Ebro Puleva will raise its dividend 25% in 2004

– This is a pay-out of over 43%, higher than the average in the sector

– In the past three years, Ebro Puleva has distributed more than 111 million euro among its shareholders in dividends

Madrid, 17 December 2003. At a meeting held earlier today, the Board of Directors of Ebro Puleva resolved to raise the dividend to be paid to the company’s shareholders in 2004, against the 2003 profits, by 25%. The shareholders of Ebro Puleva will thus receive 0.30 euro, compared to 0.24 euro in 2003. As a result of this increase, a total of over 46 million euro -10 million euro more than last year- will be distributed among the shareholders.

The dividend will be paid in quarterly payments of 0.075 euro per share each, on the following dates: 1 April, 1 July, 1 October and 27 December 2004.

According to the year-end forecasts announced by the Company, the 25% increase in dividend represents a pay-out (percentage of the profit used to remunerate shareholders) of more than 43% and a yield of 3.33% more than the current yield. This makes Ebro Puleva one of the leading groups in the European food sector in terms of the volume of resources to be paid out to its shareholders, and its pay-out is also above the average of the most representative indexes (Personal Europe Food & Beverage, Personal World Food & Beverage and DJ Euro Stoxx).

Ebro Puleva’s commitment to its shareholders

This decision reflects Ebro Puleva’s commitment to maintain an active policy for remunerating its shareholders. In fact, with the decision adopted by the Board today, the Group will have paid out more than 111 million euro in dividends against the profits of the last three years.

Ebro Puleva is the leading group in the Spanish food sector in terms of turnover, profits and market capitalisation. It is leader of the sugar, rice and dairy sectors. It owns a large selection of leading brands, such as Puleva, Ram, Leyma and El Castillo in the dairy sector; Azucarera and Sucran in the sugar sector; and Brillante, Nomen, La Cigala, Oryza, Bosto, Reis Fit and Riceland in the rice sector.

The Group posted a net profit of 87 million euro up to September 2003, up 15.2% year-on-year. Its turnover during the same period totalled 1,507 million euro.