Notes to the financial statements

for the year ended 3 January 2009

44.Principal subsidiary and associated undertakings

(a)Subsidiaries

Incorporated and operating in	Principal place of business	Principal activities	Group interest %

Ireland
Glanbia Foods Society Limited	Ballyragget, Co. Kilkenny and Citywest, Dublin 24	Dairying, liquid milk, consumer food products and general trading	100
Glanbia Consumer Foods Limited	Inch, Co. Wexford and Kilkenny	Fresh dairy products and soups	100
Glanbia Ingredients (Ballyragget) Limited	Ballyragget, Co. Kilkenny	Milk products	100
Glanbia Ingredients (Virginia) Limited	Virginia, Co. Cavan	Milk products	100
Glanbia Nutritionals (Ireland) Limited	Kilkenny	Nutritional products	100
Glanbia Nutritionals (Blending) Limited	Kilkenny	Nutritional products	100
Glanbia Nutritionals (Optimum) Limited	Kilkenny	Nutritional products	100
Glanbia Nutritionals (Europe) Limited	Kilkenny	Nutritional products	100
Glanbia Nutritionals (Research) Limited	Kilkenny	Research and development	100
Glanbia Feeds Limited	Enniscorthy, Co. Wexford and Portlaoise, Co. Laois	Manufacture of animal feed products	100
Glanbia Estates Limited	Kilkenny	Property and land dealing	100
Avonmore Proteins Limited	Kilkenny	Financing	100
Glanbia Financial Services	Kilkenny	Financing	100
Glanbia Investments (Ireland) Limited	Kilkenny	Investment company	100
Glassonby	Kilkenny	Holding company	100
Waterford Foods plc	Kilkenny	Holding company	100
Grassland Fertilizers (Kilkenny) Limited	Palmerstown, Co. Kilkenny	Fertilizers	73
D. Walsh & Sons Limited	Palmerstown, Co. Kilkenny	Grain and fertilizers	60
Eilish Oils Limited	Newtown Mount Kennedy, Co. Wicklow	Biofuels	80

Britain and Northern Ireland
Glanbia (UK) Limited	Tamworth, Staffordshire	Holding company	100
Glanbia Holdings Limited	Tamworth, Staffordshire	Holding company	100
Glanbia Investments (UK) Limited	Tamworth, Staffordshire	Holding company	100
Glanbia Nutritionals (UK) Limited	Middlesborough	Sports nutrition products	100
Glanbia Foods (NI) Limited	Portadown, Co. Armagh	Consumer food products	100
Glanbia Feedstuffs Limited	Tamworth, Staffordshire	Supply of animal feeds	100

United States
Glanbia, Inc.	Delaware	Holding company	100
Glanbia Foods, Inc.	Twin Falls, Idaho	Milk products	100
Optimum Nutrition, Inc.	Illinois, South Carolina, Florida	Sports nutrition products	100
Seltzer Companies, Inc.	San Diego, California	Nutrient delivery systems	100
Glanbia Nutritionals, Inc.	Monroe, Wisconsin	Nutritional distribution	100

Canada
Glanbia Nutritionals (Canada), Inc.	Angusville, Manitoba	Nutrient delivery systems	100

Germany
Glanbia Nutritionals Deutschland GmbH	Orsingen-Nensingen, Germany	Nutrient delivery systems	100

Netherlands
Glanbia Foods B.V.	Moergestel, Netherlands	Holding company	100

Mexico
Zymalact Mexico S.A. de C.V.	Lerma, Mexico City	Dairy blending and processed cheese	100

Uruguay
Glanbia (Uruguay Exports) S.A.	Uruguay	Nutritional distribution	100

China
Glanbia Nutritionals (Suzhou) Company Limited	Suzhou, China	Nutrient delivery systems	100

(b)Associates and joint ventures

Incorporated in	Date to which results included	Principal place of business	Principal activities	Group interest %

Ireland
Co-operative Animal Health Limited *	31 December 2007	Tullow, Co. Carlow	Agri chemicals	50
South Eastern Cattle Breeders
Society Limited *	31 December 2007	Thurles, Co. Tipperary	Cattle breeding	57
Malting Company of Ireland Limited *	31 October 2008	Togher, Cork	Malting	33.33
South East Port Services Limited *	3 January 2009	Kilkenny	Port services	49
Nashs Mineral Waters (Marketing) Limited **	3 January 2009	Newcastle West, Co. Limerick	Mineral waters and soft drinks	50
Corman Miloko Ireland Limited **	3 January 2009	Carrick-on-Suir, Co. Tipperary	Dairy spreads	45

Britain and Northern Ireland
Glanbia Cheese Limited **	3 January 2009	Magheralin and Llangefni	Cheese products	51
Milk Ventures (UK) Limited **	30 November 2008	Stockport, England	Holding company	50

Nigeria
Nutricima Limited **	30 November 2008	Nigeria	Evaporated and powdered milk	50

United States
Southwest Cheese Company, LLC **	3 January 2009	Clovis, New Mexico	Milk products	50

Pursuant to Section 16 of the Companies Act, 1986 a full list of subsidiaries, joint venture and associated undertakings will be annexed to the Company's Annual Return to be filed in the Companies Registration Office in Ireland.

* Associate
** Joint venture