19 January 2011

Acquisition of BSNA leading US sports nutrition business

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This presentation and related announcement may contain forward-looking

statements. These statements have been made by the Directors and senior

management in good faith based on the information available to them up to the time

of their approval of this presentation and announcement. Due to the inherent

uncertainties, including both economic and business risk factors underlying any such

forward-looking information, actual results may differ materially from those expressed

or implied by these forward-looking statements. The Directors undertake no obligation

to update any forward-looking statements contained in this presentation and related

announcement, whether as a result of new information, future events, or otherwise.

Cautionary statement

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About BSN

• Bio-Engineered Supplements and Nutrition (BSN )

• A leading US performance nutrition company

• Range of multi-functional products for health and fitness, training, physique development and performance

• Pioneer and market leader in 'pre-workout' products

• Strong US and international distribution

o 40,000 US retail outlets

o 90 countries worldwide

• Founded in 2001, privately owned, 140 employees

• US$144 million (€108 million) total consideration

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Clear strategic rationale

• Leading company with strong brand and market positions

• Complementary to existing Performance Nutrition business

• Extends product portfolio into new categories

• Innovation and new product development synergy through combined R&D

• Further step change in international growth opportunities

• Creates scale position in attractive, fast growing, high margin sector

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Excellent strategic fit

• Develops business in line with growth strategy

• Contributes to revenue and profit growth profile

• Earnings enhancing this year

US Cheese &Global

Nutritionals

Joint Venturesand Associates

DairyIreland

SouthwestCheese, USA

GlanbiaCheese, UK

Nutricima,Nigeria

Ingredient Technologies

Customised Premix

PerformanceNutrition

US CheeseDairy

Ingredients

Consumer Foods

Agribusiness

09 Operating Profit *€128.6 million

09 revenue * €2.1 billion

Dairy Ireland

US Cheese & Global Nutritionals

Joint Ventures & Associates

* Includes Joint Ventures & Associates

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Large and growing market

1Nutrition Business Journal, various

• Coverage of the sports nutrition category by syndicated data providers is very limited (especially outside of US)• Our best current estimate is that the global market is worth c. US$4.5 billion at retail selling prices, growing in excess of 6% per annum

US$108,000 US$26,900 US$2,9002

2009 US RETAIL SALES (US$ million)1

100%

Natural & Organic Personal care & Household

Natural and Organic food & beverages

Functional Food & beverages

SUPPLEMENTS

SPORTS

Vits/Mins

Meal Repl.

Powders

RTDs (protein)

Pills

36,800

10,800

11,300

5,100

4,900

2,460

280

160

26,9002,900

2,700

US NutritionMarket

Supplementcategory

Sports NutritionSub-category

Herbs andBotanicals

Speciality

33,500

2Bars not included

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Evolving customer base

Power sports Endurance sports Vanity – beach bodies “Weekend Warrior”

….from exclusively Body Building to mainstream

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BSN financial performance

• 4 year revenue CAGR of 19%

• Good performance in 2010

• Earnings enhancing for Glanbia in 2011

2009 US$ Margin %

Revenue 135.4 million

Adjusted EBIT1 16.3 million 12%

Adjusted EBITDA 17.4 million 13%

1EBIT US$10.1 million

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Financing the acquisition

• US$144 million (€108 million) total considerationo Debt free basis

• Price to adjusted EBITDA of 8.3 times

• Funded from existing bank facilities

• Comfortably within key financial covenants

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About the BSN brand

• Excellent brand awarenesso Over 30 North American and European awards in the last five years

o Very distinctive brand positioning ‘WINNING WITH STYLE’

o Two core products (pre-workout and protein powders)

• N.O.-XPLODEo Long history, established in 2004

o Pioneer in the pre-workout category

o Strong market position

o Excellent consumer rating

• Syntha-6o Excellent consumer awareness and distribution

o Rates very highly overall with consumers

o Drink format introduced in 2009

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Brand portfolio ‘THE WALL OF RED’

Pre-workout powders and shots

Lean mass gainer Muscle builder

Protein powders, snacks and beverages

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Combined business brand portfolio

Brand essence TRUE STRENGTHTM WINNING WITH STYLE

Brand promise Only the best goes into ON Cutting edge physique and performance

Key products Protein powders- Muscle building, gainers and recovery

Performance supplements

- Multivitamins and energy

Pre-workout- Powders and shots

Protein- Powders, snacks, beverages- Muscle building, gainers and recovery

Performance supplements

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2009 proforma revenue

€490 million €2.2 billion

Slide 13

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Post acquisition plan

• Transition from private company to corporate ownership

• Standalone sales/market and profit responsibility

• Cocooning key customer relationships

• Enhancing capability, management and resources

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Acquisition summary

• Continues well established international growth strategy

• Strong complementary business that extends product Performance Nutrition portfolio

• Unique opportunity to add value and grow

• Earnings enhancing in 2011

• Track record of acquisition integration and performance

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April 2010

Supplementary informationTrading statement

19 January 2011

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Trading update

• 2010 Group performanceo Excellent first half, good second half

o Underpinned by recovery in Irish Dairy Ingredients and good performance by Global Nutritionals

• 2010 divisional performanceo Positive trends continued in H2, stronger global dairy markets and solid demand in key nutritional sectors

o Dairy Ireland: revenue, operating profit and margin well ahead of a difficult 2009

o US Cheese & Global Nutritionals: strong revenue growth, higher operating profit, lower margins

o JVs & Associates: Reasonable year, results in line with 2009

• 2010 exceptional credit of approximately €10 milliono Revisions to pension arrangement for three additional Irish pension schemes finalised

• 2010 net debto Year-end net debt of approximately €420 million

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Outlook

• 2010 adjusted EPS growth of approximately 20%; in line with guidance

• 2011 adjusted EPS growth of 11% to 13% (constant currency basis)

• Full Year Results announcement on March 2, 2011

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