Holding in Company

Glanbia PLC
10 July 2007





Standard Form TR-1
Voting rights attached to shares- Article 12(1) of directive 2004/109/EC
Financial instruments - Article 11(3) of the Commission Directive 2007/14/EC(i)

1.         Identity of the issuer or the underlying issuer of existing shares to
which voting rights are attached (ii):   Glanbia PLC



2.         Reason for the notification (please tick the appropriate box or
boxes):

(X)     an acquisition or disposal of voting rights

( )      an acquisition or disposal of financial instruments which may result in
the acquisition of shares already issued to which voting rights are attached

( )      an event changing the breakdown of voting rights

3.         Full name of person(s) subject to the notification obligation(iii):

Morgan Stanley Investment Management Limited ('MSIM')

4.         Full name of shareholder(s) (if different from 3.)(iv):

            Various clients for which MSIM has voting authority

5.         Date of the transaction and date on which the threshold is crossed or
reached(v):

            09 July, 2007

6.         Threshold(s) that is/are crossed or reached: < 3%

7.         Notified details:
A) Voting rights attached to shares
Class/type of shares Situation previous to   Resulting situation after the triggering transaction
(if possible using   the Triggering          (vii)
the ISIN CODE)       transaction (vi)
                     Number of   Number of   Number of   Number of voting      % of voting rights
                     Shares      Voting      shares(x)   rights(xi)
                     (viii)      rights(ix)
                                             Direct      Direct     Indirect   Direct     Indirect
                                                         (xii)      (xiii)
Ordinary             9,534,790   9,534,790   7,984,790   7,984,790  0          2.72%      0
IE0000669501
SUBTOTAL A (based on 9,534,790   9,534,790   7,984,790   7,984,790             2.72%
aggregate voting
rights)








B) Financial Instruments
Resulting situation after the triggering transaction(xiv)
Type of financial   Expiration Date    Exercise/Conversion   Number of voting       % of voting rights
instrument          (xv)               Period/ Date(xvi)     rights that may be
                                                             acquired if the
                                                             instrument is
                                                             exercised/converted
n/a                 n/a                n/a                   n/a                    n/a

                                       SUBTOTAL B (in        n/a                    n/a
                                       relation to all
                                       expiration dates)


Total (A+B)                                         number of voting rights    % of voting rights
                                                    7,984,790                  2.72%



8.         Chain of controlled undertakings through which the voting rights and/
or the financial instruments are effectively held, if applicable(xvii):

9.         In case of proxy voting: (name of the proxy holder) will cease to
hold (number) voting rights as of (date).

10.       Additional information:

Done at (place) on (date).

























Notes to Form TR-1

--------------------------


(i)               This form is to be sent to the issuer or underlying issuer and
to be filed with the competent authority.


(ii)               Either the full name of the legal entity or another method
for identifying the issuer or underlying issuer, provided it is reliable and
accurate.


(iii)              This should be the full name of (a) the shareholder; (b) the
natural person or legal entity

acquiring, disposing of or exercising voting rights in the cases provided for in
Article 10 (b) to (h) of Directive 2004/109/EC; (c) all the parties to the
agreement referred to in Article 10 (a) of that Directive, or (d) the holder of
financial instruments entitled to acquire shares already issued to which voting
rights are attached, as appropriate.

In relation to the transactions referred to in points (b) to (h) of Article 10
of that Directive, the following list is provided as indication of the persons
who should be mentioned:

-               in the circumstances foreseen in letter (b) of Article 10 of
that Directive, the natural person or legal entity that acquires the voting
rights and is entitled to exercise them under the agreement and the natural
person or legal entity who is transferring temporarily for consideration the
voting rights;

-               in the circumstances foreseen in letter (c) of Article 10 of
that Directive, the natural person or legal entity holding the collateral,
provided the person or entity controls the voting rights and declares its
intention of exercising them, and natural person or legal entity lodging the
collateral under these conditions;

-               in the circumstances foreseen in letter (d) of Article 10 of
that Directive, the natural person or legal entity who has a life interest in
shares if that person or entity is entitled to exercise the voting rights
attached to the shares and the natural person or legal entity who is disposing
of the voting rights when the life interest is created;

-               in the circumstances foreseen in letter (e) of Article 10 of
that Directive, the controlling natural person or legal entity and, provided it
has a notification duty at an individual level under Article 9, under letters
(a) to (d) of Article 10 of that Directive or under a combination of any of
those situations, the controlled undertaking;

-               in the circumstances foreseen in letter (f) of Article 10 of
that Directive, the deposit taker of the shares, if he can exercise the voting
rights attached to the shares deposited with him at his discretion, and the
depositor of the shares allowing the deposit taker to exercise the voting rights
at his discretion;

-               in the circumstances foreseen in letter (g) of Article 10 of
that Directive, the natural person or legal entity that controls the voting
rights;

-               in the circumstances foreseen in letter (h) of Article 10 of
that Directive, the proxy holder, if he can exercise the voting rights at his
discretion, and the shareholder who has given his proxy to the proxy holder
allowing the latter to exercise the voting rights at his discretion.


(iv)              Applicable in the cases provided for in Article 10 (b) to (h)
of Directive 2004/109/EC. This should be the full name of the shareholder who is
the counterparty to the natural person or legal entity referred to in Article 10
of that Directive unless the holdings of the shareholder would be lower than 5%
of the total number of voting rights.


(v)               The date of the transaction should normally be, in the case of
an on exchange transaction, the

date on which the matching of orders occurs; in the case of an off exchange
transaction, date of the entering into an agreement.

The date on which threshold is crossed should normally be the date on which the
acquisition, disposal or possibility to exercise voting rights takes effect. For
passive crossings, the date when the corporate event took effect.[DEL: :DEL]


(vi)              Please refer to the situation disclosed in the previous
notification. In case the situation

previous to the triggering transaction was below 5%, please state 'below 5%'.


(vii)             If the holding has fallen below the minimum threshold, the
notifying party should not be

 obliged to disclose the extent of the holding, only that the new holding is
below 5%.

For the case provided for in Article 10(a) of Directive 2004/109/EC, there
should be no disclosure of individual holdings per party to the agreement unless
a party individually crosses or reaches an Article 9 threshold. This applies
upon entering into, introducing changes to or terminating an agreement.


(viii)             To be used in Member States where applicable.


(ix)              Direct and indirect.


(x)               To be used in Member States where applicable.


(xi)              In case of combined holdings of shares with voting rights
attached 'direct holding' and voting

rights 'indirect holding', please split the voting rights number and percentage
into the direct and indirect columns - if there is no combined holdings, please
leave the relevant box blank.


(xii)             Voting rights attached to shares held by the notifying party
(Article 9 of Directive 2004/109/EC).


(xiii)             Voting rights held by the notifying party independently of
any holding of shares (Article 10 of Directive 2004/109/EC).


(xiv)             If the holding has fallen below the minimum threshold, the
notifying party should not be

obliged to disclose the extent of the holding, only that the new holding is
below 5%.


(xv)             Date of maturity/expiration of the financial instrument i.e.
the date when right to acquire shares ends.


(xvi)             If the financial instrument has such a period - please specify
this period - for example once

every 3 months starting from (date).


(xvii)            The notification should include the name(s) of the controlled
undertakings through which the

 voting rights are held. The notification should also include the amount of
voting rights and the percentage held by each controlled undertaking, [DEL:i:
DEL]nsofar as individually the controlled undertaking holds 5% or more, and
insofar as the notification by the parent undertaking is intended to cover the
notification obligations of the controlled undertaking.











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