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King William grants his people fishing rights, but through the machinations of Olga, his fiancee, and her lover, Duke Boris, his throne is in jeopardy. Annette, the mermaid daughter of Neptune, seeks revenge against the mortal responsible for the death of her five-year-old sister when the child is caught in a fishing net. After assuming human form through means of a magic shell, she meets and falls in love with William, disguised as a forester. When Annette learns that it is the king who granted fishing rights, she determines to slay him, but when she goes to the palace, she recognizes her lover and desists. William then tells Annette that he is rescinding fishing rights in exchange for hunting privileges because of the suffering which he has caused her. After she returns to the sea, however, Olga and Boris delete the permission to hunt from the royal decree, thus causing a rebellion. Annette returns in human form to aid the jailed William, but she is surprised by Boris who orders Roador the Wolf to execute her. After many struggles, Annette slays William's adversaries, and upraids the people for their injustice to him. Olga then wanders to the shore where she uses the shell to turn herself into a mermaid. Annette can no longer go back to the sea after the shell breaks and thus becomes William's queen.