PACIFIC ANDES:High Court in Hong Kong Discontinues the Appointment of Provisional Liquidators

For Immediate Release

High Court in Hong Kong Discontinues the Appointment of Provisional Liquidators

Hong Kong, 5 January 2016: The High Court in Hong Kong today ordered the discontinuance of the appointment of provisional liquidators for two subsidiaries of Pacific Andes International Holdings Limited, China Fishery Group Limited (CFGL) and China Fisheries International Limited (CFIL). The High Court also refused The Hong Kong and Shanghai Banking Corporation Limited (HSBC)'s applications for leave to appeal and for a stay. The Court will provide the reasons for its decision at a later point.

"It is very encouraging that CFGL can now resume a cooperative approach with its bank lenders in Hong Kong with the objective of delivering the highest value to all of the group's stakeholders," said Ms Jessie Ng, Managing Director. "At no time did we believe that the appointment of provisional liquidators was warranted or in the best interests of the business. We thank all who have supported CFGL in getting back to a more productive and value-adding process," Ms Ng added.

CFGL is committed to move ahead in line with the agreements it has in place with its bank lenders to maximize value for all stakeholders and to deal with any concerns held about its business operations. As progress is made over time, the relevant announcements will be made to update shareholders and other stakeholders.

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Enquiries: Geoff Walsh, Group Director of Public Affairs and Communications Email: geoffrey.walsh@pacificandes.com Phone: +852 2589 4152