Update announcement in respect of the acquisition by Oceana of the entire issued share capital of Daybrook Fisheries OCEANA GROUP LIMITED (Incorporated in the Republic of South Africa) (Registration number: 1939/001730/06) JSE share code: OCE NSX share code: OCG ISIN: ZAE000025284 (“Oceana” or “the Company”) UPDATE ANNOUNCEMENT IN RESPECT OF THE ACQUISITION BY OCEANA OF THE ENTIRE ISSUED SHARE CAPITAL OF DAYBROOK FISHERIES 1. INTRODUCTION Shareholders of Oceana (“Oceana Shareholders”) are referred to the announcements dated 19 May 2015, 27 May 2015 and 15 June 2015 and the circular posted to Oceana Shareholders on 15 June 2015 (“the Circular”), relating to the indirect acquisition by Oceana of the entire issued share capital of Daybrook Fisheries, Inc. for a purchase consideration of USD 382.3 million (approximately ZAR 4,588 million).* *Converted at the ZAR/USD exchange rate of 12.00, being the hedged forward exchange rate at which the Proposed Acquisition is expected to be completed. 2. PROGRESS UPDATE ON FUNDING AGREEMENTS Oceana Shareholders are advised that funding agreements between The Standard Bank of South Africa Limited and Oceana relating to the term funding as detailed in the Circular, have been entered into and are available for inspection at the Company's registered office at 7th Floor, Oceana House, 25 Jan Smuts Street, Foreshore, Cape Town, 8001. In addition, Oceana Shareholders are hereby notified that Oceana's board of directors adopted resolutions contemplated by sections 45(2) and 45(3) of the Companies Act, 71 of 2008, authorising Oceana to provide financial assistance to persons who are related or inter-related to Oceana, in terms of (i), the aforesaid funding agreements (as parent company and guarantor); and (ii) an amendment to the General Banking Facility referred to in Annexure 6 of the Circular, increasing the facility limit to ZAR435,000,000 (as guarantor). Cape Town 8 July 2015 Investor relations contacts: Imraan Soomra, Financial Director +27 21 410 1458 Financial and Debt Adviser and Transaction Sponsor to Oceana The Standard Bank of South Africa Limited South African Legal Counsel to Oceana Webber Wentzel United States Legal Counsel to Oceana Kean Miller LLP Haynes and Boone LLP K&L Gates LLP Hogan Lovells US LLP United States Financial Adviser to Oceana Antarctica Advisors LLC Sponsoring Broker to Oceana on the Namibian Stock Exchange Old Mutual Investment Services (Namibia) Proprietary Limited Date: 08/07/2015 05:00:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct, indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on, information disseminated through SENS.