Marcum MicroCap Conference

May 2016

TSX:VFF OTC:VFFIF

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, 2015, 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 May 24, 2016

Current Market Capitalization: US$50M

Current Shares Outstanding: 38.8M

Current Shares Diluted: 40.9 M

52 Week Hi/Lo: C$1.68 / $0.70

Approx. Institutional Ownership: 29%

Approx. Insider Ownership: 51%

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 23 US Produce Category Contribution to Department for 52 weeks Ending 3/31/16

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 $47,586,260,637 31,676,830,545 100.0% $45,721,206,924 30,952,527,523 100.0% 4.1% 2.3% 0.0%

1 Berries $3,997,213,413 1,302,294,105 8.4% $3,810,083,358 1,282,589,708 8.3% 4.9% 1.5% 0.1%

2 Packaged Salad $3,669,712,429 1,289,582,587 7.7% $3,390,826,289 1,235,427,616 7.4% 8.2% 4.4% 0.3%

3 Citrus $2,879,377,136 2,252,745,399 6.1% $2,669,951,913 2,113,061,787 5.8% 7.8% 6.6% 0.2%

4 Apples $2,814,893,768 1,749,430,462 5.9% $2,823,656,101 1,802,270,098 6.2% -0.3% -2.9% -0.3%

5 Grapes $2,723,751,588 1,218,384,749 5.7% $2,561,102,318 1,135,187,403 5.6% 6.4% 7.3% 0.1%

6 Tomatoes $2,526,154,356 1,083,848,889 5.3% $2,436,117,898 1,070,812,023 5.3% 3.7% 1.2% -0.0%

7 Bananas $2,489,612,868 4,363,331,339 5.2% $2,519,343,839 4,417,938,374 5.5% -1.2% -1.2% -0.3%

8 Potatoes $2,375,542,110 3,382,201,136 5.0% $2,382,920,174 3,446,756,695 5.2% -0.3% -1.9% -0.2%

9 Value-Added Fruit $2,243,986,060 685,757,115 4.7% $2,023,862,721 661,648,159 4.4% 10.9% 3.6% 0.3%

10 Cooking Vegetables $1,766,050,435 1,013,528,507 3.7% $1,676,509,997 998,987,896 3.7% 5.3% 1.5% 0.0%

11 Value-Added Vegetables $1,695,964,241 538,251,626 3.6% $1,559,655,173 510,297,535 3.4% 8.7% 5.5% 0.2%

12 Onions $1,458,689,561 1,427,296,920 3.1% $1,446,904,064 1,450,741,089 3.2% 0.8% -1.6% -0.1%

13 Peppers $1,414,022,838 629,750,219 3.0% $1,318,388,896 594,003,228 2.9% 7.3% 6.0% 0.1%

14 Beverages $1,321,931,619 402,734,500 2.8% $1,179,573,359 358,718,962 2.6% 12.1% 12.3% 0.2%

15 Avocados $1,273,562,543 1,243,793,599 2.7% $1,147,815,845 1,054,084,403 2.5% 11.0% 18.0% 0.2%

16 Lettuce $1,218,696,205 662,505,263 2.6% $1,206,100,892 658,240,457 2.6% 1.0% 0.6% -0.1%

17 Melons $1,145,129,598 2,211,709,946 2.4% $1,126,635,061 2,032,129,078 2.5% 1.6% 8.8% -0.1%

18 Nuts & Seeds $1,005,121,271 156,676,481 2.1% $1,081,577,072 171,551,376 2.4% -7.1% -8.7% -0.3%

19Herbs, Spices and Seasonings $911,398,431 683,556,591 1.9% $837,467,677 648,879,745 1.8% 8.8% 5.3% 0.1%

20 Stone Fruits $875,085,699 474,107,485 1.8% $926,002,251 487,687,574 2.0% -5.5% -2.8% -0.2%

23 Cucumbers $732,641,878 721,869,283 1.5% $698,700,251 697,076,789 1.5% 4.9% 3.6% 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 as of March 31, 2016

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

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

$130.5 $144.8

$164.4

$133.9 $137.6 $136.6 $141.9 $145.9

$-

$20.0

$40.0

$60.0

$80.0

$100.0

$120.0

$140.0

$160.0

$180.0

2009 2010 2011 2012 2013 2014 2015 LTM

$9.1

$15.1 $15.7

$1.6

$12.9

$8.7

$10.2 $11.9

$-

$5.0

$10.0

$15.0

$20.0

$25.0

$30.0

2009 2010 2011 2012 2013 2014 2015 LTM

Reported EBITDA Normalized EBITDA

14

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

As of March 31

2016

As of Dec 31

2015

Assets

Cash $ 4,339 $ 4,957

Accounts Receivable $10,270 $ 9,144

Inventory (Including Bio Asset) $21,351 $19,380

Other $ 2,578 $ 2,244

Net Fixed Assets $ 93,106 $ 94,285

Total Assets $131,644 $130,010

Liabilities

Short Term Debt $ 6,461 $ 4,388

Accounts payable $ 8,641 $ 8,857

Other (Including Def. Tax) $ 9,240 $ 9,406

Long Term Debt $44,437 $44,428

Total Liabilities $68,779 $67,079

Shareholders' Equity $62,865 $62,931

15

Significant Insider Ownership

Shareholder Overview (fully diluted)

1 Includes outstanding options. Total company stock options outstanding 2,119,999 options.

2 Management estimate

3 Competitor purchased block in March 2016 announced for ‘investment purposes’.

Insiders hold an economic interest in Village Farms of approximately 50.7%

Number of

Shares % Ownership

Insiders

Michael DeGiglio(1) 10,404,149 25.4%

Other Insiders(1)

Mastronardi Holdings Ltd.(3)

2,631,899

7,733,000

6.4%

18.9%

Insiders Total 20,769,048 50.7%

Institutions

Canagro Century Holdings (2) 2,818,252 6.9%

Other (2) 9,087,300 22.2%

Institutional Total 11,905,552 29.1%

Retail (2) 8,277,744 20.2%

Total (1) 40,952,344 100.0%

Valuation Comparison

($ in mill ions, except per share data)

Price Market Enterprise Dividend Price/

Produce Company 23-May-16 High Low Cap (M) Value (M) Yield Revenue EBITDA Revenue EBITDA Earnings

Village Farms 1.22$ 1.28$ 0.53$ 47$ 97$ 0.0% 145.9$ 11.9$ 0.7x 8.2x 20.3xCalavo Growers 56.38$ 62.13$ 43.08$ 983$ 1,020$ 1.4% 866.6$ 54.2$ 1.1x 18.8x 34.6x

Limoneria 15.14$ 23.00$ 11.30$ 215$ 310$ 1.3% 97.0$ 5.1$ 3.2x 61.0x 54.2x

Landec* 11.61$ 14.98$ 9.48$ 314$ 365$ 0.0% 540.0$ 21.6$ 0.7x 16.9x n/a

* 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.

Source: Capital IQ as of 5/23/2016

Publicly Traded Agriculture Companies

52- Week

Market Data Financial Results

LTM EV/LTM

Multiples

17

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

Improved 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