OTTO MARINE LIMITED

(Unique Entity Number: 197902647M)
(Incorporated with limited liability in the Republic of Singapore on 5 September 1979) (the "Company")

CHANGE IN FUNCTIONAL CURRENCY OF THE COMPANY

The Company wishes to announce that the Company has changed its functional currency from
Singapore dollars to United States dollars with effect from 1 January 2012.
The Company and its subsidiaries have invoiced customers in both United States dollars and Singapore dollars prior to 1 January 2012. As the borrowings of the Company and its subsidiaries have been increasingly denominated in United States dollars, the Company negotiated with its customers to invoice them primarily in United States dollars with effect from 1 January 2012 in order to reduce its foreign currency exposure. Following the change in invoicing currency, the Company re- evaluated the requirements in the Singapore Financial Reporting Standard 21 - The Effects of Changes in Foreign Exchange Rates ("FRS 21") and determined the functional currency of the Company to be United States dollars. In line with FRS 21, this change in the functional currency of the Company will be applied prospectively.
As a result of the change in functional currency, the Company will present all future financial statements in United States dollars.
By Order of the Board
See Kian Heng
Group Chief Financial Officer
4 May 2012

distributed by