Press Releases

GlaxoSmithKline Appoints ABN AMRO Mellon Global Custodian for its $7.2 Billion Pension Fund

London, October 3, 2005 — ABN AMRO Mellon Global Securities Services B.V. has been appointed by GlaxoSmithKline as global custodian for its $7.2 billion (€ 6 billion) corporate pension fund.

ABN AMRO Mellon will provide global custody and performance measurement services to the fund's assets. In addition, a customized and flexible unitization solution has been provided, which was one of the key factors in GlaxoSmithKline's decision to appoint.

ABN AMRO Mellon had an existing relationship with SmithKline Beecham and held assets in custody that amounted to $881 million (€ 740 million). Following the merger of SmithKline Beecham and Glaxo, the corporate pension fund decided to consolidate its custody assets with a single global custodian.

Commenting on the appointment, Martin Mannion, Pensions Finance Manager at GlaxoSmithKline, said "We were impressed by ABN AMRO Mellon's approach to our business, and their presentation demonstrated an excellent understanding of our requirements across the board. They also had the right chemistry for us — a great team spirit and culture. We look forward to a high-quality service from them."

"GlaxoSmithKline is a true world-class brand and leader in the pharmaceutical industry with a great reputation," said Nadine Chakar, chief executive officer of ABN AMRO Mellon. "We're absolutely delighted to have been appointed their global custodian. This is a significant business win for us in the UK marketplace and also demonstrates the benefits of sharing common ground in our business philosophy, partnership approach and team culture."

ABN AMRO Mellon Global Securities Services B.V. is a 50-50 owned company between ABN AMRO Bank N.V. and Mellon Financial Corporation. It provides global custody and related services to institutions around the world outside North America. The company combines ABN AMRO's worldwide servicing presence with Mellon's advanced technology and product capabilities. Value-added products and services include compliance monitoring, investment accounting, performance measurement and analytics. News and other information about ABN AMRO Mellon Global Securities Services are available at www.abnamromellon.com.