UPDATE 23/11/2011

CELESTIAL NUTRIFOODS LIMITED (PROVISIONAL LIQUIDATOR APPOINTED) (Incorporated in Bermuda) (Company Registration Number 34139)

The Provisional Liquidator of Celestial Nutrifoods Limited (the “Company”) wishes to announce that:

1. the initial hearing by the High Court of the Republic of Singapore (the “Court”) of the application for the winding up of the Company (“Winding-Up Application”) presented by BNY Corporate Trustee Services Limited (the “Trustee”), in its capacity as trustee of the S$235,000,000 Zero Coupon Convertible Bonds due 2011 (the “Bonds”) issued by the Company, took place on 21 January 2011;

2. the board of directors of the Company had filed a summons in relation to an application (the “Application”) to set aside the Order of the Court dated 24 December 2010, pursuant to which the Provisional Liquidator was appointed. The Application was scheduled to be heard by the Court on 8 February 2010;

3. at the hearing on 21 January 2011, the Honourable Justice Quentin Loh directed that the substantive hearing of the Winding-Up Application be adjourned to a date not earlier than 21 March 2011 to enable the Trustee and the directors of the Company to file additional evidence with the Court in relation to the Application;

4. no additional evidence was filed by the directors of the Company. In addition, several directors of the Company have since resigned their positions with the Company and, as a consequence, have withdrawn their Application and have advised the Court that they will not be contesting the Winding-Up Application; and

5. the Winding Up Application is scheduled to be heard at 10am on 2 December 2011 in the High Court of the Republic of Singapore.

Pending the outcome of the hearing of the Winding-Up Application, the Provisional Liquidator is continuing his investigations into the affairs of the Company and will provide further updates as and when appropriate.

Any queries in relation to this matter may be directed to Hubert Chang of this office on (+65 6837 7820).

Yit Chee Wah
Provisional Liquidator
23 November 2011