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2 Centrale del Latte di Torino & C. S.p.A. Introducing the Company and the Group History Since 1950, milk in Turin has been synonymous with Centrale del Latte. A private firm since its foundation, with head offices in Via Filadelfia 220, Turin, its day to day growth has led it to develop and expand in two directions: on the one hand, it has ensured widespread coverage of the milk market in Turin, while on the other it has also expanded beyond its traditional geographical distribution area. Over the years, painstaking attention to production and a coherent product diversification strategy have earned the Group a prestigious leadership role that is the result of the relationship of trust and familiarity built up over time. After 50 years of constant success in the business, and in view of the perfectly mature market situation, Centrale del Latte di Torino & C. S.p.A. has implemented a policy of expansion, conducted both internally by widening the range of products offered and externally, through acquisitions. It was to provide financial support for this growth and development process that in November 2000 the company listed its shares on the MTA (Electronic Stock Market) of Milan, and in 2001 was admitted to the STAR segment of Borsa Italiana. Foundation of Centrale del Latte di Torino Introduction of UHT milk and TETRAPAK packaging Liberalisation of the market Acquisition of Centro Latte Rapallo Listing on the MTA of Milan and introduction of fresh milk in PET bottles Admission to the STAR segment of Borsa Italiana Acquisition of Centrale del Latte di Vicenza Acquisition of control of Salads & Fruits Start of production in the new Vicenza facility Salads & Fruits incorporated into the Parent Company Acquisition of 100% of Centrale del Latte di Vicenza Merger by incorporation of Centro Latte Rapallo into Centrale del Latte di Torino The Group The Centrale del Latte di Torino & C. S.p.A. Group is inter-regional in scope, and specialises in the production and direct sale also through the Centro Latte Rapallo production unit and the subsidiary Centrale del Latte di Vicenza S.p.A. of dairy products such as fresh milk, long-life (UHT) milk, yogurt and fresh vegetables. Given its dynamic nature and tendency towards diversification, the Group has for some time been selling own-brand packaged products in the fresh food sector, such as eggs, cheeses, pasta, vegetables and fresh salads and fruit, produced either directly or through carefully selected third-party companies Consolidated and Separate Financial Statements Introducing the Company and the Group 3

3 Centrale del Latte di Torino & C. S.p.A. The Group has a very strong territorial base, with almost all of its turnover realised in the Piedmont, Liguria and Veneto regions, where it enjoys a leadership position as regards fresh and long-life milk. The Group has five production facilities to its name, all equipped with cutting-edge technology for the processing, packaging and cold storage of its products. These are located in: Turin, Rapallo (Genoa), Casteggio (Pavia), and Vicenza. At 31 December 2013, the Centrale del Latte di Torino & C. S.p.A. Group was made up as follows: The Shareholders The share capital of the Company is equal to 20,600, fully paid-up, divided into 10,000,000 common shares with a par value of 2.06 each. According to the information available at 31 January 2014, Centrale del Latte di Torino & C. S.p.A. has 2,261 registered shareholders, divided up as follows: 2013 Consolidated and Separate Financial Statements Introducing the Company and the Group 4

4 Centrale del Latte di Torino & C. S.p.A. Finanziaria Centrale del Latte di Torino S.p.A % B & E Equities S.p.A % Lavia s.s. 5.90% Free float 27.29% 2013 Consolidated and Separate Financial Statements Introducing the Company and the Group 5

5

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27 -.//0/./-1/2-00-0*/,.0&33-!*45 #$% 63-7./#6- The company produces, treats, processes and sells treated milk and food and dairy products in general. (! ) * +*!*! (!+! ( (, #-*! (.! +.! ( #- (! #!" (!+!+( (+ %*#! /!! +! (0*(+ + (!# (+ (.!+1+2(!# The company is run by a Board of Directors composed of eleven members, appointed by resolution of the Shareholders Meeting ( 3(+ + 60#/,6/0/08-/,.0&33- "!3#%,"' " 9"9%93#% The share capital of Centrale del Latte di Torino & C. S.p.A. amounts to *&**+!!## 4!* 10,000,000 common shares with a par value of 2.06 each.all the shares of the Company are listed on the Star segment of the Electronic Stock Market (5% #Borsa Italiana S.p.A. ( *++#*+ #5 6( (+(((, / ((, * (+ (! #0 # ! " " : ( ( ** / (0( ( 4 4 (0(( 4 4 /"! ((+! (+((!##+0! (*! #!(* (4 # ( " " ( + + ( * ( 0 (4# ( #!! ( + + (! 9"9 %93#% (++(!+(,;"" 9"9%93#% (+ #:!;**&(( (((,+!!"#$% '

28 (( + (7+ (=,</8-8/*- * *"" : : >?'<7?'<7?@7?@7 866.! 866.!?7?7 " 9"9 %93#% A!((#! -"" 9"9%93#% The Articles of Association of the Company contain no particular instructions regarding the voting rights of employee shareholders " ((! 9"9!%93#% (++(!+( "" 7 9"9%93#% ( (( )0(!*!!+($ "! 9"9"%93#% A((!!# ( + 0((# ++* # (+(+ (.=!" " >" 9"9%93#% ( (#! 0(/+(+(!++! (!(+!(The question is regulated by the corporate by-laws,?@+a!"6 % Pursuant to articles 36 and 37 of the Consob Regulation no /2007, regarding the publication of information prescribed by paragraphs 12 and 13 of article &+(!+89*(#+ ( = - is not controlled by companies set up and governed by the law of countries not belonging to the European UnionB - is not subject to management and coordination activities on the part of the ultimate parent company > *#!( +( ( +#! (!!# C( +! (+.! #4#*+(*% 99+((! #+(! # (+.! #4#*+(*%! ( /,.60-9"9%93#% $"! *0( ( + #89* ( (+0=!1 The Company has adopted a self-regulatory Code in the application of its Corporate Governance, i.e. the system of rules by which a company is managed and controlled(+( * #( August 2012, and the annual report on Corporate Governance are available on the company s website= (=CC000CC+>C! C D! D +!!"#$% <

29 (0#+89= (=CC000#C#C>C4 44( (=CC000#C#C>C4 44( ( ( ( + (# + * ( 0!+(0((+ + * 0(( +&*&; &#+(1!+5) #892* ##! &?? of 9 July 2002, and with articles 152#44.!4.!.!4/44 of the Consob Regulation for issuers, regarding the operations as per article &; + ( 8 9!!#! + 2 of the Code of practice on internal dealing(+( ++ * #( February 2007, is available on the company s website= nti/codice_internal_dealing_2007.pdf and on the website of Borsa Italiana S.p.A.: $"$" ( ( +!+ 0(0( *!!#!' ( # (, 0#= (=CC000CC+>C! CG!> + (=CC000CC+>C! CG!> +?)/*/#*6-/! 9"9%93#% ( #8 +3! + ( #* #!+(((, 5(3(+ + #+ #((( 0(*-0(( (( *( + (?7"0 + % + ( ( 0( ( ( Each shareholder cannot file, either through a third party or by trusts, more than one list or vote for different lists.6( # *! +# # (+( ( ((+ 0()#+! )+! ( + #& &'+3?<C@@<( ((# (! #+ ( 0 * * ((( ( *((( #+( 8 + 3(!#!#+ ((.!+( 0+ #+( +(5!!( +( #+(# + 8( *!#+ 0((0((( ( * *! )+!#*((+0((( #! # * ((+!+ (.! +(#(#40!!+(++H( (#.! *!# (#! H(!# *((8 +3.9(!# *(((, (# -#(#)! I0 #0(!#!# ( ( #! #(!#(,0# (!(( +#0* #+( +(((,5 ( ( ((+ ( +++( ( +( (+ +(++( 3

30 8+ *(((, ( (! #+8 # (!+( Where the number of Directors determined is lower than the maximum number provided for, the shareholders meeting, during the Board s term of office, may increase this number.the term of Directors thus appointed shall expire together with those serving on the Board at the time of their appointment. (!! ( # + ( (# # ( ((, 5 A+!(# +((5 #+(8 +3 #+(!/+ (!")!* At the closing date of FY2013 the Board of Directors was made up of 11 (eleven) directors(8 ( + ( /!! #+! ++( ( (# #0(( +++ +(+ The structure of the Board of Directors is indicated in the enclosed chart %!")!* The Board of Directors exercises the powers, functions and competences regarding the ordinary and extraordinary management of the company, with the sole exception of those competences that are attributed to the shareholders meeting, either by law or by the corporate by-laws. The Board of Directors also has the power to resolve upon the following: - ( +!????#+(9 B - ++( J ++0(9B - (!!+ ++B - ( +0(( K (( *(L( (53K /! ( * 0((!#.!' <+(#40B -!+(((+(0( 0+(( B - -! (#40 0(! (8 +3 <!*!!(+0= ( ++ ( #B!+B (!+(!8 B (! ( #+(! # * () (+(((,5B (+0(8 5 #5!>5(+(!!B L++(.!+( 8 5 #B (!+ + "9%#0 L>* 1+ M*L>2"( )!()M*! L>%*+ (!++(1+ (2*!!(3+A #+(5 +!!* GB( B G(!#!+( )!( #>L!B +(.! (B 9 5( #+ B 9 :!B ;4&8!G H((!+( (.! *3!! 0 0(! ( #!!"#$%

31 +(,+4! 0((.!+( 0( ( ((+! 0( *( ((K! K((! */(!+(+(#!( (! +( * (! (# 0((! (! (!*!*((+(.!* #(0! # )0((!#4 *(8 +3+#!0(( + /* (!+(+(+**(+ NAN8(+ +!#-( # * # 9;B(! (( (!*(( #(! (() (!* + #9< 80( (!# L>*(#! ) *0( #((!+#! #!) )The sales prices applied have been verified and monitored by the person appointed for the purpose to the Company s Monitoring Committee ( * 0((!# 0 *(# (8 +3 +:!*0(! #( +!+ 0(0( *!!#!' "!")!*,* (( +(8 +3 (53 0((0 +#( # (#40 /"= (/! ((( #% 6 (8 +3( 0(((3 #(((,5 #%+!+(.! + +0(+!#(8 +!! " " N( ++((0(4# ( "!9 +( +( ++++(6/!3*!C+(!+(+ "! (!+( +! # (#4 0*(+4!M (! 480*601/#/,.0&60#/,6/0!! +! +.! (!+!()*! 0((!+!(! 4+! ( #(53*(8 *!( ( <3 # ( ( ( 5 3 ( (! ( 0(! + ( * 0(! (! ( + (! + 0((++! B)/*760-0/,,6-- H((8 +3*! (#!9 +/! *( -+0(( (! (8 0(= 4 +(!+(( *(53 (3((!++* ( +( #(8 B!!"#$%

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

33 (!#(! B + 0(0*!* M!! 0(((0( 0( B 9(!+(*!(G *!# ++*!0 + (0((!B!#-)++0 + *!* 0 +! +!#!! 0( 9! #+*( +(8 +!! + 0 # +(! ( +(! + (8 +3 ( #+(8 +!! ( (0)+( > "(++ %#(( +(5 (3 +!( + 0 * ( ( (( 0( * (*! ( * (! * 0( ( (! ( (!!+#!! ()+++!3C+ # ( +( ++ +!0(( +# ++!# +!#! 0+ ++# (5 0 0!0(+(!!+( *!!+ K0(!++ ( +K(!! #+! #(5+:! 8 +( *(,= +++( #B +(!#( +++ +#Legislative Decree no. 231/2001B!B #(+ #4O4(!8 B!(! 0(+! 0(!! (5 (+! ( (#*!! (+( ( )+++3C The Model is a structured, coherent system of procedures and monitoring activities able to prevent risks, composed of manuals and codes of practice adopted by the company(! *0((!! )0(( 0*! ( 0((( *+(5 * (( (!0(!( C+(! 0(!(+ (! ( + = (!!!B (!"55% (!+ (* + 0((! ( + +B ( ++ B (+4! +(+MB ( +6( (+(! +*!! * #( B (!#( ( (!#-! ( Activities in the context of which it is theoretically possible for offences relevant to Legislative Decree No. 231/2001 to be committed in the interest or to the benefit of CLT are= 0((G!# "(+G%(G!#9!"(+G9%B!!"#$%

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

35 0 ( ++ + (!!! ( (!! "+ *(+4.! % + * ( + ( ((# + 0((! M!( *!! * +!!#!#+This system comprises both the procedures and guidelines by means of which the Parent Company ensures an efficient exchange of data with the consolidated companies and conducts the necessary coordination activities, and the operating regulations established by the consolidated companies ( *! +(! ) + +!( ) + + *! (! # +! * ( ( )! ( + * 0(( ( /!# +!( +(+++( (! ( M! + (!# + ( +!# (+0= - measures applied at group or individual consolidated company level, such as the allocation of responsibilities, powers and proxies, the division of tasks and allocation of privileges and rights of access to IT applicationsb - measures applied at process level, such as the issue of authorisations and the carrying out of reconciliation and the performance of consistency checks (+++(!!+ #(/!(+ +! 06/0H68--*.6- NA #(8 +3+(!( +!+0( *+#!' (! ( +(!( # ( 3+<:! (!!#(G!# *!!;*+( 0 (! +(4!+ +0( *!+( #+(! *0(! #*0(( 3+(! 0(!0(( +#(!#! *( 0(( (= % (8 +30(/(!* ++(/+( (! +( B #% 0( 0+ 8 ( +! (! (!*!*((+(.!* #(0! # )0((!#4 *(8 +3+#!0(( + /* (!+(+(+**(+ 3!(,0.! *#!( +!??+(!0( ( #! (,0#= (=CC000CC+>C! CG!> +(=CC000CC+> C! CG!> +?../60,-0/#3*6/ The Board of Statutory Auditors is composed of three Statutory Auditors and three Alternate Auditors who hold office for three years and may be re-elected.(!!!! (8 +!! (#+!# #(( *0((( #! # +0=+ +(+++!! (+ +(+++! #+ #((( 0(*-0(((( *( +(?7 "0+%+((0((( Each shareholder cannot file, either through a third party or by trusts, more than one list or vote for different lists.6( # *! + # # (+( ( ((+ 0() #+! )+! ( +#& &'+3?<C@@<*+!!"#$%?

36 ( + (.! +(!#* + #( # (! (!#!# + 0( (,(.!? #+ ( + ( ((, 5!!( +( #+(# +!! I0 #0(!#!# ( 8( *!#+ 0((0((( ( * *! )+!#*((+0((( #! # * ((+!+ (.! +(#(#40!!+(++H( (#.! *!# (#!6+!! )+0= 0! 0 #(#)+ (#(((! #+(5* ( 0((( ( (! (( #(#)+ ( #(((! #+ (5* ( 0((( ( (+ ( #(((! #+0#(( (! (! # +(.!#( #(! (#40*C((# + ++(!!! # *((# #(! + (! ##! -+(+( ( #! ( +! ( *!! ( 0*! C! ((.! (8 +!! +0( /+( +! 9!( * ( ( # -* 0(! -! (! ( 0 + ( H(!# *(8 +!! (# + 9(!# *(((, (# -#(#)! ( #(!#(,0# #(( +#0 #+ ( +(((,5!!( +( #+(# +!! The remuneration of the Statutory Auditors is established by the Shareholders Meeting. (8 +!! #! * (+0 = %!##0* (! B #%!##(! * 0((# Meetings are held at the location of the Chairman, or in the absence of the Chairman, of the most senior Auditor in terms of age 43*6/ ( )4!+(8 +!! *( + (/+( #% (++/0((+(;+ ( )!(5+ During FY2013, the Board of Statutory Auditors met five times, with meetings lasting 2 hours on average B-6/0H688-8/*- The Company has set up a dedicated section on its website, easily identifiable and accessible under the heading I2* 0((( + ( +8-8/*-7,--601,"""" Meeting (( # / ( ((, #(( *(L ( +(L( +(53* 0( +(!+( * 0(( +#0 H((0 +*( ((, # +(4 * )0( < + ( +((/ ((, 0( +#0 #(#40 ( # (.!+! #+((!++0(+(+( *0(( (.!#!.!+ # ( # 0(!(!* 0((0*#( *( #+- + #(!!"#$% &

37 The shareholders meeting is called at the company headquarters, or elsewhere, provided it is held in Italy, with notice to be published under the terms and by the means provided for by current regulations +(.!# 0(*(,0#*in the Official Gazette of the Republic of Italy or in the daily newspaper LA STAMPA, 0(( ( + #(#!*specifying the day, time and place of the meeting and the matters to be dealt with The notice of the call may also indicate the date of further calls.!#- (((,5* (#(+ + #0* ( (# #( + ( 0(( #! (( 0+ #(#! G0+ #+ ( #+ 4 #+(#+(((,5*( ( (!+(((, ( +(!(! #(0*0(( /+( +3*+0(((+* +( +(8 +!! *+0(((+ ( ((, 5* (!#- ( (( 0 + * 0(!*+ +(( (((, #( (* + ((*) ##(! *! (+0 *0((!# (!= - (( (*0( +(!*!# ( B - ( ( # ( + * (!(!+(B - (#)+(()!( B - )(!!!(!( * 0*! B - (+(! (0(0((( (!! C ) ( B( (#( ()(0((( B - (!#+!( The shareholders meeting is chaired by the Chairman of the Board, or if s/he is absent or unable to attend, by the most senior Vice Chairman in terms of each, or, should the latter be absent or unable to attend, by another person appointed for the purpose by the shareholders meeting.(( #A (( *0((+ +(!= - +( +(B - verifies whether the shareholders meeting has been regularly set up and that the quorum for passing resolutions has been reached; - (((, B - establishes voting procedures "0(( %and announces the results thereof.!*'5(; (( +(8 +3!!>>!!"#$% '

38 )-F 33-/#8-)/*/#*6-/0*8-3*6/,,6--960* /-/ /!! ( 6/!L( , $QQ9! GNQQN9 N39GN9A 5!>5I9L6N N5 N5M! 3686A !!! <C;C <C;C <C;C ;C;C <C;C <C;C <C;C 3 NI9AN <C;C 3 N9N! <C;C 3 QQ69# <C;C 3 $9A6NM <C;C (R%,F5-6!! I%!!"#$% < -= = 6 6 3# : II% 7 ) 0! "!! < &? "RR% 7+ 8 F JA!"!!"F((( 0(*-0(((( *( +(?7 "0+%+((0((( '?7?

39 I +9! 9 /!! M9 LL$3MAN I +5 +( )!* 0!" " < 4 ) )-F/8-/##6-/#8-*6-/ 3 # /!!, /"!!" 66-*/,.06-6)0E601/6030-!% /,.06-6/,.06-/#6106#606K- (!$QQ9 (.!G#! 30(0+ 5.!4M 3 3 M $9A6N ( +

40 )-F33-/#8-)/*/#3/&3*6/ /!!, 6!!! 6!! I% 6 :II% 0!"!! ( 9AN C;C +; &!! A69M C;C +; 5 6 7!! NNNL C;C +; 5 6 9I65 C;C +; 5 6! A695( C;C +; 5 6! 9I69 C;C +; 6 (R%,F5- "RR% 7+ 8 F JA!"!!"F((( 0(*-0(((( *( +(?7 "0+%+((0(((!!"#$% ;

41 ! "#!"#! $ ## %# &

42 !"#! $## %# $%&&' ($ $)*'$+&'%+, & ($)$)-$& ($)'.$)$' ', *,+-&,+$!.$'$ )'.$',&($/$0)'.$)$'%$&''$ $+&'+ #!' "($) "* ' "()""" $ *""$ )! +,#"- + # &,,.,*$ / 0 1*!$))"" "* ' "( ")2, #3445, *:,##(,17(5675,##(, 7, (,; 7, (,' (8'818(85 (,7<517 (,,.,<5:87 89 *(, (,! (,; ( 1##%#)! = ' * ** *" $"#*$! *!"" ")#! > * )** *" 2 -?#)# "9 - ( ""9 $*! "89 *(,##( " )!?!=,!! $!#!$ " The Remuneration Committee of Directors is made up of the following members2,; 7,$/9 *(!,!4485$ /9 *(,;35187$ /9 *( ( ",## ($ () )!"$#" %! $ *) $ *# "! "*!,##( %# ' "( =,! 9 1 9)** # = " $ # # * " #)% *" "9)*!?#) " * ) # " # #*! * " &

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53

54 !"!# $%##" &'#'& #$( ' )!%#* ' #+," -%!#.( ' ## " ## / ' The references in the second column are to the breakdown and analysis of the individual items set out in the notes, if present

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61

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