GlaxoSmithKline PLC Investor Update Transcript

The following is excerpted from the question-and-answer section of the transcript.

Question: Kerry Ann Holford - Joh. Berenberg, Gossler & Co. KG, Research Division - Analyst : Firstly, a question for Hal, just following up on the CD226 strategy. So clearly, you have a number of bases covered here with a number of drugs in disposal. I guess one of the key data readouts that we should look forward to, when can investors better assess whether your focus on that pathway has been a successful strategy or not, just give us some idea around time lines looking forward here. In terms of divestments, I wonder if you can talk about your broader appetite for the opportunity to monetize perhaps some of the new GSK noncore products in future? Are there any brands or portfolios that perhaps reside within General Medicines that could be candidates of divestment going forward? And then lastly, just going back to Graham's question on the leverage ratio for new GSK. It's clear in that the pensions and contingent liabilities are not in your calculation. What is the definition the rating agencies consider and how might that influence your future rating strategy if you wish to maintain your A1/P1 rating?