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2011 Do more, feel better, live longer Annual Report for shareholders
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Our Board 78 Our Corporate Executive Team 80 Governance and policy 84 Share capital and control 95 Committee reports 97 US law and regulation 104 Total remuneration for 2011 108 Remuneration policy for 2012 110 Directors’ emoluments and total remuneration 124 Directors and Senior Management 133 + Notice regarding limitations on Director Liability under English Law Under the UK Companies Act 2006, a safe harbour limits the liability of Directors in respect of statements in and omissions from the Report of the Directors contained on pages 1–133 which includes the Business review on pages 1 to 77. Under English law the Directors would be liable to the company, but not to any third party, if the Report of the Directors contains errors as a result of recklessness or knowing misstatement or dishonest concealment of a material fact, but would not otherwise be liable. Report of the Directors Pages 1–133 inclusive comprise the Report of the Directors that has been drawn up and presented in accordance with and in reliance upon English company law and the liabilities of the Directors in connection with that report shall be subject to the limitations and restrictions provided by such law. Website GlaxoSmithKline’s website www.gsk.com gives additional information on the Group. Notwithstanding the references we make in this Annual Report to GlaxoSmithKline’s website, none of the information made available on the website constitutes part of this Annual Report or shall be deemed to be incorporated by reference herein. Cautionary statement regarding forward-looking statements The Group’s reports filed with or furnished to the US Securities and Exchange Commission (SEC), including this document and written information released, or oral statements made, to the public in the future by or on behalf of the Group, may contain 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 ‘anticipate’, ‘estimate’, ‘expect’, ‘intend’, ‘will’, ‘project’, ‘plan’, ‘believe’ 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, and financial results. The Group undertakes no obligation to update any forward- looking statements, whether as a result of new information, future events or otherwise. Forward-looking statements involve inherent risks and uncertainties. The Group cautions investors that a number of important factors, including those in this document, could cause actual results to differ materially from those contained in any forward-looking statement. Such factors include, but are not limited to, those discussed under ‘Risk factors’ on pages 72–77 of this Annual Report. A number of adjusted measures are used to report the performance of our business. These measures are defined on page 51. + What we do 2 Where we do it 3 How we create value 4 How we deliver 6 How we performed 8 + Financial review 51 Financial position and resources 60 Financial review 2010 67 Risk factors 72 Chairman’s statement 10 Chief Executive’s review 11 Our marketplace 13 Our strategy for growth Grow a diversified business 16 Deliver more products of value 28 Simplify the operating model 38 Our financial architecture 42 Responsible business 44 + Quarterly trend 222 Five year record 232 Product development pipeline 235 Products, competition and intellectual property 239 Share price and dividends 242 Annual General Meeting 2012 243 Investor relations and registrars 244 Taxation information for shareholders 245 Glossary of terms 247 Index 248 + Contents + Directors’ statement of responsibilities 134 Independent Auditors’ report 135 Financial statements 136 Notes to the financial statements 141 Financial statements of GlaxoSmithKline plc prepared under UK GAAP 216 Front cover (clockwise from top) Our PHASE programme educates groups about the importance of handwashing in reducing the spread of diseases. (Chris Martin) A Diskus inhaler, one of the devices that we have developed to deliver inhaled medicines directly to the respiratory system. (Inpress Photography) Early research into new biopharmaceuticals, including treatments based on antibodies, takes place at our large R&D centre in Stevenage, in the UK. (George Brooks) Page 1 More than 12,500 people work in R&D in the search for new medicines, vaccines and consumer healthcare products. (Pierre Charbonneau) Testing for signs of malaria in children in Tanzania. (Tom Whipps) Sensodyne Repair & Protect has boosted performance in our Consumer Healthcare business. (Andy Robinson, Photofarm) To help you find your way around, this report has a navigation strip on the top right hand of each page. – Clicking on the section bars, takes you to the start of that section. – Clicking any of the icon buttons will do as marked to the right of this panel. – Clicking any link in the contents below takes you to that specific page. 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Do any of the items seem to be completely superfluous? None of the items seem to be superfluous. All the items are recorded properly.

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