Glanbia plcAnnual Report 2011Financial statementswww.glanbia.com38. Events after the reporting periodThere were no significant events, outside the ordinary course of business, affecting the Group since 31 December 2011.The USD 10.0 million loan to Southwest Cheese Company, LLC is due on 31 July 2012. The GBP 4.8 million loan toNutricima Limited is due on 30 April 2012. It is expected both loans will roll over on the repayment dates.2011Company?'0002011Group?'0002010Company?'0002010Group?'000Loans receivableAt the beginning of the year- 13,060- 33,718Foreign exchange difference on opening balance- 415- 2,384Loans advanced--- 3,742Loans repaid---(26,784)At the end of the year- 13,475- 13,060Interest on loans receivableAt the beginning of the year- 392- 391Foreign exchange difference on opening balance- 13- 30Interest charged- 542- 1,229Interest received-(841)-(1,258)At the end of the year- 106- 392Total loans and interest receivable at the end of the year- 13,581- 13,452(e) Loans to joint ventures

Glanbia plcAnnual Report 2011Financial statementswww.glanbia.comIncorporated and operating inPrincipal place of businessPrincipal activitiesGroup interest %IrelandGlanbia Foods Ireland LimitedBallyragget, Co. Kilkenny andCitywest, Dublin 24Dairying, liquid milk, consumerfood products and general trading100.00Glanbia Consumer Foods LimitedInch, Co. Wexford andKilkennyFresh dairy products and soups100.00Glanbia Farm Fresh Dairy ProductsLimitedCitywest, Dublin 24Fresh dairy products100.00Glanbia Ingredients (Ballyragget)LimitedBallyragget, Co. KilkennyMilk products100.00Glanbia Ingredients (Virginia) LimitedVirginia, Co. CavanMilk products100.00Glanbia Nutritionals (Ireland) LimitedKilkennyNutritional products100.00Glanbia Nutritionals (Europe) LimitedKilkennyNutritional products100.00Glanbia Nutritionals (Research)LimitedKilkennyResearch and development100.00Glanbia Feeds LimitedEnniscorthy, Co. Wexford andPortlaoise, Co. LaoisManufacture of animal feedproducts100.00Glanbia Estates LimitedKilkennyProperty and land dealing100.00Avonmore Proteins LimitedKilkennyFinancing100.00Glanbia Financial ServicesKilkennyFinancing100.00Glanbia Investments (Ireland) LimitedKilkennyInvestment company100.00GlassonbyKilkennyHolding company100.00Waterford Foods plcKilkennyHolding company100.00Grassland Fertilisers (Kilkenny) LimitedPalmerstown, Co. KilkennyFertilisers73.00D. Walsh & Sons LimitedPalmerstown, Co. KilkennyGrain and fertilisers60.00United StatesGlanbia, Inc.DelawareHolding company100.00Glanbia Foods, Inc.Twin Falls, IdahoMilk products100.00Optimum Nutrition, Inc.Illinois, South Carolina, FloridaSports nutrition products100.00Bio-Engineered Supplements andNutrition, Inc.Boca Raton, FloridaSports nutrition products100.00Glanbia Nutritionals (NA), Inc.Carlsbad, CaliforniaNutrient delivery systems100.00Glanbia Nutritionals, Inc.Madison, WisconsinNutritional distribution100.00Glanbia Ingredients, Inc.Madison, WisconsinDairy products distribution100.00Britain and Northern IrelandGlanbia (UK) LimitedVictoria Square, BirminghamHolding company100.00Glanbia Holdings LimitedVictoria Square, BirminghamHolding company100.00Glanbia Investments (UK) LimitedVictoria Square, BirminghamHolding company100.00Optimum Nutrition EMEA LimitedLondon, EnglandSports nutrition products100.00Glanbia Nutritionals (UK) LimitedMiddlesbroughSports nutrition products100.00Glanbia Foods (NI) LimitedPortadown, Co. ArmaghConsumer food products100.00Glanbia Feedstuffs LimitedVictoria Square, BirminghamSupply of animal feeds100.0039. Principal subsidiary and associated undertakings(a) Subsidiaries