Imperial Brands Investor Day Presentation Deck

Five priority markets account for 72% of operating profit USA Germany UK Spain Australia % of Combustible OP c.49% c.23% 29 Capital Markets Day | 27 January 2021 FY20 Market Size¹ £26.1bn £4.7bn £1.9bn £1.2bn £0.8bn Market Value Outlook² ↑ + 0-1% + 1-2% - 2-3% - + 0-1% - 4-5% Imperial Share³ c.9% c.22% c.41% c.29% c.28% Gross Margin/'000 SE (Relative to Imperial Average) High High High Average IMPERIAL BRANDS High 1.FMC, FCT and cigars manufacturer sales value 2.Manufacturer sales value 2020-25 forecasted CAGR 3.FMC volume share Source: Imperial Internal Estimate

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