Meeting of Shareholders approved the results for 2005 financial year. Distribution of a € 0.05 dividend per share was approved (compared to 0.03 Euro per share in 2004). Ms. Antonella Forchino appointed new Director of the Company. KPMG S.p.A. appointed auditor of the Company’s Financial Statements from to 2006 to 2011.

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, 2005.

As of end 2005, the Group reported consolidated net sales amounting to € 95.2 million, thus in line with the figure reported in 2004, which amounted to € 95 million, and confirming the Group’s success in holding its share in its reference markets, even under decreasing demand conditions.

The fresh milk product segment (a market area where the Group enjoys an interregional leading position) significantly contributed to the sales growth with a 2.5% increase, as well as yogurt (also thanks to the introduction of new products, like drinking probiotic yogurt), which recorded an 11.1% increase over 2004.

While reporting stable operating costs versus 2004, as of 31.12.2005 the Group reported EBITDA amounting to € 9.6 million vs. € 10 million in 2004, whereas EBIT, amounted to € 5.1 million, vs. € 5.4 million in 2004, accounting for 5.3% of production value.

As to net profit, the Group reported an 11.1% increase, equal to € 2 million, versus € 1.8 million as of December 31, 2004.

The Group’s Net Financial Position as of December 31, 2005 amounted to € -2.6 million, versus €- 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 also 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 a 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 € 1.8 million in 2004.

Therefore, in the light of the positive results achieved, the Meeting of Shareholders decided to distribute dividends for € 0.05 for each 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.

The Meeting of Shareholders further appointed Ms. Antonella Forchino as a new Director of the Company. Hence the BoD is now consisting of the following members: Mr. Luigi Luzzati, President; Mr. Riccardo Pozzoli, Vice Executive President and Managing Director; Ms. Adele Artom, Director; Mr.Guido Artom, Independent Director; Ms. Antonella Forchino, Director; Alessandro Marina, Independent Director; Ermanno Restano, Director; Alberto Tazzetti, Independent Director; Germano Turinetto, Independent Director.

During the same Meeting, Shareholders confirmed the appointment of the current Board of Auditors for the 2006-2008 three year period, namely of Mr. Alessandro Rayneri, President, Mr. Giovanni D’Amelio, Statutory Auditor, and Ms. Vittoria Rossotto ,Statutory Auditor.

Finally, the Meeting of Shareholders approved to appoint Messrs. KPMG S.p.A. as auditors of the consolidated Financial Statements, of the annual Financial Statement, of the half year report, as well as of all the Company’s accounts for the FYs 2006-2011.

Turin – April 28, 2006