The Board of Directors approved the results as at 30 September 2006

Turnover amounting to Euro 71.8 million (+2.6% with respect to the Euro 70 million as at 30 September 2005), gross operating spread (EBITDA) of Euro 7.4 million (+3.8% with respect to Euro 7.1 million of 30 September 2005), net operating margin (EBIT) of Euro 4.3 million (+10.6% with respect to Euro 4 million of 30 September 2005) after-tax profit of Euro 1.9 million (+18.8% with respect to Euro 1.6 million recorded as at 30 September 2005).

Gruppo Centrale del Latte di Torino (Turin Municipal Dairy), continued growing also in the third quarter of 2006. This company – operating, together with subsidiaries Centro Latte Rapallo and Centrale del Latte di Vicenza in the production and marketing of fresh milk, dairy products and ultrafresh products, and is listed in the STAR segment of the Italian Stock Exchange – ended the 9 months of this operating year with a 2.6% increase in sales, from 70 millions recorded as at 30 September 2005 to Euro 71.8 million attained as at 30 September 2006.

The fresh milk segment recorded the most significant increase of 8.1%, from Euro 9.4 million in the third quarter of 2005 to Euro 10.2 million in the third quarter of 2006.

With regard to margins, as at 30/9/2006 the Group recorded a gross operating spread (EBITDA) of Euro 7.4 million, a 3.8% increase with respect to Euro 7.1 million of 30/9/2005; while operating results (EBIT) on 30/9/2006 reached Euro 4.3 million, a 10.6% increase with respect to Euro 3.9 million of 30/9/2005.

As at 30 September 2006 the Group also recorded a profit after taxes of Euro 1.9 million, 18.8% increase with respect to Euro 1.6 million of 30 September 2005.

The net financial standing of the Group on 30 September 2006 recorded a loss of Euro 3.4 million with respect to the loss of Euro 3.5 million of 30 June 2006. Data include a further Euro 2 million disbursement of the Euro 10 million loan aimed at completing the construction of the plant in Vicenza. As at 30 September 2006 the overall payment amounts to Euro 8 million.

The Holding Centrale del Latte di Torino as at 30 September 2006 recorded a turnover of Euro 42.8 million with a 3.5% increase with respect to Euro 41.4 million as at 30 September 2005.

The gross operating spread (EBITDA) increased from Euro 5.2 million on 30/9/2005 to Euro 5.9 million on 30/9/2006 (+13.7%); operating results (EBIT) amount to Euro 4.6 million on 30/9/2006 with respect to Euro 3.7 million on 30/9/2005 (+26.7%); finally the result after taxes recorded a 27.6% increase, from Euro 2 million on 30/9/2005 to Euro 2.6 million on 30/9/2006.

“The results attained in the first 9 months of the year – Luigi Luzzati, Chairman of Centrale del Latte di Torino & C. S.p.A, affirmed – showed a positive trend, particularly in the fresh milk segment, confirming our forecast for financial year 2006 of a small, general increase in sales and a significant improvement of results”.

Turin – 31 October 2006