China Fishery Group Limited announces termination of existing offer and evaluating options regarding a potential new offer

NOT FOR DISTRIBUTION IN OR INTO CANADA, AUSTRALIA,
JAPAN OR ANY OTHER JURISDICTION IN WHICH THE
DISTRIBUTION OR RELEASE WOULD BE UNLAWFUL

Singapore, 24 May 2013 - China Fishery Group Limited
("CFGL") refers to the offer document dated 13 March
2013 (the "Offer Document") regarding the voluntary
offer (the "Offer") to acquire all outstanding shares
(the "Shares") in Copeinca ASA (the "Company", and
together with its subsidiaries the "Copeinca Group")
made by CFGL's indirect subsidiary Grand Success
Investment (Singapore) Private Limited
the "Offeror"). Reference is also made to the
announcements from CFGL on 21 May 2013 regarding
CFGL's intention to make a new voluntary cash tender
offer to acquire all of the Shares of the Company;
and the announcement from Cermaq ASA on 23 May 2013
regarding its withdrawal of its Copeinca offer and
decision not to accept the CFGL offer (the "Cermaq
Announcement"); and the announcement from Copeinca on
23 May 2013 regarding update in connection with the
voluntary offers (the "Copeinca Announcement").

The acceptance period in the Offer expired at 21:00
(CET) on 23 May 2013. The Offeror has received
acceptances of the Offer for a total of 13,214,382
Shares, including the pre-accepted shares, which
together with the call option agreement of 6,295,100
shares and the 5,773,000 Shares owned by the Offeror
represents approximately 36.0% of the outstanding
Shares and votes in the Company. This means that the
condition for completion of the Offer set out in
section 3.3 (a) (acceptance level) of the Offer
Document has not been met. Accordingly, the Offeror
will not complete the Offer and all acceptances
received are automatically released.

With regards to a possible new voluntary cash tender
offer to acquire all of the Shares of the Company,
CFGL is currently reviewing its options in light of
the Cermaq and Copeinca Announcements and will update
the market within due course.


***

The Offer and the distribution of this announcement
and other information in connection with the Offer
may be restricted by law in certain jurisdictions.
CFGL does not assume any responsibility in the event
there is a violation by any person of such
restrictions. Persons into whose possession this
announcement or such other information should come
are required to inform themselves about and to
observe any such restrictions.

This information is subject to the disclosure
requirements set out in section 6-19 (voluntary
offers) of the Norwegian Securities Trading Act.


Contacts

Skandinaviska Enskilda Banken AB (publ) Oslo Branch,
financial adviser
Henrik Tangen, +47 2100 8511, henrik.tangen@seb.no

China Fishery Group Limited
Dennis Chan, Finance Director, +852 2589 4156,
dennis.chan@chinafish.com