Director/PDMR Shareholding

    25 June 2007

                              Gold Frost Limited                               

                        ("Gold Frost" or the "Company")                        

      GOLD FROST ANNOUNCES STRATEGIC INVESTMENT IN WILLI-FOOD INVESTMENTS      

              Zwi Williger to Continue Management of Gold Frost;               

                     Expansion Strategy to Remain on Track                     

Gold Frost (LSE:GLF.L), the designer, developer and distributor of kosher
chilled, frozen and dairy food products, announces that Zwi and Joseph
Williger, majority owners of Willi-Food Investments Ltd. (TASE: WLFD)
("Investments"), the indirect principal shareholder of Gold Frost, have signed
a share purchase agreement to sell an aggregate of 3.9 million shares of
Investments, constituting approximately 45% of the currently outstanding shares
of Investments, to Arcadi Gaydamak, an international businessman, for an
aggregate purchase price of NIS171.3 million ($40.5 million) (the "Sale"). The
transaction is subject to the approval of the Israeli Anti-trust authorities.

The transaction is expected to be executed at NIS 43.84 ($10.36) per share,
representing a 70% premium over the market price of Investments on 22 June
2007, the day of signing. In accordance with the agreement, Zwi Williger is
proposing to sell approximately 30.5% of the outstanding shares in Investments,
leaving him with approximately 8% of the outstanding shares; and Joseph
Williger is proposing to sell his entire holdings in Investments.

Following completion of the transaction, Zwi Williger is to continue to act as
CEO of Investments and its subsidiaries, including Gold Frost.

Zwi Williger commented: "Our commitment to G.Willi-Food International and Gold
Frost remains as strong as ever. We have built one of the most significant
Kosher food companies in Israel and are rapidly expanding our presence in
international markets. We are focused on driving long-term, profitable growth
by capitalizing on our expertise in product innovation and expanding
distribution channels both domestically and internationally."

Mr. Gaydamak is well-known philanthropist and the primary shareholder of
several public companies in Israel including Ocif Investment & Development
Ltd., Petro Group Ltd. and Gilon Investments (1979) Ltd.

Investments have a 62.3 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 is as
below:

                 Total indirect  % of indirect  
                 interest in     interest in    
                 Gold Frost      Gold Frost     
                                                
Zwi Williger     9,704,771       18.36%         
                                                
Joseph Williger  3,598,426       6.81%          

Following the Sale, Zwi and Joseph Williger's interest in the Company is as
below:

                 Total indirect  % indirect     
                 interest in     interest in    
                 Gold Frost      Gold Frost     
                                                
Zwi Williger     2,131,170       4.03%          
                                                
Joseph Williger  0               0.0%           

Enquiries:

Gold Frost Ltd                                                             
                                                                           
Zwi Williger, Chief Executive Officer +972 544 324924                      
                                                                           
Blue Oar Securities Plc               +44 207 448 4400                     
                                                                           
Rhod Cruwys / Luke Ahern                                                   

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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