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Tuesday 20 February, 2001

De'Longhi Pinguino

Offer Update

De'Longhi Pinguino S.A.
20 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 of 19 February 2001, the Offeror announces that it
has received irrevocable undertakings in respect of 8,407,015 rather than
8,307,015 Kenwood Shares, representing 18.33 per cent. of the issued share
capital of Kenwood.

Terms used in this announcement have the same meaning as terms defined in the
announcement dated 16 February 2001, unless the context requires otherwise.


Deutsche Bank
                                        Tel: 020 7545 8000
Alastair Mathieson

This announcement does not constitute an offer or an invitation to acquire any

Deutsche Bank AG ('Deutsche Bank'), which is regulated for the conduct of
investment business in the UK by The Securities and Futures Authority, 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.



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