Imperial Brands Investor Day Presentation Deck

Continued strong cash outlook: capital discipline will be a key priority ● ● ● ● Strong cash fundamentals Business remains highly cash generative Low capital intensity Growing adjusted operating cash flow (>£3bn) Group cash flows optimised through pooling arrangements 87 Capital Markets Day | 27 January 2021 ● Working capital focus Disciplined capex; net capex below depreciation • More effective capital controls High cash conversion ● IMPERIAL BRANDS • Will continue to support cash conversion of 90-100%

View entire presentation