Dreyer's Grand Ice Cream, Inc., the American manufacturer of Dreyer's Grand Ice Cream, Inc., the American manufacturer of premium ice creams confirmed on July 6 that Nestlé Holdings, Inc., the food manufacturer giant, has acquired 3,400,000 shares of Dreyer's Grand Ice Cream common stock from General Electric Capital Corporation, General Electric Pension Trust and GE Investment Private Placement Partners I L.P. With this purchase, Nestle will own approximately 24 per cent of the total of Dreyer's common shares outstanding and incentive options to acquire Dreyer's common shares. Under the standstill agreements, Nestlé's ownership position is limited to 25 per cent of common shares and options outstanding under current circumstances. These agreements expire at the end of 2004, after which time Nestlé will continue to be bound by certain continuing restrictions. The entities of General Electric continue to hold 2,399,998 Dreyer's Grand Ice Cream common shares. "Our original agreements with Nestlé, which we entered into in 1994, permit an increase in their shareholdings up to this level," said T. Gary Rogers, Chairman of Dreyer's Grand Ice Cream. "We continue to make rapid progress towards our goal of becoming the pre-eminent ice cream company in the United States and we are gratified by this vote of confidence in our future by Nestlé. At the same time, we remain fully committed to remaining an independent company and would stress that we have no agreement or intent to sell the company to Nestlé or any other party. We enjoy a cooperative relationship with Nestlé and our other partners, and look forward to creating increased value for all of our shareholders."