Ebro Puleva to increase dividend by 3% in 2006

· Shareholders will receive a dividend of 0.34 euro per share, in a total distribution of ¿52.3 million

· This dividend will be paid in quarterly instalments of 0.085 euro/share

· The dividend represents a pay-out of almost 35%

Madrid, 22 December 2005. At a meeting held yesterday, the Board of Directors of the Ebro Puleva Group approved a 3% increase in the dividend payable to its shareholders in 2006 against the 2005 profits. Ebro Puleva shareholders will receive 0.34 euro per share, compared to 0.33 euro distributed in 2005. With this increase, a total dividend of ¿52.3 million will be distributed among the shareholders.

This dividend will be paid in four quarterly instalments of 0.085 euro/share each, on the following dates: 3 April, 3 July, 2 October and 27 December 2006.

According to the year-end forecasts announced by Ebro Puleva, the approved dividend represents a pay-out (percentage of the profit used to remunerate shareholders) of almost 35%, which is in keeping with common practice among the principal companies in the European food sector and Ibex-35.

Commitment of Ebro Puleva to its shareholders

Following the recent heavy investments, over one billion euro, in the acquisitions of Riviana and Panzani, this decision is a further reflection of the Group¿s determination to maintain an active shareholder remuneration policy.

Ebro Puleva is the leading Group in the Spanish food sector by turnover, profits and market capitalisation. It is also the leading rice group worldwide, maintaining its leadership in Europe and the United States. Ebro Puleva is leader in the sugar, rice and dairy sectors, with brands held in considerable esteem by consumers, such as: Azucarera and Sucran (sugar sector); Brillante, Nomen, La Cigala, La Fallera, Oryza, Bosto, Reis-Fit, Riceland, Danrice, Risella, Mahatma and Carolina (rice sector); Puleva, Ram, Leyma and El Castillo (dairy sector). The Group has industrial and commercial operations in several European countries, the Americas (USA, Central America and South America) and Africa.