Imperial Brands Investor Day Presentation Deck

Vapour: US is expected to remain single largest market Closed Vapour Market Size, NSV, in bn GBP Forecast 0.8 35% 6% 58% 2017 +90% 2.9 16% 4% 80% 2019 63 | Capital Markets Day | 27 January 2021 -10% 2.6 6% 22% 72% 2020 2020 decline due to EVALI and regulatory changes 3.0 6% 24% 70% +13% 2021 3.9 6% 26% 67% 2023 4.8 7% 28% Europe IMPERIAL BRANDS 65% USA 2025 Other Source: Imperial Internal Estimate (Top 70 EVP markets, excluding China)

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