Message from the Chairman

GraceKennedy Limited. is greatly indebted to the founding members and leaders of our Company for their legacy, values and traditions which have become the hallmark of our great Company.

This publication is preceded by the GraceKennedy Philosophies and Policies, which was inspired by our former Chairman and CEO, Mr. A. Rafael Diaz, who through his vision, sought to document the values, traditions and philosophies of our Company.

The GraceKennedy Code of Ethics & Guidelines for Business Conduct , which is now published by the Board of Directors of the Company, is based on these values, traditions and philosophies and provides the guidelines for conduct for our directors, employees and agents throughout the Group. In some cases the principles outlined in this document are the subject of more detailed policies and procedures, which must also be followed.

We jealously guard our reputation for "Honesty, Integrity and Trust", which our customers and clients have come to rely upon. As we seek "to satisfy the unmet needs of Caribbean people wherever we live in the world", maximize the returns on our investments and deliver the highest possible value to our shareholders, we are committed to ensuring that the highest ethical principles and standards are maintained and that there is full compliance with the laws of the territories where we do business. By adhering to these principles and standards, we enhance GraceKennedy's reputation and cultivate the trust and respect of our customers, business associates and the Regulators ensuring the continued growth and success of our businesses.

The publication of this Code of Ethics & Guidelines for Business Conduct is intended to clarify what is expected of each person in the conduct of business activities. If there is any doubt as to the interpretation of these Guidelines, or if any situation should arise which does not seem to fall within any of the guidelines, or if there is doubt about how the situation should be handled, then you should ask your supervisor, manager or another senior officer, following the usual chain of communication as appropriate.

Sincerely,
Douglas Orane
Chairman & Chief Executive Officer
June 20, 2005 April 28, 2005

Table of Contents | 1. Introduction