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Chairman and CEO's closing letter

Dear shareholder

We value our investors and hope this Annual Review has highlighted what your company achieved during the year and what we are aiming to do in the future. We remain focused on delivering performance and making your company one you can be proud of.

We continue to meet the challenges of improving productivity in R&D and ensuring patients have access to medicines, even in the poorest parts of the world. This review highlights some of the work we have done to implement our strategies to meet these challenges. Behind each one is a human story.

We thank all our employees for their efforts in 2005. Their commitment and passion, both individually and through their teamwork, have helped us make GSK the success it is today. We also appreciate the great support our employees receive from their families for the work they are doing at GSK.

We are grateful for the significant contribution of Tachi Yamada, Chairman of R&D and Executive Director, who is to retire in June 2006, and we welcome Moncef Slaoui, who will succeed Tachi with effect from 1st June 2006. We would also like to thank Jack Ziegler, President of GSK Consumer Healthcare, who retired from the company in January 2006, and welcome his successor, John Clarke. We also thank Dr Lucy Shapiro, who is to retire as a Non-Executive Director at the company's Annual General Meeting in May 2006, and we welcome Tom de Swaan, who joined the Board in January 2006 as a new Non-Executive Director.

As a shareholder, your views are important to us. We would be grateful if you would complete an online survey to let us know what you think of this Annual Review. You can find the survey at www.gsk.com/review2005survey.htm. If you would like to know more about GSK, please go to www.gsk.com.

Thank you.

Sir Christopher Gent, Chairman, and
JP Garnier, Chief Executive Officer