About Gvk

Power About GVK GVK is a diversified business entity with a predominant focus on Infrastructure and Urban Infrastructure projects. It also has a significant presence in the Hospitality, Services and Manufacturing sector. Among the pioneers to envision the India Growth saga, GVK realized the potential needs of a rapidly developing economy, particularly in the area of infrastructure development. One of the challenges facing the fast paced economic development in India is to create world-class infrastructure which will further boost the growth and provide people with a better quality of life. GVK has responded to the challenge by taking a lead in developing projects of national importance in diverse areas ranging from power, airports, and roads. It also consolidated its position of strength in hospitality and manufacturing. Having an asset base of close to Rs. 50 Billion (1,220 Million USD), GVK boasts of prestigious projects on hand worth of about Rs 150 Billion (3,658 Million USD). Backed by the strength of 7,000 professionals with the required capabilities and technical acumen, GVK is surging ahead, building on its achievements and exploring newer avenues for growth.

GVK Power and Infrastructure Limited (GVKPIL) has initiated power projects that will cross over 2000 MW capacity once operational. While Jegurupadu Combined Cycle Power Plant is operational, several ambitious power projects are under development. GVK is developing power projects that are based on coal, gas and hydel resources. The projects are being developed across several States in the country including Andhra Pradesh, Punjab and Uttarakhand

Urban Infrastructure

GVK ONE What makes 'GVK One' the most alluring business destination is its location. Builders would reckon with pride that the location of GVK One is a winner forever. The multitude of attributes of GVK One promise vast potential for brands and retailers to thrive, while metamorphosing the shopping experience in the city. GVK One - Hyderabad's world-class retail scheme - will make the city proud and give shoppers and retailers alike more reasons to smile. The many locational attributes of GVK One indicates the vast potential it holds for brands to thrive. Every little detail at GVK One has been planned keeping in mind the dynamic needs of retailers and shoppers. The trademix is perfect, offering products and services ranging from fashion and food to home needs, leisure and entertainment. Matching international standards for the discerning customer and retailer, it is convenience unlimited, and pleasure multifold, making the venture a sureshot one-stop destination for all. In short, GVK One is a complete mall in every sense of the term, that would make even a New Yorker wince with envy.

Position

Investors GVK has consolidated its infrastructure assets under one company making it an integrated infrastructure player. As part of the consolidation, all the infrastructure assets in Power, Airport, Road, and Mining will now come under one umbrella of GVK Power & Infrastructure Limited (GVKPIL). As a result of this consolidation, Mumbai International Airport Pvt. Ltd. (MIAL) which operates India’s busiest airport, the Chhatrapati Shivaji International Airport in Mumbai and GVK Jaipur Expressway Pvt. Ltd. which operates the six-lane toll road project on the Golden Quadrilateral will come under GVKPIL. The Board of Directors of GVKPIL and the Board of Directors of Bowstring Projects & Investments Private Limited (Bowstring) & the Board of Directors Green Garden Horticulture Private Limited (Green Garden) have approved a proposal for the amalgamation of Bowstring & Green Garden with GVKPIL. Bowstring and Green Garden, both closely held unlisted companies, hold equity stakes in various power and infrastructure projects of GVK. “The consolidation will align all GVK infrastructure companies under one roof thereby enabling GVK to position itself as an integrated infrastructure company to leverage emerging opportunities in this sector. It will also provide better realization of value for our investors" said Mr G. V. Krishna Reddy, Chairman, GVK. The Scheme of Amalgamation approved by the respective Boards envisages a share exchange ratio of 133 (One hundred thirty three) equity shares of the face value of Rs 10/- each of GVKPIL, for every 4 (Four) equity shares of the face value of Rs 10/- each of Bowstring. The Scheme also envisages a share exchange ratio of 153 (One hundred fifty three) equity shares of the face value of Rs 10/- each of GVKPIL, for every 4 (Four) equity shares of the face value of Rs 10/- each of Green Garden. In the aforesaid meeting of the Board of Directors of GVKPIL, the proposal to issue and allot equity shares in GVKPIL to members of GVK Industries Limited (GVKIL), other than GVKPIL itself, in consideration for the transfer of and vesting in GVKPIL of the equity shares held by such members in GVKIL in terms of Scheme of Arrangement under section 391 of the Companies Act was also considered. The proposed Scheme of Arrangement (Scheme) envisages a share exchange ratio of 3 (Three) equity shares of the face value of Rs 10/- each of GVKPIL, for every 40 (Forty) equity shares of the face value of Rs 10/- each of GVKIL. The share exchange ratio approved by the Boards of the respective entities was based on a valuation process incorporating international best practices. The entities had appointed leading accounting firms, Deloitte, Haskins & Sells, and Dalal & Shah to recommend the final share exchange ratio to the Boards of the entities. Amarchand & Mangaldas & Suresh A. Shroff & Co. are the legal counsel for the entire process. The Scheme of amalgamation and arrangement will be subject to various approvals including those of Stock exchanges, shareholders of respective companies, any regulatory authorities. The Scheme of amalgamation will have to be approved by the High Court of Delhi and Scheme of Arrangement will have to be approved by the High Court in Delhi and High Court in Andhra Pradesh. The Appointed Date of merger is proposed to be April 1, 2006. The benefits of the proposed Scheme of Amalgamation and Arrangement are: •

Create an integrated, comprehensive infrastructure company that can cater to all segments of infrastructure and consolidate its position as a leading company in the infrastructure sector thereby creating substantial shareholder value

•

Re-organization of the infrastructure companies within GVK will enable better utilisation of resources and capital and would create a stronger base for future growth of the infrastructure business in general

•

Create large balance sheet size to participate in upcoming infrastructure projects

•

Align interest of all shareholders in a single listed entity and eliminate areas potential conflict of interest and concerns of related party transactions

•

Enable investors, existing shareholders to participate in diverse infrastructure assets

•

Unlock value in operating assets and eliminate the need for multiple listing by group companies

GVK Power & Infrastructure Limited is a listed public company belonging to GVK, engaged in the business of owning, operating and maintaining power plants by itself and through its subsidiary/ associate companies. GVKPIL presently owns 53.96% in GVK Industries Limited which operates the 216 MW Jegurupadu Phase I gas based power plant and the 220 MW Jegurupadu Phase II gas based project which is ready for commercial operations. GVKPIL also owns 44.97% (to be increased to 51% in due course) in Gautami Power (464 MW Gas based power plant) which is ready for commissioning.

The new structure post-reorganisation

The proposed Scheme envisages consolidation of holdings of Bowstring and Green Garden, direct and indirect, in various operating companies into GVKPIL, the flag-ship company of GVK. Specifically, the following interests are proposed to be consolidated as part of the Scheme of Amalgamation. GVK Airport Developers Pvt. Ltd. GVK Airport Developers is the holding company of GVK Airport Holding which holds equity stake in Mumbai International Airport Pvt. Limited. MIAL has entered into Operating Maintaining and Development Agreement

with Airport Authority of India in April 2006 for developing operating and maintaining the Mumbai airport. MIAL has been operating the Mumbai airport with effect from 3rd May 2006. Alaknanda Hydro Power Company Limited Alakananda is developing a 330 MW Hydropower Project in the State of Uttaranchal. Currently, the project is under the construction phase and the company has signed a PPA with the Uttar Pradesh Power Corporation Limited. GVK Power (Goindwal Sahib) Limited Goindwal Sahib is developing a 600 MW coal based Thermal Power Plant at Goindwal Sahib, in Punjab. The Company has initialed the draft Power Purchase Agreement with Punjab State Electricity Board ("PSEB") in December 2006. Goriganga Hydro Power Private Limited Government of Uttaranchal has awarded 200 MW Mapang Bogudiyar and 170 MW Bogudiyar Sirkari Bhyol Hydroelectric Projects on River Goriganga in Pithoragarh District in the State of Uttaranchal. Government of Uttaranchal has agreed for implementation of Single Integrated Project i.e. combining both the above projects as 370 MW Mapang-Sirkari Hydroelectric Project. GVK Jaipur Expressway Private Limited (GJEL) A segment of the Golden Quadrilateral National Highway Development Project of Government of India. GJEL was incorporated for designing, engineering, financing, constructing, operating, maintaining and widening the 90.385 km existing 2 lane project highway to 6 lanes on the Jaipur - Kishangarh section of the National Highway No. 8 in the State of Rajasthan by entering into a concession agreement with NHAI for a period of 20 years including construction period. GVK Coal (Tokisud) Company Private Limited Tokisud was incorporated to undertake coal mining activity. Tokisud will supply its entire output to GVK Power (Goindwal Sahib) Limited for its exclusive consumption.

Share Prices Last One Year GVK Power gains smartly Published on Mon, Apr 20, 2009 at 14:16 , Updated at Mon, Apr 20, 2009 at 14:18 Source : moneycontrol.com Email

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GVK Power & Infrastructure touched an intraday high of Rs 26.65 and an intraday low of Rs 24.90. At 2:11 pm, the share was quoting at Rs 26.45, up Rs 1.65, or 6.65%. It was trading with volumes of 5,391,443 shares. On Friday the share closed down 0.60% or Rs 0.15 at Rs 24.80.

Share Price Movement During The Last 12 Months Period

Pric e

Latest Gain/Lo Price ss (Rs.)

3-Days

27.8 5

26.45

-1.40

-5.03

5-Days

26.8 0

26.45

-0.35

-1.31

7-Days

26.2 0

26.45

0.25

0.95

15-Days

25.0 5

26.45

1.40

5.59

1-Month

19.7 5

26.45

6.70

33.92

3-Month

20.1 5

26.45

6.30

31.27

6-Month

14.3 5

26.45

12.10

84.32

9-Month

30.2 0

26.45

-3.75

-12.42

1-Year

45.0 5

26.45

-18.60

-41.29

% Gain/Loss

Financial Position Profit loss account Mar ' 08 Income:

Mar ' 07

Mar ' 06

Mar ' 05

Operating income

257.49

242.95

188.74

115.47

Material consumed

21.18

19.96

15.28

10.43

Manufacturing expenses

23.12

21.95

18.30

14.95

Personnel expenses

35.19

31.94

27.81

16.45

8.81

8.35

6.90

4.49

45.46

44.32

33.73

23.59

-

-

-

-

Cost of sales

133.77

126.53

102.03

69.90

Operating profit

123.72

116.41

86.71

45.57

0.86

0.73

0.51

0.32

124.58

117.14

87.22

45.89

4.43

4.22

5.18

2.34

11.48

11.22

10.89

6.86

0.92

1.13

0.48

1.26

107.74

100.57

70.66

35.43

Tax charges

37.87

35.80

23.70

13.20

Adjusted PAT

69.87

64.78

46.96

22.23

Non recurring items

0.02

-0.19

-0.81

0.13

Other non cash adjustments

0.53

-0.26

0.09

-0.28

70.42

64.32

46.25

22.09

155.15

119.69

79.66

42.30

20.06

18.81

12.54

5.64

-

-

-

-

3.41

3.20

1.76

0.79

131.68

97.68

65.37

35.87

Mar ' 08

Mar ' 07

Mar ' 06

Mar ' 05

12.54

12.54

12.54

12.54

Share application money

-

-

-

-

Preference share capital

-

-

-

-

220.39

173.44

139.08

107.13

Expenses

Selling expenses Adminstrative expenses Expenses capitalized

Other recurring income Adjusted PBDIT Financial expenses Depreciation Other write offs Adjusted PBT

Reported net profit Earnigs before appropriation Equity dividend Preference dividend Dividend tax Retained earnings

Balance sheet

Sources of funds Owner's fund Equity share capital

Reserves & surplus Loan funds

Secured loans

50.47

68.39

70.63

29.15

Unsecured loans

24.00

5.00

15.20

47.86

307.40

259.38

237.44

196.68

268.61

258.13

254.08

161.03

-

-

-

-

75.86

64.45

60.89

50.12

Net block

192.75

193.68

193.20

110.91

Capital work-in-progress

138.64

76.02

20.74

67.08

-

-

13.96

13.96

Current assets, loans & advances

50.29

61.92

62.75

39.52

Less : current liabilities & provisions

76.10

74.98

57.01

39.84

-25.81

-13.06

5.74

-0.32

1.82

2.73

3.81

5.06

307.40

259.38

237.44

196.68

Book value of unquoted investments

-

-

13.96

13.96

Market value of quoted investments

-

-

-

-

28.98

46.51

17.77

16.75

627.01

627.01

627.01

125.40

Total Uses of funds Fixed assets Gross block Less : revaluation reserve Less : accumulated depreciation

Investments Net current assets

Total net current assets Miscellaneous expenses not written Total Notes:

Contingent liabilities Number of equity sharesoutstanding (Lacs)

News News Gvk Consolidates Its Power, Airports And Road Projects Under Gvk Power & Infrastructure Limited - (28 Jan 2007) Hyderabad, January 28, 2007 – GVK, today announced the consolidation of its infrastructure assets under one company making it an integrated infrastructure player. As part of the consolidation, all the infrastructure assets in Power, Airport, Road, and Mining will now come under one umbrella of GVK Power & Infrastructure Limited (GVKPIL).

As a result of this consolidation, Mumbai International Airport Pvt. Ltd. (MIAL) which operates India’s busiest airport, the Chhatrapati Shivaji International Airport in Mumbai and GVK Jaipur Expressway Pvt. Ltd. which operates the six-lane toll road project on the Golden Quadrilateral will come under GVKPIL. The Board of Directors of GVKPIL and the Board of Directors of Bowstring Projects & Investments Private Limited (Bowstring) & the Board of Directors Green Garden Horticulture Private Limited (Green Garden) in separate meetings held today in Hyderabad considered and approved a proposal for the amalgamation of

Bowstring & Green Garden with GVKPIL. Bowstring and Green Garden, both closely held unlisted companies, hold equity stakes in various power and infrastructure projects of GVK. “The consolidation will align all GVK infrastructure companies under one roof thereby enabling GVK to position itself as an integrated infrastructure company to leverage emerging opportunities in this sector. It will also provide better realization of value for our investors.” said Mr. G.V. Krishna Reddy, Chairman, GVK. The Scheme of Amalgamation approved by the respective Boards envisages a share exchange ratio of 133 (One hundred thirty three) equity shares of the face value of Rs.10/- each of GVKPIL, for every 4 (Four) equity shares of the face value of Rs.10/- each of Bowstring. The Scheme also envisages a share exchange ratio of 153 (One hundred fifty three) equity shares of the face value of Rs.10/- each of GVKPIL, for every 4 (Four) equity shares of the face value of Rs.10/- each of Green Garden. In the aforesaid meeting of the Board of Directors of GVKPIL, the proposal to issue and allot equity shares in GVKPIL to members of GVK Industries Limited (GVKIL), other than GVKPIL itself, in consideration for the transfer of and vesting in GVKPIL of the equity shares held by such members in GVKIL in terms of Scheme of Arrangement under section 391 of the Companies Act was also considered. The proposed Scheme of Arrangement (Scheme) envisages a share exchange ratio of 3 (Three) equity shares of the face value of Rs.10/- each of GVKPIL, for every 40 (Forty) equity shares of the face value of Rs.10/- each of GVKIL. The share exchange ratio approved by the Boards of the respective entities was based on a valuation process incorporating international best practices. The entities had appointed leading accounting firms, Deloitte, Haskins & Sells, and Dalal & Shah to recommend the final share exchange ratio to the Boards of the entities. Amarchand & Mangaldas & Suresh A. Shroff & Co. are the legal counsel for the entire process. The Scheme of amalgamation and arrangement will be subject to various approvals including those of Stock exchanges, shareholders of respective companies, any regulatory authorities. The Scheme of amalgamation will have to be approved by the High Court of Delhi and Scheme of Arrangement will have to be approved by the High Court in Delhi and High Court in Andhra Pradesh. The Appointed Date of merger is proposed to be April 1, 2006. The benefits of the proposed Scheme of Amalgamation and Arrangement are: Create an integrated, comprehensive infrastructure company that can cater to all segments of infrastructure and consolidate its position as a leading company in the infrastructure sector thereby creating substantial shareholder value. Re-organization of the infrastructure companies within GVK will enable better utilisation of resources and capital and would create a stronger base for future growth of the infrastructure business in general. Create large balance sheet size to participate in upcoming infrastructure projects. Align interest of all shareholders in a single listed entity and eliminate areas potential conflict of interest and concerns of related party transactions Enable investors, existing shareholders to participate in diverse infrastructure assets Unlock value in operating assets and eliminate the need for multiple listing by group companies. GVK Power & Infrastructure Limited is a listed public company belonging to GVK, engaged in the business of owning, operating, and maintaining power plants by itself and through its subsidiary/associate companies. GVKPIL presently owns 53.96% in GVK Industries Limited which operates the 216 MW Jegurupadu Phase I gas based power plant and the 220 MW Jegurupadu Phase II gas based project which is ready for

commercial operations. GVKPIL also owns 44.97% (to be increased to 51% in due course) in Gautami Power (464 MW Gas based power plant) which is ready for commissioning. About GVK GVK is amongst India's largest infrastructure developers with experience and expertise spanning areas including hospitality, manufacturing, power, roads, airports and urban infrastructure. Until date GVK has invested over Rs. 5,000 crore in its various business and has on hand projects in the pipeline of over Rs. 12,000 crore. The new structure post-reorganisation The proposed Scheme envisages consolidation of holdings of Bowstring and Green Garden, direct and indirect, in various operating companies into GVKPIL, the flag-ship company of GVK. Specifically, the following interests are proposed to be consolidated as part of the Scheme of Amalgamation: GVK Airport Developers Pvt. Ltd.: GVK Airport Developers is the holding company of GVK Airport Holding which holds equity stake in Mumbai International Airport Pvt. Limited. MIAL has entered into Operating Maintaining and Development Agreement with Airport Authority of India in April 2006 for developing operating and maintaining the Mumbai airport. MIAL has been operating the Mumbai airport with effect from 3rd May 2006 Alaknanda Hydro Power Company Limited: Alakananda is developing a 330 MW Hydropower Project in the State of Uttaranchal. Currently, the project is under the construction phase and the company has signed a PPA with the Uttar Pradesh Power Corporation Limited. GVK Power (Goindwal Sahib) Limited: Goindwal Sahib is developing a 600 MW coal based Thermal Power Plant at Goindwal Sahib, in Punjab. The Company has initialed the draft Power Purchase Agreement with Punjab State Electricity Board (“PSEB”) in December 2006. Goriganga Hydro Power Private Limited: Government of Uttaranchal has awarded 200 MW Mapang Bogudiyar and 170 MW Bogudiyar Sirkari Bhyol Hydroelectric Projects on River Goriganga in Pithoragarh District in the State of Uttaranchal. Government of Uttaranchal has agreed for implementation of Single Integrated Project i.e. combining both the above projects as 370 MW Mapang-Sirkari Hydroelectric Project. GVK Jaipur Expressway Private Limited (GJEL): A segment of the Golden Quadrilateral National Highway Development Project of Government of India. GJEL was incorporated for designing, engineering, financing, constructing, operating, maintaining and widening the 90.385 km existing 2 lane project highway to 6 lanes on the Jaipur - Kishangarh section of the National Highway No. 8 in the State of Rajasthan by entering into a concession agreement with NHAI for a period of 20 years including construction period. GVK Coal (Tokisud) Company Private Limited: Tokisud was incorporated to undertake coal mining activity. Tokisud will supply its entire output to GVK Power (Goindwal Sahib) Limited for its exclusive consumption.

Dividend Policy

Merger of Glaxo Wellcome and SmithKline Beecham The Boards of Glaxo Wellcome plc and SmithKline Beecham plc announced on 17th January 2000 that they had agreed the terms of a proposed merger of equals of the two companies, subject to shareholder approval and regulatory clearance. Based on the relative stock market valuations of Glaxo Wellcome and SmithKline Beecham in the months preceding the announcement of the merger, shareholders of Glaxo Wellcome would hold approximately 58.75 per cent and shareholders of SmithKline Beecham approximately 41.25 per cent of the combined group. Following shareholder approvals, and clearance from regulatory authorities, the merger became effective on 27th December 2000. The merger was implemented by way of a scheme of arrangement. A new holding company, GlaxoSmithKline plc, acquired Glaxo Wellcome and SmithKline Beecham. In accordance with the agreed merger terms, shareholders of Glaxo Wellcome and SmithKline Beecham received, in exchange for their existing shares, shares in GlaxoSmithKline as follows: for each Glaxo Wellcome ordinary share – 1 GlaxoSmithKline ordinary share for each SmithKline Beecham ordinary share – 0.4552 GlaxoSmithKline ordinary shares. In the case of shares held as American Depositary Shares (ADSs), evidenced by American Depositary Receipts (ADRs), each Glaxo Wellcome ADS represented two Glaxo Wellcome ordinary shares and each SmithKline Beecham ADS represented five SmithKline Beecham ordinary shares. Each GlaxoSmithKline ADS represents two GlaxoSmithKline ordinary shares. Accordingly holders of Glaxo Wellcome ADRs and holders of SmithKline Beecham ADRs received: for each Glaxo Wellcome ADS – 1 GlaxoSmithKline ADS for each SmithKline Beecham ADS – 1.138 GlaxoSmithKline ADSs GlaxoSmithKline shares commenced trading on the London Stock Exchange and GlaxoSmithKline ADSs commenced trading on the New York Stock Exchange on 27th December 2000. Taxation As a general guide to shareholders, GlaxoSmithKline has received advice that the merger should not have any direct effect on the tax position of UK resident shareholders or US resident shareholders. Further information is contained in the Scheme Document issued to shareholders on 5th July 2000. General information concerning the UK and US tax effects of share ownership is set out in ‘Taxation information for shareholders’. Shareholders who are in any doubt about their taxation position should consult their own professional advisers. Dividends – Glaxo Wellcome and SmithKline Beecham Dividends 2000 Both Glaxo Wellcome and SmithKline Beecham announced dividends in respect of the year 2000 prior to the effective date of the merger on 27th December 2000.

Glaxo Wellcome

Interim Second interim

20 00 pe nc e

1 5 2

Final

Total dividend per Glaxo Wellcome share

3 -

3 8

The equivalent dividend per GlaxoSmithKline share is the same as the dividend per Glaxo Wellcome share. The record date for the second interim dividend was 22nd December 2000 in relation to Glaxo Wellcome shares and 26th December 2000 in relation to Glaxo Wellcome ADSs. The second interim dividend will be paid on 17th April 2001 to shareholders of Glaxo Wellcome at the record date and on 27th April 2001 to ADR holders of Glaxo Wellcome at the record date.

SmithKline Beecham

First interim Second interim Third interim Fourth interim

20 00 pe nc e

3. 0 0 3. 0 0 3. 0 0 4. 5 0

Total dividend per SmithKline Beecham share

1 3. 5 0

Total equivalent dividend per GSK share

2 9. 6 6

The record date for the fourth interim dividend was 22nd December 2000 in relation to SmithKline Beecham shares and 26th December 2000 in relation to SmithKline Beecham ADSs. The fourth interim dividend will be paid on 17th April 2001 to shareholders and ADR holders of SmithKline Beecham at the record date. Dividends (ADSs) As a guide to holders of ADRs, the tables below set out the dividends paid per ADS in US dollars in the last five years. The dividends are adjusted for UK tax credit less withholding tax, where applicable, and are translated into US dollars at applicable exchange rates. Since 6th April 1999, claims for refunds of tax credits or dividends from the UK tax authorities are of negligible benefit to US shareholders.

Year

2000 1999 1998 1997 1996

Glaxo Wellcome $

SmithKline Beecham

1.10 1.14 1.19 1.17 1.16

Dividends – GlaxoSmithKline GlaxoSmithKline’s dividend policy was set out in the merger documents issued to shareholders during 2000. GlaxoSmithKline will initially pay dividends in line with Glaxo Wellcome’s 2000 dividend of 38 pence per Glaxo Wellcome share, which is equivalent to 38 pence per GlaxoSmithKline share. Subsequently, assuming earnings continue to grow, GlaxoSmithKline will at least maintain an annual dividend of 38 pence per share, whilst building dividend cover (the ratio between distributable profits and dividends) towards the industry average, which is closer to SmithKline Beecham’s recent payout ratio of 40-50 per cent than to Glaxo Wellcome’s higher payout ratio. GlaxoSmithKline will pay dividends quarterly. It is expected that GlaxoSmithKline will normally follow the pattern established by SmithKline Beecham of a level dividend for each of the first three quarters, with a higher dividend in the fourth quarter. Dividend Calendar First quarter 2001

Results Announcement Ex-dividend date Record date

24th April 2001 2nd May 2001 4th May 2001

Payable

5th July 2001

Second quarter 2001

24th July 2001 1st August 2001 3rd August 2001 4th October 2001

Results Announcement Ex-dividend date Record date Payable

Third quarter 2001

23rd October 2001 31st October 2001 2nd November 2001 3rd January 2002

Results Announcement Ex-dividend date Record date Payable

Fourth quarter 2001

Results Announcement

14th February 2002

Share price Share price 2000

GSK(£)

GW(£)

SB(£)

At 1st January 2000 High during the year Low during the year At 26th December 2000 At 31st December 2000

18.90

17.50 21.10 14.40 18.42 -

7.90 9.55 6.71 8.33 -

Increase/(decrease) over year

5%

5%

Following the announcement of the merger between Glaxo Wellcome and SmithKline Beecham in January 2000, the share prices of the two separate companies tracked closely together during 2000. Over the period from 1st January 2000 to 26th December 2000, the day before the merger was completed, both the Glaxo Wellcome share price and the SmithKline Beecham share price increased by five per cent. Whereas over the year to 31st December 2000, the FTSE 100 index declined ten per cent. The expected positive benefits of the merger and the strong operating performances from both companies during the year helped Glaxo Wellcome and SmithKline Beecham to achieve an improved share price performance relative to the UK stock market. In addition, investor sentiment shifted away from technology sectors towards more defensive sectors such as pharmaceuticals during 2000. Shares in GlaxoSmithKline started trading on 27th December 2000. Between 27th December 2000 and 15th March 2001 the share price decreased by two per cent to £18.00. This compares to a decline in the FTSE 100 index of six per cent. Market capitalisation The market capitalisation of GlaxoSmithKline at 31st December 2000 was £117 billion. At that date GlaxoSmithKline was the third largest company by market capitalisation on the FTSE index. 10 year share price performance

Figures from 31st December 1990 to 31st December 2000 Over the 10 years from 31st December 1990 to 26th December 2000: • the Glaxo Wellcome share price increased from £4.24 to £18.42, an increase of 334 per cent • the SmithKline Beecham share price increased from £1.55 to £8.33, an increase of 437 per cent Over the 10 years from 31st December 1990 to 31st December 2000: • the FTSE 100 Index increased from 2143 to 6222, an increase of 190 per cent