9/09/2004

CENTRALE DEL LATTE DI TORINO & C. S.P.A.

In order to implement corporate streamlining plans for Gruppo Centrale del Latte di Torino & C. S.p.A., the Extraordinary Meeting of Shareholders of CLAV Finanziaria S.p.A. resolved to wind up the company and appoint a Liquidator.

The 82% shareholding in Centrale del Latte di Vicenza S.p.A was transferred to Centrale del Latte di Torino & C. S.p.A. at a price of €12,376,183.00.

This operation will end next September 30, when a Meeting of Shareholders has been called to approve the closing winding up balance sheet, as well as all the subsequent procedures required to cancel the company and report discontinuance of business with all the bodies concerned.

Turin - September 9, 2004