Devgen NV (Euronext, Brussels: DEVG) Successfully Completes a Private Placement for a Total Amount of € 26.8 Million

Zwijnaarde, 30 March 2011 -- Today, Devgen nv placed 4,584,549 new shares in a private placement with pre-identified investors for a total amount of € 26,819,611. The shares were placed at a price of € 5.85 per share, which is at least equal to the 30 day average price, in compliance with Belgian Company Law.

The shares are expected to be paid and issued on April 4, 2011 (in the absence of unforeseen circumstances). 1,945,613 shares will be listed immediately. The Company will apply for the admission to list the remainder 2,638,936 shares on NYSE Euronext Brussels on the basis of a listing prospectus. As a result of this transaction, the total amount of outstanding shares increases with 23.3 % from 19,676,642 to 24,261,191.

The proceeds of the offering will be used to grow Devgen's seeds and crop technology business in line with its business plan. This includes accelerating the growth of its premium hybrid rice seed business in the Indian subcontinent and South-East Asia and investment in its "Next Generation Hybrid Rice" (NGHR) and biotech trait technology platforms to develop increasingly more producible, high yielding and abiotic stress tolerant hybrid rice seeds.

The principal new investors are Gimv and Gimv-managed funds, who jointly invest € 9.0 million (1,538,462 shares or 33.5 % of the transaction) in Devgen. Gimv has been a lead investor in Devgen from its creation in 1997 until 2007. Today, Gimv re-enters Devgen's share capital by underwriting the private placement.

48.5 % of the transaction was placed with existing reference shareholders of the company:

• O.G.B.B. A. Van Herk B.V.

• Biovest Comm.VA represented by Mr. Rudi Mariën (Gengest bvba) on Devgen's board

• A group of three undisclosed parties having each less than 3% in the company.

The remaining shares, representing 18.0 % of the transaction, were placed with other institutional investors.

The board of directors intends to propose the candidacies of two new members of the board of directors at the upcoming general shareholders' meeting of 1 June, 2011:

• Mr. Aat Van Herk has been a shareholder of the company since the company was listed on Euronext in 2005. He brings valuable expertise to the board through his eminent track record as entrepreneur and investor in biotech companies.

• Mr. Wouter de Ruiter, who brings valuable seed industry expertise to Devgen's board as former shareholder of and breeder at De Ruiter Seeds, a leading vegetable seed company.

KBC Securities NV acted as bookrunner of the transaction.

About Devgen

Devgen's mission is to deliver the next green revolution in rice to growers that cultivate 60m ha rice in India and S.E. Asia. Devgen uses advanced biotechnology and molecular breeding technology to develop the Next Generation Hybrid Rice (NGHR) and crop protection solutions with a superior environmental profile:

• Devgen developed the next generation of hybrid rice, improving yield, seed productivity, grain quality, and tolerance to biotic and abiotic stress factors. Devgen strongly believes that this hybrid rice technology has the potential to drive the accelerated conversion of varietal rice to hybrid rice.

• Anticipating the need to increase insect resistance and drought/heat tolerance in rice to a level that is beyond what can be achieved with classical breeding, Devgen created a portfolio of biotech traits using own technology as well as in-licensed technologies.

• Devgen established an integrated seed business in India and Southeast Asia through which its rice crops and technologies reach the market.

• In India, Devgen complemented its hybrid rice business with geographically and seasonally complementary crops: hybrid sorghum, pearl millet and sunflower.

• In its Crop Protection unit, Devgen develops a novel nematicide, an agro-chemical product that protects crops from damage by parasitic nematodes. This product is sold in Turkey and in the US.

• Devgen innovates in crop protection research and environment induced stress tolerance for its own crops and providing technology to corporate partners.

Incorporated in 1997, Devgen has offices in Ghent (Belgium), and has subsidiaries in Singapore, Hyderabad (India), Yogyakarta (Indonesia), General Santos (Philippines) and Delaware (US), totaling about 280 employees.

For more information please contact:

Thierry Bogaert, CEO Tel. +32 9 324 24 24 Thierry.Bogaert@devgen.com Wim.Goemaere@devgen.com

Wim Goemaere, CFO Tel. +32 9 324 24 24

Or visit: www.devgen.com

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