OCEAN INTERNATIONAL HOLDINGS LIMITED (THE “COMPANY”) Company Registration No.: 200303240W

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PROPOSED ISSUE OF 1,602,650,000 NEW ORDINARY SHARES (“SHARES”) IN THE CAPITAL OF THE COMPANY (THE “SUBSCRIPTION”) ______

Reference is made to the announcement made by the Company on 20 May 2008 in relation to the above matter, where pursuant to the conditional subscription agreement dated 16 May 2008 (the “Subscription Agreement”), the Company agreed to allot and issue, 1,602,650,000 new Shares (the “Subscription Shares”) at an issue price of S$0.02 for each Subscription Share to Mr Yantony Nio and/or Nominee (the Subscription”).

Mr Yantony Nio has identified the persons/entities as his Nominees under the Subscription.

1) Energy One Pte Ltd, a private company incorporated in ultimately owned by Dr Mochtar Riady and Mr Michael Riady;

2) PineBoom Holdings Limited, a company incorporated in the British Virgin Island ultimately owned by Mr Li Quan Zhi;

3) Sound Plan Holdings Limited, a company incorporated in the British Virgin Island ultimately owned by Mr Guan Jian;

4) Mr Teo Kean Eek;

5) Mr Oh Thian Yew;

6) Mr Hendro Setiawan; and

7) Mr Hendry Leo

The 3 largest subscribers will be Energy One Pte Ltd, Sound Plan Holdings Limited and PineBoom Holdings Limited, who shall each hold after the completion of the Subscription, 37.51%, 23.01% and 14.50% respectively of the enlarged share capital of the Company. The remaining subscribers will each hold less than 5% of the enlarged share capital of the Company following the Subscription. Information on the persons connected to the 3 largest subscribers is set out below:

1) Dr. Mochtar Riady (also known as Dr. Lee Man Tjin), aged 79, is the founder and the Chairman of the group companies controlled by the Riady Family. Dr. Riady is the father of Messrs. James Riady and Stephen Riady. Dr. Riady has over 30 years’ banking and financial institution experience in , HongKong, Singapore, and of America. He was appointed the Honorary Chairman of Lippo China Resources in 1992, and he is also the Chairman of Hongkong Chinese Limited (“HKC”) and a director of Lippo Cayman Limited (“Lippo Cayman”), and Lippo Capital Limited (“Lippo Capital”).

2) Mr. Michael Riady is currently a project chief marketing officer and project coordinator manager at Tbk, a property and real estate development company in Indonesia. Prior to joining Lippo Karawaci Tbk in 2004, he had previously worked as a financial advisor at ICM AIG-SUN America Securities in 2002, before embarking and completing a Masters of Business Administration in 2004.

3) Mr. Li Quan Zhi is the current chairman of the board of directors of Baogang Litong Mining and Smelt Co Ltd. He holds extensive experience in the coal industry, having been in this line for more than 10 years. His career started in 1988 where he was in charge of production and sales in Shanxi Huairen Coal Mine. In 1992, he was promoted to a general manager in Shanxi Jin Triangle Energy Co Ltd. Since 1994, he has been the chairman of board of directors in various coal related companies, including Shanxi Kaiwei Group and Shanxi Shuochuan Xiaoyu Coal Loading Station Co Ltd. Following the completion of the Subscription, he will be interested in the shares in the Company held by PineBoom Holdings Limited, a company incorporated in the British Virgin Islands and wholly owned by him.

4) Mr. Guan Jian started his career in the electronics industry in 1994, where he was the head of business development department in Hughes Electronics International Corporation in its Chinese representative office. From 1998 to 2003, he was the chief of business development department and the vice general manager of Hughes Network System. Following the completion of the Subscription, he will be interested in the shares in the Company held by Sound Plan Holdings Limited, a company incorporated in the British Virgin Islands and wholly owned by him

As Energy One Pte Ltd’s shareholding in the enlarged shareholding of the Company will cross 30%, an application will be made to the Securities Industry Council (the “ SIC ”) for a waiver of the General Offer by Energy One Pte Ltd. With the exception of Energy One Pte Ltd, the Subscribers have all given confirmations that they are not acting in concert with any of the other Subscribers or any shareholder(s) of the Company.

The Company has also entered into a supplemental agreement dated 1 July 2008 with Yantony Nio and/or Nominee (the “Supplemental Agreement”) in relation to the Subscription Agreement. Accordingly, relevant details will be disclosed as required in the circular to shareholders in relation to the Subscription.

As before, shareholders are advised to exercise caution in trading their Shares. The Company will make the necessary announcements when there are further developments. Shareholders are advised to read this Announcement and any further announcements by the Company carefully. Shareholders should consult their stock brokers, bank managers, solicitors or other professional advisors if they have any doubt about the actions they should take.

Submitted by Zhang Aihua, Executive Chairman.

1 July 2008