Imperial Brands Investor Day Presentation Deck

Vapour: clear strategic market choices globally ● Turnaround our vapour business in the US Maintain levels of investment at significantly improved returns - Stage-gated approach, with future scale-up dependent on FY22 Maintain our presence and good share position in core European markets - Learn from US turnaround Focus on UK and France as core vapour markets in Europe Exit least attractive markets that do not drive value 66 Capital Markets Day | 27 January 2021 IMPERIAL BRANDS

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