The Board of Directors of Golden Agri-Resources Ltd. announced the incorporation of Victory Tropical Oil Iberia, S.L. (‘VTO Iberia’), a wholly-owned subsidiary of the Group established in Spain with an initial issued and paid-up capital of EUR 3,000 comprising 3,000 shares of a nominal value of EUR 1.00 each fully paid. The principal activity of VTO Iberia is that of sales, marketing and trading of tropical oils and their by-products.