Edgar Filing: AMERSHAM PLC

RULE 425

Filed by General Electric Company
Pursuant to Rule 425 under the Securities Act of 1933
and deemed filed pursuant to Rule 14d-2
of the Securities Exchange Act of 1934

Subject Company: Amersham plc
Commission File No.: 1-14710

Extract from presentation made by General Electric Company on October 29, 2003 at 12:00 pm EST

GE Investor Meeting Keith S. Sherin October 29, 2003 and changes in Forward-looking These statements are based on management’s Neither GE nor Amersham undertakes Among the factors that could cause actual results to differ successfully combine the businesses of GE Medical Systems and Amersham and filings with the SEC. This presentation contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. statements may be identified by words such as “expects”, “anticipates”,”intends”, “plans”, “believes”, “seeks”, “estimates”, “will” or words of similar meaning and include, but are not limited to, statements about the expected future business and financial performance of GE resulting from and following the Acquisition. current expectations and are inherently subject to uncertainties circumstances. materially from those described in the forward-looking statements are factors relating to satisfaction of the Pre-Conditions and the Conditions, GE’s ability to to realize expected operating synergies from the Acquisition, and changes in global, political, economic, business, competitive, market and regulatory forces. More detailed information about certain of these factors is contained in GE’s and Amersham’s any obligation to update the forward-looking statements to reflect actual results, or any change in events, conditions, assumptions or other factors.

Amersham Finance 2003 Track Activities on Universal; Return Commercial Quarter NBC & Operations GE – Low Fourth Double-Digit … 2004 Initiatives Growth, Services Consumer for ~45% Businesses Low Growing Up Entering Growth Transforming Guidance on China in from Financial Engines… Earnings Ratesin High-Growth GE Capitalat Businesses Run Progress Strong Progress in Growth Earnings 10/13 Reported Solid Is Bigger Freeing Look GE Great Update Reaffirm Excellent Continued Detailed GE GE is Delivering GE earnings or earnings per share for any This forward looking statement relating to the financial performance of GE has not been prepared or verified to the standards required by the UK City Code on Takeovers and Mergers, including its requirements for reports by auditors and financial advisors. The contents of this communication are not intended to mean thatperiod will necessarily exceed those of any prior year.”

GE in China Selling in/to China Creates Real Sustainable Value Demand Drivers 2500 Planes 30 GW/Yr. “In 15 Years SARS Awareness 2X Power Addition– 500– Improve Healthcare– Olympics Build Infrastructure– Robust Consumer Demand Foreign Investment Market Fits GE GE Is Winning Sourcing is Meaningful … Benefits Substantial Focus Cost 30% Below U.S.Electronics and Machining Tech Center Accelerates Capability Savings Are Substantial Transforming Consumer & Industrial Products– Capable of Mid-Tech Products Developing Local Supplier Base China Is an Important Market for GE

NBC Universal NBC & VUE Proforma Margin Profit Sales/Fees 2003 Operating Operating Ad 22% ~$3B 50/50 Deal Summary ~14x EBITDA Multiple in-line with Comps… Improved With Synergies 80 / 20 MergerVU Achieves Debt Reduction Objectives GE Issues Common Shares (~125mm) + 20% Interest in NBC FMV Exits for VUE from ‘06 ($3B+/yr)~75% Cost-related on $11B Cost Base ~25% Revenue-related Accretive to GE EPS & Cash in Yr 2 Impacts GE ROTC by -1 pts…Steady Improvement Post-closing Attractive Valuation Funding $400-$500MM Synergies Returns Creative Structure Revenue Mix Valuable & Profitable Media Enterprise Content

GE Healthcare Technologies GE Medical & Amersham andBio-Sciences (Amersham)(closed 10/’03) Diagnostic Pharma Healthcare IT, including Instrumentarium Diagnostic Imaging Equipment and Services 2003 Margin Profit Growth FY 1H Operating Operating LTMDouble-Digit 17.5% $2.1B Solid High Margin Fast Growth Good Strategic & Financial Combination Opens Huge Market Deal Summary800p per Amersham Share… ~$9.5B EBIT Multiple In-line with Comps… Improved With Synergies GE Issues Common Shares (~313.5MM) Exchange Ratio Protections 2/3 Cost-related Accretive to GE EPS & Cash in Yr Slight Dilution to GE ROTC …Steady Improvement Post-closing Valuation Funding $400-500MM Synergy Benefits Returns

Equity Valuation –Amersham Deal Premium in Line with Comps Historical Trading Range

GE Portfolio Transformation Industrial Technology & Services Strong Technology Base Great Service Models Multiple Ways to Grow Global Scale & Breadth Capital Efficient Huge Markets Commercial/Consumer Finance Consistent Growth Strong Risk Mgt Strong Origination Global Scale High Returns Huge Markets Building Growth with Customer Initiatives Services, Flow are Large Financial Growth A in Technology, and Triple Cash We a Consistent Returns Growth Technology, Globalization, Efficient Strong GE High Solid The Leadership Markets Building Services owerhouse Strong Capital Creating a Stronger, Faster Growth, More Valuable Company

Creating GE Healthcare Technologies GE Medical Systems Joe HoganCEO – October 29, 2003 Litigation Among the factors that could cause actual More detailed information about Neither GE nor Amersham This presentation contains “forward-looking statements” within the meaning of the Private Securities Forward-looking statements may be identified by words such as “expects”, These statements are based on management’s current expectations and are filings with the SEC. Reform Act of 1995. “anticipates”,”intends”, “plans”, “believes”, “seeks”, “estimates”, “will” or words of similar meaning and include, but are not limited to, statements about the expected future business and financial performance of GE resulting from and following the Acquisition. inherently subject to uncertainties and changes in circumstances. results to differ materially from those described in the forward-looking statements are factors relating to satisfaction of the Pre-Conditions and the Conditions, GE’s ability to successfully combine the businesses of GE Medical Systems and Amersham and to realize expected operating synergies from the Acquisition, and changes in global, political, economic, business, competitive, market and regulatory forces. certain of these factors is contained in GE’s and Amersham’s undertakes any obligation to update the forward-looking statements to reflect actual results, or any change in events, conditions, assumptions or other factors.

GE in Healthcare GE Healthcare Technologies GEMS + Amersham GEMS Modalities Products Services IT Monitoring New New New Healthcare Patient Globalization Multiple Acquisitions Strong Growth Track Record… Demonstrated Technology Platform “Build-Out” Capability

GE Medical Systems and Amersham… … Creating GE Healthcare Technologies $13 BillionHigh Tech,High Growth, High Margin Business Biosciences + IT Clinical + Pharma for a New Chapter in Diagnostic Medicine Diagnostic + Imaging Positions GE … the Development of Molecular Imaging & Personalized Medicine Makes GE Stronger a Group of Technology & Service-Driven Healthcare Businesses With Combined ‘03 Pro-forma Revenue of $13B … Technologies Enabling Customers to Treat & Monitor Disease at Each Phase the Addressable Customer Base Providing New Distribution Channels Financially for Investors… Accretive by Year 2 ~$500MM of Potential Annual Margin Benefits from Synergies by Year 3 GE Financial Flexibility Creates Accelerates Expands Performs Enhances The foregoing statements as to financial accretion are not intended to mean that General Electric earnings or earnings per share for any period will necessarily exceed those of any prior year.

Amersham Products & Technologies For Disease Diagnosis and Molecular Medicine … Vision for Personalized Medicine CAGR: 12% Sales ‘03E: $1.6B Contrast Agents and Radiopharmaceuticals to Enhance Imaging of Anatomy, Organs, Tissue and Cells, and Molecular Activity Platform Complementary Diagnostic Pharma CAGR: 8% Sales ‘03E: $1.1B Reagents and : Tools /Reagents Systems Separations: Purification Systems For Bio-pharmaceuticals Used in Drug Discovery & Dev’t ProteinDiscovery Platform Growth Life Sciences New 5 -10% ~$20B Financial Summary Industry Size: Industry Growth: Average Analyst Estimates E = Source: $ 1.66 CAGR = 2000 to 2003

GE Healthcare Technologies Tomorrow… Productivity $1.6B ~12% Imaging Pharma ‘03E: Diagnostic Diagnostic Targeted Agents Sales CAGR: Focus Complementary Platform Accelerate Molecular Imaging Exciting New Platform Tools for Disease Research and Drug Discovery / Development / Production $13 BillionHigh Tech,High Growth, High Margin Business Innovation Productivity $5.6B ~10% Imaging Imaging DiagnosticImaging ‘03E: Technology Clinical Globalization Evolution Sales CAGR: Molecular Anatomical Focus ROI $2.7B ~6% Services Hospital ‘03E: Productivity Maintenance Partnership Whole Performance Sales CAGR: Evolution Hospital Focus Workflow Filmless, $2.0B ~30% Systems InformationTechnology Physician Paperless, Wireless ‘03E: IT PACS Evolution Sales CAGR: Clinical Focus Dev’t Med. Drug Molecular $1.1B ~8% Medicine Sciences Effective Diagnostics ‘03E: Proteins Development More In-vivo Enabling Sales CAGR: Evolution Drug Life Molecular Focus its requirements for reports by auditors and financial advisers. 5 E = This forward looking statement relating to the financial performance of GE has not been prepared or verified to the standards required by the UK City Code on Takeovers and Mergers, including Average Analyst Estimates Source for Diagnostic Pharma & Life Sciences: $ 1.66 CAGR = 2000 to 2003;

Medical Imaging Roadmap Imaging: (Tissue ‘80s Anatomical CT Imaging Visualization) Mainstream X-Ray-basedAnatomicalXR, UltrasoundEmerging MR ‘90s Mainstream CT, MR, US Anatomical Imaging Digital Xray Emerging Functional Imaging MR, PET MR Spectroscopy (Characterization) ‘00s Mainstream Anatomical Positioning (Registration) of Functional Imaging: PET/CT, MR Emerging Anatomical Registration of Molecular Imaging Molecular Therapeutics, Diagnostics & DI Next Molecular Imaging + Molecular Therapeutics + Emerging Image-guided Gene Mainstream Molecular Diagnostics Therapy The Future: Evaluating Disease at Molecular Level 6

Imaging 1980’s Bet on MR Historical Perspective – … Allow Minimally Invasive Treatment “Imaging of Heart, Vessels, etc. Soft Tissue Visualization Tissue Characterization… Spectroscopy Eliminate Exploratory Surgery and Surgical Biopsy Initial R&D From ‘81 to ‘84 Fast Gradients & Multi-Channel RFDynamic New 3T Systems Introduced Original MRI Technology Objective GE First To Market … 1.5T In ‘84 • Innovation Drives Market Expansion MR Equipment Market ($MM) Application Breadth Today Carotids Functional MRI 3D Brain BrainTractography Cervical Spine Cardiac Abdominal Prostate Spectroscopy Ankle Knee Right Bet In 1981… Great Global GE Business Today Source: NEMA, Frost & Sullivan, Company Estimates

1990’s Bet on PET Imaging Historical Perspective – Image metabolism Early detection and staging of cancers 2D/3D/4D Imaging… Continuum Optimized Design… Sensitivity/ QuantificationHeart disease, neurology Real-time image gating… cancer & cardiac Fused PET/MR brain scans Original PET Technology Objective GE Early Leader…First to Market with PET/CT in ‘00 Innovation Drives Market Expansion PET Market ($MM) (includes PET / CT) Breadth Application Oncology Brain Radiation Treatment Planning Cardiac Agents/Tracers Imaging tracerAlzheimer’s Targeted Alzheimer’slabeledEarlyPlaques to F-18See Moving Right Bet In 1990’s… Fastest Growing Imaging Modality Source: NEMA, Frost & Sullivan, Company Estimates

Today Diagnostic Agent Basics -- Structural Organ Vascular Placement, Ultrasound and of and Stent Imaging Structures Cardiac ID, MR, Anatomical Visualization and Tumor etc. X-Ray/CT, Enhance Detail Improve Movement Applications: Disease Anatomy, Anatomical and Metabolism MR Function Cardiac PET, Organ Imaging of Oncology, Function, Medicine, Imaging Activity Organ Nuclear Enable Cellular Applications: Imaging, “Functional” Digital Vascular Xray with Contrast Agent Identifying Physical Tumor MR – PET with FDG Imaging AgentIdentifying Tumor Activity

Cancer Therapy Functional Imaging – Standard CT Anatomic Evaluation Baseline 3 Months PET –FDG Metabolic Evaluation 7 Days 24 Hours Baseline Tumor Shrinkage Observed After Months Days Decrease Tumor Observed Within Activity New Imaging Provides the Basis for Better Patient Outcomes

Molecular Imaging Diagnostic Agent Basics – Molecular Imaging = Chemistry + Imaging Biological Her-2 Gene Expression Synthesis DNA Physio-Chemical Prostate CancerChemical Signature New Molecular “Targets”… Cell Surface ReceptorsAntigensGene ExpressionProteins Enzymatic ActivityChemical Comp.Metabolism Oxygenation Disease Target Targeting Agent Payload Science or Challenges Identification Agents “Flares” Diagnostic & ImagingBombs” and New Analysis Targeting –”Smart Opportunity Target Novel Payloads Therapy Require Huge Development Protein & Gene Sciences Shaping the Future… BioPharma … Clear Synergy / Alignment with

The Molecular Medicine Approach Discover The Basis of Disease Employ High Tech Imaging Diagnose & Treat Biomarker Targets Identified from studies of the Human Genome & Proteome The Blueprint of the Disease resolution imagers 3T MR Add Targeted Chemistry Selectively Binds to Protein / Gene and Amplifies its Signal + Imaging Technology Using high-sensitivity, high- PET PET -CT Diagnosing In-Vivo & Monitoring Therapy Effectiveness

Traditional Anatomical Contrast Agents Functional Diagnostic Agents Novel Molecular Diagnostic Agents X-Ray/CT Ultrasound Radiopharmaceutical MRI PET Targeted PET Anatomy Function Perfusion Viability Metabolism Well Positioned Player in a High Growth Segment 13

High Margin, High Growth Segment Bracco, Tyco, Bristol Hospitals, Imaging Centers, Schering, Excellent Product Offering Robust New Product PipelineSuperior Product Performance Results in High Margins 100% “Flow” Business … Recurring Revenues –GPOs, Research/Universities Competitors Customers Myers, Guerbet, and many others Imaging Agents and Novel Molecular Targets ~10% ~$5B Financial Summary Industry Size: Industry Growth: 12% CAGR Average Analyst Estimates E = Source: $ 1.66

Biopharmaceuticals Industry Growing Rapidly Innovation fuels growth
Amersham Biosciences Sells to Big Pharma, Biotech, & Academia

Life Science Customers Segments Pharmaceutical 40% Government / Academia 40%Biotechnology 20% Companies by R&D Spending Pharma Top Driven by NIH Funding Top Biotech Companies by R&D Spending Much More “ Discovery Effort and More BioPharmaceutical Production Synergy in Next Generation & Drug Development Gene and Protein Sciences Product / Technology InnovationProcess / Six Sigma Services / IT / FinancingGlobalizationJust Like our Customers in Great Channel for New Imaging Equipment and IT Growth Trend to Personalized Medicine Imaging … Identify Disease Targets and New Imaging & Therapy Agents GE Capabilities Can Help Life Sciences Customers…-- Other Targeted Industries Exciting New Customer Segments

Amersham Participates in All Phases of the Process Drug Development Process Research &Discovery Development & Clinical TrialsCommercial & Manufacturing • CAGRNew Pharma Annually Global +11% • … Investigational Filings ~$25B Spend 400+ Drug • • CAGR… • &Trials Trials Dev’t +12% on … Clinical Spend Trials Total Protein-Based ~$40B Clinical 2,300 300+ • • Approved 50%/yr Drugs Manufacturing Growing New Annually Protein Capacity 30 • Amersham Sales to Pharmaceutical Customer Base…
New Channel Opportunity for GE Imaging Equipment …
Average Analyst Estimates E = Source: $/£=1.66

Synergy in Next Generation of Imaging and Drug Development • “Targets”… • Receptors ActivityComp. Molecular Surface Expression Metabolism Oxygenation CellAntigensGeneProteinsEnzymaticChemical New • Disease Target Targeting Agent Result Payload New Diagnostic Science New Imaging Agents New Diagnostic Imaging Protocols / Procedures New In-Vitro Diagnostics New Therapeutics New Imaging Procedures to Verify Therapy Effectiveness More Pure Proteins for Agent and Drug Production … of • Discovery: & • Quantities R&D • Analysis Scanners Tools Large Drug Need…Identification Protein Tools Expertise Imaging Produce for Disease and Development To Proteins Gene Identification Partner Molecular Drug Ability Pure • Customers For • • Result After Identification • for of and Development: Targeting Delivery Drugs Candidates Capability Quantities Testing Potential Drug Large Drug Drug Identify Efficiency: Technology for to Therapeutic Screen Analyze Safety Imaging Produce For / Trial To Therapeutic to to Advanced InformationProteins Instruments Agents Tools ToolsToxicity Clinical - - Ability Pure Manufacturing For •

A New Biomarker for Detection of Heart Disease -- Cardiac Applications LOX 1 Stroke or heart attack Rupture/ Thrombosis Occlusive AS Plaque
“Vulnerable” Plaque Clinically Silent Fatty Streak Normal • Surface Plaques Agent Cell • Early LOX1 to of Targeting • Sites Only 19 at New Bind •
Up Go Designing to Levels Molecules • LOX1

Enabling Molecular Medicine • in Production) • Drug • Margins + • for (Lab • High Business • Reagents Offering Base Manufacturing Delivers Flow Installed and Systems and and Product Separations Unit Discovery Value-add Separations OP • Protein30+% 26,000 • InstrumentsDiscovery Excellent ! ! High Protein ! Instruments ! • Agilent, Biotechs, Waters, Applied Bio, Research Labs,–Invitrogen, Millipore, and many others – Pharmaceuticals… Where GEMS Is Going CompetitorsElmer, Customers Perkin
Average Analyst Estimates E = Source: $/£= 1.66 CAGR = 2000 to 2003 5 -10% ~$15B Financial Summary Industry Size: Industry Growth: 8% CAGR 14% CAGR

Significant Cost and Revenue Synergies ($100-200 Margin Benefit) New Customers
Broader Geographic Coverage Accelerated Product Introduction Expanded Services
Penetration Sourcing General & Administrative Global Infrastructure Manufacturing
Efficiency Speed to Market $300 Million Synergy Benefit in Year 1from Combined Operations $200 -

GE Healthcare Technologies CAGR12% Revenue ($MM) ~18% (LTM 1H 2003) ~18% Capital Efficient High Margin Fast GrowthOp Profit Capabilitie PACS and Clinical ITMolecular, Functional, Anatomical Genetics and Proteomics Drug Discovery Instruments Protein Separations Cutting Edge Diagnostic Imaging Technology Across Modalities Healthcare Information Technology Solutions – Contrast and Imaging Agent Offerings and Expertise $ Key Life Sciences Technologies $ $ $ Broad Services Provider Global Distribution Capability Commitment to Technology Innovation A Winning Combination $/£= 1.66

sscheme of If General These any securities to be issued pursuant to the furnish the acquisition document to the SEC relating to the offer with the SEC. Holders of Amersham securities who are US and from General Electric. information about the public reference room, call responsible is in accordance with the facts and If and when General Electric commences its acquisition for Amersham securities and the exemption provided by Section 3(a)(10) thereof and Amersham will If and when General Electric and General Electric Investments commence their acquisition for Amersham securities and the acquisition is implemented by way of an offer rather than a arrangement, General Electric will file a registration statement Electric files a registration statement with the SEC, it will contain a prospectus and other documents relating to the Holders of Amersham securities should also read the related Such prospectus and any other relevant documents filed by General Electric and Amersham with the web site at www.sec.gov For further The foregoing does not constitute an offer for sale of any securities or an offer or an invitation to purchase any such securities. acquisition is implemented by way of a UK scheme of arrangement, scheme of arrangement will not be registered under the Securities Act of 1933 but will be issued in reliance on the under cover of a Form 6-K. offer. Such prospectus and other documents will contain important information about General Electric, General Electric Investments, Amersham, the offer and related matters. persons or who are located in the United States are urged to read such prospectus (if any) and other documents that would form part of such registration statement if and when it becomes available before they make any decision with respect to the offer. solicitation/recommendation statement on Schedule 14D-9 that will be filed with the SEC by Amersham relating to the offer. SEC will be available free of charge at the SEC’s documents will also be available for inspection and copying at the public reference room maintained by the SEC at 450 Fifth Street, N.W., Washington, D.C. 20549, US. the SEC at +1 800 732 0330. The directors of GE accept responsibility for the information contained in this communication. To the best of the knowledge and belief of the directors of GE (who have taken all reasonable care to ensure that such is the case), the information contained in the announcement for which they are does not omit anything likely to affect the import of such information.

Litigation Among the factors that could cause actual More detailed information about Neither GE nor Amersham This presentation contains "forward-looking statements" within the meaning of the Private Securities Forward-looking statements may be identified by words such as "expects", These statements are based on management's current expectations and are filings with the SEC. Life Sciences Tools Industry Background October 2003 Reform Act of 1995. "anticipates","intends", "plans", "believes", "seeks", "estimates", "will" or words of similar meaning and include, but are not limited to, statements about the expected future business and financial performance of GE resulting from and following the Acquisition. inherently subject to uncertainties and changes in circumstances. results to differ materially from those described in the forward-looking statements are factors relating to satisfaction of the Pre-Conditions and the Conditions, GE’s ability to successfully combine the businesses of GE Medical Systems and Amersham and to realize expected operating synergies from the Acquisition, and changes in global, political, economic, business, competitive, market and regulatory forces. certain of these factors is contained in GE’s and Amersham’s undertakes any obligation to update the forward-looking statements to reflect actual results, or any change in events, conditions, assumptions or other factors.

and the acquisition is implemented by way of the scheme of arrangement will not be registered under will securities who are U.S. Amersham and the acquisition is implemented by way of an offer rather than a scheme of arrangement, GE securities should also read the related solicitation/recommendation statement relating to the offer. Such prospectus and any other with the SEC will be available free of charge at the SEC’s web site at and from GE. These documents will also be available for inspection and copying at the public reference room care to ensure that such is the case), the information in accordance with the facts and does not omit anything The foregoing does not constitute an offer for sale of any securities or an offer or an invitation to purchase any such securities. If and when GE commences its proposed acquisition of a scheme of arrangement, any securities to be issued pursuant to the Securities Act but will be issued in reliance on the exemption provided by Section 3(a)(10) thereof, and Amersham furnish the acquisition document to the SEC under cover of a Form 6-K. If and when GE commences its proposed acquisition of Amersham will file a registration statement relating to the offer with the SEC. If GE files a registration statement with the SEC, it will contain a prospectus and other documents relating to the offer. Such prospectus and other documents will contain important information about GE, Amersham, the offer and related matters. Holders of Amersham persons or who are located in the United States are urged to read such prospectus (if any) and other documents that would form part of such registration statement if and when it becomes available before they make any decision with respect to the offer. Holders of Amersham on Schedule 14D-9 that will be filed with the SEC by Amersham relevant documents filed by GE and Amersham www.sec.gov maintained by the SEC at 450 Fifth Street, N.W., Washington, D.C. 20549, US. For further information about the public reference room, call the SEC at +1 800 732 0330. The directors of GE accept responsibility for the information contained in this presentation. To the best of the knowledge and belief of the directors of GE (who have taken all reasonable contained in this presentation for which they are responsible is likely to affect the import of such information. The contents of this presentation are not intended to mean that General Electric earnings or earnings per share for any period will necessarily exceed those of any prior year.

Process Overview Challenges Development and Overview Dynamics and Offerings Biosciences Tools Segments Players Discovery Technologies Science Industry Key Key Drug Key Amersham Amersham Life 9 9 9 9 Key
9 9 9

Enabling Molecular Medicine Instruments and Reagents for Drug Discovery and Manufacturing in Production) Margins + High Business (Lab Offering Base Delivers Flow Installed Product Separations Systems and Value-add Separations OP Unit Protein Discovery 30+% 26,000 Excellent 9 9 High Protein 9 Instruments 9 Research Labs, Biotechs, Waters, Applied Bio, Agilent, –– Pharmaceuticals, Government Competitors Perkin Elmer, Invitrogen, Millipore, and others Customers Exciting New Platform … Great Business Today & Strategic Homerun 5 5 -10% ~$15B Financial Summary Industry Size: Industry Growth: 14% CAGR Protein Separation Discovery Systems $1.1 2003E 11% (LTM 1H FY 2003) 8% CAGR $0.9 2000 10% Sales ($B) OP%

& & Commercial Manufacturing Commercial Manufacturing -- +++ • Manufacturing Year Protein per • Approved 50% Drugs Growing New 30 Annually Capacity Clinicals + + Development & Trials & Clinical Discovery Research +++ + … Trials & Clinical & CAGR Development Development +12% • … Trials Clinical Total 2,300 • Equipment Imaging GE Process Trials for on Development Spend Protein-Based Opportunity ~$40B 300+ Drug 2003E Revenue $0.6B $0.5B Channel & & New ($B) Discovery Systems Protein Separations Discovery Research … Pharma CAGR Annually +11% Global … Filings ~$25B Spend Drug Process Development of Drug Phases Base… … All Customer Healthcare in In Pharmaceutical Segment Participates Investigational to Largest Sales Into New Systems 400+ Reagents Entry 35% 65% Amersham Amersham 6

Systems ion Expression Protein Screening Product Sequencing, Analysis, Analysis, Protein Separations and Technologies Discovery Genotyping, Lab Amersham Manufacturing Key Biopharma • Large-Scale & Scale-Up • for Drugs Cells. Safety Potential Living i.e. on Screen Impact Toxicology, • for Candidates Drug Function…How? Analyze • Understand - Analysis DNA • Proteins ? Companies Production Why - Pure for Proteomics Separations of & Disease… Analysis Disease Bio-pharma More of and Genomics Basis Protein Understand Bio-Assays Production and Quantities R&D… & cial Large Drug Clinicals er anuf’g Drug Process Research M Researchers Need for Development Discovery Development & Comm & 200 160 120 80 40 0 2006e Nov-02 2005e 2004e Grow To Ways of Lots with May-02 2003e 2002 Well-Positioned Nov-01 2001 May-01 2000 1999 ticals (lm) ticals sales ed u harmaceu Nov-00 v 1998 Development 1997 May-00 appro in 1996 of 1995 Bio-p Nov-99 Bioprocess No biopharmace 1994 0 0 0 0 0 0 55 50 45 40 35 30 1993 1992 7 # by Bio-Pharma Driven Offerings & Sciences Life Amersham of for Growth Demand Rapid Development in

Life Science Tools Overview

Studies Tools Biotech Drug nd & for Analytical Science Studies Discovery a Medicine for Development Enabling Life Biological Pharmaceuticals/ Drug Reagents Provide Technologies Development Molecular and $15B Industry estimates GE $11B and Instruments $26B SDI Source: Tools Testing Food Industrial / Environmental Agricultural Medicine Personalized and Molecular Enabling … Tools: Applications Sciences Industrial Petrochemical • Life 9

$15B $7.1 $8.3 2003E efforts / Funding Tools Dynamics Rates $6.4 $7.8 2002 estimates $5.7 $7.3 2001 GE Sequencing Sequencing Development and Defense Growth SDI Drug $4.9 $6.8 2000 Bank, Genomics, Funding NIH Proteomics Protein Homeland Industry $4.2 $6.2 1999 Deutsche ’03E • • • Industry – CAGR Tools ’98 9% $9B $3.6 $5.5 1998 Source: Proteomics-Based Historic Drivers: Current Drivers: to Reagents Instruments Science in & Life Use for 40% Genomics-Based Development Process Reagents 46% Pharmaceutical Reagents from 20% and Segments Customers Biotechnology Discovery, Manufacturing / Shifted Drug Instruments 54% Academia 40% Instruments the Government Growth 10

of include: Challeng number certain New Development era, companies with Manufacturing genome time patients and failure for Challenges development drug utility Overcome New post-human exploded pharmaceutical targets drug of with the has for drugs of new the Discovery Development advent discovered challenges Validating Reducing prediction of makeup Pharma the Faster Rescue genetic and With targets Current • • • Drug 9 9 in Research Biotech Help Challenges & Discovery Industry targets Reagents Target Global Key Bottlenecks the Phase the few in on and Historical Focused Historically Pharmaceutical built Discovery was 9 9 truments 11

Players Sciences Life Major Tecan Elmer, • Waters Shimadzu, Thermo, Toledo, Qiagen, Mettler Invitrogen, Coulter, Bruker, Beckman Rad, Agilent, • Perkin Coulter, Sequenom Beckman Qiagen, Dickinson, Elmer, Becton Perkin , Orchid, Amersham • Bio-Dickinson, Becton Bio, Applied , Amersham Waters Agilent, Thermo, • others Techne Waters, Aldrich, Millipore, Sigma Qiagen, Bio-Rad, , Perbio, Amersham Invitrogen, • Invitrogen, Bio, Applied , Amersham Agilent, , Affymetrix • Bio-Rad, Dickinson, Becton , Amersham Bio, Applied • Varian Thermo, … Shimadzu, Segment by Elmer, Equipment Players Spectroscopy Perkin Proteomics Bioassays Separations Bruker, Lab Selected Genomics Protein Molecular General Reagents 9 9 9 9 9 9 9 $1.7 $1.2 $1.0 $1.0 $1.0 $0.9 $0.7 $0.6 $0.6 $0.6 $0.6 $0.5 $0.5 $0.4 $0.3 $0.3 $0.3 by Companies * Research Only ($B) Analyst Sciences Science Electron Coulter Reports, Life Revenue Bio Elmer Dickinson Toledo Aldrich from Life Annual Top 2002 Applied Thermo Amersham Shimadzu Perkin Waters Millipore Invitrogen Becton Mettler Beckman Agilent Varian Bio-Rad Affymetrix Sigma Qiagen Revenues 12 Source: *

Reports SEC Deutsche Bank Source: Reports Source: SEC hetWy yLill 2004E Source: i lE 2003 SMB emy kc 2002 zn rMe eG s i no rtav 2001 irh No C JJ& 2000 neg ($B) eh oBi cRo 1999 Life Science Customers tisven miun A 1998 ell iM necaeZ hce 1997 tn KGS tras en R&D Spending A eG 1996 ne izer f gm 2002 8 6 4 2 0 P NIH Funding ($B) 30 25 20 15 10 5 0 2002 R&D Spending ($B) 1 0 A 0.5 Top Pharmaceutical Companies by R&D Spending Driven by NIH Funding Top Biotech Companies by R&D Spending Life Science Customer Segments … Pharmaceutical 40% Government / Academia 40% Biotechnology 20% 13

to Tools R&D Isolate Factors in Reagents & Proteins and Studies Reagents Consumables DNA/RNA Media 7-13% Utilized Immunoassays Analyze and Protein Segment And and Manufacturing Biology: and & RNA Culture Sera Reagents: Expression Reagents Drug Cloning Proteins Electhrophores Cultures: Animal Protein $7B CAGR: Sciences Manipulation Separate, DNA, Tissue Growth/Attachment Functional Consumables And Molecular - - - -Cell - - - Protein - Life Reagents • • • Instrumentation Reagents 46% … Segment Tools by 2003E Revenue Sciences Instruments 54% Life Used Liquid of for Equipment Scientific Spectrometry Microarrays Microarrays Sequencers Throughput Instruments Analysis: Performance Segment 4-8% Instrumentation End Instruments $8B CAGR: Mass DNA Protein DNA High Screening Routine High Chromatography Categories High Advanced Discovery: - - - - - - Productivity for - • • Two 14

6-9% manufacturing AAGR Manufacturing Separations $1.5B 10-15% Manufacturing Biopharmaceutical Size $2.0B 3-5% 9 Protein AAGR Purification Biopharmaceutical Size AAGR Offerings Protein and • $3.0B Amersham optimization Studies Size Development 9-12% 3-5% Lead Pre-Clinical Clinical $2.0B 9 9 Bioassays Size AAGR AAGR Toxicology Drugs New Create to Screening Process Drug $1.0B The Discovery Size Lead $2.5B 10-15% Identification 9 Proteomics Size AAGR and Equipment Research Analysis Laboratory Protein & Spectroscopy General Discovery $3.0B 9-12% Analysis Genomics Size AAGR Molecular SNP • Sequencing Systems Management Information estimates GE and /Laboratory SDI Discovery Validation Expression Bank, Deutsche Target Target Gene Bioinformatics 9 9 Segments... Source: Process... Key The The 15

in 9 the of for of number 9 used Trials Manufacturing Protein Separations Process manufacturing Biopharmaceuticals Growing approved Biopharmaceuticals and Biopharmaceuticals Clinical Liquid Chromatography Reagents Development • • 9 • trials Development clinical 9 identify human to drug to meet enter need in drugs to growth to Throughput Bioassays Experiments potential suitable Pharmaceutical companies increase productivity discovery revenue targets High Screening Reagents • 9 • 9 • Proteins in protein 9 Proteomics of function of Electrophoresis Spectroscopy Study gene terms activity Protein-protein interactions Gel Mass Reagents • • • • • and Discovery Drug Enabling understand to Research Need Technologies & 9 9 Discovery 9 Key Genomics function variation Reagents • of gene genetic to Genes of of Analysis Sequencing Microarrays Offerings Study Sequencing organisms understand DNA DNA • • • • Amersham Drivers Key Definition Business Technologies 9 16

Offerings Key Amersham

Offerings & Biopharmaceutical Manufacturing Separations Purification TM tm Manufacturing tm 9 tm Sepharose Protein Protein Scale-up AKTA Biopharmaceutical manufacturing Chromaflow Source Amersham • and Studies Key optimization tm tm Development Lead Pre-Clinical Clinical tm Analyzer Labels 9 9 tm Bioassays LEADseeker Biotrak Cell Cytostar-T Toxicology IN Custom • Screening Drug Discovery tm Lead Identification tm DIGE 9 Proteomics and ETTAN 2D Typhoon tm Scierra System: Management Information Research Analysis Protein & Laboratory Discovery Validation tm tm tm tm tm Discovery Target Target Genomics Genephor tm tm Analysis 9 9 MegaBACE TempliPhi CodeLink Lucidea CyeDye SNP CodeLink • Expression Amersham Sequencing Gene • Source:

, a Separations TM Development Manufacturing Protein TM System MegaBACE Development Bioassays Amersham Offers MegaBACE Fluorescence-based DNA Analysis Proteomics Key Technologies Enabling Drug Discovery and Discovery & Research has has shifted to genomes. Genomics DNA Sequencing DNA Sequencers are used in first step of Systems that break apart a sample of cause the tagged nucleotides to fluoresce. sequence of nucleotides is established After, the completion of the Human drug discovery to determine the sequence of nucleotides in a given sample of DNA DNA, tag each of its nucleotides with a different color and uses a laser beam to The colors are optically scanned and a Genome Project studies of “companion” DNA Sequencers Demand Has Shifted from Human Genome Project 9 9 9 19

Manufacturing Protein Separations TM , DNA Microarrays for Analysis CodeLink Development Bioassays Amersham Offers TM Gene Expression and SNP CodeLink Proteomics Key Technologies Enabling Drug Discovery and Discovery & Research Microarrays are Glass wafers Target clinical trials to stratify Genomics complementary sequences studies for DNA DNA Microarrays coded with of Genes. DNA Probes bind to their complements in a given biological sample through a technique known as hybridization Used primarily in Gene Expression and Genotyping Identification and Target Validation Can be also used for Toxicology Studies, during patient groups , and for diagnosis and Prognosis…Have the potential to be used for Pharmacogenomics 9 9 9 20

2D and TM Manufacturing Protein Separations TM Integrated Systems for Ettan TM, Protein Expression Analysis Development Bioassays Amersham Offers Ettan DIGE Key Technologies Enabling Drug Discovery and Discovery & Research Proteomics Gel Electrophoresis Genomics Gel Electrophoresis is Technology used to performed Protein Expression analysis. Proteins are separated on a gel by their charge and size, and appear as spots on The gel is then digested with an further analysis using an instruments such as a Mass Spectrometers Gel Electrophoresis systems can offer one- and two-dimensional separation, with the latter providing more detailed analysis as proteins are separated horizontally and vertically across the gel Core Technology to Perform Protein Expression Analysis the gel. enzyme and the proteins are isolated for 9 9 9 21

MALDI- Manufacturing Protein Separations TM MALDI-TOF Offers Ettan Also Has a Strategic Segment TM Development Bioassays TOF, an Integrated Platform for Amersham Alliance With Thermo in This Ettan Amersham Protein Analysis and Identification … Key Technologies Enabling Drug Discovery and Discovery & Research Proteomics Mass Spectrometry to identify Genomics Mass Spectrometers are used and quantify analytes through measuring the molecule mass to charge ratio A sample is converted into positively or negatively charged particles that then proceeds into a mass analyzer, where using a magnetic field the particles are separated based on mass Useful technology for quantification of compounds and for determining chemical and structural information Premier methodology for Protein characterization Mass Spectrometry Is Leading Technology for Protein Studies 22 9 9 9 9

a Proje , TM Manufacturing Protein Separations and Radioactive Chemistries TM LEADseeker Development Bioassays High Throughput Screening Amersham Offers LEADseeker Multi-Modality System for Screening Assays Using Fluorescent, Chemiluminescent Key Technologies Enabling Drug Discovery and Discovery & Research Proteomics a test assay, to identify Genomics High Throughput Screening technology includes the use of liquid handling and sample preparation products and detection systems to screen hundreds of thousands of compounds for biological activity against potential drug candidates. Demand is driven by the products of the Human Genome Project , which has yielded a multitude of targets against which to screen compounds. 9 9 igh Throughput Screening Driven by Products of the Human Genome 23

, a Separations TM Manufacturing Manufacturing Protein TM Liquid Chromatography Amersham Offers AKTA Purification and Separation AKTA Development Bioassays Chromatography Platform for Product Key Technologies Enabling Drug Discovery and Discovery & Research Proteomics The target Genomics Liquid Chromatography systems are be isolated together with a number of column packed with resins. bind to these resins and are detached in turn when buffers are passed down the used to separate bio-molecules according to their hydrophobic/ hydrophilic properties A solution containing the bio-molecule to other contaminants is poured down a bio-molecules and some contaminants column 24 9 9 quid Chromatography Is A Key Technology for BioPharma

and and : Reagents Reagents / Expression preparation Business Development Protein Separations Reagents Biosciences Sequencing Reagents: Analysis Labelling Discovery Manufacturing from Based Protein sample DNA Protein DNA : TM DIGE: : Drug Amersham Consumables TM Fluorescent Derived Systems 2D Stand-Alone BioSciences of TM Advance: Development 65% MegaBACE Genotyping Ettan Analysis ECL TempliPhi CyDye: Enabling Bioassays Reagents Revenue Amersham • Amersham • • • Amersham’s the Used of Proteomics Reagents chemical the Research and Research uncover genes for Majority Technologies & and scientists to on Used proteins both Proteins by and in Consumables: Key biological function Reagents: Used identification of Discovery experiments of Biology: genes Genomics Reagents are consumed and Types of Culture: Bioproduction separation, Represent Molecular studies Cell and Chromatography for characterization Reagents materials performing sequence Three • • • 9 9 Reagents 25

Purity and Isolation and Purification of Proteins on Small Scale (Laboratory) and Large Scale (Bioprocess) Most Commonly Used Techniques Are Chromatography & Cross-Flow Filtration Needed for Production Active Drug Substances in a Highly Pure Form and in High Yields Very Strict FDA Regulation for the Manufacturing of Biopharmaceuticals … FDA Focus on Identity, Potency FDA Requires Bio-Equivalence to be Demonstrated Between Clinical Trial Process and Commercialized Products Critical for Protein Separations Suppliers To Get Into Drug Development Process Early Spotlight on Protein Separations 9 9 9 9 9 9 Reagents & Source: UBS Warburg Instruments … attractive classes of Process the most Centrifugation and/or filtration Chromatography: Capture target protein, wash away majority of contaminants Chemical/heat/filtration Removing any particles by filtration Adsorption of contaminants by chromatography Final chromatography step to remove contaminants very similar to the product Purification “Biopharmaceuticals, or protein-based drugs, represent therapeutic compounds in the market … generating over $24B in revenue in 2002, an increase of 34% over 2001 … with more than 400 Protein drugs in development “ Fermenter Cell Harvesting Capture Virus Clearance Ultrafiltration Removal Polishing ein Separations … Key Technology for Manufacture Biopharmaceuticals Protein tein Separations Enables Production of Pure Protein-Based Drugs at High Yields