Appointment of Director elect

Ocean Wilsons Holdings Ld
02 July 2003


                         OCEAN WILSONS HOLDINGS LIMITED

                         APPOINTMENT OF DIRECTOR ELECT


Mr Francisco R.A. Gros 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 Brasil.

Mr. Gros also served twice 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.




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