The Board of Directors approved the Financial Statement Draft for 2005 FY. As of December 2005, consolidated net sales amounted to € 95.2 million (vs. € 95 million y/y), EBITDA amounted to 9.6 million (vs. € 10 million y/y), while EBIT amounted € 5.1 million (vs. € 5.4 million y/y). Net consolidated profit grew by 11.1%, corresponding to € 2.0 million (vs. € 1.8 million y/y). The distribution of € 0.05 Euro dividends per share was proposed. (Thus higher than the 0.03 Euro dividend per share in 2004).

The Board of Directors 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 Consolidated Financial Statement Draft as of December 31, 2005, which will be submitted to the approval of the Meeting of Shareholders to be held, in first call, on April 28, 2005 and, if required, in second call, on May 2, 2006.

At the end of 2005, the Group reported net sales amounting to € 95.2 million, thus in line with the 2004 figure, which amounted to € 95 million, hence confirming the Group’s capacity to control its reference market despite a general drop in consumption.

Sales growth was positively affected by net consolidated sales of fresh milk (a market area where the Group is an interregional leader), which recorded a 2.5% growth, and of yogurt (owing to the introduction of new products, like drinkable probiotic yogurt), which recorded a 11.1% increase over 2004.

With stable operating costs vs. 2004, as of December 31 2005, the Group recorded EBITDA of € 9.6 million as against € 10 million in 2004.

As of December 31 2005, EBIT amounted to € 5.1 million, as against € 5.4 million in 2004, with a 5.3% growth in production value.

The Group’s net profit grew 1.1%, amounting to € 2 million, versus € 1.8 million of December 31 2004.

The Group’s Net Financial Position, as of December 31 amounted to € – 2.6 million, as against € -1.8 million as of December 31 2004 following a € 6 million 20-year loan taken to pay for the construction of a new plant in Vicenza. This figure shows an improvement over the results reported as of September 30, 2005 (€ 3.1 million).

The Holding Company Centrale del Latte di Torino, as of end of December 2005 posted net sales amounting to € 56.8 million, thus showing as growth, if compared to € 55.7 million in 2004; EBITDA moved up to € 7.5 million, from € 6.8 million in 2004, and EBIT grew to € 5.4 million, from € 4.6 million in 2004.

Net profit grew 61%, amounting to € 2.9 million, as against a € 1.8 million in 2004.

Therefore, in the light of the positive results achieved, the Board of Directors decided to submit to the approval of the next Meeting of Shareholders the proposal of a distribution of dividends for € 0.05 for each ordinary share, as against € 0.03 distributed in 2004.

The dividend which will be paid starting from May 11 2006, against detachment of coupon on May 8, 2006 corresponds to a 25% pay-out on consolidated results.

“2005 – said Mr. Luigi Luzzati, President of Centrale del Latte di Torino & C. – was an important year for us. In spite of consumption stagnation, we were able to increase our sales, while keeping profitability stable. We have been able to increase our market share in the fresh and ultrafresh product segment, thanks to the quality and safety of our products – both features widely recognized by consumers – and to assert our interregional leading position once again. Also, customer satisfaction has allowed us to extend our product offering, by introducing new items, like probiotic yogurt”.

In compliance with Decree Law No. 262 dated 28/12/2005 (so called Law on Saving), the Board of Directors held today an extraordinary meeting at which they approved the amendments to Articles 10 and 21 of the Company By-laws; further, in compliance with recent Consob regulations, they approved the immediate adoption of the Code of Conduct on Internal Dealing.

Turin – March 09, 2006