Mr. Joe Taffe has been appointed as Deputy Chief Operating Officer of the Financial Services Division of GraceKennedy Limited effective September 1, 2005. He will also be invited to join the Board of GraceKennedy at its next meeting on September 29, 2005.

Following a four-month transition period, Mr. Taffe will assume the post of Chief Operating Officer (COO) of the Financial Services Division, to succeed Mr. Don Wehby in that position, with Mr. Wehby taking on an expanded role as Group Chief Financial Officer.

Mr. Wehby has, since 1999, had dual responsibility for the posts of Group Chief Financial Officer, GraceKennedy Limited and COO of its Financial Services Division. Under his leadership, pre-tax profits for the Financial Services Division have increased to $1.3 billion in 2004 from $190 million in 1999 an increase of approximately $1.1 billion or 580%.

Mr. Wehby is relinquishing the post of COO, Financial Services Division, so that he can concentrate fully on new and increased responsibilities which he will be undertaking as Group CFO. The decision to separate the two roles is pivotal to the Company's growth strategies. In his expanded role Mr. Wehby will, in addition to his other responsibilities as CFO, have responsibility for a new Strategic Planning unit that is being formed to assist in guiding the continuing development of the GraceKennedy group.

In commenting on his new role, Mr. Wehby has stated "There are a number of opportunities and possibilities which we are looking at both locally and internationally which require meticulous planning and implementation if they are to be successful ventures. I am looking forward to the opportunities which will come with my redefined role in the Company, as I see this as the beginning of a new era of expansion and growth for GraceKennedy across all the industries in which we participate" Mr. Wehby commented.

Mr. Taffe, a Chartered Accountant since 1981, has been with GraceKennedy for 16 years serving in senior management positions including Internal Audit Manager.

He was General Manager of First Global Bank Limited immediately following its acquisition by GraceKennedy and was integral to the subsequent rapid development of the Bank in both assets under management and profitability. He was subsequently appointed and is currently Senior Vice President of First Global Central Services.

The Board of Directors has every confidence that Mr. Taffe has the right mix of knowledge, experience and leadership traits to make him successful as the Division's COO and as an Executive Director of GraceKennedy. In all posts that he has held at GraceKennedy he has shown capabilities to perform at exceptional levels.

Posted: August 30, 2005