Press Release

Acquisition of IberSwiss Finalized

Zurich, June 1, 2004 - Gate Gourmet and Iberia have signed the contract for the purchase of the remaining 70 percent of the shares of the Spanish airline catering company IberSwiss, as announced in December last year. The value of the sale amounts to 23.5 million Euro.

The purchase also forms the basis for a worldwide 7-year contract by which Gate Gourmet will also provide exclusive catering, inflight and supply chain management services to the Iberia Group around the globe. IberSwiss caters for the passengers of the Iberia Group and another 30 airline companies each day. Last year, IberSwiss produced more than 14 million meals for almost 140,000 flights.

With this acquisition, Gate Gourmet expects to gain annual revenues of 80 million Euro. Guy Dubois, the Chief Financial Officer of Gate Gourmet: "This purchase will strengthen our long-term relationship with Iberia and provide additional opportunities for Gate Gourmet in Europe, Latin America and the United States. With the signing of the 7-year global contract, Gate Gourmet will be able to deliver innovative and comprehensive in-flight solutions to the Iberia Group. This clearly reflects our ability to service complex customer requirements on a worldwide basis."

Founded in 1992, Gate Gourmet is the world's largest independent airline catering, hospitality and logistics company with dual headquarters in Zurich, Switzerland, and Reston, VA, USA. The company has substantially expanded its products and services recently through acquisitions and strategic investments. The portfolio now includes cabin service ware (deSter); comfort/entertainment items (Harmony); packaged food components assembled in central production units (Supplair); design and delivery of brand-linked customer environments (Performa); service staff recruitment and training and crew leasing (Elan); aviation services such as cabin cleaning, aircraft washing and deicing and passenger services (Fernley/IAS); catering security (Gate Safe); business applications (eGate Solutions); and supply chain optimization (partnership with Pourshins).