REPLY TO THE CAPITAL MARKET COMMISSION'S QUESTIONS

In response to the letter dated 21 June 2018 with the protocol number 2119 of the Hellenic Capital Market Commission which has requested further clarifications in relation to the Company's announcement dated 20/6/2018, the Company provides the following information received from its shareholders, the banks of Piraeus, Alpha Bank, Eurobank and the National Bank:

The completion of the sale of all Company's shares held by the abovementioned Banks, namely of 74,34%, to the acquiring company Andromeda Seafood Limited (“Andromeda”), is subject, among others, to the condition, that all administrative approvals, as provided for, be obtained from the responsible authorities of the competition commission. Furthermore, based on the parties' projections the transaction is expected to be completed within a time period of nine (9) months from the signing date of the sales and purchase agreement.

The total sales and purchase price of euro 10.000.000 may potentially be reduced, especially if material deviations arise primarily with respect to the total consolidated net debt of the Groups of the Company and Selonda S.A. as well as regards their fish population, between the signing date of the sales and purchase agreement and the date of completion of the transaction, on the basis of pre-agreed and mutually agreed upon validation procedures.

The amount of Andromeda's capital injection at the completion date of the transaction (i) to the Company for the purpose of reducing its loan borrowings, amounts to euro 20.000.000, and (ii) to the Company and SELONDA S.A., for the coverage of their working capital requirements as well as capital and other expenditure, amounts to a total of euro 50.000.000. The precise amount which is to be allocated to each of the companies will be determined by Andromeda on the completion date of the transaction.

The direct or indirect percentage shareholding participation of AMERRA Capital Management LLC and Mubadala Investment Company in the Acquirer's structure will amount at the date of completion of the transaction, to at least 50% plus one share for AMERRA Capital Management LLC and at least to 35% for the Mubadala Investment Company.


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