26/04/2005

Meeting of Shareholders approved the results for 2004 financial year. Distribution of a ¤ 0.03 dividend per share was approved.

The Meeting of Shareholders of Centrale del Latte di Torino & C. - a Company listed in the Star Segment of Borsa Italiana (the Italian Stock Exchange) which, together with its subsidiaries Centrale Latte Rapallo and Centrale del Latte di Vicenza, produces and sells fresh milk, dairy, and ultrafresh products - approved today the Financial Statements as of December 31, 2004.

As of end 2004, the Group reported net sales amounting to ¤ 95 million, basically in line with those reported in 2003 which amounted to ¤ 95.6 million, thus confirming the Group's success in holding its share in its reference markets even under decreasing demand conditions.

While reporting stable operating costs versus 2003, as of 31.12.2004 the Group reported EBITDA amounting to ¤ 10.2 million, practically the same as ¤ 10.3 million in 2003, whereas EBIT, amounting to ¤ 4.7 million versus ¤ 4.5 million in 2003, increased by approximately 4%.

As to net profit, the Group reported an 8% increase, equal to ¤ 1.3 million, as against ¤ 1.2 million on 31.12.2003.

The Net Financial Position is also constantly improving: as of 31st December 2004 it amounted to ¤ -1.8 million as against ¤ -3.1 million as of 30th September 2004 and ¤ -6.2 million in 2003 FY.

The Holding Company Centrale del Latte di Torino as of end of 2004 reported total sales for ¤ 55.7 million (vs. ¤ 53.6 million in 2003), EBITDA went up to ¤ 7.2 million (vs. ¤ 7.1 million in 2003), and EBIT amounted to ¤ 1.9 million (vs. ¤ 1.8 million in 2003).

In the light of the positive results reported, the Meeting of Shareholders resolved to distribute a dividend of ¤ 0.03 for each ordinary share (the same as last year) to be paid out since May 19 2005, against detachment of coupon No. 3 on May 16 2005.

Finally, the Meeting of Shareholders appointed the BOD, and confirmed the appointment to the current Directors. The Board of Centrale del Latte di Torino & C. is thus formed by the following members: Luigi Luzzati (President), Riccardo Pozzoli (Vice Executive President and Managing Director), Antonio Felice Forchino (Vice President), Adele Artom (Director), Germano Turinetto (Independent Director), Ermanno Restano (Director), Guido Artom (Independent Director), Alberto Tazzetti (Independent Director), and Alessandro Marina (Independent Director).

Turin - April 26, 2005