OTTO MARINE LIMITED

(Company Registration Number 197902647M)

(Incorporated with limited liability in the Republic of Singapore on 5 September 1979)

CORRIGENDUM TO THE ANNOUNCEMENT ON ACQUISITION OF SHARES IN GO MARINE GROUP PTY LTD


Otto Marine Limited (the "Company") refers to the announcement dated 19 May 2014 in relation to the above-mentioned subject matter (the "Announcement"). All capitalised terms undefined in this announcement shall assume the same meanings as ascribed to them in the Announcement.
The Board wishes to clarify the following:
(1) the completion of the Acquisition is conditional upon obtaining specific approval from the Company's shareholders for the issuance and allotment of the Consideration Shares to Garrick at an extraordinary general meeting to be convened; and
(2) the exchange rate of S$1.2507: US$1, the closing price of the shares in the Company of S$0.07 as at 16 May 2014 and the 89,335,714 Consideration Shares to be issued and allotted to Garrick as referred to in the Announcement are for illustration purposes only. The exact number of Consideration Shares to be issued to Garrick will be computed based on the S$:US$ exchange rate and the price of the shares in the Company applicable on the day on or after the date on which specific shareholders' approval for the issuance and allotment of the Consideration Shares to Garrick is obtained.
Submitted by:
Michael See Kian Heng
Group Executive Director
20 May 2014

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