The Board of Directors approved the 4th Quarter Report for 2005, reporting figures that are stable if compared to the previous year. As of end of December 2005, net sales amounted to € 95.2 million (vs. 95 million in 2004), whereas EBITDA amounted to € 9.7 million (vs. 10 million in 2004). Earnings before taxes amounting to € 4.8 million are in line with the previous F/Y figure.

The Board of Directors of Centrale del Latte di Torino – a Company listed in the Star Segment of Borsa Italiana (the Italian Stock Exchange) which produces and sells fresh milk, dairy, and ultrafresh products – approved today the 4th Quarter Report for 2005, which shows a stable situation if compared to the previous financial year.

With regard to the Consolidated Financial Statement for 2005, the Group reported sales amounting to € 95.2 million, substantially in line with 2004 figures, which amounted to € 95 million, and showing a significant growth in the fresh milk (+2.5%) and yoghurt (+11.1%) segments, the latter growth mainly due to the market success of probiotic yoghurt, which is produced in the Plant in Vicenza.

With regard to margins, despite a drop in consumption and an increase in milk prices, EBITDA and EBIT figures reported by the Group as of end of 2005 are substantially in line with the previous year, owing to better production efficiency and cost containment obtained through the integration and coordination of the various Group companies.

On this point in particular, as of Dec. 31 2005, the Group reported EBITDA figures of € 9.7 million (vs. € 10 million in 2004) and EBIT amounting to € 5.2 million (vs. € 5.4 million in the previous year).

“In a scenario characterized by a drop in consumption – said Mr. Luigi Luzzati, President of Centrale del Latte di Torino & C. – we have been able to maintain stable profitability, through the implementation of integration policies among the various companies in the Group. We have thus been able to increase our production efficiency and lower our structural costs ”.

Further, also earnings before taxes, amounting to € 4.8 million are in line with the previous year, when € 4.8 million earning before taxes were reported.

The Group’s net financial position as of Dec. 31 2005 amounted to € -2.6 million, showing a decrease if compared with Dec. 31 2004 (€ -1.8 million), which is due to a twenty-year € 6 million loan made out to meet the construction costs of a new plant in Vicenza, but there is an improvement over September 30, 2005 (€ -3.1 million).

As of end of December 2005, the Holding Company Centrale del Latte di Torino reported total sales for € 56.8 million, thus showing an increase over € 55.7 million in 2004; EBITDA went up to € 7.4 million, also showing an improvement over € 6.7 million in 2004, and also EBIT increased up to € 5.4 million, compared to € 4.6 million in 2004; earnings before taxes amounted to € 5.3 million, versus € 4 million in 2004.

“As to forecasts for 2006 – added Mr. Luzzati – we expect an increase in sales for the whole Group. This year has shown a good start already, with positive signs of consumption improvement in January for the products sold by our Group ”.

Turin – February 13, 2006