Press Release

Gate Gourmet Signs MOU with Packattack, POTM

ZURICH, April 23, 2007 - Gate Gourmet and Netherlands-based Packattack announced that they have signed a Memorandum of Understanding (MOU) for the purchase by Gate Gourmet of a majority stake of Packattack's shares.

This agreement includes a multi-year partnership with POTM (People on the Move), the Netherlands-based design partner of Packattack. Concurrently, Gate Gourmet will enter a strategic minority shareholding in POTM.

Completion of the transactions, following due diligence and related proceedings, is expected in June 2007. The financial terms of both agreements are confidential.

Packattack has 15 years of experience in designing and developing packaging concepts as well as sourcing equipment for airlines, rail service providers and retail chains. The company reported 2006 revenues of approximately 10 million Euros. Packattack and POTM together have a geographical presence covering primarily European and Middle Eastern markets, with top customers including Air Berlin; KLM Royal Dutch Airlines; Rituals, the Amsterdam-based retail provider of home and body cosmetic products; and Unilever, parent company of Lipton, Knorr, Dove, Suave, and 400 other brands spanning 14 categories of home, personal care and foods products.

"Our goal is to build our products and services portfolio around our customers' evolving business requirements to more proactively respond to their needs,” said Guy Dubois, Gate Gourmet's Executive Vice President, Chief Financial Officer and Chief Administrative Officer. "This cooperation is a first, important step in boosting that effort, as we bring together the internal and external talent to extend the scope of products and services for our customers. We plan further steps through cooperations and acquisitions to complement our portfolio."

"Packattack is a young, innovative company with experienced management, and its partnership with POTM creates a unique, flexible business model and an excellent platform for growth. Their product portfolio is focused on food contact items, such as tray set-ups and boxes. It complements Gate Gourmet's offerings through its Five Oceans subsidiary, which is focused on comfort items, such as amenity kits and blankets," he said.

Current owners of both entities will remain shareholders following the transactions, and Paul Staadegaard and Ton Tesink will continue to serve in their roles as Managing Directors of Packattack and POTM, respectively.

Staadegaard said, "The combined capabilities will add value to the customer, realize synergies in the supply chain and will enable us to strengthen our joint market position and fund future growth, opening opportunities for each entity that on a stand-alone basis would have been difficult to attain."

"We together will offer customers the highest flexibility through strengthened partnerships with strategic suppliers and market leaders, helping customers prepare for future expansion,” said Tesink, adding, "Customer service through unmatched innovation, design and delivery is the primary strength of the cooperation."