Board of Directors approved first half results as of June 30, 2007. Consolidated net sales amounting to € 49.2 million (in line with the first half of 2006), EBITDA amounting to € 5.6 million (+3.7%), EBIT amounting to € 3.2 million (vs € 3.3 million as at 30/6/2006), and net earnings amounting to € 1.2 million (vs. € 1.5 million as at 30/6/2006).

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 – closes its results as of June 30 2007 with net consolidated sales amounting to € 49.2 million, substantially in line with € 49.4 million reported in the same period of the previous financial year.

Owing to cost containment and lower raw material consumption, EBITDA also improved, which as of 30/6/2007 amounted to € 5.6 million, thus recording a 3.7% increase versus € 5.4 million reported in the same period of the previous financial year.

EBIT reported as at 30/6/2007 amounted to € 3.2 million, vs. 3.3 million in the first half of 2006.

The slight EBIT reduction is due to the allocation of € 594 thousand to a tax fund corresponding to the payment that Centrale del Latte di Vicenza – a subsidiary company of Centrale del Latte di Torino – could be required to make to the Internal Revenue, for some tax facilities granted to State Owned Companies back in 1996-1999 (pursuant to Decree Law 10/2007), when the company was still owned by the Municipality of Vicenza.

Without this fund allocation, which is not part of standard company’s operations, EBIT would be by +15.1% higher than € 3.3 million recorded in the first half of 2006.

Net earnings for the first half of 2007 amounted to € 1.2 million vs. €1.5 million in the same period of the previous year. This reduction is due to the fact that, when the half year results as at 30/6/2006 were reported and approved, new tax regulations requiring an extension of the taxable basis – to be applied for the calculation of taxes as of 31/12/2006 and as of 30/6/2007 – had not been enforced yet.

As to the financial management, the net debt reported for the whole Group as of June 30 2007 amounted to € 6.3 million, as against € 4.3 million reported on March 31 2007, and € 3.5 million as of June 30 2006. This trend of the financial position is also closely related to the building of the new plant in Vicenza.

As to the Holding Centrale del Latte di Torino, as of June 30 2007, the company reported net sales amounting to € 30 million, vs. € 29.8 million as of June 30 2006, thus with a 0.7% increase.

EBITDA remained substantially stable at € 4.4 million compared to the first half of 2006 (€4.3 million as at 30/6/2007 vs. €4.4 million as at 30/6/2006); EBIT grew from € 3.5 million as at 30/6/2006 to € 3.6 million as at 30/6/2007 (+2.7%); finally, net earnings went from € 2.1 million as at 30/6/2006 to €1.9 million as at 30/6/2007, a decrease due to the reasons illustrated above for the Group as a whole.

Finally, we wish to remind it here, that last July 4, Centrale del Latte di Torino, following a € 2 million capital increase, raised its stake in Salads & Fruits Srl, a company based in Casteggio (Pavia), from 25% to 83.7%. This company produces and sells fresh salads and fruit.

Through this holding, starting from the third quarter of 2007, Centrale del Latte di Torino Group will be able to include Salads & Fruits into its consolidated balance sheet.

Please note that Centrale del Latte di Vicenza has been required to pay back past government aid amounting to €1.1 million, including interest. A petition against this reimbursement has been submitted which will be examined by the Tax Board next Oct. 22, 2007.

As far as forecasts are concerned, consolidated results for 2007 will depend on the costs to be incurred in the second half of the year for moving and starting up Centrale del Latte di Vicenza S.p.A. in its new production site. It should also be pointed out that, following local and world price increases for raw materials in general that are not expected to subside in the short term, a significant increase in the price of farm milk has been reported since September. Consequently, new retail price lists will be introduced in the next few days for dairy products.

Turin – September 19, 2007