23 JUNE 2021

New GSK: new ambitions for patients and shareholders

Cautionary statement regarding forward-looking statements

All outlooks, targets, ambitions and expectations regarding future performance and the dividend should be read together with the section "Basis of preparation, assumptions and cautionary statement" on pages 5-7 of our stock exchange announcement relating to an update to investors dated 23 June 2021 and the "Basis of preparation, assumptions and cautionary statement" and "Reporting definitions" slides at the end of this presentation.

This document contains statements that are, or may be deemed to be, "forward-looking statements". Forward-looking statements give the Group's current expectations or forecasts of future events. An investor can identify these statements by the fact that they do not relate strictly to historical or current facts. They use words such as 'aim, 'ambition', 'anticipate', 'estimate', 'expect', 'intend', 'will', 'project', 'plan', 'believe', 'target' and other words and terms of similar meaning in connection with any discussion of future operating or financial performance. In particular, these include statements relating to future actions, prospective products or product approvals, future performance or results of current and anticipated products, sales efforts, expenses, the outcome of contingencies such as legal proceedings, dividend payments and financial results. Other than in accordance with its legal or regulatory obligations (including under the Market Abuse Regulation, the UK Listing Rules and the Disclosure and Transparency Rules of the Financial Conduct Authority), the Group undertakes no obligation to update any forward- looking statements, whether as a result of new information, future events or otherwise. The reader should, however, consult any additional disclosures that the Group may make in any documents which it publishes and/or files with the SEC. All readers, wherever located, should take note of these disclosures. Accordingly, no assurance can be given that any particular expectation will be met and investors are cautioned not to place undue reliance on the forward- looking statements.

Forward-looking statements are subject to assumptions, inherent risks and uncertainties, many of which relate to factors that are beyond the Group's control or precise estimate. The Group cautions investors that a number of important factors, including those in this document, could cause actual results to differ materially from those expressed or implied in any forward-looking statement. Such factors include, but are not limited to, those discussed under Item 3.D 'Risk Factors' in the Group's Annual Report on Form 20-F for 2020 and any impacts of the COVID-19 pandemic.

Any forward-looking statements made by or on behalf of the Group speak only as of the date they are made and are based upon the knowledge and information available to the Directors on the date of this presentation.

A number of Adjusted measures are used to report the performance of our business, which are non-IFRS measures. Adjusted results, CER and other non-IFRS measures may be considered in addition to, but not as a substitute for or superior to, information presented in accordance with IFRS. These measures are defined and reconciliations to the nearest IFRS measure are available in our first quarter 2021 earnings release and Annual Report on Form 20-F for FY 2020 and in the "Reporting definition" slide at the end of this presentation. GSK provides guidance and outlooks on an Adjusted results basis only, for the reasons set out in the "Reporting definition" slide at the end of this presentation.

2

Agenda

1400-1420

Strategic transformation, outlook and ambitions

Emma Walmsley

1420-1455

Delivering growth: 2021-26 and beyond

Luke Miels, Dr. Hal Barron

1455-1515

Vaccines: Strengthening leadership

Roger Connor, Dr. Hal Barron

1515-1530

Specialty: Reshaping HIV treatment and prevention

Deborah Waterhouse, Dr. Kimberly Smith

1530-1540

Break

1540-1605

Specialty: Maximising high potential medicines

Luke Miels, Dr. Hal Barron

1605-1625

Sustainable growth, competitive returns

Iain Mackay

1625-1630

Closing comments

Emma Walmsley

1630-1730

Q&A

3

STRATEGIC TRANSFORMATION, OUTLOOK AND AMBITIONS

Emma Walmsley

CEO

New GSK: new ambitions for patients and shareholders

More than 5% sales and 10% adjusted operating profit CAGR 2021-26 Progressive dividend policy

Pipeline drives growth through DTG LoE, more than £33bn sales by 2031

Prioritise Vaccines and Specialty Medicines,

maximise scientific opportunities in prevention and treatment

Optimise General Medicines portfolio for profitability and cash

Balance sheet strengthened supporting investment in growth

Operate sustainably with leading ESG performance

Positively impact health of more than 2.5 bn people in next 10 years

All outlooks, targets, ambitions and expectations regarding future performance and the dividend should be read together with the section "Basis of preparation, assumptions and

cautionary statements" on pages 5-7 of our stock exchange announcement relating to an update to investors dated 23 June 2021 and the "Basis of preparation, assumptions and

cautionary statement" and "Reporting definitions" slides at the end of this presentation. All outlook and ambition statements are given on a constant currency basis and use 2021

forecast exchange rates as a base, assuming a continuation of Q1 2021 closing rates. CAGR is for the 5 years to 2026, using 2021 as the base year. Pipeline sales are risk-adjusted

and include anticipated sales of new products and Life Cycle Innovation (LCI) launched from 2021 onwards. Note: COVID therapeutic and vaccine solutions are excluded from the

above.

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DTG dolutegravir; LoE loss of exclusivity

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GSK - GlaxoSmithKline plc published this content on 23 June 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 23 June 2021 16:48:00 UTC.