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Athens Greece | March 2 00 9 Full Year 2 0 0 8 Results Presentation NI REUS AQUACULTURE S.A. Highlights Full Year 20 08 ireus Aquaculture SA - Celebrating 2 0 Years ( 1988 20 08) Sales negatively affected by the drop in


  1. Athens Greece | March 2 00 9 Full Year 2 0 0 8 Results Presentation NI REUS AQUACULTURE S.A. Highlights – Full Year 20 08 Ν ireus Aquaculture SA - Celebrating 2 0 Years ( 1988 – 20 08) • Sales negatively affected by the drop in price of seabream - Group sales in 2008 am ounted to € 169,6 mi. versus € 214,3 mi. in 2007 (€ 206 mi. in 2007 excluding confectionaries) - Sales were affected mainly by the drop in the price of seabream and measures taken to limit possible negative developments from the adversities affecting the Mediterranean fish farming sector. - Sales of merchandise dropped by € 17,9 mi. - Stricter credit controls resulted in a decrease of fishfeed sales by € 15,9 mi. and juvenile sales by € 2,1 • Exports I ncreased as a Percentage of Sales - Exports in 2008 amounted to 61% of total sales vs 55% in 2007 • Operating m argins at 1 3.5 % - Operating margins were stable over FY 2008 despite the lower price of seabream and increased costs in raw material prices. - The selective eggs technology and the inland production of 10 gram juveniles resulted in a 3% reduction in the cost of production of market size fish vs 2007 2 1

  2. Highlights - Full Year 200 8 ( cont.) Ν ireus Aquaculture SA - Celebrating 2 0 Years ( 1988 – 20 08) • Earnings after taxes affected by low seabream prices, one- off tax settlem ent and loss in affiliate - EBIDTA am ounted to € 30 mi and EBIT € 23 mi. - Earnings after taxes amounted to € 1.1 mi. - The loss of Marine Farms ASA affected net income negatively by € 0,87 mi. and a tax charge by € 2.3 mi. • Restructuring of bank debt - A new bond € 90 mi. joint bond loan with a 7 year duration was issued to refinance existing debt – L/ T debt is 75% of total. • Merge w it h Kego - Finalized on November 2008 • New fish species - Nireus started the cultivation of meagre in 2008 – first sales are expected in Xmas 2009. • Fish production in Spain - In Jan 2009, an agreement was signed for the cultivation (on a contract basis) of fish in Spain – Nireus already produces and sells 10 gr. juveniles in Spain through a 100% owned subsidiary. 3 2 00 8: Sea bream – extrem ely low prices Ν ireus Aquaculture SA - Celebrating 2 0 Years ( 1988 – 20 08) SEABREAM European ex-farm prices • I n 20 0 8, production of sea bream increased 1999 - 2008 e (source FEAP) by 4 2% ( source FEAP ) . This depressed prices to 5,00 historically low levels and – drove the sector into its m ost challenging 4,00 period since its inception 3,00 – ham pered grow th 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 e – led to on- going indust ry consolidation. SEABREAM Price and Volume Evolution 2007- 2008 (source MercaMadrid) 800 10 Volume th ton 700 9 Price € 600 8 500 7 400 6 300 5 200 4 100 0 3 Nov Nov Jan Feb ar Apr May Jun Jul Aug Sep ec Jan Feb ar Apr May Jun Jul Aug Sep ec Oct Oct M M D D 2007 2008 4 2

  3. 2 00 8: Sea bass – stable prices Ν ireus Aquaculture SA - Celebrating 2 0 Years ( 1988 – 20 08) • Product ion levels ( and prices) of sea bass SEABASS European ex-farm prices 7 w ere stable in 2 00 8. 1999 - 2008 e (source FEAP) 6 5 4 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 e SEABASS Price and Volume Evolution 2007- 2008 (source MercaMadrid) 300 15 Volume th ton 14 250 Price € 13 200 12 11 150 10 100 9 8 50 7 0 6 Jan Feb Mar Apr Jun Jul Aug Sep Nov Jan Feb Mar Apr Jun Jul Aug Sep Nov May Oct Dec May Oct Dec 2007 2008 5 2 00 8: Higher raw m aterials costs Ν ireus Aquaculture SA - Celebrating 2 0 Years ( 1988 – 20 08) CBOT Corn m onthly Fishm eal Peru Monthly ( source: I MF) Fishmeal Peru US$ / MT (source: IMF) 1.400 . . . 1.200 Monthly price . 1.000 800 600 Jan 2005 Jan 2006 Jan 2007 Jan 2008 CBOT Soybean Oil w eekly CBOT W heat m onthly . . . . I n 2 0 0 8 the cost for all raw m aterials used for the production of fish feed rem ained 6 at higher levels versus 2 0 0 7 3

  4. Financials – Balance Sheet Ν ireus Aquaculture SA - Celebrating 2 0 Years ( 1988 – 20 08) Assets 2 0 0 8 2 0 0 7 2 0 0 6 in mi. € Total non-current 293,27 221,13 150,95 Total current 231,16 308,56 188,30 Total assets 5 2 4 ,4 3 5 2 9 ,6 9 3 3 9 ,2 4 Equit y and liabilit ies 2 0 0 8 2 0 0 7 2 0 0 6 in mi. € Total shareholders' equity and minority interests 168,27 176,12 122,19 Total non-current liabilities 217,47 151,55 101,71 Total current liabilities 138,69 202,02 115,34 Total liabilities 356,16 353,57 217,05 Total equity and liabilities 5 2 4 ,4 3 5 2 9 ,6 9 3 3 9 ,2 4 S/ T banks loans shifted to L/ T Receivables w ere reduced by € 3 5 m i. Days of sales outstanding decreased by 2 4 % ( 1 2 2 days in 2 0 0 8 versus 1 6 0 days in 2 0 0 7 ) 7 Financials – I ncom e Statem ent Ν ireus Aquaculture SA - Celebrating 2 0 Years ( 1988 – 20 08) I ncom e Statem ent in mi. € 2 0 0 8 2 0 0 7 2 0 0 6 Biological Sales 1 1 2 ,0 1 3 4 ,2 4 9 9 ,0 2 Non-Biological Sales 5 7 ,8 8 0 ,0 2 6 2 ,4 7 Total Sales 1 6 9 ,8 2 1 4 ,2 6 1 6 1 ,4 8 Gain from change of Fair Value in Biological Assets 1 6 0 ,8 0 1 5 9 ,5 8 1 2 3 ,8 6 EBI TDA 2 9 ,9 1 3 6 ,3 0 2 7 ,2 6 EBI T Operating 2 2 ,9 5 3 0 ,0 4 2 0 ,1 5 EBT 9 ,7 8 2 0 ,3 5 1 4 ,5 4 Tax -8,65 -5,42 -5,61 EAT 1 ,1 3 1 4 ,9 3 8 ,9 2 Majority interest 0,32 10,36 9,05 Minority interest 0,81 4,57 -0,12 Earnings per share 0,0058 0,225 0,224 Sales w ere affected by low prices in seabream = > drop in m erchandise sales = > reduced sales for juveniles / fish feed Expenses w ere reduced by 1 6 m i. and the operating m argin w as m aintained at 1 3 .5 % but, 8 = > a tax charge and loss of affiliate im pacted profits 4

  5. Financials – Cash Flow Statem ent Ν ireus Aquaculture SA - Celebrating 2 0 Years ( 1988 – 20 08) in mi. € 2 0 0 8 2 0 0 7 2 0 0 6 Profit before tax 9,87 20,35 14,54 Cash flow from operating act ivit ies - 2 6 ,1 8 - 1 3 ,7 1 5 ,0 5 Cash flow from invest ing act ivities - 1 2 ,8 2 - 6 1 ,0 8 - 2 ,2 3 Cash flow from financing activit ies 1 6 ,7 4 1 1 4 ,1 8 5 ,9 0 Total cash flow report ing period - 2 2 ,2 6 3 9 ,3 8 8 ,7 2 Cash and cash equivalents at the beginning of the period 51,90 12,52 2,70 Cash and cash equivalent s at t he end of the period 2 9 ,6 4 5 1 ,9 0 1 1 ,4 1 � Grow ing the fish inventory for 2 years require s high w orking capital needs � Nireus m aintains a high cash balance despite the cost of increasing production constantly 9 Financials – Key Figures Ν ireus Aquaculture SA - Celebrating 2 0 Years ( 1988 – 20 08) in mi. € 2 0 08 2 0 07 20 0 6 Operating revenues 169,75 214,26 161,48 EBI TDA 29 ,91 36 ,30 2 7,2 6 EBITDA margin(% ) 18% 17% 17% EBT 9 ,78 20 ,35 1 4,5 4 EBT margin(% ) 6% 9% 9% Earnings after tax & m inorities 0 ,32 10 ,36 9,0 5 Earnings per share 0,0058 0,225 0,224 Total assets 524,43 529,69 339,24 Equity 168,27 176,12 122,19 Earnings w ere adversely affected by the drop in the price of seabream , loss of affiliate and one-off tax settlem ent 1 0 5

  6. Sales Quantities and Prices Ν ireus Aquaculture SA - Celebrating 2 0 Years ( 1988 – 20 08) 2006 2007 2008 Market-size 22.6 26.4 24 fish ( thou. ton. ) Aver. Price 4.71 4.75 4.43 ( €/ kg) Fish Feed ( thou. 27.1 45.3 28 ton. ) Aver. Price 0.90 0.94 0.95 ( €/ kg) Juveniles ( m i. 74.4 77 62.4 pieces) Aver. Price ( per 0.20 0.20 0.21 piece) Sales of m erchandise fish w ere reduced as they w ere deem ed unprofitable Sales of fish feed and juveniles to sm all farm ers w ere based on stricter credit term s, due to the sea bream situation 1 1 Sales by Sector Ν ireus Aquaculture SA - Celebrating 2 0 Years ( 1988 – 20 08) Sales by Sector for 2006, 2007 & 2008 2006 141 2007 2008 121 120 44 29 28 24 21 17 Fish Farming Fish Feed Other The fish farm ing sector includes ow n and m erchandise fish and fish-related products( juveniles, eggs) I n the other products , confectionaries w ere sold in Dec 2 0 0 7 ( 2 0 0 7 w as € 8 ,3 m i.) 1 2 6

  7. W e have restructured bank debt Ν ireus Aquaculture SA - Celebrating 2 0 Years ( 1988 – 20 08) L/ T Debt structure Bank Loans Structure - 1 9 ,6 m i. convertible of 5 yr duration ( obtained Jul 2 0 0 7 – 6 banks) 100,0% 25,0% - 9 0 m i. joint bond of 7 yr 43,5% duration ( obtained Jan 2 0 0 8 ) - 4 9 ,9 m i. long term loan of 1 0 yr duration secured by the 50,0% 75,0% Greek state that also pays ½ 56,5% of the interest – 1 st paym ent January 2 0 1 0 ( obtained Dec 2 0 0 7 and April 2 0 0 8 ) 0,0% 2007 2008 - 2 9 ,9 m i. loans of 1 5 year duration and 3 ,7 m i. bond L/T bank loans S/T bank loans loans of 2 -5 years duration ( obtained in 2 0 0 5 and 2 0 0 6 – 1 5 banks) W e hedge 9 7 ,5 m i. € for interest rate increases 1 3 I ncreased exports’ share Ν ireus Aquaculture SA - Celebrating 2 0 Years ( 1988 – 20 08) 20 0 7 Sales Breakdow n 20 0 8 Sales Breakdow n Other Other E .U. 7% 7% 48% E.U. 54% Greece Greece 39% 45% Exports am ounted to 61 % of total sales versus 5 5% a year ago 1 4 7

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