Imperial Brands Investor Day Presentation Deck

Clear capital allocation framework: priorities ● ● ● ● Strong cash generation Investing in the strategy Targeted investment in operational levers New ways of working to deliver efficiencies Progressive dividend policy Growth reflecting underlying performance Consistent, reliable cash returns 91 Capital Markets Day | 27 January 2021 ● ● ● ● IMPERIAL BRANDS Strong and efficient balance sheet Committed to investment grade credit rating Priority to reduce debt to lower end of 2.0-2.5x Surplus capital returns Considered once target leverage achieved Via share buyback or special dividend

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