.

Listed on TSX (Toronto Stock Exchange) – VFF

Vertically integrated year-round direct supplier to leading retail grocers

Largest greenhouse operator in North America

Strong reputation as industry leader in quality and food safety

Exclusive rights to grow and market varieties

Highly Sustainable

“Local” source produce supplier

Small carbon and physical footprint

Highly productive compared to field farming - 30x

Operating and marketing in Canada, US and Mexico

Greenhouse facilities owned – BC (110 acres), TX(130 acres)

Upgraded and refurbished 20 Acre greenhouse – June 2014

Exclusive marketing arrangements with US, MX and CA growers

Three exclusive tomato varieties

Stock Data on March 23, 2015

Current Market Capitalization: C$39M

Current Shares Outstanding: 38.7M

Current Shares Diluted: 40.6 M

52 Week Hi/Lo: C$1.77 / $0.81

Approx. Institutional Ownership: 21%

Approx. Insider Ownership: 31%

4

Investor Considerations Largest

Hydroponic Greenhouse Producer in

North America Diverse Base of National

Marquee Customers

Proprietary Greenhouse

Technology & Varieties

Highly Experienced

Management and Production Team High

Barriers of Entry into

Greenhouse Market

Year Round Production Capabilities

Strong Consumer Demand for Local,

Sustainable Produces

Strong Track Record of

Value Creation

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

Consistent quality

Year round growing season

Multiple varieties

Flavor fully develops/better taste

Cucumbers

Long English and mini cucumbers

Unwaxed/not coated

Seedless

Peppers

Vibrant colors, firm skin

Stems; green and fresh

Sweet taste

Others

Eggplants

6

Exclusive Varietal Innovation & Development

0.5

18 28

44

0

20

40

60

2012 2013 2014 2015

Mini San Marzano Acres

One of three exclusive varieties

1

Key Customer Relationships Relationships with Marquee Customers

8

Company History and Developments

2004 2005 2006 2007 2009

Spike in tomato prices

2008

November 2007

Fund sells its Abbotsford greenhouse

facility for net proceeds of $3.2

million

May 2007

Fund sells its Pitt Meadows facility for

net proceeds of $6.8 million

2010

Build R&D GATES –

approximately $3 mm

investment in R&D

facility

2011 2012 2013

October 18, 2006

Merger between Hot

House Growers &

Village Farms

adds 136 acres in

capacity

2014

December 2009

Fund converts to

Corporation. New

name Village Farms

International, Inc.

December 2011

Begin planting new

GATES facility

May 2012

Catastrophic hail

storm. Forcing closure of 82

operating acres

2015

March 2013

• New US - Mexico

Suspension Agreement

Concluded.

•New 5 year $58m debt

facility with FCC

completed

August 2013

Final settlement with

Insurance Carrier on hail

storm claim – Total

amount $49m

Texas Facilities built

between 1997 -2002

April 2014

Completed rebuild of 20

acres in Marfa, TX

December 2012

Completed repair of 40

acres of damaged 80

acres in Marfa, TX

July 2014

Completed

purchase of

Maxim Power

(BC) now

VF Clean

Energy

9

Size of Produce Markets

Top 20 US Produce Category Contribution to Department for 52 weeks Ending 12/31/14

Rank Product Dollars Volume

Dollar Contribution to

Department Dollars YAGO Volume YAGO

Dollar Contribution to

Department YAGO

Dollars % Change vs YAGO

Volume % Change vs YAGO

Dollar Contribution to

Department Change vs YAGO

Produce $45,888,230,306 31,135,098,693 100.0% $43,910,212,662 30,598,256,689 100.0% 4.5% 1.8% 0.0%

1 Berries $3,782,629,253 1,263,161,859 8.2% $3,569,049,648 1,211,806,973 8.1% 6.0% 4.2% 0.1%

2 Packaged Salad $3,343,774,453 1,224,017,187 7.3% $3,065,065,495 1,151,622,049 7.0% 9.1% 6.3% 0.3%

3 Apples $2,889,204,323 1,837,519,594 6.3% $2,857,410,551 1,781,156,832 6.5% 1.1% 3.2% -0.2%

4 Citrus $2,632,569,574 2,082,160,510 5.7% $2,482,277,985 2,112,899,104 5.7% 6.1% -1.5% 0.1%

5 Grapes $2,610,348,992 1,155,384,061 5.7% $2,502,088,895 1,183,966,713 5.7% 4.3% -2.4% -0.0%

6 Bananas $2,560,431,508 4,481,232,147 5.6% $2,561,271,744 4,468,935,637 5.8% -0.0% 0.3% -0.3%

7 Tomatoes $2,437,207,660 1,095,996,388 5.3% $2,366,494,700 1,084,254,687 5.4% 3.0% 1.1% -0.1%

8 Potatoes $2,410,134,702 3,493,829,895 5.3% $2,337,358,236 3,554,085,190 5.3% 3.1% -1.7% -0.1%

9 Value-Added Fruit $2,009,971,248 668,533,956 4.4% $1,818,462,441 637,116,610 4.1% 10.5% 4.9% 0.2%

10 Cooking Vegetables $1,699,476,273 1,032,101,496 3.7% $1,622,192,831 986,091,290 3.7% 4.8% 4.7% 0.0%

11 Value-Added Vegetables $1,481,431,385 491,604,843 3.2% $1,320,312,975 438,994,612 3.0% 12.2% 12.0% 0.2%

12 Onions $1,472,178,290 1,485,018,906 3.2% $1,454,183,600 1,472,007,208 3.3% 1.2% 0.9% -0.1%

13 Peppers $1,328,989,211 602,648,023 2.9% $1,257,504,151 581,619,664 2.9% 5.7% 3.6% 0.0%

14 Lettuce $1,203,381,052 671,807,031 2.6% $1,233,545,909 670,910,786 2.8% -2.4% 0.1% -0.2%

15 Melons $1,144,283,507 2,057,795,863 2.5% $1,091,019,122 1,886,251,190 2.5% 4.9% 9.1% 0.0%

16 Nuts & Seeds $1,131,820,917 179,561,583 2.5% $1,149,596,267 191,653,628 2.6% -1.5% -6.3% -0.2%

17 Avocados $1,126,206,913 1,007,909,357 2.5% $995,755,912 970,186,965 2.3% 13.1% 3.9% 0.2%

18 Beverages $1,094,356,186 339,432,470 2.4% $975,578,906 298,747,560 2.2% 12.2% 13.6% 0.2%

19 Stone Fruits $928,885,964 485,101,733 2.0% $896,958,360 530,883,725 2.0% 3.6% -8.6% -0.0%

20 Carrots $852,770,546 504,219,921 1.9% $849,513,120 507,218,502 1.9% 0.4% -0.6% -0.1%

23 Cucumbers $700,615,772 706,205,619 1.5% $663,615,925 683,615,502 1.5% 5.6% 3.3% 0.0%

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U.S. Retail Tomato Market - 2014

Retail Tomato Dollars Retail Tomato Volume (lbs)

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

Greenhouse Total

$1,255,590,136

52% Field Total

$828,079,899

34%

Undefined Total

$353,537,625

14%

Greenhouse

Total

439,869,760

40%

Field Total

536,838,037

49%

Undefined Total

119,278,989

11%

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Strategically Located Operations

Canada

20 total acres – 2 facilities

9 acres – Bell peppers

11 acres – English cucumbers

Production – March – November

Greenhouses Partnerships

USA

10 total acres – 1 facility

Tomatoes-on-the-vine

Campari

Production – February – November

Mexico

45 total acres – 3 facilities

All tomato types

Mini -cucumbers

Production – year round

British Columbia

3 greenhouses in Delta, BC

441,168 square metres

110 acres

Production:

Tomatoes-on-the-vine

Beefsteak tomatoes

Cocktail tomatoes

Specialties

Greenhouses

Partners

Distribution

Centers

Corporate

Offices

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

that meets consumer demands.

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Texas

2 greenhouses in Marfa & Ft. Davis,

TX

100 acres

Production:

All varieties of tomatoes

1 greenhouse in Monahans, TX

30 acres

Production:

Tomatoes-on-the-vine

Cucumbers

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Key Trends Driving Greenhouse Development

Water and Land Scarcity

• Greenhouses have higher production volumes per acre of land

• Water can be precisely measured and applied to plants

• 70% of fresh water is used in agriculture

Safer, Locally Grown Food

• Greenhouses can be located to serve densely populated regions

• Controlled environment reduces chance of disease

Reduced GHG’s

• Combined heat and power systems on greenhouses are over 40% more efficient

• 47% reduction in CO2 – converting CO2 to Oxygen

• 99% reduction in SO2

• 93% reduction in NOx

Forecasted Water Scarcity, 2050 Population Density, 2025 Carbon Dioxide Emissions, Today

13

Company Growth Initiatives Upgraded and Refurbished Damaged Acreage in Marfa, Texas

Completed 20 acre rebuild – April 2014

Rebuild remaining 20 acres – 2016

Enhance Existing Production Capacity

Cogen opportunities

Siloxane filtration

Enhance electricity sales

Install lights at certain existing facilities

Completed 5 acres at PB facility – 2014

Working on additional lighting – 5-10 acres

Higher yields – year round (lowering costs per pound)

More flexibility on crop selection

Expand acreage at existing West Texas facilities

Improve Product Mix

Differentiation of Product Mix – higher % of Specialties

Expand relationships & increase penetration

Expand into additional products i.e. berries and organic

Expand Third Party Grower Contracts

14

VF Clean Energy Co-generation

Purchased existing 7.0MW co-generation facility from Maxim Power in July 2014

Facility sits on VF greenhouse property

Input source - City of Vancouver Landfill Gas (LFG)

Power Purchase Agmt. – BC Hydro thru 8/’23

Electric revenues

EBITDA > $1.0m/annum

Enhanced ability to use LFG in greenhouse

Long term goal get CO2 from LFG

15

Historical Financial Performance

Revenue (US$ millions) EBITDA (US$ millions)1

VFF revenue negatively impacted by Loss of Acreage

Hail Storm in May 2012 – took out 82 acres – reducing production thus revenues

40 Acres up and operational late 2012

Another 20 acres up and operational in Summer 2014

VFF EBITDA impacted by

Low Pricing on TOV variety from Canada facilities most of 2014

Hail Storm Proceeds in 2012 & 2013

Poor Pricing in late 2011 through September 2012

1 See EBITDA Support Schedule

$133.1 $130.5

$144.8

$164.4

$133.9 $137.6 $136.6

$-

$40.0

$80.0

$120.0

$160.0

$200.0

2008 2009 2010 2011 2012 2013 2014

$21.2

$9.1

$15.1 $15.7

$23.8

$28.2

$8.7

$-

$5.0

$10.0

$15.0

$20.0

$25.0

$30.0

2008 2009 2010 2011 2012 2013 2014

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Select Balance Sheet Info

Expressed in Thousands USD (000’s) As of Dec 31

2014

As of Dec 31

2013

Assets

Cash $ 6,337 $18,668

Accounts Receivable $ 10,107 $ 7,434

Inventory (Including Bio Asset) $19,122 $14,362

Other $1,893 $2,732

Net Fixed Assets $101,430 $96,709

Total Assets $138,889 $139,905

Liabilities

Short Term Debt $4,418 $4,168

Accounts payable $11,795 $7,063

Other (Including Def. Tax) $12,729 $16,882

Long Term Debt $48,947 $50,692

Total Liabilities $77,889 $78,805

Shareholders' Equity $61,000 $61,100

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Significant Insider Ownership

Shareholder Overview (fully diluted)

1 Includes outstanding1,914,999 options

2 Management estimate

3 Co-founder left Company in 2010 announced his intention to sell 4.2m shares in 2014.

Insiders hold an economic interest in Village Farms of approximately 31.1%

Number of

Shares % Ownership

Insiders

Michael DeGiglio(1) 10,304,149 25.4%

Other Insiders(1) 2,336,899 5.7%

Insiders Total 12,641,048 31.1%

Institutions

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

Other (2) 4,851,800 11.9%

Institutional Total 8,698,987 21.4%

Albert Vanzeyst (3) 9,377,002 23.1%

Retail (2) 9,905,307 24.4%

Total (1) 40,622,344 100.0%

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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 January 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

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Investment Summary Highlights

Greenhouse

Produce Industry

Leader

Advanced

Greenhouse

Technology

Value-Add and

Sustainability

Story

Vertically integrated year-round direct supplier to leading retail grocers

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

Track record of improvements in greenhouse production technology

GATES® technology / Extreme Growing (allows expanded local presence)

Repairs at Marfa facility will utilize some enhancements learned from GATES®

Strong Industry

Trends

Innovative greenhouse technologies improve efficiencies in energy and water use

Growing more specialty products with superior quality, taste, appearance

Improving safety systems ensure high quality and safety of products

Successful Track

Record of Value

Creation

Increased EBITDA since the acquisition of Hot House in 2006

Increased operating capacity and crop yield

Significant alignment of interest – Management holds 31% ownership

21

EBITDA Support Schedule

(in thousands of U.S. dollars)

2014 2013 2012

Net Income* $ (107) $ 10,488 $ 7,902

Interest 2,494 3,672 4,328

Taxes (3,262) 5,477 4,311

Depreciation 7,885 7,314 7,552

Derivatives - (106) (1,180)

Other non-cash 1,664 1,367 924

Reported EBITDA $ 8,674 $ 28,212 $ 23,837

Adjustments:

Net Property Insurance** (1,031) (30,271)

Asset Write-Offs 601 9,001

Adjusted EBITDA incl. net Bus. Interruption $ 27,782 $ 2,567

Business Interruption Proceeds _____________ (14,917) (960)

Adjusted EBITDA with no Insurance $ 8,674 $ 12,865 $ 1,607

* Per IFRS - all Insurance Proceeds are included in net income

** Includes gross property insurance proceeds less costs but excludes Business Interruption Insurance