Ebro Puleva posted a net profit of 28.3 million euro, up 11.3% year on year

First quarter 2005 results

Madrid, 28 April 2005. Ebro Puleva, the leading Spanish group in the food sector,
posted a net profit of 28.3 million euro in the first quarter of 2005, representing a year-
on-year growth of 11.3%. Net turnover totalled 477.7 million euro, up 16%.

There was also significant growth in the operating figures. To be more specific,
EBITDA, or the gross operating profit, grew by 17.4% to 60 million euro, while EBIT,
or the net operating profit, rose 11.4% to 46.5 million euro. The operating revenues
grew by 8% to 49.2 million euro.

The development of the consolidated results of Ebro Puleva was very positive during
the first quarter of 2005, and is expected to be even more so in the next quarter, among
other factors thanks to the incorporation of Panzani (the purchase of this firm was
concluded on 25 April).

Results by business lines

The investments and growth in the different divisions of Ebro Puleva are bearing fruit,
producing an generally steady growth in the overall results of the Group, despite the
instability existing in certain sectors this quarter, for example in the sugar business.

The results of the sugar division have been marked by a peculiar factor affecting the
entire European industry: excess sugar supply in Europe due to the stocks of the
countries that reecntly joined the EU. This has caused a 9.8% drop in sales.

The development of the rice division is still highly satisfactory, with growth in sales
(+75.6%) and yield (EBITDA +98%), both on constant terms and including
acquisitions, especially Riviana.

Growth of the dairy division has been boosted by the stabilisation of the price of the raw
material, advertising efforts and new products. Sales rose by 5.1% and EBITDA by

Ebro Puleva (www.ebropuleva.com) is the leading Group in the Spanish food sector in
terms of turnover, profits, market capitalisation and international presence. Ebro Puleva
is world leader in the rice sector, the leading sugar group in Spain, leader in the
marketing of dairy products in Spain and the second group in Europe in the pasta sector.
It has leading brand names in each of these sectors, including: Puleva®, Ram®,
Leyma® and El Castillo® in the dairy sector; Azucarera® and Sucran® in the sugar
sectorcar; Brillante®, Nomen®, La Cigala®, La Fallera®, Oryza®, Bosto®, Reis-Fit®,
Riceland®, Danrice®, Risella®, Mahatma®, Sucess®, Carolina®, Lustucru® and
Taureau Ailé® in the rice sector; Pozuelo®, Kern® and Ducal® in biscuits, sauces and
fruit juices in Central America; and Panzani® in pasta.

Note to Editors: The financial information included by the Ebro Puleva Group in this
release is structured in accordance with International Accounting Standards (IAS).