Investment in Subsidiaries

3 April 2013

The Board of Directors (the “Board”) of Otto Marine Limited (the “Company”) refers to the announcement made by the Company on 25 March 2013 (the “Announcement”) in relation to the investment agreement dated 22 March 2013 entered into between Asean China Investment Fund II L.P. and UVM 2 Venture Investments LP, 2 private equity funds managed by UOB Venture Management Private Limited, Venstar Investments II Ltd., Venstar Investments III Ltd., and an individual investor (collectively, the “Investors”) and its subsidiary, Go Marine Ship Management (M) Sdn. Bhd. (“Go Malaysia”).

Further to the Announcement, the Board is pleased to announce that Go Malaysia has on 2 April 2013, completed the transaction referred to in the Announcement. In consideration for the issuance and allotment of the preference shares to the Investors, the Investors have wired an aggregate amount of US$22.5 million to Go Malaysia’s designated bank account.

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
Executive Director and Group Chief Financial Officer
3 April 2013

Otto Marine press release