In response to a relevant letter by the Hellenic Capital Market Commission with reference number 1775/28-5-2014  regarding an article published at the section “The chameleon of the market” of the website “www.Euro2day.gr”and titled “The sale of NBGI and the nets of the Banks”, in which inter alia it is stated that the process of the debt capitalization of the large fish farming companies enters the final stretch and that the Boards of Directors of the companies have accepted the proposal of the Banks, NIREUS wishes to comment as follows:
The Company has commented in full transparency on this subject at the following sections of the Financial Report 2013 (published  31.03.2014):  Annual Board of Directors Report, Debt Restructuring,  Events after the Reporting Period.
Specifically, the Company has informed that it holds advanced negotiations with the creditor Banks for the debt restructuring of the Group and that there is a stated willingness on both sides to conclude the agreement within the current fiscal year 2014.
The Company has received a letter, dated 24.03.2014, sent by Piraeus Bank, Alpha Bank and Eurobank, which incorporates the proposed timetable for the completion of the conducted audits and for the remaining procedures and agreements in order to configure and endorse the Basic Terms of Debt Restructuring (Term Sheet) and to implement them with all necessary corporate actions, in compliance with the Law and after the approval of the competent private and public authorities. It is noted that the proposed terms for the Debt Restructuring that were sent by the aforementioned Banks include inter alia the capitalization of part of the debt. 

Finally, the Company informed the investing public and the authorities that the Board of Directors of the Company, at its meeting of 28.03.2014, decided to respond positively to this letter.
Since then, a plethora of audits has being and is being implemented by an international auditor chosen by the Banks, specifically an Independent Business Review (IBR) on the business plan and Due Diligence on the historical financial data.  The completion of the audits will form the basis to carry out the valuation of the Company that, in turn, will form the final proposal on which the competent bodies of all involved parties will be asked to take a position.  Following the above, the implementation of the required procedures will commence under the supervision of the competent authorities.

Currently, there is not any significant and binding development or information on the progress of the aforementioned process.  The Company will ensure that the investing public will be informed without delay and that the legislation will be followed, as it always does, should the need arise.