According to article 4, par. 1, of the 5/204 decision of the Hellenic Capital Market Commission, we announce the decision of the Board of Directors of NIREUS CHIOS AQUACULTURE S.A. , reached on the 18-12-2002 which affects the company's assets. In this framework, would like to inform you that the management of NIREUS CHIOS AQUACULTURE S.A. came into an agreement today with the management of GALAXIDI FISH FARMING S.A., in order to transfer to the latter, the aquaculture unit of NIREUS S.A. in the region of Galaxidi Fokida for the amount of apprx. Euro 880,000.

Due to fact that NIREUS S.A. has acquired and absorbed, during 2002, the company ICTHIOFARMA S.A., that possess a unit in Western Greece, in the region of Tolofona Fokida, the transfer of the privately owned unit in Galaxidi will decisively contribute to the reorganization of the production facilities of NIREUS S.A. in the broader region and to the decrease of the production cost, without a corresponding decrease in the production capability of the company in total.

The materialization of the above agreement, which requires the implementation of the whole of the transfers of the assets that compromise a unit and also the acknowledgment of all the necessary permits and approvals of the competent authorities is expected to consummate early in January 2003.