Imperial Brands Investor Day Presentation Deck

Multiple reasons for historic share losses: examples De PRE NK ● ● ● ● ● ● ● ● Under-investment has limited top 3 brand building (JPS, West, Gauloises) Limited penetration in growing channels and regions Excessive pricing ahead of competition Limited brand investment across the portfolio Prioritised profit growth over share performance Slow response to consumer trends (e.g., crushball, downtrading) Neglect of local jewel brands Unsuccessful brand migration into global brands Ongoing decline of the dark tobacco segment Too much focus on profit optimisation with JPS Stepping out of price war in the value segment Slow response to consumer trends (e.g., crushball, FCT) 24 Capital Markets Day | 27 January 2021 IMPERIAL BRANDS

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