GSK

Business Context and Reporting Period

This Form 6-K filing by GlaxoSmithKline plc covers the period ending March 20, 2003. The report focuses exclusively on changes in directors' interests in the company's Ordinary Shares, specifically detailing transactions involving employee benefit trusts.

Key Financial Metrics

The filing text does not provide a clear value for revenue, profit, cash flow, margins, debt, or liquidity. The document contains no consolidated financial statements or operational performance metrics.

Material Changes and Transactions

The filing details specific share transactions executed by two employee benefit trusts during mid-March 2003:

• SmithKline Beecham Employee Benefit Trust:
  • Transferred 67,369 Ordinary shares to participants of the 1991 Share Option Plan.
  • Transferred 6,232 Ordinary shares to a participant in the UK Bonus Investment Plan.
  • Sold a total of 21,978 Ordinary shares between March 10 and March 14 at prices ranging from £10.09 to £11.08 per share.
• GlaxoSmithKline Employee Trust (GSK Trust):
  • Sold 5,148 Ordinary shares on March 17 at £10.93 per share.
  • Transferred 14,163 Ordinary shares on behalf of participants in the Glaxo Wellcome 1999 Long Term Incentive Plan.

Management Commentary and Risks

The filing notes that both trusts are discretionary funds where all employees or former employees are potential beneficiaries. Consequently, Directors Dr. J.P. Garnier and Mr. J.D. Coombe hold an interest in the shares held by these trusts in the same manner as other employees. No other risks, contingencies, or forward-looking guidance are provided in this specific report.

Investor Verification Checklist

• Verify the total number of shares sold by the trusts versus shares transferred to employees to assess net dilution or buyback activity.
• Confirm the specific share prices (£10.09 - £11.08) against market trading data for the corresponding dates in March 2003.
• Review the full annual report (Form 20-F) for comprehensive financial performance data, as this 6-K is limited to director interest disclosures.