Imperial Brands Investor Day Presentation Deck

Growing demand across all NGP categories Market Size (NSV) & CAGR, 2020-25 (£bn, %) Cigarettes Heated tobacco Closed vapour Open vapour Modern oral nicotine 3 2 0 6 (₂) 5 2 12 78 +13% +8% +33% +15% 87 2020 +2% 2025 Share of Total, 2025 (%) 80% 11% 4% 3% 2% Gross Margin, (%) 60 - 65% 70 - 80% 45 - 55% 20 - 25% IMPERIAL BRANDS 55 - 65% Source: Imperial Internal Estimate (NSV shown for market size (excl. VAT, excise and TM, FMC includes all markets except China, NGP includes top 70 Combustible markets except China)) 51 Capital Markets Day | 27 January 2021

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