Imperial Brands : Slides

Certain statements in this announcement constitute or may constitute forward-looking statements. Any statement in this announcement that is not a statement of historical fact including, without limitation,

those regarding the Company's future

expectations, operations, financial performance, financial condition and business is or may be a forward-looking

uncertainties that may cause actual results

to differ materially from those projected or implied in any forward-looking statement. These risks and uncertainties include, among other factors, changing economic, financial, business or other market

conditions. These and other factors could adversely affect the outcome and financial effects of the plans and events described in this announcement. As a result, you are cautioned not to place any reliance on such

forward-looking statements. The forward-

looking statements reflect knowledge and information available at the date of this

announcement and the Company undertakes no obligation to update its view of such risks and uncertainties or to update

the forward-looking statements contained

herein. Nothing in this announcement should be construed as a profit forecast or profit estimate and no statement in this announcement should be interpreted to mean that the future earnings per share of

the Company for current or future financial years will necessarily match or exceed the historical or published earnings per share of the Company.

This announcement has been prepared for,

and only for, the members of the Company,

as a body, and no other persons. The Company, its directors, employees, agents or advisers do not accept or assume responsibility to any other person to whom this announcement is shown or into whose hands it may come and any such responsibility or liability is expressly disclaimed.

1 • Invest in delivering the strategy through capex and small bolt-ons

2 • Maintain leverage at lower end of 2.0 - 2.5x net debt/EBITDA

3 • Progressive dividend policy taking into account business performance

4 • Ongoing annual buyback: £1bn share buyback by end FY23

Valuations source: Broker consensus as of 01 June 2023.

Note: Calendarised to 31 December year-end. Peer average excludes Imperial and includes British American Tobacco, Japan Tobacco, Philip Morris, Altria, Anheuser-Busch InBev, Coca-Cola,Colgate-Palmolive, Diageo, Heineken, Johnson & Johnson, Kimberly-Clark, Kraft Heinz, McDonald's, Mondelez, Nestle, PepsiCo, Procter & Gamble, Roche, Unilever.

FCF yield defined as (Net income + D&A -Capex-Δ NWC) / Market capitalisation.

4 | Deutsche Bank | 6 June 2023

Attractive Valuation

Free Cash Flow Yield

16.6%

compared to 6.0% global FMCG

average

Dividend Yield

8.4%

compared to 3.7% global FMCG

average