Eidos Partners is pleased to note approval by creditors of the Proposal of Composition proposed on 21st June 2004 by the Extraordinary Commissioner of Parmalat SpA in Extraordinary Administration.

The Proposal of Composition was approved by the favorable vote of 71.38% of admitted claims to the vote. The total amount of unsecured debt subject to restructuring is equal to Euro 26,692m.

In this transaction Eidos Partners, working together with its strategic partner Close Brothers Corporate Finance acted as financial advisor to Parmalat and to the Extraordinary Commissioner in providing a fairness opinion on the Proposal of Composition in respect of the fairness and reasonableness from a financial standpoint of the consideration to be offered to creditors. The fairness opinion issued has been posted in Parmalat’s website.

Parmalat (www.parmalat.com) is an Italian food group which operates directly in Australia, Canada, Colombia, Cuba, Italy, Nicaragua, Portugal, Romania, Russia, Spain, South Africa, Mozambique, Zambia, Botswana, Swaziland, Venezuela and Ecuador. Milk & dairy products and fruit-based beverages are key categories for the Group and include global brands such as Parmalat and Santal, and international brands such as Chef, Kyr, Sensational Soy and Zymil.

Eidos Partners (www.eidospartners.com) is an independent investment bank focused on the design, definition and realization of mergers, acquisitions and disposals of companies, on quotations on the stock exchange and on corporate financial restructurings. Eidos Partners’ mission is to provide the highest-quality financial and strategic advice to Italian companies and to other international companies and entities operating in Italy. Eidos Partners enjoys outstanding access to companies and investors throughout the world as a result of its relationship with the Close Brothers Group.