MiliOncology scientistPhiladelphia, USA

Annual Governance Meeting17 December 2019

Agenda

3

1. Welcome and Introductions

2. Chairman’s Report

3. Committee Reports

− Audit & Risk Committee − Remuneration Committee − Corporate Responsibility Committee and Trust − Science Committee

4. Senior Independent Director’s Report

5. Questions

6. Discussion over tea and refreshments

Strictly private and confidential

Board

4

Jonathan SymondsChairman

Emma WalmsleyCEO

Iain MackayCFO

Dr Hal BarronCSO

Vindi BangaSenior Independent Director

Dr Laurie Glimcher Scientific & Medical Expert

Lynn ElsenhansCorporate Responsibility Committee Chair

Judy LewentAudit & Risk Committee Chair & Financial Expert

Urs RohnerRemuneration Committee Chair

Jesse GoodmanScience Committee Chair Scientific & Medical Expert

Dr Vivienne CoxWorkforce Engagement Director

Strictly private and confidential

Board Tenure, Skills & Diversity

5

91%100%

91%82%

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

Global US Europe EMAP

% w

ith e

xper

ienc

e

Geographic Region

I n t e rnat iona l Ex p e r ien ce

0123456789

10

Year

(s) o

f Ser

vice

Tenure in years

55%45%

Pharma Experience

55%45%

Gender Diversity

International Experience

Previous Pharma experience

No previous Pharma experience

Female

Male

Executive Director

Non-Executive Director

Strictly private and confidential

Chairman’s Report

− Why GSK?

− Induction, Shareholder Meetings & Initial Impressions of GSK

− Audit & Risk Committee Succession

− External Board Review

− Board Governance Architecture ahead of Separation

− Update on behalf of the Workforce Engagement Director (WED)

− R&D: Pennsylvania, US− Vaccines: Wavre, Belgium− Consumer Healthcare: New Jersey, US

Jonathan Symonds - Chairman

6Strictly private and confidential

Audit & Risk Committee

– Financial Reporting & Significant Issues

– Effectiveness of our new Auditor & Implications of Audit Reform

– Changes to our Sales Force Incentive Programme

– Performance and Trust Priorities

– Oversight of Transactions:• Tesaro• Consumer Healthcare Joint Venture with Pfizer

– Internal Controls, Risk Management & Enterprise Risks

– Cyber Security

Key aspects of the Committee’s work this year:

7Strictly private and confidential

Remuneration CommitteeKey aspects of the Committee’s work this year:

– 2020 Review of Remuneration policy– Alignment of LTI measures to delivery of Innovation priority

– CEO Remuneration

– Pension arrangements

– Malus & Clawback provisions expanded

– Loss of office payments policy

– Wider workforce pay

8Strictly private and confidential

Corporate Responsibility Committee & Trust

– Sustainable approach to access and affordability

– US pricing

– Science-led, focused global health strategy

– Healthcare Professional (HCP) Engagement and Sales Force Incentives

– Environment

– Modern Employer

– Stakeholder & ESG Insights

Key aspects of the Committee’s work this year:

9Strictly private and confidential

Science Committee

– R&D ‘Science x Technology x Culture’ Update

– R&D Pipeline Update

– Reviews of:– Research– Development: Oncology & Non-Oncology– Vaccines

– R&D Transformation

– Business Development and Strategic Partnerships

Key aspects of the Committee’s work this year:

10Strictly private and confidential

Senior Independent Director’s Report

– Chairman succession process

– Perspectives on Board Dynamics

– Role and contribution of Non Executive Directors

Vindi Banga

11Strictly private and confidential

Questions