28/06/2004

Extraordinary Meeting of Shareholders approved the adoption of new Company By-laws to comply with Decree Law dated January 17, 2003.

The Extraordinary Meeting of Shareholders of Centrale del Latte di Torino & C. S.p.A - 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 - met in Turin today in first call and approved the adoption of new Company By-laws to comply with Decree Law dated January 17, 2003, as amended.

The new Company By-Laws were adopted following the approval by the Extraordinary Meeting of Shareholders to partially change the power of attorney granted to the Board of Directors on July 18, 2000. According to this power of attorney, the Board was entitled to issue convertible shares or shares with warrant, also in foreign currency, in one or several releases, if allowed by law, with concurrent capital increase for a five year period from July 18, 2000, and within the limits set by the applicable law.

Turin - June 28, 2004