To discuss the US Cheese & Global Nutritionals, which is the Group's large business segment

The Board of Glanbia plc announced that John Moloney, Group Managing Director, has notified the Board that he wishes to retire from this role and from the Board by the end of 2013, having been due to retire in 2014. Siobhán Talbot, Group Finance Director, has been appointed as John Moloney's successor. She will become Group Managing Director Designate from June 1, 2013 to ensure a smooth transition of the leadership of the Group. Glanbia will announce the appointment of a new Group Finance Director in due course. Glanbia also announces the following appointments and organisational changes effective from June 1, 2013. Hugh McGuire is appointed to the Board as an Executive Director with responsibility for Global Performance Nutrition. Hugh joined the Group in 2003 and has been Chief Executive Officer of Performance Nutrition since 2008. Brian Phelan, who was appointed to the Board on January 1, 2013 as an Executive Director will take up the role of Chief Executive Officer of Global Ingredients, a newly formed business segment incorporating the U.S Cheese business as well as Global Nutritionals' Ingredient Technologies and Customised Premix Solutions. Brian was previously Group Development & Global Cheese Director and joined the group in 1993. In addition, Billy Murphy, Non-Executive Director, will retire from the Board on June 1, 2013.

Glanbia plc announced Interim Management Statement for the four month period to 27 April 2013. For the period the company reported total group revenue grew almost 9% in the four months to the end of April compared to the same period in 2012. This comprised approximately 5% volume and 4% price growth. Glanbia's net debt as at 27 April 2013 was €459 million. Net debt to 12 month rolling adjusted EBITDA at the same date was 2.1 times which was an improvement on the same period in 2012 of 2.4 times. Committed debt facilities amounted to €758 million with €39 million maturing in July 2014, €469 million maturing in January 2018 and $325 million (€250 million) maturing in June 2021. For 2013 the company have a significant capital expenditure programmed in the region of €130 million and financing strategy supports debt capacity to fund up to €200 million acquisition expenditure.