Imperial Brands Investor Day Presentation Deck

Strategic review: areas for improvement ● Tobacco Delivery Share performance has been poor Insufficient focus on markets that drive greatest value Distracted by smaller markets Performance Management Limited rigour in performance management • Lack of agility and responsiveness • Data and consumer insight not fully leveraged 10 Capital Markets Day | 27 January 2021 NGP Underperformance Scaling of vapour too rapid and too broad Lack of consumer validation • Investment decisions lacked robust data Insufficient focus on heated tobacco ● ● IMPERIAL BRANDS ● Capabilities and Culture Not sufficiently focused on consumer needs Limited central marketing capabilities • Inconsistent approach to market data and insight Siloed thinking, fragmented organisation

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