EFTA01457558

11 May 2015 Pharmaceuticals GlazeSmithKline Model umlated:08 May 2016 fit:emote the niontmr. Europe United Kingdom Pharmaceuticals GlaxaSmithltline Rowers GSK .L Hold Price (7 May IS) larval Price 52 Week range Markol Cap (ml Bloomberg: GSK IN GBP L447.00 GBP 1,640.00 GBP 1.324.00 - 1.643.50 G9Pm 69,962 USDni 106.350 GSK is • Meder in the global pherrnacoutscats industry It has steam market gnomons in presenption drugs. vecciihn end consume N•Ith products I PI on Phrlerninnce 1950 1800 1650 1500 1350 1200 Me 12 Nov12 May 13 Nov13 Mey 14 Nov '4 w. Cierefaule• — n1f • co MCC illobsucil Fhlrun Ttoree 50 SO 40 30 20 10 12 13 14 15E 165 17E —ix-4RM mhos 72O owth & 11:hltlabiL ly 10 t 5 0 i .5 -10 -15 12 13 14 15E ~WI Mon 200 . ffi ill • 163 . 100 so 0 16E 175 lain ~sin gm% ~Mtn. 12 13 tit 155 10E 175 natter Na retwatertry amt. Pert Leine tree. din) Page 7 Fecal year end 31.13e4 numeid! Sono rdri 2012 2013 2014 2015E 2016E 2017E 08 EPS 100P) 109 84 108 46 94.23 77 37 93.79 94.23 Reported EPS (GBP) 80.18 MSS 60 .00 194 04 68.10 72.79 OPS (GBP) 74130 7800 8000 10000 8000 80.00 8VP5 (GBPI 120.2 146.0 88.6 186 1 161.6 152.4 Weighted average shares Inn 4,912 4,831 4,808 4,835 4,819 4,824 Average manet cap (GBPm) 69.929 78,859 73.387 69.982 69,962 69.962 Eneegne nips (GWN 84.274 89.940 87.951 81.177 131.504 81.146 •tuttLt.n PIE (DB) Is) 13.0 15.0 18.2 18.7 16.7 15.4 PÆ (Reported) (10 15.8 22.5 28.9 75 249 19.9 Me (4) 11.11 1103 15.53 7.77 885 9.49 FCF YAW (h) 5.7 7.4 5.2 1.7 6.5 7.6 Dividend Yield RAI 5.2 4.9 5.2 69 5.5 5.5 5WSirles (x) 32 35 38 33 3.2 3.1 EV/58170A (x) 10.1 12.8 15.6 56 122 10.7 EV/581T N 11.5 15.7 24.5 65 17.1 14.2 Insxmot Siatitmeni (GI3Pmi Sales revenue 26.41 25.602 23.005 24.402 25.313 20.105 Gems prOht 18,506 17,491 15.683 15.533 10550 17,044 EEIRDA 8.385 7,131 5.623 14.485 5894 7.617 Deprecohon 461 802 1.283 1.309 1,303 1.300 Amortisahon 624 813 743 61718 629 584 EBR 7.300 6.716 3.597 12.490 4.782 5.733 Net interest I ncorne(erOms•) -729 -898 -659 -621 .477 .473 AssocateslatIetnre 29 43 30 7 -3 -3 Exceptionelsiberaordinenes 0 0 0 0 0 0 Other pre lax income/response, o 0 0 843 0 0 Profit helix* tax 6.600 5.061 2,968 12.720 4.282 5.256 Income tax *keens* 1.922 1,284 137 2.763 785 955 ~one« 179 192 75 474 665 749 Other post-tax incomedIexpensel 0 0 0 0 0 0 Net profit 4.499 3.485 2,758 9,492 2,832 3,552 08 trdjuStnientS (inCludeng diluteon) 971 1.752 1.828 -5.707 1.399 1.046 08 Net profit rCash riow (GBPm) 5.470 5.237 4.58‘ 3.785 4.232 4.599 Cash flow trom *Demons 4.375 7.222 5.178 2.685 5.792 6.557 Net Capex -396 -1.619 -1.382 -1,483 -1.277 -1.274 Frc cash flow 3.879 5.703 3.794 1,202 4,515 5.283 &Kitty rened/tboeght heal -2,116 -919 -71 158 158 158 Dividends paid -3.9B5 -3,918 -4,048 -5,031 -4,083 -4,098 Nat ercildaci in toirowings 0 0 0 0 0 0 Other invilltingemenCIN Cab 'lows 423 459 878 7.279 -477 -473 Net cash flow -1.899 1,325 -1,203 3.6041 113 889 Change in wanting escitsl 397 46 -91 -172 -752 -740 Sheet (GE.Pin) Cash end other liquid ants 4.184 5.534 4.338 4.338 4.338 4.338 Tergitre fixed assets 8.770 8,872 9.052 10.026 10.000 9,974 Goodwillentanghle assets 14,520 13,488 12,044 12.578 11.950 11.366 ASSOC ieteshnves Unto ts 709 544 555 555 556 555 Other masts 13,292 13.848 14.662 14,885 15.219 15.511 T016 wan 41,481 42,080 40.651 42.382 42.062 41.743 theme bearing debt 18.302 18,245 18.784 15,176 15,063 14,195 Other habrtehee 16,442 18,029 16,931 17.308 17/337 18,312 Total hatilrtres 34,744 34,274 35,715 32,484 32,901 32.506 Shareholders' equity 6.800 6.997 4.283 8.886 7.790 7.355 Minorities 937 815 873 932 1.371 1.882 Toth thaNholOws' egurty 6.737 7.812 4.938 9.898 9.161 9.237 Nat eh& rKey Company Mon to 14118 72711 14446 10.838 14725 9,857 S4M growth 04) -3.5 -3.1 -10.1 8.1 3.7 3.1 08 EPS growth 1951 -2.8 -2.9 -11.5 -179 12.2 9.6 EBRDA Margin pit 31.7 27.9 24.4 593 28.4 29.2 EDIT Ma-gin (M) 27.8 22.3 15.6 51.2 18.8 22.0 Payout ratio (741 80.8 108.1 1393 609 136.1 108.8 ROE (14) 65.1 54.5 48.0 143 6 33.8 469 Capnitehe 5.8 8.8 7.6 8.1 5.0 49 Capexklegnmetion Iq 1.4 1.2 OA 0.8 0.7 0.7 Net dathoratr (114 2098 162.7 292.7 1095 117.1 106.7 Net Intefrat cover (x) 100 8.2 5.4 20.1 10.0 12.1 ~OP' Company de* Deutiche Sant, anima's Deutsche Bank AG/London CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) CONFIDENTIAL DB-SDNY-0117152 SDNY_GM_00263336 EFTA01457558