Q3 2020 Sales Performance

Path to separation gsk Enhances financial flexibility and investment capacity Presents a clear pathway forward for GSK Creates a new leading biopharma company and New leading Consumer Healthcare company Each with a balance sheet and capital structure appropriate to its requirements New consumer health care company Targeting investment grade balance sheet Leverage of 3.5-4.0x net debt/Adjusted EBITDA at point of separation Target payout ratio in the range of 30-50% of Adjusted earnings 77

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