Imperial Brands Investor Day Presentation Deck

Spain deep dive: drive growth in a stable market environment ● #2 position in stable market environment Fortuna DUCADOS RUBIO Nobel Stable market - tax driven price increases going forward likely to offset volume decline Low absolute price points, no excise increases for many years Imperial well positioned as #2 player with 29% share¹ Several strong local brands (Fortuna, Nobel, Ducados) that have been neglected in favour of international brands 42 Capital Markets Day | 27 January 2021 1. Volume Share, 2020 Source: Imperial Internal Estimate 2 ● Example Levers Drive and rejuvenate local jewel brands Invest behind local jewels Increase focus on local brands, e.g., Nobel, which has significant local equity and broad national coverage ● Increase brand investment, building brand equity and awareness to drive share Drive innovation in packaging and formats Fumar mata Fumar aumenta el riesgo de ceguera Nobel Fumar mata Fumar aumenta el riesgo de ceguera Fredaks Nobel AAL Fumar aumenta el riesgo de ceguera desejala s Nobel IMPERIAL BRANDS 23 Fumar aumenta el riesgo de ceguera tp:/quadesDajario.es Nobel E

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