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Thursday 22 March, 2001

De'Longhi Pinguino

Offer Update

De'Longhi Pinguino S.A.
22 March 2001

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



                                                                  22 March 2001




                            Kenwood Appliances plc


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




                      OFFER EXTENDED UNTIL 4 APRIL 2001



The Offeror announces that the Offer has been extended until 3.00p.m. (London
time) on 4 April 2001. Kenwood Shareholders who wish to accept the Offer and
have not yet done so should despatch their Form of Acceptance as soon as
possible.


As at 3.00p.m. (London time) on 21 March 2001, the first closing date of the
Offer, the Offeror owned or had received valid acceptances of the Offer in
respect of 36,126,561 Kenwood Shares representing approximately 78.8 per cent.
of the issued share capital of Kenwood.


As at 3.00p.m. (London time) on 21 March 2001, valid acceptances of the Offer
had been received in respect of 11,369,433 Kenwood Shares, representing
approximately 24.8 per cent. of the issued share capital of Kenwood.
Immediately prior to the announcement of the Offer on 16 February 2001, the
Offeror had received undertakings from Kenwood directors and persons connected
with them, in respect of which valid acceptances have now been received, to
accept the Offer in respect of 482,015 Kenwood Shares, representing
approximately 1.1 per cent. of the issued share capital of Kenwood.


Save as set out above, neither De'Longhi, the Offeror nor any of the directors
of De'Longhi or the Offeror nor (so far as De'Longhi and the Offeror are
aware) any party deemed to be acting in concert with De'Longhi or the Offeror
owned any Kenwood Shares or rights over Kenwood Shares on 12 December 2000,
the last day prior to the commencement of the Offer period, nor have they
acquired or agreed to acquire any Kenwood Shares or rights over Kenwood Shares
during the Offer period, nor have acceptances been received from persons
deemed to be acting in concert with De'Longhi or the Offeror.




Enquiries:

De'Longhi
                                                 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 AG London 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.


END

                                                                                
                                                                                
                                      

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