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Athens Greece | 3 0 August 201 0 6 Months 2 0 1 0 Results Presentation NI REUS AQUACULTURE S.A. Main events 6 M 2 0 1 0 Financial 2 nd quarter 2010 Total sales up + 18,5% to 52,4 mi. Fish volumes up + 14,7% , value up +

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6 Months 2 0 1 0 Results Presentation

NI REUS AQUACULTURE S.A.

Athens Greece | 3 0 August 201 0

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  • Financial
  • 2nd quarter 2010

Total sales up + 18,5% to € 52,4 mi. Fish volumes up + 14,7% , value up + 26,9% to € 39 mi. Net income after minority interest impacted by a write down in affiliate (Marine Farms) and declined to € 0,5 mi. € from 1,3 mi., excluding an one-off tax levy

  • Six months 2010

Total sales up + 9,7% to € 92,7 mi. Fish volumes up + 11,1% , value up + 17,9% to € 70,7 mi. Net income after minority interest impacted by a write down in affiliate (Marine Farms) and declined to € 1,3 mi. from € 1,6 mi., excluding an one-off tax levy

  • Market and external factors
  • Seabream price has recovered solidly from historical low
  • Price of seabass shows first signs of recovery despite higher volumes coming into

the market

  • Higher cost for feed raw materials and transportation
  • Demand for seabass/ seabream remains solid

Main events 6 M 2 0 1 0

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3

Bass & bream – Price and Volum e

Low er volum es and solid recovery for the price of seabream Volum es for seabass losing m om entum – price rebounded in Q2 201 0

Seabream (Sparus aurata) Seabream (Sparus aurata) Seabass (Dicentrarchus labrax) Seabass (Dicentrarchus labrax) SEABREAM Monthly Price and Volume Evolution Jan 2007 - Jul 2010 (source: MercaMadrid)

300.000 600.000 900.000

2007 2008 2009 2010

Volume (kg) 3 5 7 9 11 Price

Volume Price SEABASS Monthly Price and Volume Evolution Jan 2007 - Jul 2010 (source: MercaMadrid)

100.000 200.000 300.000 400.000 2 7 2 8 2 9 2 1 Volume (kg) 3,5 10,5 17,5 Price

Volume Price

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Data Source: FAO for soybean, fish m eal and fish oil - CME for oil

Higher cost for feed raw m aterials - transportation

Monthly Fish Oil (cif North West Europe - US$/Ton)

400 800 1.200 1.600 2.000 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun 2007 2008 2009 2010

Monthly Fish Meal US$/Ton (64/65% Bremen fca - US$/Ton)

900 1.100 1.300 1.500 1.700 1.900 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun 2007 2008 2009 2010

Monthly Soybean Meal (Pellets, 44/45%, cif Rotterdam - US$/Ton)

200 300 400 500 600 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun 2007 2008 2009 2010

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The ongoing consolidation of the Greek sector

  • No. of Licenses 1985-2009

12 170 220 229 260 290 310 310 315 320 329 329 329 329 100 200 300 400 1985 1995 2000 2002 2004 2006 2008

  • No. of Companies 1985-2009

12 110 140 140 170 185 190 205 193 248 260 175 167 125 106 80 50 100 150 200 250 300

1 9 8 5 1 9 9 1 9 9 1 1 9 9 2 1 9 9 3 1 9 9 4 1 9 9 5 1 9 9 6 1 9 9 7 1 9 9 8 1 9 9 9 2 2 3 2 6 2 8 2 9

Data Source : Federation of Greek Mariculture

Greek Production - thou ton

0,1 1,6 17 59 79 98 97 82 85 100 120 130 120 20 40 60 80 100 120 140 1985 1990 1995 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009

Stable capacity since 2 0 0 6 ( NO new licenses) 8 0 com panies in 2 0 0 9 vs 1 6 7 com panies in 20 0 6 Hellastat expects a further reduction in production to 1 1 0 thou. ton. in 2 0 1 0

( analysis of the Greek fish farm ing sector, Oct 2 0 09 )

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Financials – Balance Sheet

Assets

in m i. €

6M 20 10 6M 20 09 20 09 Total non-current 247,72 266,60 235,07 Total current 280,23 248,74 286,83 Total assets 52 7,95 5 15,33 5 21,90

Equity and liabilities

in m i. €

6M 20 10 6M 20 09 20 09 Total shareholders' equity and non-controlling interests 167,12 171,29 165,94 Total non-current liabilities 209,99 214,58 209,21 Total current liabilities 150,84 129,47 146,74 Total liabilities 360,83 344,04 355,96 Total equity and liabilities 52 7,95 5 15,33 5 21,90

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Financials – I ncom e Statem ent

Total sales: up € 8,2 m i, + 9 ,7 % Biological sales ( ow n-production fish and juveniles) : up € 13 ,5 m i, + 22 % Net incom e im pacted by an one-off tax levy ( € 0,6 m i.) and a w rite dow n in affiliate ( € 0,7 m i. loss vs € 0,7 m i. gain in 6M 200 9 )

in mi. € 6 M 2 0 1 0 6 M 20 0 9 2 0 09 Biological Sales 7 4 ,5 6 6 1 ,0 4 1 2 0,0 6 Non-Biological Sales 1 8 ,1 4 2 3 ,4 3 4 3,4 6 Total Sales 9 2 ,7 0 8 4 ,4 7 1 6 3,5 2 EBI TDA 1 2 ,6 2 1 3 ,4 6 2 2,1 2 EBI T Operating 8 ,0 3 9 ,8 4 1 3,7 7 EBT 2 ,7 8 4 ,1 3 0,9 4 Tax 2,69 1,92 (3,92) EAT 0 ,0 9 2 ,2 1 ( 2,9 8) Excluding one- off item ( * ) 0 ,6 6 2 ,2 0 ( 2,9 8) Equity holders of the parent 0,69 1,64 0,34 Excluding one-off item (* ) 1,25 1,64 0,34 Non-controlling interests (0,59) 0,57 (3,32) Earnings per share 0,0108 0,0258 0,0054 Excluding one-off item (* ) 0,0197 0,0258 0,0054

(* )Excluding one-off social contribution levy of € 0,6 mi. imposed by the Greek government on profitable companies

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Financials – Cash Flow Statem ent

in mi. € 6 M 2 0 1 0 6 M 2 0 0 9 2 0 0 9 Profit before tax 3,47 4,13 0,94 Cash flow from operating activities ( 0 ,7 5 ) ( 1 0 ,8 8 ) ( 1 6 ,4 4 ) Cash flow from investing activities ( 1 ,8 5 ) ( 4 ,8 5 ) ( 3 ,4 2 ) Cash flow from financing activities 1 ,6 8 ( 0 ,3 9 ) 5 ,9 6 Total cash flow reporting period ( 0 ,9 2 ) ( 1 6 ,1 1 ) ( 1 3 ,9 0 ) Cash and cash equivalents at the beginning of the period 15,74 29,64 29,64 Cash and cash equivalents at the end

  • f the period

1 4 ,8 2 1 3 ,5 3 1 5 ,7 4

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Financials – Key Figures

in mi. € 6M 20 1 0 6 M 2 00 9 2 00 9 Operating revenues 92,70 84,47 163,52 EBI TDA 1 2,62 13 ,4 6 2 2,1 2 EBITDA margin(% ) 14% 16% 14% EBT 2,7 8 4 ,1 3 0,9 4 EBT margin(% ) 3% 5% 1% Earnings attributable to equity holders of the parent 0,6 9 1 ,6 4 0,3 4 Excluding one-off item (* ) 1,2 5 2 ,2 0 0,3 4 Earnings per share 0,0108 0,0258 0,0054 Excluding one-off item (* ) 0,0197 0,0258 0,0054 Total assets 527,95 515,33 521,90 Equity 167,12 171,29 165,94

(* )Excluding one-off social contribution levy of € 0,6 mi. imposed by the Greek government

  • n profitable companies
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1 0

1 0

Sales per Sector

Fish farming = fish + juveniles sales (own + 3rd party) Other = equipment to fish farmers + feed, health, breeding and equipment to aviculture and animal culture

6M 2 00 9 6M 2 01 0 20 09 Market-size fish ( thou.

ton.)

14,1 15,6 27,7

  • Aver. Price

( € / kg) 4,26 4,52 4,29 Fish Feed ( thou. ton.) 10,6 10,1 23,3

  • Aver. Feed

Price ( € / kg) 0,93 0,93 0,93 Juveniles

( m i. pieces)

28,4 34,4 38,6

  • Aver. Price

( per piece)

0,20 0,21 0,21

5,2 8,7 9,4 9,9 78,1 65,9 Fish Farming Fish Feed Other

Sales by Sector for 6M 2009 & 6M 2010 (mi. €)

6M 2009 6M 2010

Sales of aviculture and anim al culture products ( sold through the 1 0 0 % subsidiary KEGOagri) w ere stable . Sales of fish farm ing equipm ent w ere im pacted by the sector and country situation, as farm ers have deferred investm ent on new developm ent.

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Fish Sales - Value

2 Q 2 00 9 2 Q 2 01 0 Δ% m i. € 3 0 ,7 3 9 + 2 6 ,9 % 6 M 20 09 6 M 20 10 Δ% m i. € 6 0 7 0 ,7 + 1 7 ,9 %

Fish sales = own + 3rd party fish

2Q 2008 2Q 2009 2Q 2010

28,4 19,5 13,4 39,0 30,7 13,5

,0 ,0 ,0 ,0 ,0 ,0 ,0 ,0 ,0

Fish Sales (mi. €) Other sales (mi. €)

6M 08 6M 09 6M 10 55,6 70,7 60,0

75

Fish sales value (mi. € )

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1 2

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Fish Sales Volum es

2 Q 2 00 9 2 Q 2 01 0 Δ% ‘0 0 0 T 7 ,1 8 ,1 + 1 4 ,7 % 6 Μ 20 09 6 Μ 20 10 Δ% ‘0 0 0 T 1 4 ,1 1 5 ,8 + 1 1 ,1 %

Fish sales = own + 3rd party fish

8,0 13,0 18,0 23,0 28,0 33,0 2004 2005 2006 2007 2008 2009 2010e 12,0 16,9 22,6 26,4 24,1 27,7 32,0

Fish Sales Volume ('000 T) - 2003-2010e

4 4,5 5 5,5 6 6,5 7 7,5 8 8,5 2008 1Q 2008 2Q 2008 3Q 2008 4Q 2009 1Q 2009 2Q 2009 3Q 2009 4Q 2010 1Q 2010 2Q

Fish Sales Volume ('000 T) quarterly

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Strict Cost Managem ent

Group

in mi. € 6M 2010 6M 2009 Salaries & personnel expenses 16,08 16,82 3rd party fees and benefits 11,56 10,03 Other expenses 9,78 8,46 2Q 2010 2Q 2009 Total 37,43 35,32 19,85 18,95 Total as % of sales 40,37% 41,81% 37,88% 42,85%

Com pany

6 M 2 0 1 0 6M 2 0 0 9 Salaries & personnel expenses 12,63 12,93 3rd party fees and benefits 8,84 8,35 Other expenses 8,78 7,54 2Q 2 0 1 0 2Q 2 0 0 9 Total 30,2 5 28,8 2 15,9 5 15,7 0 Total as % of sales 33 ,0 0 % 35,4 6 % 30,4 2 % 32,2 4 %

Everyw here..

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2 0 1 0 Outlook: fish feed volum es

Data source for fish feed volum es: Kontali Analyse

Fish feed grow th for seabass/ seabream has been negative since Nov 2 008 Less dem and for fish feed ⇒low er fish population ( biom ass) ⇒reduction in future fish supply ⇒historically, this has resulted in better pricing

Fish feed consumption - sales to seabass/seabream producers

10.000 20.000 30.000 40.000 50.000 60.000 70.000 80.000 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec

2008 2009 2010

Growth of fish feed production for seabass/seabream - 3M average July 2010

  • 30%
  • 20%
  • 10%

0% 10% 20% 30% 40% M a r

  • 6

J u l

  • 6

N

  • v
  • 6

M a r

  • 7

J u l

  • 7

N

  • v
  • 7

M a r

  • 8

J u l

  • 8

N

  • v
  • 8

M a r

  • 9

J u l

  • 9

N

  • v
  • 9

M a r

  • 1

J u l

  • 1
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2 0 1 0 Outlook: production of juveniles

200.000 400.000 600.000 800.000 1.000.000 1.200.000

Seabass 474.440 507.830 493.000 435.000 404.000 Seabream 561.840 629.300 529.900 448.000 455.000 Total 1.036.280 1.137.130 1.022.900 883.000 859.000 2006 2007 2008 2009 2010 E Data source for juveniles estim ates: Kontali Analyse

Production of juveniles hit a record high in 2 00 7 = > higher supply ( production cycle is 1 8 -24 m onths for average sizes) = > low er prices in 200 8 - 20 09 I nput of new juveniles dow n 22 % in 200 9 versus 2 00 7 = > low er expected supply going forw ard = > better expected pricing

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2 0 1 0 Outlook: Fish prices

Pricing for bass & bream is expected to be affected less in the current econom ic situation because: 1 . Their prices have decreased relative to substitutes in recent years 2 . Grow th in global supply is expected to be negative in 2 01 0-11

MercaMadrid - W holesale Prices for Fresh farm ed Seabream la st upda te 3 1 / 0 7/ 2 01 0

3,00 3,50 4,00 4,50 5,00 5,50 6,00 6,50 7,00 7,50 8,00 8,50 2 4 6 8 10 12 14 16 18 20 22 24 26 28 30 32 34 36 38 40 42 44 46 48 50

EURO / kg

2009 2010 Me rca M a drid - W hole sa le price s for fre sh fa rm e d Se a ba ss la st upda te 3 1 / 07 / 2 0 1 0 4,50 5,00 5,50 6,00 6,50 7,00 7,50 8,00 8,50

2 4 6 8 10 12 14 16 18 20 22 24 26 28 30 32 34 36 38 40 42 44 46 48 50

EURO/kg

2 0 0 9 2 0 1 0

MercaMadrid - Monthly volum es for fresh farm ed Seabream

100 200 300 400 500 600 700 800 900 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec

tonnes 2009 2010

MercaMadrid - Monthly volumes for fresh farm ed Seabass

50 100 150 200 250 300 350 400 450 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec

tonnes 2009 2010

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1 7

1 7

Excellent potential for grow th

Fish feed Fish feed Juveniles Juveniles Fish Fish

Sales Sales Sales grow th potential Sales grow th potential Capacity Capacity

Capacity: 3 5 .60 0 t

Utilization of full capacity does not require significant CAPEX expenditure % of 20 09 Revenues % of 20 09 Revenues

Sales 08: 2 4.00 0 t Sales 09: 2 7.70 0 t

+ 2 9 %

Capacity: 2 0 0 m i. pieces Capacity: 9 0 .00 0 t Sales 0 8 : 6 2 m i. pieces Sales 0 9 : 3 9 m i. pieces

+ 1 0 0 % + 2 0 %

7 3 %

Sales 0 8 : 2 8 .000 t Sales 0 9 : 2 3 .300 t

5 % 1 2 %

6 M 2 0 1 0 1 5 .8 0 0 t 3 3 .6 m i. pieces 1 0 .1 0 0 tons

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1 8

1 8

Extrem e highs and low s in seabass/ seabream prices occur in a 7 - 8 years cyclical pattern that has a strong negative correlation w ith volum e grow th and a w eaker link w ith GDP grow th. Low er production volum es = > better pricing SEABREAM Production is less consolidated = > volatile pricing pattern Record high volum es in 2 0 0 8 - 2 0 0 9 = > historical low spring of 2 0 0 9 Reduced volum es are expected for 2 0 1 0 going forw ard because of the low prices in 2 0 0 9 SEABASS Production is m ore consolidated = > less volatility y- o-y Volum es increased in 2 0 0 9 and are losing m om entum

Historical patterns of bass / bream price

SEABREAM Monthly Price and Volume Evolution Jan 1996 - July 2010 (source: MercaMadrid)

300.000 600.000 900.000

1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010

Volume (kg) 3,00 5,00 7,00 9,00 11,00 Price

Volume Price

SEABASS Monthly Price and Volume Evolution Jan 1996 - July 2010 (source: MercaMadrid)

90.000 180.000 270.000 360.000

1 9 9 6 1 9 9 7 1 9 9 8 1 9 9 9 2 2 1 2 2 2 3 2 4 2 5 2 6 2 7 2 8 2 9 2 1

Volume (kg) 3,50 10,50 17,50 Price

Volume Price

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1 9

1 9

Appendix: Cost dynam ics in fish farm ing

Harvest Weight

Normal Operations Operations + Disease + Mortality Operations + Disease

Cost per kg

Δcost - Mortality Δcost - Disease Δcost - Weight

  • Vertical structure ensures less risk from disease
  • The 1 0 -gr juvenile pre-fattening units target reduction in m ortality
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2 0

2 0

Appendix: Calculation of the fair value of biom ass

Fish farming companies are required to calculate and report the fair value of their biomass (IAS 41). The fair value of the biomass is calculated as volume (kg) x market price and is adjusted for the part that is not ready to harvest. The key drivers are the volume and weight of the biomass and the market price at the time of the calculation. The ready to harvest part of the end-of-period biomass is reported in the B.S. as a current asset and the not ready to harvest as a non-current asset. Sales in the I.S. are separated into biological and non- biological. Biological sales represent sales of juveniles and fish (raw and processed) produced by the company. Non- biological sales represent the sales of the fish/ juveniles produced by others, the sales of fish feed, equipment, and other products. The gain or loss arising from changes in the fair value

  • f the biomass is computed as follows:

biomass at end of period (+) biological sales (-) biomass at beginning of period (-) purchases of eggs and juveniles for production = gain/loss from biomass

Fair value of biom ass ( B.S.)

Volum e x Price

Key Drivers

Δ Volum e Δ Price

Biological Sales ( I .S.)

The sales of fish/ juveniles produced by the com pany – to include processed fish

Non-biological sales ( I .S.)

The sales of fish/ juveniles produced by others, fish feed, nets,

  • ther products

Total Sales ( I .S.)

Biological + Non-biological

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2 1

2 1

Com m unication – Financial Calendar

I nvestor Relations

  • Ms. Maria Kotsovou, I R Manager
  • Tel. + 30 210 66 98 335
  • Mob. + 30 693 66 98 335

Email m.kotsovou@nireus.com

Financial Calendar 2 01 0

FY 2009 Results Tuesday, 30 March 2010 3 Mo. 2010 Results: Monday, 31 May 2010 Ordinary AGM: Friday, 18 June 2010 6 Mo 2 0 1 0 Results: Monday, 3 0 August 2 0 1 0 9 Mo 2010 Results: Tuesday, 30 November 2010

Legal Notice

This presentation has been prepared solely for inform ational purposes. Any projections or other estim ates in this presentation, including estim ates of returns or perform ance, comm ents w ith respect to our objectives and strategies, or the results

  • f our operations and business, are forw ard-looking statem ents based upon certain

assumptions that m ay be w rong. These assumptions m ay be influenced by factors w ithin or beyond our control, and actual results m ay differ m aterially from any estim ates and projections. Factors influencing actual results include but are not lim ited to fluctuations in fish prices and raw m aterial prices, the effects of competition in the areas in w hich w e operate, changes in the econom ic environm ent, regulatory and econom ic conditions. This presentation is not an offer to buy or sell

  • r a solicitation of an offer to buy or sell any security or instrum ent or to participate

in any trading strategy. No part of this presentation m ay be construed as constituting investm ent advice or a recom m endation to enter into any transaction. No representation or w arranty is given w ith respect to the accuracy or completeness

  • f the inform ation contained in this presentation, and no claim is m ade that any

future offer to transact any securities w ill conform to any terms that m ay be contained herein. Before entering into any transaction, investors should determ ine any econom ic risks and benefits, as w ell as any legal, tax and accounting consequences of doing so, as w ell as their ability to assum e such risks, w ithout reliance on the inform ation contained in this presentation.