ON January 9, 2009 the Mid-Ocean News published a front page article entitled "The Whole Thing Stinks" in which it was incorrectly stated that Paragon Trust Ltd. was beneficially owned by a number of Cabinet Ministers and their relatives.

The Mid-Ocean News acknowledges that this aspect of the article was factually erroneous.

The Mid-Ocean News has been made aware of the fact that Paragon Trust Ltd. is wholly owned by the Partners of the well known and well respected local law firm of Marshall, Diel & Myers, and has been so owned since the time of its incorporation in 1997. Paragon Trust Ltd. is the arm of the law firm Marshall, Diel & Myers that provides trust services to clients in Bermuda and to law firms and individuals overseas and, as a licensed trust company, it falls under the scrutiny and supervision of the Bermuda Monetary Authority.

The Mid-Ocean News accepts, without reservation, that its description of the shareholders of Paragon Trust Ltd. was factually wrong and that this mistake was inexcusable and would not have occurred if this aspect of the article had been more fully researched. As a result, without reservation or equivocation, the Mid-Ocean News apologises to each and every one of the Partners of Marshall, Diel & Myers for this error and for any distress or inconvenience that may have arisen as a consequence.

The Mid-Ocean News also accepts that the manner in which the article was written could well have caused its readers to infer that Paragon Trust Ltd. itself, and its shareholders, were involved in questionable dealings in connection with the construction of the new Court and Police Building on Church Street, Hamilton. The Mid-Ocean News had no intention of conveying any such impression. The Mid-Ocean News acknowledges and accepts that Marshall, Diel & Myers as a firm, and its Partners individually, are persons of the utmost integrity and good character with their unimpeachable reputation having been built on maintaining the highest of ethical standards and through respecting their fiduciary duties of confidentiality and impeccable care and attention to their clients' affairs.

The Mid-Ocean News again apologises to each and every one of the Partners of Marshall, Diel & Myers for conveying the regrettable and unfortunate impression that it did. It is recognised that, in so doing, the Mid-Ocean News may well have caused Marshall, Diel & Myers and its Partners unwarranted pain, distress, embarrassment and damage to their personal and professional reputations and integrity and for this too The Mid-Ocean News sincerely and unequivocally apologises.

The publication of this aspect of the article is unreservedly retracted in its entirety.

Further, the Mid-Ocean News accepts without reservation the honesty and integrity of each and every one of the Partners of Marshall, Diel & Myers and wishes to make it clear that it holds them all in high regard.