Oceanus to list TDR at NTD9.5 (S$0.415)

• Listing price is 16.4% above weighted average traded price on SGX during bookbuilding duration from 18 to 23 December 2009

Singapore, 24 December 2009 – SGX-listed Oceanus Group Limited (“Oceanus”), an integrated value chain player in the abalone industry and world’s largest land-based abalone producer, will list its Taiwan Depository Receipts (“TDR”) on the Taiwan Stock Exchange (“TSE”) at NTD9.5 (approximately S$0.415).

Oceanus is the first non Taiwanese-owned company to obtain approval from all the Taiwanese relevant authorities for the offering and listing of TDR on TSE. Confirming the high level of interest on Oceanus TDR, Mr CY Huang, Vice Chairman of Polaris Financial Group, the appointed company by Oceanus to provide advice on the TDR issue and the lead underwriter in the issue, said, “Among the four TDR-listing companies that Polaris has underwritten this year, Oceanus has received the most enthusiastic response. Its TDR was over-subscribed by about 15 to 20 times. Investors are obviously convinced of its earnings potential and growth strategies, and believe the upside potential of its TDR price.”

The Group will offer and list TDR of 200 million shares of the Group on the TSE. The TDR shares shall comprise 100 million new shares and 100 million vendor shares. The TDR issue price is about 16.4% premium to the weighted average price for trades done on the SGX during the bookbuilding process which lasted from 18 to 23 December 2009. Compared to the closing price of S$0.385 on 23 December 2009, the issue price is approximately 7.8% higher.

The TDRs are expected to be listed on the TSE on 31 December 2009.

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About Oceanus Group

Oceanus is an integrated value chain player in the abalone industry. It is the largest land-based abalone producer in the world. As of 30 Sep 09, it has 24,720 abalone breeding tanks and an abalone population of 176.9 million (excluding 59.5 million uncaged one-year-old abalones). Oceanus’ biological assets are valued at RMB731.0 million as at 30 Sep 09.

Its principal activities are the research and development, breeding, processing, and sales of premium quality Japanese breed abalones. The company also operates a fast casual style restaurant chain that offers abalone-based meals under the brand of “Ah Yat Tian Xia＂ (阿一天下) in a 70-30% joint venture with the renowned Ah Yat Abalone Group.

Oceanus' abalones are farmed inland in tanks ideally located along the coastal lines of Fujian and Guangdong provinces in the People’s Republic of China. Using scientific production system and processes, Oceanus’ premium abalones are bred under carefully controlled environment to maximize the growth, survival and propagation. Through large-scale production and stringent quality control measures, Oceanus delivers a consistent supply of high quality Japanese breed abalones throughout the year.