OCE                                                                             
OCE - Oceana Group Limited - Consent agreement concluded with The Competition   
Commission                                                                      
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                                                              
CONSENT AGREEMENT CONCLUDED WITH THE COMPETITION COMMISSION                     
Following an investigation into the small pelagic fishery by the Competition    
Commission (hereinafter "Commission"), Oceana Group Limited and its subsidiary  
Oceana Brands Limited (collectively hereinafter "Oceana") have accepted         
responsibility for certain contraventions of the Competition Act No. 89 of 1998,
as amended ("the Competition Act").                                             
Accordingly, Oceana has agreed to pay an administrative penalty amounting to    
R34.75 million representing 5% of its affected turnover derived from its pelagic
fishing operations in South Africa in the 2010 financial year. This is in full  
and final settlement and is subject to confirmation by the Competition Tribunal.
Oceana Group CEO, Francois Kuttel, said, "Oceana has co-operated fully with the 
Commission during its investigation and whilst we deeply regret the Commission's
findings, we acknowledge that this conduct occurred, with the exception of the  
Sea Harvest matter.                                                             
The bulk of the penalty relates to open negotiations which were in place for the
purposes of compensating skippers, crew and some private boat owners in the     
small pelagic fishery for over four decades. Whilst it was technically a        
contravention of the Competition Act, we believed this activity was covered by  
the exemption relating to collective bargaining.                                
The remaining infringements were technical in nature and in certain cases, never
implemented. Most importantly, no harm was done in any way to consumers through 
any of these infringements.                                                     
Two of the contraventions had ceased two years prior to the Commission's        
original complaint in July 2008. The others were identified during our          
compliance audit as contraventions and the conduct in question was immediately  
discontinued."                                                                  
Oceana respectfully disagrees with the Commission's conclusions regarding the   
effect of the Sea Harvest shareholders agreement, given that the Company was not
even aware that the agreement existed until 2010.                               
Oceana has implemented a comprehensive ongoing Competition Law compliance       
programme, consisting of training and education, compliance audits, the         
introduction of relevant corporate policies and procedures as well as the       
establishment of appropriate monitoring and reporting mechanisms.               
Oceana operates responsibly and ethically in strict accordance with the laws of 
the country and the King III principles of good corporate governance.           
Cape Town                                                                       
9 May 2012                                                                      
JSE Sponsor                                                                     
The Standard Bank of South Africa Limited                                       
Namibian Sponsor                                                                
Namibia Old Mutual Investment Services (Namibia) Proprietary Limited            
Date: 09/05/2012 13:55:01 Produced by the JSE SENS Department.                  
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