Establishment Of Joint Venture Company

30 November 2011

The Board of Directors of Otto Marine Limited (the “Company”) wishes to announce that Otto Ventures Pte. Ltd (“OVPL”), a wholly-owned subsidiary of the Company had entered into a Joint Venture Agreement (the “Joint Venture Agreement”) with Limin Marine Private Limited (“Limin”). Limin is in the business of ship owning, managing and operating, ship brokering, ship building and repair and shipping agency.

Under the terms of the Joint Venture Agreement, OVPL and Limin incorporated a joint venture company (“JV company”), Otto Limin Marine Private Limited in Singapore, with a combined investment of US$600,000 in equity capital for a 50-50 interest each. The JV company will carry on business in the ownership and operation of vessels.

The transaction is not expected to have a material impact on the Company’s net tangible asset and earnings per share for the financial year ending 31 December 2011.

None of the Directors or Controlling Shareholders or Substantial Shareholders of the Company has any interest, direct or indirect, in the abovementioned transaction.

Otto Marine press release