Imperial Brands Investor Day Presentation Deck

● ● Rationale for increasing focus on heated tobacco Market Tailwinds Fast-growing, sizeable markets Heated tobacco as single largest NGP category currently... ...with strong growth prospect, and strong absolute growth expected across Europe... ...given higher consumer retention for those looking to reduce their cigarette consumption Economically most attractive NGP category Attractive unit economics with strong GM potential (70- 80% GM in top 3 markets), and large share of NGP profit pool by 2025 60 Capital Markets Day | 27 January 2021 ● Internal Capabilities IMPERIAL BRANDS Plays to our strengths Leverages existing tobacco expertise, including manufacturing cost efficiency experience and route to market Promising product proposition Competitive device and stick developed with promising consumer feedback from initial testing Clear target consumer Positive feedback in distinct consumer segments Differentiated approach to competitors

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