CENTRALE DEL LATTE DI TORINO & C. S.P.A.: The Board of Directors approved the draft financial statements for FY2012:

• Consolidated net revenue of 103.22 million euros (in line with 103.35 million euros at 31/12/2011)
• EBITDA of 6.6 million euros (vs. 6.5 million euros at 31/12/2011)
• EBIT of 418 thousand euros (vs. 592 thousand euros at 31/12/2011)
• Negative net result of 1.09 million euros (in line with the negative net result of 1.02 million euros at 31/12/2011) after amortisation, depreciation and write-downs for 6.2 million euros.

The Board of Directors of Centrale del Latte di Torino – a company listed on the STAR division of Borsa Italiana dealing in the production and sale of fresh milk, milk products and ultra-fresh products – approved today the draft financial statements for FY2012 that will be submitted to the Shareholders’ Meeting on 24 April 2013.

Despite the difficult socio-economic situation, as a result of which household spending has fallen dramatically even in the food segment, and particularly with regard to branded products, the CLT Group succeeded in keeping sales stable, thanks to the reputation and strength of its
own brands, with consolidated net revenue of € 103.22 million at 31/12/2012, in line with € 103.35 million recorded in the previous FY.

With regard to profit margins, both EBITDA and EBIT were influenced by extraordinary items which had a negative impact on growth to an extent, but net of which results improved.
At 31/12/2012 EBITDA equalled € 6.6 million compared to € 6.5 million of the previous FY €(€ 7.1 million without extraordinary items), whereas EBIT stood at € 418 thousand at 31/12/2012 (€ 1.2 million without extraordinary items) compared to € 592 thousand at 31/12/2011. FY2011 closed with a net loss of € 1.09 million, in line with the negative net result of € 1.02 million recorded at 31/12/2011, after income taxes for more than € 1 million and after amortisation, depreciation and write-downs for € 6.2 million.

Furthermore, a capital loss of € 160 thousand was recorded in the consolidated financial statements further to the handing over of a portion of land free of charge to the Municipality of Vicenza for the completion of the urban traffic system near the factory of the subsidiary Centrale di Vicenza, while financial charges included the charges to discount severance indemnity for€ 658 thousand, but also lower taxes for IRES refunds on IRAP applied to personnel costs from 2007 to 2011, for € 548 thousand.

The net financial position at 31/12/2012 was negative for € 25.3 million, but considerably up compared to € -31.9 million at 31/12/2011.
As regards the results of the parent company Centrale del Latte di Torino & C. S.p.A., net revenue at 31 December 2012 equalled € 57.4 million, compared to € 59.3 million at 31/12/2011. EBITDA rose to € 4.8 million at 31/12/2012 (€ 4.8 million without extraordinary items) compared to € 4.5 million at 31/12/2011, whereas EBIT at 31/12/2012 stood at € 2.37 million (€ 2.7 million without extraordinary items), in line with € 2.32 million of the previous FY.

Further to the € 1.1 million write-down in the subsidiary Centrale del latte di Vicenza and allocations to risks for € 329 thousand, the net result at 31/12/2012 was negative for € 129 thousand, compared to the net profit of € 281 thousand at 31/12/2011. The parent company’s net financial position was negative for € 11 million, considerably up compared to € 16.8 million at the end of 2011.

Finally, the BoD granted Mr. Maurizio Macchiavello operating powers for the CLR Latte Tigullio business unit.

As regards the outlook for the current financial year, the first months of the year were characterised by the deep recession, which led to a further drop in consumption even in the food sector. Although sales were negatively affected by the general crisis, the company was
able to confirm that quality of its products, the efficiency of the distribution network and the positive reputation of its brands, thus allowing it to consolidate its market share and to schedule the launch of new products by the end of 2013.

Pursuant to paragraph 2 of article 154-bis of the Consolidated Finance Law, the Executive in charge of drafting corporate accounts, Mr. Vittorio Vaudagnotti, stated that the accounting information herein contained tallies with the company’s documentary evidence, ledgers and
accounts.

Turin, 8 March 2013