DISCLOSURE OF BENEFICIAL INTEREST IN SECURITIES

.

Oceana Group Limited
Incorporated in the Republic of South Africa
(Registration Number 1939/001730/06)
JSE Share Code: OCE
NSX Share Code: OCG
ISIN Number: ZAE000025284
(“Oceana” or “the Group” or “the Company”)

Shareholders are referred to the cautionary announcement dated Monday, 24 October 2011 and the further cautionary announcement dated Thursday, 10 November 2011.

Oceana is pleased to announce that it has, through various subsidiaries, concluded agreements to purchase the hake, horse mackerel and south coast lobster fishing rights and related assets of the Lusitania group and associated companies as well as its cold storage business (“the Transaction”).

The Transaction is subject, inter alia, to the approval of the Minister of Agriculture, Forestry and Fisheries as well as the Competition Commission. Should the Transaction become unconditional, it is expected to be effective in March 2012. As the Transaction value is less than 5% of the Company’s market capitalisation, detailed information has not been provided in terms of the Listings Requirements of the JSE Limited.

The Transaction would increase the Group’s interest in the hake industry from 1.1% to 4.4%, in horse mackerel from 18.8% to 22.8%, in south coast lobster from 3.1% to 22.6% and increase the commercial cold storage capacity of the group by 4.1%.

Accordingly, following the release of the information as set out above, shareholders no longer need to exercise caution when dealing in their Oceana shares.

Cape Town
21 November 2011

JSE Sponsor
The Standard Bank of South Africa Limited

NSE Sponsor
Namibia Old Mutual Investment Services (Namibia) Proprietary Limited