GLF Gold Frost

    2 August 2007

                              Gold Frost Limited                               

                        ("Gold Frost" or the "Company")                        

  GOLD FROST ANNOUNCES THE CLOSING OF A STRATEGIC INVESTMENT IN ITS PRINCIPAL  
                      SHAREHOLDER, WILLI-FOOD INVESTMENTS                      

               Zwi Williger to Continue Management of Gold Frost               

Gold Frost (LSE:GLF.L), the designer, developer and distributor of kosher
chilled, frozen and dairy food products, announces that, further to the
announcement made on 25 June 2007, the Israeli Anti-trust authorities have
given their approval to the share purchase agreement between Zwi and Joseph
Williger, majority owners of Willi-Food Investments Ltd. (TASE: WLFD)
("Investments"), the indirect principal shareholder of Gold Frost, and Arcadi
Gaydamak, an international businessman.

Zwi and Joseph Williger have sold an aggregate of 3.9 million shares of
Investments, constituting approximately 42% of the current outstanding shares
of Investments, to Arcadi Gaydamak, for an aggregate purchase price of NIS171.3
million (USD40.5 million).

Under the terms of the agreement, Zwi Williger has agreed to continue as CEO of
Investments and its subsidiaries, including Gold Frost.

Investments have, approximately, a 62 per cent. interest in G. Willi-Food
International Ltd., the immediate parent company of Gold Frost. G. Willi-Food
International Ltd. has an interest in 40,000,000 ordinary shares of the
Company, representing 75.7 per cent. of the total voting rights of Gold Frost.

Prior to the Sale, Zwi and Joseph Williger's interest in the Company was as
below:

                 Total indirect  % of indirect  
                 interest in     interest in    
                 Gold Frost      Gold Frost     
                                                
Zwi Williger     9,741,420       18.43%         
                                                
Joseph Williger  3,825,925       7.24%          

Following the Sale, Zwi and Joseph Williger's interest in Gold Frost are as
follows:

                 Total indirect  % of indirect  
                 interest in     interest in    
                 Gold Frost      Gold Frost     
                                                
Zwi Williger     2,634,525       4.98%          
                                                
Joseph Williger  449,244         0.85%          

Enquiries:

Gold Frost Ltd                                                             
                                                                           
Zwi Williger, Chief Executive Officer   +972 544 324924                    
                                                                           
Blue Oar Securities Plc                 +44 20 7448 4400                   
                                                                           
Rhod Cruwys / David Seal / Jerry Keen                                      

Notes to Editors:

Gold Frost is a designer, developer and distributor of branded kosher dairy
food products with 20 varieties of products currently on sale in Israel. The
Company possesses proven R&D capability for "koshering" chilled, frozen, diary
and other products, a number of which have a health advantage by virtue of
being low in fat and cholesterol.



END

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