Mexico, D.F. April 24th, 2003

Ing. Bernardo Jimenez Barrera
Director de Finanzas
Savia, S.A. de C.V.
Ave. Roble 565 ote. 4th floor
Col. Valle del Campestre
Garza Garcia, N.L.
Mexico, 66265

Ing. Jimenez:

According with our services proposal dated and signed April 8th, 2003, on which
Casa de Bolsa Banorte, S.A. de C.V., Grupo Financiero Banorte ("Banorte"), was
hired by Savia, S.A. de C.V. ("Savia"), to determine, as an independent party,
the corporate value of Seminis, Inc. ("The Company"), a subsidiary of Savia,
hereby is presented an executive resume with the principal results from said
corporate valuation.

In the determination of our opinion of The Company value, we have reviewed and
analyzed the financial information of The Company. Likewise, we had reviewed
relevant information given to us by The Company, public information on hand, and
additional information arise from Savia management, detailing the actual
conditions of the business, and its long and short term perspectives. All this
information has been considered true, without independent verification of its
accuracy.

The financial projections were elaborated in US dollars, for a ten year period,
with a terminal value or perpetuity without grow.

In the valuation criteria by discounted cash flow, the determination of the
discount rate or WACC ("Weighted Average Cost of Capital"), was obtained from
the risk free dollar rate (Ten year T-Bonds), plus a risk premium adjusted by
the inflation gap implicit in the T-Bond rate, and the average inflation of the
period in the United States.

Financial projections were prepared taking in consideration conservative levels
of net sales grow and according with The Company's perspectives of the industry
growth and considering the installed capacity of The Company.

Likewise, it was considered yearly depreciation reinvestments to maintain the
actual installed capacity of The Company.

There were no additional liabilities considered, besides the ones presented by
The Company as of the valuation date, and the correspondent taxes were applied.

In addition, and for the comparable business analysis, the Dow Jones Chemicals,
Specialty Index (US), and the Dow Jones Biotechnology Index (US) were analyzed,
also the principal indexes of Specialized Industry of Chemical and biotechnology
products in the United States, with more than 450 companies included, from which
the most similar ones were selected. Six different criteria on the determination
of the capitalization value of The Company were analized: Maximum, Medium,
Media, relative average, and standard deviation.

Likewise, The Company accepts fully comfort with Banorte participation as
financial agent, and, hereby free Banorte of any responsibility arise from the
use by The Company of the corporate valuation elaborated by Banorte.

Therefore, the corporate value range of The Company as of April 24th, 2003 is:

                   US $ 297.9 millions to US $ 307.0 millions

The above mentioned figures implied a range of multiples VE/EBITDA of between
8.26x and 8.37x of The Company.

Therefore, our opinion is based on the economic, financial and market conditions
prevailing, so we do not issue any opinion regarding the continuance of such
conditions, and its effects over our opinions. Likewise, such opinions are
subject to variations of the exchange rate and government regulations that could
affect adversely the industry and The Company.

We understand that The Company accepts that Banorte is not and will not be
responsible of the results arise from its work, and could not take any legal
action against Grupo Financiero Banorte, S.A. de C.V. and or subsidiaries, and
its management and employees, in relation with this results.

Annexed is a copy of the final presentation of the corporate valuation of The
Company, in the understanding that is also part of this letter.

We hope to have covered all you needs, and thank you for the opportunity to
collaborate with you in such an important project.

We remain at your orders in the case you need to discuss any points of the above
mentioned.


CASA DE BOLSA BANORTE, S.A. DE C.V.
Eduardo Ramos de la Cajiga
Director General Adjunto
Financiamiento Corporativo y Banca de Inversion.