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Wednesday 28 February, 2001

De'Longhi Pinguino

Offer Document Posted

De'Longhi Pinguino S.A.
28 February 2001

  Not for release, publication or distribution in or into the United States,
                         Canada, Australia or Japan.

                               28 February 2001

                            Kenwood Appliances plc

Recommended unconditional cash offer by Deutsche Bank AG London on behalf of
De'Longhi Pinguino SA (the 'Offeror'), a wholly-owned subsidiary of De'Longhi
         SpA ('De'Longhi'), for Kenwood Appliances plc ('Kenwood') at

                             100 pence per share

The Offeror announces that it is today posting an offer document to Kenwood
Shareholders (the 'Offer Document') in relation to the recommended
unconditional cash offer (the 'Offer') for the entire issued and to be issued
share capital of Kenwood. Acceptances of the Offer should be received by not
later than 3.00 p.m. (London time) on 21 March 2001. Since the Offer is
unconditional, the Offeror has no obligation to keep the Offer open for
acceptance after 21 March 2001 and the Offeror reserves the right to close the
Offer on that date or to extend it.

Since the announcement of the Offer on 16 February 2001, the Offeror has
acquired in aggregate 24,577,128 Kenwood Shares (representing approximately
53.6 per cent. of Kenwood's issued share capital) at prices of not more than
the Offer Price of 100 pence per Kenwood Share. Of these dealings, the
purchase of 610,000 Kenwood Shares has not yet settled. The Offeror is pleased
to announce that the Offer is unconditional in all respects, although it is a
term of the Offer that it will lapse if it is referred to the Competition
Commission prior to 21 March 2001.

Undertakings to accept the Offer have been received from Kenwood Directors and
persons connected with them in respect of, in aggregate, 482,015 Kenwood
Shares representing approximately 1.1 per cent. of issued share capital of
Kenwood. These undertakings remain binding, even in the event of a competing
offer for Kenwood unless and until the Offer lapses.

Subject to the Offer not lapsing, settlement of consideration due under the
Offer will be despatched within 14 days of the later of 21 March 2001 and,
provided the Offer remains open for acceptance, the date on which acceptances
are received complete in all respects.

As soon as it is appropriate and possible to do so, the Offeror intends to
apply for the cancellation of the listing of Kenwood Shares on the Official
List and trading on the London Stock Exchange. It is expected that such
cancellation will take effect no earlier than 20 business days after the date
of this announcement.

Kenwood Shareholders who wish to accept the Offer should return their
completed Form of Acceptance (which accompanies the Offer Document) in
accordance with the instructions set out in the Offer Document as soon as

Definitions used in the Offer Document dated 28 February 2001, issued in
connection with the Offer, have the same meanings when used in this
announcement, unless the context requires otherwise.


                                                 Tel: 00 39 0422 4131
Stefano Beraldo, Chief Executive

Deutsche Bank
                                                 Tel: 020 7545 8000
Alastair Mathieson

Deutsche Bank AG London, which is regulated for the conduct of investment
business in the UK by The Securities and Futures Authority, is acting for
De'Longhi and the Offeror in relation to the Offer and for no one else and
will not be responsible to any other person for providing the protections
afforded to customers of Deutsche Bank or for advising any other person in
relation to the Offer.

The Offer is not being made, directly or indirectly, in or into, or by use of
the mails or any means of instrumentality, including, without limitation,
facsimile transmission, telex, and telephone, of interstate or foreign
commerce of, or any facility of a national securities exchange of, the United
States or any area subject to its jurisdiction or any political division
thereof, nor is it being made in Canada, Australia or Japan. Accordingly, this
advertisement is not being published and may not be forwarded, distributed or
sent, and neither the Offer Document nor the Form of Acceptance (nor any
related offering document(s)) are being or be mailed or otherwise forwarded,
distributed or sent, in, into or from the United States, Canada, Australia or
Japan and doing so may render any purported acceptance of the Offer invalid.


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