Holding Statement (Olam Announces Trading Halt)
Singapore, November 20, 2012 – Media reports state that Carson Block from the research firm, Muddy Waters, has made a number of negative statements about Olam International Limited (“Olam”) at a conference yesterday afternoon in London (Monday, 19th November). We are dismayed at the nature and lack of substance of these assertions and opinions about Olam’s financial position, particularly as we were not contacted in advance by Carson Block or anyone else from Muddy Waters. We await the publication of their detailed report in this regard today before we address issues raised by them in this proposed report. We will defend Olam’s strong reputation for transparency and good governance against these baseless and unsubstantiated assertions. We will consider issuing a further statement during the course of the day once they issue their report and we have had a chance to study the same. We have requested for a trading halt on the stock. In the meanwhile, we reserve our rights against these parties.