OTTO MARINE LIMITED

(UEN : 197902647M)

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

DISCLOSURE PURSUANT TO RULE 728 OF THE SINGAPORE EXCHANGE SECURITIES TRADING LIMITED ("SGX") LISTING MANUAL

The Board of Directors (the "Board") of Otto Marine Limited (the "Company") wishes to announce that the Company has received a notification from Business Companion Investments Limited ("BCI"), a company wholly owned by our Chairman and Group CEO, Mr. Yaw Chee Siew, that BCI has entered into a second ranking share charge arrangement in respect of some of its shares in the Company, as follows:

Name of controlling shareholder

Business Companion Investments Limited

Class and number of shares charged pursuant to the second ranking share charge

1,032,000,000 ordinary shares

Percentage of the Company's issued share capital

Approximately 36.39%

The party in whose favour the second ranking share charge is created

Standard Chartered Private Equity Limited

Accordingly, as of the date of this announcement, BCI has (a) charged in favour of third parties all of its shares in the Company, representing approximately 61.37% of the total issued shares of the Company pursuant to first ranking share charge arrangements; and (b) charged in favour of Standard Chartered Private Equity Limited 1,032,000,000 shares in the Company representing approximately
36.39% of the total issued shares of the Company pursuant to a second ranking share charge arrangement.

DIRECTORS' RESPONSIBILITY STATEMENT

The directors of the Company have taken all reasonable care to ensure that the facts stated in this announcement are fair and accurate in all material aspects as at the date hereof and that no material facts have been omitted from this announcement, and they jointly and severally accept responsibility accordingly.
By Order of the Board
See Kian Heng
Group Chief Financial Officer and Executive Vice President
31 December 2012

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