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Thursday 12 April, 2001

De'Longhi Pinguino

Offer Update

De'Longhi Pinguino S.A.
12 April 2001

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



                                                                  12 April 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')




                          COMMENCEMENT OF COMPULSORY

                            ACQUISITION PROCEDURE




The Offeror announces that, having acquired or received valid acceptances in
respect of more than 90 per cent. of the Kenwood Shares to which the Offer
relates, it is today posting notices to those Kenwood Shareholders who have
not yet accepted the Offer informing them that it intends to apply the
provisions of Sections 428-430F of the Companies Act 1985 to acquire
compulsorily all their outstanding Kenwood Shares on the terms of the Offer.
In the meantime, the Offer will remain open for acceptance until further
notice.


An application for cancellation of Kenwood's listing on the Official List of
the UK Listing Authority and trading on the London Stock Exchange's market for
listed securities has been made and is expected to take effect on 17 April
2001.

Terms defined in the Offer Document dated 28 February 2001 have the same
meaning in this announcement save where the context requires otherwise.



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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