Courage Marine Group Limited

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BackJun 11, 2008

Part I

Date of notice to issuer

11/06/2008

Name of Substantial Shareholder

Pronto Star Limited

Notice Type

Notice of a Change in the Percentage Level of a Substantial Shareholder's Interest or Cessation of Interest.

Part II - Not Required

Part III

Date of change of Interest

11/06/2008

The change in the percentage level

From 63.25 % To 14.06 %

Circumstance(s) giving rise to the interest or change in interest

# Others

Off market transfer.

A statement of whether the change in the percentage level is the result of a transaction or a series of transactions:

The change in the percentage level is the result of a transaction.

Part IV

Holdings of Substantial Shareholder, including direct and deemed interest :

	Direct	Deemed
No. of shares held before the change	0	669740318
As a percentage of issued share capital	0 %	63.25 %
No. of shares held after the change	142081611	6737000
As a percentage of issued share capital	13.42 %	0.64 %
Footnotes	(1) The change in percentage level held before and after is calculated based on the issued ordinary shares ("Shares") of 1,058,829,308 Shares as at 30 May 2008. (2) As of 30 May 2008, Pilot Assets Group Limited ("PAGL") has a direct interest in 669,740,318 Shares, representing 63.25% of the issued Shares. PAGL is an associated company of Pronto Star Limited ("PSL") by virtue of PSL's shareholdings in PAGL. Accordingly, PSL is deemed by virtue of Section 7(4A) of the Companies Act ("Act") to have an interest in 669,740,318 Shares in which PAGL has a direct interest. (3) Pursuant to a restructuring, PAGL transferred 663,003,318 Shares to its shareholders in the proportion of their shareholding interests in PAGL including the transfer of 142,081,611 Shares, representing 13.42% of the issued Shares, to PSL by way of an off market transfer and at nil consideration. (4) Following such transfer, PSL therefore has a direct and deemed interest of 148,818,611 Shares representing 14.06% of the issued Shares.