Annual 2016 Results Presentation

NIREUS AQUACULTURE S.A.

Athens Greece | 31 March 2017

2

Table of Contents

Key points

Pages

I. Our Vision……………………………………………………………………………………..……………………………………….…3

II. Profile…………………………………………………………………………………………………………………………………..4-13

III. Main Events…………………………………………………………………………………………………………………………....14

IV. Sales by Business Sector…………………………………………………………………………………………………..……..15

V. Sales evolution………………………………………………………………………….....…………………………………………16

VI. FY 2016 Performance…………………………………………………………...…………………………………….……..17-22

VII. Appendix A – Seabass & Seabream Industry ………………………………………....………..………...………….23

VIII. Appendix B – IFRS 13 & IAS 41 for biological assets………………………………………....………..…………..24

Disclaimer

This presentation has been prepared solely for informational purposes. Any projections or other estimates in this presentation, including estimates of returns or performance, comments with respect to our

objectives and strategies, or the results of our operations and business, are forward-looking statements based upon certain assumptions that may be wrong. These assumptions may be influenced by factors within

or beyond our control, and actual results may differ materially from any estimates and projections. Factors influencing actual results include but are not limited to fluctuations in fish prices and raw material prices,

the effects of competition in the areas in which we operate, changes in the economic environment, regulatory and economic conditions. This presentation is not an offer to buy or sell or a solicitation of an offer to

buy or sell any security or instrument or to participate in any trading strategy. No part of this presentation may be construed as constituting investment advice or a recommendation to enter into any transaction.

No representation or warranty is given with respect to the accuracy or completeness of the information contained in this presentation, and no claim is made that any future offer to transact any securities will

conform to any terms that may be contained herein. Before entering into any transaction, investors should determine any economic risks and benefits, as well as any legal, tax and accounting consequences of

doing so, as well as their ability to assume such risks, without reliance on the information contained in this presentation

3 Key points

Our Vision

“To include high nutritional Mediterranean fish in consumers’ diet around the globe”

4 Key points

Profile

� Leading food retailers, distributors, processors and fish farmers are capturing the growing market demand for

healthy and sustainable seafood with NIREUS products.

� Leading food retailers, distributors, processors and fish farmers are capturing the growing market demand for

healthy and sustainable seafood with NIREUS products.

35 + 350 1,5 million fishCountries Customers delivered every week

Serving our customers is a top priority

� We enable our customers to grow their business by offering the largest selection of high quality products and

integrated solutions adapted to their needs.

� We enable our customers to grow their business by offering the largest selection of high quality products and

integrated solutions adapted to their needs.

5 Key points

Profile

In 2016 Nireus group delivered more than 100 million meals

Note : Assuming one meal = 140 gr of fish fillet

6 Key points

Profile

� Less than 0,01% quality claims� Less than 0,01% quality claims

7 Key points

Profile

We create value for our customers by

offering them tools to grow their business

� The Largest Selection & Product Range of

Mediterranean Fish

� The Largest Selection & Product Range of

Mediterranean Fish

� Year-round Supply� Year-round Supply

� Vertically Integrated Operations� Vertically Integrated Operations

� Infrastructure, Product & Market Know-How� Infrastructure, Product & Market Know-How

� Complete Sales Support� Complete Sales Support

� Innovative & Sustainable Aquaculture Practices� Innovative & Sustainable Aquaculture Practices

� High Standards in Food Safety & Environmental

Management

� High Standards in Food Safety & Environmental

Management

Highly rated by our customers in

2016 Customer Satisfaction Survey

8 Key points

Profile - Product portfolio

A prized portfolio for retailers, distributors, processors and aquaculture producers

FISH PRODUCTS

Our fish grow in a unique environment. They are raised in a natural and

wholesome manner in the clear blue waters of Greece and Spain, in sea farms

well-tended by our skilled and caring staff who are present 24 hours a day, 7

days per week.

Their premium quality is ensured by low stocking density levels, being 2% fish

to 98% water. Their appearance, taste, texture and color derive from our own

carefully selected brood stock, our fish feed made to best suit their particular

life stage needs and from NIREUS’ extensive know-how in aquaculture since

1988.

They are available in all product forms :

� Fresh and frozen

� Whole

� Gutted

� Fillets

� Pre-packaged

Gilthead sea bream

European sea bass

Pargus

Mearge

9 Key points

Profile - Product portfolio

INDUSTRIAL PRODUCTS

10 Key points

Profile – Production Facilities

Processing

26

Fish farming

units

4

Hatchery

units

6

Packing units

1

Processing

unit

3

Pre-fattening

units

2 Fish Feed factories (capacity 90.000 tons)

Production facilities in Greece and Spain

Greece

Spain

Fish Feed

Plants

Hatchery

Units

Fish farming

Packing units

Processing

unit

�

Pre-Fattening

Units

Fish Farming

� �� �

� �

11 Key points

Profile - Vertically Integrated Operations

NIREUS, being a vertical producer, controls

the entire value chain of all its products,

ensuring that every stage of production

adheres to the best industry practices.

NIREUS, being a vertical producer, controls

the entire value chain of all its products,

ensuring that every stage of production

adheres to the best industry practices.

12 Key points

Profile - Pioneering Technology

The most advanced breeding

selection program for Mediterranean fish

Cutting-edge technology in

Long-standing cooperation with

Universities and leading research institutes

13 Key points

Profile – Main Customers in Europe

14

� Restructuring of the loans of SEAFARM IONIAN SA� Restructuring of the loans of SEAFARM IONIAN SA

Main events in 2016

Key points

� Increase in the Company’s Share Capital � Increase in the Company’s Share Capital

� Removal of the trading of NIREUS AQUACULTURE SA shares from the “under surveillance” � Removal of the trading of NIREUS AQUACULTURE SA shares from the “under surveillance”

The refinancing of the loans of merged company SEAFARM IONIAN of an amount of € 20,9 million was

concluded on 14.01.2016, subsequent to the merger by absorption of the company with its subsidiary

SEAFARM IONIAN SA (22.12.2015).

� Following the merger of SEAFARM IONIAN and approval of the trading of new shares as at 24.03.2016,

31.582.478 shares of a value of € 9.474.743 were issued

� Furthermore, during the year 2016, 884.404 shares, of a value of € 265.321 from the conversion of bonds

which the bondholders held from the convertible bond loan, were issued

� As a result, the Company’s share capital as at 31.12.2016, amounted to € 87.449.210,40 divided into

291.497.368 common shares with voting rights, at a par value of € 0,30 each.

The trading of the company’s shares in the Main Market of the Athens Stock Exchange is effective as of 12

February, 2016.

15

Sales by Business Sector

Sales evolution

Sales by Business Sector FY2015 & FY2016

(€ mil.)

� Fish farming sales increased by € 9.7 mil � Fish farming sales increased by € 9.7 mil

� Fish feed sales increased by € 2.0 mil� Fish feed sales increased by € 2.0 mil

� Other sales increased by € 0,7 mil � Other sales increased by € 0,7 mil

0,0%

20,0%

40,0%

60,0%

80,0%

100,0%

Fish Farming Fish Feed Other

90,2%

3,6% 6,2%

Sales by Business Sector FY2016 (%)

168,6 178,3

FISH FARMING

FY2015 FY2016

5,1

7,1

FISH FEED

FY2015 FY2016

11,7

12,4

OTHER

FY2015 FY2016

Fish farming = fish + juvenile sales

(own production + merchandise)

Fish farming = fish + juvenile sales

(own production + merchandise)

Other = fish farming equipment and

aviculture product sales

Other = fish farming equipment and

aviculture product sales

16

Sales Evolution

Sales evolution

20112012

20132014

20152016

75% 77% 78% 80% 81%79%

25% 23% 22% 20% 19%21%

EXPORT SALES DOMESTIC SALES

Sales Distribution (%) FY2011-FY2016

0%

20%

40%

60%

80%

Greece E.U. Other

21%

68%

11%

Sales by Region FY2016

0%

20%

40%

60%

80%

Greece E.U. Other

19%

70%

10%

Sales by Region FY2015

Greece 41,7

EU 134,9

Other 21,2

Total 197,8

Exports 156,1

FY 2016

Greece 35,8

EU 130,5

Other 19,1

Total 185,4

Exports 149,6

FY 2015

17

� Group sales in 2016 amounted to € 197,8 mil., as compared to € 185,4 million, during the prior year 2015

marking an increase of 6,7%.

� Group sales in 2016 amounted to € 197,8 mil., as compared to € 185,4 million, during the prior year 2015

marking an increase of 6,7%.

Financial Performance

Key points

� Operating EBITDA (prior to the effect of the valuation of biological assets at fair value) amounted to € 27,3

million versus € 22,3 million in 2015 presenting an increase of 22,4%. The increase in operating EBITDA was

mainly attributed to increased sales volumes and to a reduction in the fish production cost.

� Operating EBITDA (prior to the effect of the valuation of biological assets at fair value) amounted to € 27,3

million versus € 22,3 million in 2015 presenting an increase of 22,4%. The increase in operating EBITDA was

mainly attributed to increased sales volumes and to a reduction in the fish production cost.

� Total pre-tax results of 2016 amounted to profits of € 7,9 million versus profits of € 68,1 million in 2015. It is

noted that the results of 2015 include gains of € 57,2 million from the fair value measurements of loan

borrowings from the share capital increase.

� Total pre-tax results of 2016 amounted to profits of € 7,9 million versus profits of € 68,1 million in 2015. It is

noted that the results of 2015 include gains of € 57,2 million from the fair value measurements of loan

borrowings from the share capital increase.

� Total after tax profits of the year amounted to € 10,9 million as compared to profits of € 60,1 million in 2015

which, as previously mentioned, include the profits from the valuation at fair value of the loan borrowings

refinancing and the share capital increase.

� Total after tax profits of the year amounted to € 10,9 million as compared to profits of € 60,1 million in 2015

which, as previously mentioned, include the profits from the valuation at fair value of the loan borrowings

refinancing and the share capital increase.

18

� Positive operating cash flows continued in 2016 which amounted to € 4,8 million as compared to € 5,9 million

in 2015.

� Positive operating cash flows continued in 2016 which amounted to € 4,8 million as compared to € 5,9 million

in 2015.

Key points

� Investments in fixed assets amounted to € 6,6 million as compared to € 6,9 million in 2015.� Investments in fixed assets amounted to € 6,6 million as compared to € 6,9 million in 2015.

� Loan borrowings, prior to the effect of the valuation of the Group’s loans at fair value, amounted to € 184,6

million versus € 187,3 million as at 31/12/2015.

� Loan borrowings, prior to the effect of the valuation of the Group’s loans at fair value, amounted to € 184,6

million versus € 187,3 million as at 31/12/2015.

� The Company’s share capital amounted to € 87.449.210,40 divided into 291.497.368 shares with a nominal

value € 0,30 each

� The Company’s share capital amounted to € 87.449.210,40 divided into 291.497.368 shares with a nominal

value € 0,30 each

� Net Debt, prior to the effect of the valuation of the Group’s loans at fair value, amounted to € 171,6 million versus

€ 171,5 million as at 31/12/2015.

� Net Debt, after the effect of the valuation of loans at fair value, amounted to € 154,7 million versus € 153,1 million

in 2015.

� The Group’s equity amounted to € 132,1 million as at 31/12/2016.� The Group’s equity amounted to € 132,1 million as at 31/12/2016.

Financial Performance

19

Balance Sheet

Financials

Balance Sheet

Assets

(€ mil.) FY2016 FY2015

Property Plant and Equipment 76,79 77,25

Goodwill 30,30 30,36

Biological non-current assets 65,87 60,83

Other non-current assets 16,16 16,05

Total non-current assets 189,12 184,49

Biological current assets 114,75 118,77

Inventories 10,46 9,49

Trade Receivables 37,17 33,16

Other current assets 9,89 9,54

Restricted Cash 4,24 6,98

Cash & equivalents 8,75 8,78

Total current assets 185,26 186,73

Assets available for sale - -

Total assets 374,37 371,21

Equity and liabilities

(€ mil.) FY2016 FY2015

Shareholders' equity 132,12 121,19

Non-controlling interests - -

Total shareholders' equity and non-controlling

interests 132,12 121,19

L/T bank borrowings 149,50 124,91

Deferred income tax liabilities 8,64 12,08

Other non-current liabilities 11,37 12,94

Total non-current liabilities 169,51 149,93

Trade & other payables 45,87 44,59

Current bank borrowings 18,20 44,00

Other current liabilities 8,66 11,51

Total current liabilities 72,74 100,10

Liabilities of assets available for sale - -

Total liabilities 242,25 250,02

Total shareholders' equity and liabilities 374,37 371,21

� Trade & other receivables increased by € 4.36 mil.� Trade & other receivables increased by € 4.36 mil.

� Trade & other payables, increased by € 1.28 mil.� Trade & other payables, increased by € 1.28 mil.

� Total liabilities decreased by € (7.77) mil.� Total liabilities decreased by € (7.77) mil.

� Total liabilities, excluding interest bearing loans and

borrowings, decreased by € (6.57) mil.

� Total liabilities, excluding interest bearing loans and

borrowings, decreased by € (6.57) mil.

� Cash and Cash Equivalents amounted to € 8.75 mil� Cash and Cash Equivalents amounted to € 8.75 mil

� Restricted cash of € 4 mil has been pledged as

collateral against long term bank borrowings

� Restricted cash of € 4 mil has been pledged as

collateral against long term bank borrowings

20

Income Statement

Financials

� Group sales in 2016 amounted to € 197,8 mil., as

compared to € 185,4 million, during the prior year

2015 marking an increase of 6,7%.

� Group sales in 2016 amounted to € 197,8 mil., as

compared to € 185,4 million, during the prior year

2015 marking an increase of 6,7%.

Income Statement

(€ mil.) FY2016 FY2015

Biological Sales 170,42 157,57

Non-Biological Sales 27,39 27,83

Total Sales 197,81 185,40

Effect of measurement of biological

assets at fair value (*) (0,11) 15,15

Raw material consumption (99,53) (95,42)

Salaries & personnel expenses (28,95) (27,49)

3rd party fees and benefits (21,95) (21,26)

Other operating expenses (26,49) (24,61)

Other income 1,65 2,51

EBITDA after biological adjustment 22,44 34,26

Biological adjustment (4,87) 11,92

EBITDA before biological adjustment 27,31 22,34

Earnings / (loss) before interest and

taxes (EBIT) 16,95 28,06

Earnings / (loss) before taxes (EBT) 7,86 68,06

Tax 3,06 (8,00)

Earnings / (loss) after taxes (EAT) 10,92 60,06

Equity holders of the parent 10,92 59,25

Non-controlling interests - 0,81

Earnings per share (€) 0,0385 0,5678

(*) equal to (ending inventory - purchases – beginning inventory) of

biological assets

� Operating EBITDA (prior to the effect of the

valuation of biological assets at fair value)

amounted to € 27,3 million versus € 22,3 million in

2015 presenting an increase of 22,4%.

� Operating EBITDA (prior to the effect of the

valuation of biological assets at fair value)

amounted to € 27,3 million versus € 22,3 million in

2015 presenting an increase of 22,4%.

21

Cash Flow Statement

Financials

Cash Flow

(€ mil.) FY2016 FY2015

Profit before tax 7,86 68,06

Depreciation 6,29 6,90

Miscellaneous other charges 6,35 (39,38)

Fair value adjustment 4,87 (11,92)

Reduction /(increase) of inventories (6,86) (3,66)

Reduction /(increase) of receivables (4,53) (2,16)

(Reduction)/increase of trade & other

payables (1,47) (2,01)

Interest expenses paid (7,39) (9,70)

Taxes paid (0,33) (0,25)

Cash flow from operating activities 4,77 5,88

(Investments) (6,59) (6,91)

Divestments 0,21 2,76

Subsidies & received interest 1,57 0,08

Cash flow from investing activities (4,80) (4,08)

Cash flow from financing activities 0,01 1,18

Total cash flow reporting period (0,02) 2,99

Cash and cash equivalents at the

beginning of the period 8,78 5,44

Foreign exchange adjustments - 0,35

Cash of items for sale - -

Cash and cash equivalents at the end of

the period 8,75 8,78

� Positive operating cash flows continued in 2016

which amounted to € 4,8 million as compared to €

5,9 million in 2015.

� Positive operating cash flows continued in 2016

which amounted to € 4,8 million as compared to €

5,9 million in 2015.

� Investments in fixed assets amounted to € 6,6

million as compared to € 6,9 million in 2015.

� Investments in fixed assets amounted to € 6,6

million as compared to € 6,9 million in 2015.

22 Key points

CEO comments

Our accomplishments were the result of all employees’ commitment

towards the achievement of our goals ”

“We are continuing our upward path to operating profitability which had started in 2015.

Antonis Chachlakis, CEO

23 Key points

Appendix A : Seabass and Seabream Industry

0

200.000

400.000

600.000

800.000

1.000.000

1.200.000

20112012

20132014

20152016

Estimated juvenile production (in pcs)

Greece Turkey Italy France Spain Others

0

100.000

200.000

300.000

400.000

2011 20122013

20142015

2016

Harvested quantities Seabass and Seabream (in tons)

Others Cyprus Croatia Portugal France Italy Spain Turkey Greece

� The main parameter that is taken into account

for the estimation of fish availability is the

juvenile placement for fattening by farming

companies

� The main parameter that is taken into account

for the estimation of fish availability is the

juvenile placement for fattening by farming

companies

Source : Kontali Analysis

� The increased juvenile production quantities,

mainly form Turkish farmers, is expected to lead

to increased supply of fish quantities in 2017

that will result in a decline of selling prices

� The increased juvenile production quantities,

mainly form Turkish farmers, is expected to lead

to increased supply of fish quantities in 2017

that will result in a decline of selling prices

� In 2016 the industry’s total harvested volume

reached 304.000 tons

� In 2016 the industry’s total harvested volume

reached 304.000 tons

24 Appendix A

Fish farming companies are required to report the fair value of theirbiological assets at each reporting period in accordance with IFRS 13 &IAS 41.

Mature biological assets (ready to be sold) are reported in the B.S. ascurrent assets while immature biological assets are presented as non-current assets.

The fair value of mature biological assets is calculated as volume (in kg)x market price at the end of the reporting period (exit price of theprincipal market less costs to sell).

Key drivers include the quantity and size distribution of biologicalassets as well as the market price at the time of the valuation.

Sales in the I.S. are distinguished between biological and non-biological. Biological sales represent sales of fish and juveniles of ownproduction. Non-biological sales represent sales of fish/juveniles asmerchandise, sales of fish feed, equipment and other products.

The effect from the measurement of biological assets at fair value isderived by the following formula :

Fair value of biological assets at the end of the period(-) Purchases of biological assets(-) Fair value of biological assets at the beginning of the period= Effect of measurement of biological assets at fair value

Fair value of biological

assets (B.S.)

Volume x Price

Key Drivers Δ Volume

Δ Price

Biological Sales (I.S.) The sales of fish & juveniles of own

production

Non-biological sales (I.S.) The sales of fish & juveniles as

merchandise, fish feed, equipment

and other products

Total Sales (I.S.) Sales of biological +

Non-biological products

Effect from the

measurement of

biological assets at fair

value

The difference between the fair

value of biological assets at the

beginning and the end of the period

Appendix B : IFRS 13 & IAS 41 for biological assets

25

Communication

Mr. Stratis Elissaios, Group CFO

Tel. +30 210 66 98 224

Email : s.elissaios@nireus.com

Mr. Nontas Leontidis, Group Financial Controller & IR Officer

Tel. +30 210 66 98 225, Mob. +30 693 66 98 332

Email : n.leontidis@nireus.com, irodpt@nireus.com

Legal Notice

This presentation has been prepared solely for informational purposes. Any projections or other estimates in this presentation, including estimates of returns or performance,

comments with respect to our objectives and strategies, or the results of our operations and business, are forward-looking statements based upon certain assumptions that may be

wrong. These assumptions may be influenced by factors within or beyond our control, and actual results may differ materially from any estimates and projections. Factors influencing

actual results include but are not limited to fluctuations in fish prices and raw material prices, the effects of competition in the areas in which we operate, changes in the economic

environment, regulatory and economic conditions. This presentation is not an offer to buy or sell or a solicitation of an offer to buy or sell any security or instrument or to participate

in any trading strategy. No part of this presentation may be construed as constituting investment advice or a recommendation to enter into any transaction. No representation or

warranty is given with respect to the accuracy or completeness of the information contained in this presentation, and no claim is made that any future offer to transact any securities

will conform to any terms that may be contained herein. Before entering into any transaction, investors should determine any economic risks and benefits, as well as any legal, tax

and accounting consequences of doing so, as well as their ability to assume such risks, without reliance on the information contained in this presentation.