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Public Statement Re: Grand Palm Ltd Grand Turk, Turks and Caicos Islands, BWI – 28th August 2012 –

Grand Turk, Turks and Caicos Islands, BWI – 28th August 2012 – The Turks and Caicos Islands Financial Services Commission (TCIFSC) considers it necessary to issue this public warning in order to protect the public interest, and the interests of any of the customers and creditors of Grand Palm Ltd, and further to make the general public aware that Grand Palm Ltd. is no longer a compliant licensee of the TCIFSC. The details are: 1. Grand Palm Ltd. was issued an Investment Dealers License pursuant to the Investment Dealers (Licensing) Ordinance. 2. Grand Palm Ltd. attempted to surrender its license in March 2012. 3. The TCIFSC was unable to accept the surrender of Grand Palm Ltd.’s license due to Grand Palm Ltd.’s failure to comply with Section 9 of the Investment Dealers (Licensing) Ordinance which establishes the procedure for surrender of a license under the Ordinance. 4. The TCIFSC has been attempting to have Grand Palm Ltd. comply with the said Section 9 of the Investment Dealers (Licensing) Ordinance to ensure the lawful surrender of the license. 5. Grand Palm Ltd has failed to lawfully comply with the legislative procedure for surrendering its license 6. The TCIFSC is currently considering all options which may be open to it to either, ensure Grand Palm Ltd.’s compliance with the Section 9 procedure or take other necessary action, legal or otherwise. The TCIFSC further advises that appropriate due diligence should be conducted before engaging in any business arrangement with Grand Palm Ltd. and/or any of its Principals. The TCIFSC will provide updates on any developments in this matter. This Public Warning was issued pursuant to Section 39 of the Financial Services Commission Ordinance.