The Board of Directors approved the First Half Year Report as of June 30, 2006. Consolidated net sales amounted to Euro 49.5 million (+2.8%), EBITDA amounted to Euro 5.4 million (+8%), EBIT to Euro 3.3 million (+16.6%), while net after-tax profit amounted to Euro 1.5 million (+33.5%).

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 First Half Year Report as of June 30, 2006.

In the first half of 2006, the Group attained consolidated net sales for Euro 49.5 million, thus reporting a 2.8% increase vs. Euro 48.1 million reported in the same period of the previous financial year.

“Fresh milk” accounted for 46.2% of total sales, “Long-life milk” for 19.5%, “yogurt” for 8.4% “Bulk milk and cream” for 3.2% and “Other packed products ” for 22.7%.

With regard to margin levels, the group reported EBITDA amounting to Euro 5.4 million, with an 8% increase from Euro 5 million reported on 30/6/2005, while EBIT totaled Euro 3.3 million, also with a 16.6% growth vs. Euro 2.8 million on 30/6/2005.

As to net profit, it amounted to Euro 1.5 million, with a 33.5% growth from 1.1 million reported on June 30, 2005.

The Group’s net financial position as of June 30 2006, following the payment of dividends and taxes, amounted to Euro -3.5 million as against Euro -933 thousand in the same period of the previous financial year. This increase in debt is due to investments carried out for the new plant in Vicenza expected to begin operations in the first half of 2007.

The Holding Company Centrale del Latte di Torino, as of June 30 2006, recorded net sales amounting to Euro 29.8 million, vs. Euro 28.8 million reported on June 30 2005, hence recording a 3.4% growth.

EBITDA went up from Euro 3.8 million in the first half of 2005 to Euro 4.4 million in the first half of 2006 (+16.4%); EBIT totaled Euro 3.6 million vs. Euro 2.7 million in the first half of 2005 (+28.4%); finally after-tax profit grew from Euro 1.5 million in the previous year to Euro 2.1 million in the first half of 2006, with a 36.5% increase.

The Board of Directors examined and approved the business plan for the 2007/2009 period, in which budgeted consolidated sales as of end of 2009 amount to Euro 115.5 million (5.8% CAGR) with Euro 15.1 million EBITDA , accounting for 13% of turnover (13.2 % CAGR).

“The results attained in the first half of this year – stated Mr. Luigi Luzzati, President of Centrale del Latte di Torino & C. S.p.A – have shown a good sales performance by all the companies in the Group, thus confirming our forecasts for the financial year, envisaging a limited sales growth in terms of value for the Group, as well as a significant improvement in the profit for the year”.

Turin – September 19, 2006