IMPERIAL BRANDS PLC

Legal Entity Identifier (LEI) No. 549300DFVPOB67JL3A42

7 October 2022

Imperial Brands plc initial share buyback tranche of up to £500 million

On 6 October 2022 Imperial Brands plc (the "Company") announced the start of an ongoing share buyback programme.

We intend initially to repurchase up to £1 billion of shares in the period from 7 October 2022 to the end of September 2023.

The share buyback is in line with the Company's policy to distribute surplus capital to shareholders having reduced leverage to the lower end of its 2.0 - 2.5 times net debt to EBITDA target range.

To execute the first tranche of this buyback, the Company has entered into an irrevocable and non-discretionary arrangement with its broker Credit Suisse International ("Credit Suisse") to buyback up to £500 million of its shares commencing from 7 October 2022 and ending no later than 29 March 2023 (the "Programme").

Under this arrangement, Credit Suisse, will act as principal and will make decisions under the Programme independently from the Company. Purchases may continue during any closed period to which the Company is subject. The purpose of the share buyback is to reduce the capital of Imperial Brands. All shares repurchased as part of this arrangement will be cancelled.

Share purchases will take place in open market transactions and be carried out on the London Stock Exchange and/or other recognised investment exchange(s) and may be made from time to time depending on market conditions, share price, trading volume and other factors.

Any purchases of ordinary shares by the Company in relation to this announcement will be effected within certain pre-set parameters and in accordance with (and subject to the limits prescribed by) the Company's general authority to repurchase shares. The maximum number of shares that may be repurchased under the Programme is 94,600,000 shares, being the number of shares the Company is authorised to purchase pursuant to the authority granted by shareholders at the Company's 2022 Annual General Meeting.  The Programme will also be effected within the parameters of the UK Market Abuse Regulation and in accordance with Chapter 12 of the Financial Conduct Authority's Listing Rules. The Company confirms that it currently has no unpublished inside information.

ENDS