On August 16, 2005 The Royal Gazette published a front page article entitled "UBP's Moniz wants criminal probe into First Choice Debt" in which it was incorrectly stated that lawyers Timothy and Georgia Marshall were directors and shareholders of First Choice Construction Limited in 1999 when that company owed the Bermuda Government $500,000 in unpaid taxes. It is acknowledged that this aspect of the article was factually erroneous (as subsequently was pointed out to The Royal Gazette by the Marshalls) and The Royal Gazette apologises to the Marshalls for any pain, distress or harm that this aspect of the article might have occasioned to them.

The Royal Gazette also recognises that this article may well have led to the penning of the subsequent letter written to the Editor by"Disgusted Voter" that was regrettably published on September 13, 2005. It has become apparent to The Royal Gazette that the author of that letter falsely alleged that Mr. and Mrs. Marshall, who were described as being partners of the law firm of Marshall Diel and Myers, stole $500,000 in pension monies from employees of First Choice Construction. The letter was mistakenly and regrettably published. It was also in contravention of The Royal Gazette's policy of not allowing letters written under pseudonym to contain personal attacks.

The Royal Gazette accepts, without reservation, that the contents of the letter were false and that it was both a mistake and a serious error of judgment to publish the letter. For the avoidance of doubt, The Royal Gazette never shared the opinion of the writer of that letter and certainly it was never The Royal Gazette's intention to cause distress or embarrassment to the Marshalls or their firm.

However, The Royal Gazette recognises that the publication of the letter may well have caused the Marshalls unwarranted pain, distress and damage to their personal and professional reputations and integrity and, accordingly, The Royal Gazette sincerely and unequivocally apologises to the Marshalls as well as to their fellow partners at Marshall, Diel & Myers. The publication of the letter is unreservedly retracted in its entirety. Further, The Royal Gazette accepts without reservation the honesty and integrity of the Marshalls and their partners and wishes to make it clear that it holds them in high regard.

In an attempt to rectify matters, on September 20, 2005 The Royal Gazette published a follow-up story entitled "Former First Choice partners deny wrongdoing" in which the true facts, as conveyed by Mr. Tim Marshall to The Royal Gazette, were published to the reading public. Those true facts included the fact that the Marshalls resigned from the Company as directors and ceased to be shareholders in March, 1996 and that they fulfilled their duties as directors prior to leaving the Company.

The Royal Gazette accepts, however, that the article did not go far enough in reassuring the reading public that the allegations conveyed in the letter of September 13 were false and unjustifiable. Accordingly, The Royal Gazette is today publishing Mr. Marshall's letter to The Royal Gazette in its entirety on Page 4 so that all of the true facts can be known.