Approved 1st Quarter results as of March 31, 2006. Net sales amounting to € 25 million (vs. € 24 million), EBITDA amounting to € 2.7 (vs € 2.8 million) and EBIT to € 1.6 million (vs € 1.6 million).

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 first quarter results as of 31st March 2006.

On a consolidated level in the first quarter of 2006, the Group reported net sales amounting to € 25 million, with a 4% increase over the first quarter of 2005 (€ 24 million). An upward trend in the sales of fresh milk (+6.3%) and yoghurt (+7.6%) significantly contributed to this increase.

With regard to margins, the figures reported by the Group in this quarter are substantially in line with those of the same period of last year. In particular, as at March 31 2006, EBITDA reported by the Group amounted to € 2.7 million (vs. € 2.8 million in the first quarter of 2005) and EBIT amounted to € 1.7 million (vs € 1.8 million as at March 31 2005).

Profit before taxes amounted to € 1.6 million, thus in line with 2005 figure.

The Group’s net financial position as at March 31 2006 amounted to € -1.6 million hence showing an improvement over both € -2.6 million reported as at December 31 2005 and € -2 million as at March 31 2005), thanks to a careful working capital management.

All major economic results reported by the Holding Company Centrale del Latte di Torino as at March 31 2006 showed an increase over those as at March 31 2005. More specifically, the company recorded net sales amounting to € 15.3 million, vs. € 14.6 million; EBITDA went up to € 2.3 million, from 2.2 million, while EBIT grew to € 1.9 million, from € 1.7 million, and profit before taxes increased to € 1.9 million, from € 1.6 million.

“In a highly competitive market – commented the President of Centrale del Latte di Torino & C., Mr. Luigi Luzzati – the results we have achieved are evidence of some consumption improvement. In the next few months, we expect a further moderate growth in Group’s sales and value”.

Turin – May 12, 2006