Pescanova : Letter from de Board to the Shareholders

This letter is addressed to all Pescanova's Shareholders but manly to those who could not attend in person the General Meeting of Shareholders of last 29 May. The entire wording of the letter can be downloaded from the website.

First of all we want to thank you for your time and attention to this letter, due to the implications that have given rise to the same.

Since this Board of Directors became operational in September 2013, we set certain priority targets for Pescanova. All of them have been gradually and satisfactorily attained: non liquidation; a realistic and convincing viability plan; approval of compositions with creditors of the Parent Company and Subsidiary Companies; standardization and updating of both financial information and regulations; restructuring and readjustment of the Group's structure; renewal of the management team; resumption of activities and implementation of a serious costs rationalization and reduction plan; implementation of internal control systems; and a risk prevention policy in accordance with the most advanced good governance practices and principles; the presentation of annual accounts for 2014, audited, unqualified, and in line with the viability plan.

All the above is now a reality.

Furthermore, the positive EBITDA to be generated from September 2013 to November 2015 - time when it is expected that the control of the Pescanova Group will be assumed by its creditors - will reach some 140 million euros.

Therefore, at June 2015 pescanova's position has nothing to do with the situation, riddled with uncertainties and disclosed in March 2013. And this has been possible thanks to the intrinsic value of the brand name and the unanimous willingness and effort of its employees, its shareholders, its creditors and to the sacrifice of all of them.

Today Pescanova has recovered credibility in the market and faces its progress with security and confidence.

And in this complex recovery process Pescanova has successfully surmounted all the milestones that were indispensable conditions for its viability. All and each of them seemed, before hand, unattainable and, despite of this, they have been successfully overcome.