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Monday 19 February, 2001

De'Longhi Pinguino

Offer Update

De'Longhi Pinguino S.A.
19 February 2001

                                 OFFER UPDATE


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

                            Kenwood Appliances plc

   Recommended 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


Further to the announcement on 16 February 2001, the Offeror announces that it
has acquired 10,950,707 Kenwood Shares by way of market purchases,
representing approximately 23.9 per cent. of the issued share capital of
Kenwood. Of these purchases, 1,495,664 Kenwood Shares representing 3.3 per
cent. of the issued share capital of Kenwood have been acquired from a Kenwood
Shareholder who had undertaken to accept the Offer and who is to be released
from its undertaking.


The Offeror now holds undertakings to accept the Offer from certain Kenwood
Shareholders in respect of, in aggregate, 8,307,015 Kenwood Shares,
representing approximately 18.1 per cent. of Kenwood's existing issued share
capital. These undertakings all remain binding, even in the event of a
competing offer for Kenwood unless and until the Offer lapses, is withdrawn or
is not made.


The Offer Document will be despatched to Kenwood shareholders in due course.
Terms used in this announcement have the same meaning as terms defined in the
announcement dated 16 February 2001, unless the context requires otherwise.


Enquiries:

De'Longhi

Stefano Beraldo, Chief Executive                  Tel: 00 39 0422 4131
Deutsche Bank

Alastair Mathieson                                Tel: 020 7545 8000

Angela Campbell-Noe


This Announcement does not constitute an offer or an invitation to acquire any
securities.


Deutsche Bank AG London ('Deutsche Bank'), which is regulated in the United
Kingdom by The Securities and Futures Authority Limited, is acting exclusively
for De'Longhi and the Offeror and no-one else in connection with the Offer and
will not be responsible to anyone other than De'Longhi and the Offeror for
providing the protections afforded to customers of Deutsche Bank or for
providing advice in relation to the Offer, the contents of this Announcement
or any other matters referred to herein.


The Offer will not be made, directly or indirectly, in or into, or by use of
the mails of, or by any means or instrumentality (including without limitation
facsimile transmission, telex or telephone) of interstate or foreign commerce
of, or any facility of a national securities exchange of, the United States
nor will it be made in or into Canada, Australia or Japan. Accordingly, copies
of this Announcement, the Offer Document and the Form of Acceptance are not
being, and must not be, mailed or otherwise distributed or sent in, into or
from the United States, Canada, Australia or Japan.


ENDS


                                                                                
                                                                                
                                       

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