Value Investing For Singapore!

RETRACTION AND APOLOGY

Date: 26/10/2010

Dear Sirs

DEFAMATION AGAINST SUNNY GEORGE VERGHESE

1. We refer to the above matter.
2. On or about 18 October 2010, an article entitled "Tycoon Loses A Staggering $76.5 million At Singapore Casino" posted and published on http://resortsworld-singapore.com/2010/10/18/tycoon-loses-a-staggering-76-5-million-at-singapore-casino/ was posted on http://www.valueinvestingatsg.com/value-investing-companies/sgx-olam.php ("Defamatory Article").
3. The Defamatory Article contained the following statements and allegations ("Untrue Allegations"):
   a.  Mr Sunny George Verghese who is the Group Managing Director and CEO of  Olam International Limited, a listed company on the SGX, is and/or has been engaged in gambling.
   b.  Mr Verghese and/or has been an excessive and/or compulsive gambler who has been accused of being an imprudent and/or reckless businessman and individual.
   c.  Mr Verghese is and/or has been an excessive and/or compulsive gambler who has been accused of being unsuitable to run and/or manage Olam International Limited, a listed company on the SGX.
   d.  Mr Verghese is and/or has been accused of allowing his gambling habits and/or gambling losses to place Olam International Limited, a listed company on the SGX, at business risk.
4. We hereby unreservedly retract the Untrue Allegations and the Defamatory Article.  We acknowledge and accept that the Untrue Allegations are defamatory of Mr Verghese and are entirely false and baseless.
5. We also apologise unreservedly to Mr Verghese for the display and circulation of the Defamatory Article and for the publication of the Untrue Allegations.

Sincere & Unreserved Apologies,

www.valueinvestingatsg.com