Board of Directors approved second quarter results as of June 30, 2007. Net sales amounting to Euro 49.2 million (in line with the first half of 2006), EBITDA amounting to Euro 5.6 million (+4.5%), and net pre-tax earnings amounting to Euro 3.1 million (in line with the first half of 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 Euro 49.2 million, substantially in line with Euro 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 Euro 5.6 million, thus recording a 4.5% increase versus Euro 5.4 million reported in the same period of the previous financial year.

EBIT as of 30/6/2007 amounted to Euro 3.2 million vs. Euro 3.3 million in the first half of 2006. Net pre-tax earnings remained stable which in the first half of 2007, just like in the same period of the previous financial year, amounted to Euro 3.1 million.

The slight EBIT reduction is due to the allocation of Euro 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 amount to Euro 3.8 million, i.e. 7.8% of total sales (vs 6.7% as of 30/6/2006).

It should also be pointed out that during the second half of 2007, Centrale del Latte di Torino finalized a new agreement with raw milk producers for the dairy year going from April 1 2007 to March 31 2008, which will cause a substantial increase in raw milk cost. In the next few months, also due to strong worldwide fluctuations in the price of milk, new price lists will be introduced and the retail price of all dairy products will be revised.

As to the financial management, the net debt of the whole Group as of June 30 2007, after payment of dividends and taxes for Euro 2.2 million, amounted to Euro 6.3 million, as against Euro 4.3 million reported on March 31 2007 and Euro 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 Euro 30 million, vs. Euro 29.8 million as of June 30 2006, thus with a 0.7% increase.

EBITDA remained stable at Euro 4.4 million compared to the first half of 2006; EBIT amounted to Euro 3.7 million vs. Euro 3.6 million in the first half of 2006 (+3.8%); finally pre-tax earnings went down from Euro 3.6 million recorded on June 30 2006, to Euro 3.5 million in the first half of 2007.

Finally, we wish to remind it here, that last July 4, Centrale del Latte di Torino, following a Euro 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.

Turin – July 27, 2007