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					THIS ANNOUNCEMENT IS NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN WHOLE OR IN PART IN OR INTO THE UNITED STATES, AUSTRALIA, CANADA, JAPAN, NEW ZEALAND OR SOUTH AFRICA This announcement is an advertisement and not a prospectus and investors should not purchase any shares referred to in this announcement except on the basis of information in the prospectus which is expected to be published by Hilton (as defined below) in due course in connection with the Offer and Admission (as defined below). Copies of the prospectus will be available after its publication in accordance with the Prospectus Rules of the Financial Services Authority from Hilton’s registered office at 2-8 Interchange, Latham Road, Huntingdon, Cambridgeshire, PE29 6YE and from the offices of Panmure Gordon (UK) Limited at 155 Moorgate, London EC2M 6XB.

10 April 2007 HILTON FOOD GROUP (“HILTON” OR “THE GROUP”) ANNOUNCES INTENTION TO FLOAT

Hilton Food Group, a leading specialist meat-packing business supplying major international food retailers, today announces its intention to apply for admission of its shares to the Official List and to trading on the main market of the London Stock Exchange (“Admission”). The intended flotation will be accompanied by a placing of existing ordinary shares in Hilton with institutional investors (“the Offer”). Panmure Gordon (UK) Limited has been appointed as sole sponsor and bookrunner in connection with the Admission and Offer. HIGHLIGHTS  Hilton is a leading specialist meat packing business supplying major international food retailers, primarily Tesco, Ahold, Albert Heijn and ICA, from state of the art facilities located in the UK, Ireland, the Netherlands, Sweden and Poland. Since it was established in 1994, Hilton has grown to become one of the largest dedicated packers of red meat in Europe based on revenue. With its headquarters in Huntingdon, Cambridgeshire, the Group employs approximately 1,200 people across its five sites. Hilton’s core business activities involve the processing, preparing, packaging and delivering of fresh and value-added beef, lamb and pork products. The

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Group operates to high standards of traceability, hygiene, food safety, shelf life and overall product quality required by its customers.

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Hilton has a strong financial track record. For the year ended 31 December 2006, the Group generated revenue of £527m and a pre-tax profit of £15.5m, increases of 17.6% and 13.7% respectively on the previous year. Hilton is a cash generative business with modern, well invested facilities. Hilton has benefited from the consumer trend in a number of European markets towards convenience and one-stop shopping. The Group’s continuing growth has been achieved principally by geographical expansion, product range extensions and the underlying growth in the market achieved by Hilton’s retail customers. The directors of Hilton, most of whom have been with the business since its inception in 1994, have over 100 years experience between them in the meat industry. They have built strong relationships with the Group’s customers and believe that Hilton is well placed to take advantage of significant potential growth opportunities as follows: further geographic expansion within Europe in conjunction with existing customers; line extension to capitalise on consumer led trends. Examples include premium, value added and organic product ranges; engaging new customers. The directors of the Group believe that Hilton is an attractive potential supplier due to its reputation, track record and historically high customer service levels; and continued competitiveness. The Offer and Admission will provide a public market for the shares in the Group. The directors of the Group believe this will enhance the reputation and profile of the Group, strengthening its ability to win new business. It should also assist Hilton in attracting and retaining its key employees through appropriate incentivisation. The Offer will also provide a partial exit for Hilton’s existing shareholders including certain members of the Board of Directors. These shareholders established the business in 1994 and intend to retain a substantial shareholding in the business following Admission. Immediately following Admission, it is expected that approximately 50 per cent. of the Group’s shares will be in public hands. No new money is being raised for the Group. Hilton is a profitable and highly cash generative business and therefore does not require any additional capital to be raised as part of the Offer. Subject to market conditions, it is anticipated that Admission will take place before the end of May 2007.

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Robert Watson, Chief Executive of Hilton Food Group, said:

“We believe that the public arena is the right place for Hilton to be at this stage in its development. The Group has a flexible business model that has proved attractive to major overseas retailers and the directors believe that PLC status and access to the capital markets will strengthen further its reputation and prospects. Hilton has a strong, growing cash generative business that we believe will be attractive to investors.”

Further announcements in relation to the Offer and Admission will be made in due course, as appropriate.

Enquiries: Hilton Food Group Gordon Summerfield, Chairman Robert Watson, Chief Executive Panmure Gordon & Co Mark Lander Giles Stewart Citigate Dewe Rogerson Tom Baldock Fiona Mulcahy Nicola Smith +44 (0)1480 383333

+44 (0)20 7459 3600

+44 (0)20 7638 9571

No offer or invitation to purchase securities in Hilton is being made at this time. Any such offer or invitation will be made solely in or by reference to the prospectus proposed to be published in due course and any acquisition of securities in Hilton should be made only on the basis of the information contained in the prospectus. The contents of this announcement, which have been prepared by Hilton and are the sole responsibility of Hilton, have been approved solely for the purposes of section 21(2)(b) of the Financial Services and Markets Act 2000 by Panmure Gordon (UK) Limited. Panmure Gordon (UK) Limited is regulated in the United Kingdom by the Financial Services Authority and is acting exclusively for Hilton and no-one else in connection with the Offer and Admission and will not regard any other person (whether or not a recipient of this announcement) as its clients, nor will it be responsible to anyone other than Hilton for providing the protections afforded to customers of Panmure Gordon (UK) Limited nor for providing advice in relation to the Offer, the contents of this announcement or any transaction, arrangement or other matter referred to herein. This announcement is for information purposes only and does not constitute an offer or an invitation to sell, or any solicitation of any offer to purchase securities in the Group in any jurisdiction in which such offer, solicitation or sale is unlawful and is not for distribution in or into any jurisdiction in which such offer or solicitation is unlawful.

This announcement and the information contained herein is not for publication, distribution or release in or into, the United States, Australia, Canada, New Zealand, Japan or South Africa (“the Prohibited Territories”) or in any other jurisdiction in which such an offer or solicitation is unlawful. Securities in Hilton have not been, and will not be, registered under the United States Securities Act of 1933, as amended, or the United States Investment Company Act of 1940 (as amended) or under the applicable securities laws of the other Prohibited Territories and, unless an exemption under such Acts or laws is available, may not be offered for sale or subscription or sold or subscribed directly or indirectly within the Prohibited Territories or for the account or benefit of any national, resident or citizen of the Prohibited Territories.


				
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