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Ocean Wilsons Holdings Limited Appoints A Director Elect

03 3 2003

Hamilton, Bermuda: 3 July 2003 - Mr. Francisco R. A. Gross was appointed a Director Elect at a meeting of the board of Directors held on 1 July 2003 and is being appointed a Director of the principal Bermudian subsidiaries.

Mr. Gros, A Brazilian Citizen is 61 years old and is President of Fosfertil-Ultrafertil.

Previously Mr. Gros has been President and CEO of Petrobras, President and CEO of BNDES, the Brazilian Development Bank, a Managing Director of Morgan Stanley Dean Witter and Chairman of Morgan Stanley do Braxil.

Mr. Gros also served trice as President of the Central Bank of Brazil. He was President and CEO of Aracruz Celulose S. A..

Under the company's bye-laws, Mr. Gros's appointment to the Ocean Wilsons Holdings Limited Board can only be confirmed at the next Annual General Meeting as no vacancy on the board currently exists.