AGM Statement

Glanbia PLC
20 May 2003


AGM Statement by John Moloney, Group Managing Director, Glanbia plc

Mr John Moloney, Group Managing Director, Glanbia plc, gave a review of
performance for shareholders at the Company's Annual General Meeting, held in
Kilkenny today, 20 May 2003.

In his outlook, Mr Moloney stated that, based on current trading conditions,
Glanbia believes that full year performance will be in line with expectations.

Trading conditions continue to be particularly tough in international dairy
markets where a strengthening euro has offset the benefits of some recovery in
prices. Currency fluctuations will be an important factor going forward.


ENDS

20 May 2003

Enquiries to:

Michael Patten, Group Director of Communications, Glanbia plc
Tel: [phone] (w) or [phone] (m)


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