is to retire, and elected two fifth generation Bacardi members to the board.

Manuel Jorge Cutillas has retired, but will remain as a director and a member of the corporate strategy and finance committee.

Bacardi, which owns the world's top selling Bacardi rum, Dewar's Scotch whisky, Bombay gin, Martini vermouth and Breezers, has just completed a multi-million dollar upgrading of its headquarters in Pitts Bay Road.

Mr. Cutillas made the decision at the annual shareholders meeting held in the building on June 28.

Mr. Cutillas has been with the Bacardi group for over 40 years. He led Bacardi Limited since its inception as the Group's holding company and through the acquisitions of Martini and Rossi in 1992 and 1993 and Dewar's Scotch whisky and Bombay gin in 1998.

The Board of Directors unanimously elected Ruben Rodriguez, president and CEO to the additional position of Chairman of the Board. Mr. Rodriguez has been associated with the Company for 12 years and in the past served as the Company's Senior Vice President and CFO.

Prior to joining Bacardi, Mr. Rodriguez held various international management positions in Latin America, Europe and Asia with Chesebrough Ponds, Inc., Bristol Myers Co and Sterling Drugs Inc.

In addition, the board unanimously elected Facundo Bacardi and Victor Arellano, Jr. as Vice Chairmen of the Board.

Both Mr. Arellano and Mr. Bacardi are fifth generation descendants of Don Facundo Bacardi who founded the company in Santiago de Cuba in 1862.

Mr. Bacardi has been a Director of Bacardi Limited since 1993 and currently serves as Chairman of the Corporate Strategy & Finance Committee, as well as a member of the Nominating & Governance Committee.

Mr. Bacardi is a founder and President of Cardinal Holdings, Inc., an investment company, as well as a co-founder and Managing Director of bLiquid.com, an industrial exchange.

Bacardi makes top management changes Mr. Bacardi received his BS in Business Administration (Finance) from American University and a JD degree from Emory University Law School. He currently lives in Georgia.

Mr. Arellano has been a Director of Bacardi since 1995 and serves on the Corporate Strategy/Finance Committee as well as the Human Resources and Compensation Committee.

Prior to joining the Board, Mr. Arellano worked at Marine Midland Bank, NY and then at Bacardi, where he held executive positions in several divisions.

Mr. Arellano was born in Cuba in 1959 and studied in Mexico, Europe and the US where he received a B.Sc. in Business Administration from Babson College. He currently lives in London.