Half Year Results 2015 Imperial Tobacco Group PLC

6 May 2015 Alison Cooper Chief Executive

Disclaimer

Certain statements in this announcement constitute or may constitute forward-looking statements. Any statement in this announcement that is not a statement of historical fact including, without limitation, those regarding the Company’s future expectations, operations, financial performance, financial condition and business is or may be a forward-looking statement. Such forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially from those projected or implied in any forward-looking statement. These risks and uncertainties include, among other factors, changing economic, financial, business or other market conditions. These and other factors could adversely affect the outcome and financial effects of the plans and events described in this announcement. As a result, you are cautioned not to place any reliance on such forward-looking statements. The forward-looking statements reflect knowledge and information available at the date of this announcement and the Company undertakes no obligation to update its view of such risks and uncertainties or to update the forward-looking statements contained herein. Nothing in this announcement should be construed as a profit forecast or profit estimate and no statement in this announcement should be interpreted to mean that the future earnings per share of the Company for current or future financial years will necessarily match or exceed the historical or published earnings per share of the Company. This announcement has been prepared for, and only for the members of the Company, as a body, and no other persons. The Company, its directors, employees, agents or advisers do not accept or assume responsibility to any other person to whom this announcement is shown or into whose hands it may come and any such responsibility or liability is expressly disclaimed. 3

Our Priorities for 2015 a reminder of what we said in November

Target of at least 10% increase in dividend

Strengthen Develop Cost Capital Portfolio Footprint Optimisation Discipline . Enhance brand equity . Building momentum . Deliver further savings . Embedding cash to build sustainability across Growth as part of £300m pa conversion discipline Markets 2018 target . Build on success of . Further improvements early migrations . Continue to optimise . Continue to refine to capital deployment . Investment focused on performance in ways of working Returns Markets . Continue to manage primary brands in all structure and level of markets . Rapid and efficient debt integration of US . New launches from Fontem assets

Good First Half Performance on track for full year

Interim dividend up 10% to 42.8p

Strengthen Develop Cost Capital Portfolio Footprint Optimisation Discipline  Increasing share of  Positive momentum in  On track to generate  Cash conversion 102% revenue from Growth Growth Markets: net further incremental (MAT) and Specialist Brands: revenue +1%1 (+4% ex savings of £85m in now 59% Iraq)  Continued improvement FY15 in working capital  Success of brand  Returns Markets profit  Continuing to embed migration programme +1%1  £2bn net debt disciplined approach continues improvement over 12  Regulatory approval for months  Fontem: JAI e-vapour US acquisition brand launched expected spring 2015

1 Profit progression is at constant currency. Net revenue progression is at constant currency and on an underlying basis 5 Oliver Tant Chief Financial Officer

Underlying Performance improving market share HY15 ∆ Excluding Iraq ∆ Volume (bn SE) -5% -3% Tobacco net revenue (£m) 0% +1%

Growth Brand volume (bn SE) +12% +16% Growth Brand tobacco net revenue +15% +16% Specialist Brand tobacco net revenue +2% +4%

Growth Market volume (bn SE) -11% -7% Growth Market tobacco net revenue +1% +4% Returns Market tobacco net revenue 0% 0%

bn SE is billion stick equivalent; all volume is on an underlying basis. Net revenue is at constant currency and on an underlying basis 7 HY15 Adjusted EPS Growth

+0.6p +0.3p -1.8p +0.7p +0.8p +7% -2.4p +5.5p +4%

95.7p

93.3p

89.6p

Adjusted Profit Net Profit from Taxation Minority Share Constant Foreign Adjusted EPS HY14 performance finance Joint interest buy-back* currency exchange EPS HY15 costs Venture EPS HY15

* On 15 July 2014, in conjunction with our announcement of the acquisition of US assets, the share buyback programme was suspended 8 Growth and Specialist Brands strengthening our portfolio

Constant Underlying Growth Brands HY15 HY14 Actual ∆ FX ∆ ∆ Volume (bn SE) 70.5 60.2 +17% +12% Market share (%) 6.1 5.2R +90 bps Tobacco net revenue (£m) 1,401 1,252 +12% +20% +15% Growth Brands % Group volume 51 43 +810 bps Growth Brands % Group tobacco net revenue 48 41R +660 bps Specialist Brands Tobacco net revenue (£m) 347 350R -1% +6% +2% Specialist Brands % Group tobacco net revenue 12 11R +30 bps Combined Growth and Specialist Brands % of tobacco net revenue 59 52 +690 bps

bn SE is billion stick equivalent; R Restated for the adoption of IFRS 11: Joint Arrangements; Market share is presented as a 12 month 9 average (MAT). Aggregate market share is a weighted average across markets within our footprint.

Growth Markets developing our footprint

Constant Underlying HY15 HY14 Actual ∆ FX ∆ ∆ Volume (bn SE) 48.2 49.4 -3% -11% Growth Brands volume (bn SE) 25.7 25.3 +1% -7% Growth Brands % tobacco net revenue 43 40R +330 bps Tobacco net revenue (£m) 895 865R +3% +8% +1% Adjusted operating profit (£m) 266 195R +36% +26% Market share (%) 5.5 5.6 -10 bps

. Iraq and Vietnam driving volume decline . Revenue growth from markets including Italy, Saudi Arabia, Taiwan, Russia, Snus and Premium Cigars

bn SE is billion stick equivalent; R Restated for the adoption of IFRS 11: Joint Arrangements; Restated for market reclassifications from Returns 10 Markets South to Growth Markets; Market share is presented as a 12 month average (MAT). Aggregate market share is a weighted average across markets within our footprint. Returns Markets developing our footprint

Constant Underlying HY15 HY14 Actual ∆ FX ∆ ∆ Volume (bn SE) 90.0 90.7 -1% -1% Growth Brands volume (bn SE) 44.9 35.0 +28% +26% Growth Brands % tobacco net revenue 49 41 +810 bps Tobacco net revenue (£m) 2,050 2,189 -6% +1% 0% Tobacco net revenue per ‘000 SE (£) 22.77 24.15R -6% +1% Adjusted operating profit (£m) 1,029 1,080R -5% +1% Market share (%) 26.4 26.5 -10 bps

. Revenue growth in North offsets decline in South . Pricing weighted to H2 bn SE is billion stick equivalent; R Restated for market reclassifications from Returns Markets South to Growth Markets; Market share is 11 presented as a 12 month average (MAT). Aggregate market share is a weighted average across markets within our footprint.

Logistics encouraging performance

Actual Constant HY15 HY14 ∆ FX ∆ Distribution fees (£m) 378 427R -11% -3% Adjusted operating profit (£m) 73 73 0% +10% Margin (%) ∆ 19.3 17.1R +220 bps

. Price increases and cost efficiency offset lower tobacco volumes . Growth continuing in non tobacco

R Restated for the adoption of IFRS 11: Joint Arrangements 12 Adjusted Net Debt and Cash driving further improvements 12 month 12 month Adjusted Net Debt Cash Conversion

£3.1bn £0.4bn £1.4bn £0.9bn 102% £1.0bn £0.3bn 90%* £0.4bn £0.2bn

78% R £11.0bn 63% £9.1bn

HY13 HY14 HY15 FY15 Est* Opening EBITDA Working Net Tax and Restructuring Dividends Logista FX and Closing net debt capital capex interest and share IPO other net debt HY14 buy-back HY15

R Restated for the adoption of IFRS 11: Joint Arrangements 13 * Estimated cash conversion for the full year is c.90%

Foreign Exchange 3% impact on half year profit

+5% -3%

+1% -1% +2% 1,413

1,367 1,345

Constant currency Euro US Dollar Other Adjusted operating Adjusted operating operating profit currencies profit HY15 profit HY14 HY15

14 Good First Half Performance on track for full year

Interim dividend up 10% to 42.8p

1 Profit progression is at constant currency. Net revenue progression is at constant currency and on an underlying basis 15 Strengthening our Portfolio improving net revenue quality Growth Brands Growth & Portfolio Specialist Brands Brands 41% 59%

Specialist Brands

+7% in 12 months

16 Strengthening our Portfolio successful brand migrations

. 5 migrations completed in HY15  UK: Gold Leaf to JPS  Poland: 4 local brands to Parker & Simpson

. 19 other migrations in progress . Consumer retention post migration c.100% . New brand campaigns . Growth Brand market share up in 12 of top 15 markets

17 Video

18 Improving In-Market Focus and Delivery

Customer Engagement

Activation Advocacy Availability

Customer Service Proposition

3FT & iServe – Connected, Empowered, Engaged Field Force

Structure People Technology

19 Market Environment industry volumes down c.4% in HY15

UK Germany Australia Ukraine Spain France Morocco Russia Italy USA Returns Growth Total 0%

-2% +0.6% -0.1% -4% -0.4% +0.6% +0.8% -0.3% -6% +2.6% +1.6% -0.9% +1.5% -8% +1.7%

-10% FY14 +3.5% HY15 -12% -2.4%

Note: markets shown represent c.50% of H1 volume and c.60% of H1 revenue Market size data drawn from external sources. HY MAT shows 12 months to February 2015 & FY MAT 12 months to August 2014. 20 Returns, Growth and Total data is aggregated across markets within our footprint Developing our Footprint USA

. Continued focus on target states

. USA Gold increased cigarette share

. Results held back by lower sales of MMC

. US deal still awaiting approval by the FTC

. Deal completion expected spring 2015

21 Developing our Footprint Growth Markets

Italy Taiwan

. Volumes and market share up . Strong first half performance . Further good growth from JPS . Davidoff gains are driving results . Davidoff success in key cities . Share, revenue and profit growth

Iraq Russia

. -2% of Group volume decline . Market size down 10 per cent . -1% of Group net revenue reduction . Maintained our cigarette market share . Working with distributor to mitigate impact . Maxim continues to perform strongly

22 Developing our Footprint Returns Markets

UK Germany

. Delivered good brand performances . Strong results in stable market . Cigarette: further gains from L&B Blue . Continued growth from JPS . Fine Cut Tobacco: gv growth . Improving Growth Brand share

Spain Australia

. Market volume declines slowed . Volume, revenue and profit up . Price increase improved financial delivery . Market share growth, now over 30% . Maintained blonde cigarette share . Further excellent performance from JPS

23 Fontem Ventures building presence in Europe

. Extending brand availability:  Widening distribution of Puritane in UK  Launched JAI e-vapour brand in France and Italy

. Other product launches being evaluated

24 Video

25 On Track for 2015

10% increase in dividend

Half Year Results 2015 Imperial Tobacco Group PLC

6 May 2015 Appendices

Group Financials

Group Adjusted Results

Constant Constant Foreign Currency Currency HY14 Exchange Growth HY15 ∆ ∆ Tobacco net revenue (£m) 3,054R (197) 88 2,945 -4% +3% Logistics distribution fees (£m) 427R (34) (15) 378 -11% -3% Tobacco operating profit (£m) 1,275R (39) 59 1,295 +2% +5% Tobacco margin (%) 41.7R 44.0 +220 bps Logistics operating profit (£m) 73 (7) 7 73 0% +10% Logistics margin (%) 17.1R 19.3 +220 bps Eliminations (£m) (2) 0 1 (1) -44% -56% Group operating profit (£m) 1,346R (46) 67 1,367 +2% +5%

R Restated for the adoption of IFRS 11: Joint Arrangements 30 Basis of results presentation can be found on slide 55 Group Adjusted Results

£m HY 2015 HY 2014 Group adjusted operating profit 1,367 1,346R Interest (231) (254)R Share of profit of JVs 17 11R Profit before tax 1,153 1,103R Tax rate % 20.9 21.2R Adjusted EPS (p) 93.3 89.6 DPS (p) 42.8 38.8 Cash conversion (%) 102 78 Adjusted net debt (£m) (9,056) (8,112)R

R Restated for the adoption of IFRS 11: Joint Arrangements 31 Basis of results presentation can be found on slide 55 Reconciliation: Reported to Adjusted

Fair value Adjustments Amortisation gains / losses Post Acquisition Tax on non- Reported of acquired on financial employment Restructuring accounting unrecognised controlling Adjusted £m HY 2015 intangibles instruments net financing costs adjustments losses interests HY 2015 Operating profit 959 312 - - 76 20 - - 1,367

Share of profit of JV 17 ------17

Finance costs 72 - (314) 11 - - - - (231)

Profit before tax 1,048 312 (314) 11 76 20 - - 1,153

Tax (180) (69) 21 (3) (19) (4) 13 - (241)

Profit after tax 868 243 (293) 8 57 16 13 - 912

Minority interest (15) ------(8) (23)

Earnings 853 243 (293) 8 57 16 13 (8) 889 attributable

Basic EPS (p) 89.5p 25.5p (30.7p) 0.8p 6.0p 1.7p 1.3p (0.8)p 93.3p

Basis of results presentation can be found on slide 55 32 Income Statement

£m HY 2015 HY 2014 Revenue 12,129 12,634R Adjusted operating profit 1,367 1,346R Amortisation of acquired intangibles (312) (326) Restructuring costs (76) (42) Acquisition costs (20) - Share of profit of investments accounted for using the equity method 17 11 Net finance income/(costs*) 72 (350) R Profit before tax 1,048 639R Tax (180) (265)R Profit after tax 868 374R Minority interests (15) (8)R Basic EPS (p) 89.5 38.1 Adjusted EPS (p) 93.3 89.6

*Including net fair value and exchange losses on financing activities and post-employment benefits net financing costs 33 R Restated for the adoption of IFRS 11: Joint Arrangements Basis of results presentation can be found on slide 55 Balance Sheet

£m HY 2015 HY 2014 Non-current assets: tangible 3,823 3,089 intangible 14,515 16,365 Current assets: inventories 3,442 3,945 other 3,596 3,999 Current liabilities (9,180) (9,394) Non-current liabilities (10,907) (13,217) Net assets 5,289 4,787

34 Cash Flow

£m HY 2015 HY 2014 Cash flows from operating activities pre tax 77 (255) Tax paid (235) (226) Cash flows from operating activities (158) (481) Net capex (87) (140) Employee Share Ownership Trust 1 (1) Share buy backs - (237) Dividends paid (inc. minority interests) (883) (790) Net interest paid (338) (392) Net cash flow (1,465) (2,041) Opening net debt (8,526) (9,518) Closing net debt before non-cash movements (9,991) (11,559) Non-cash movements Exchange movement 140 2 Interest accretion and derivative fair value adjustments 588 144 Closing net debt after non-cash adjustments (9,263) (11,413) 35 12 Month Cash Conversion

12 months to 12 months to £m March 2015 March 2014 Net cash flow from operating activities 2,825 2,209 Tax 460 449 Net capex (213) (216) Cash flow post capex pre interest and tax 3,072 2,442 Adjusted operating profit 3,002 3,122 Cash conversion (%) 102 78 Working capital (outflow) 439 (356)

Basis of results presentation can be found on slide 55 36 Net Finance (Income)/Costs

£m HY 2015 HY 2014 Net finance (income)/costs (72) 350 Adjusted for: - interest income on net defined benefit assets 67 69 - interest cost on net defined benefit liabilities (77) (88) - unwind of discount on redundancy and long term provisions (1) (2) - exchange gains/(losses) 314 (75) Adjusted net finance costs 231 254

Basis of results presentation can be found on slide 55 37 Net Debt Reconciliation

Reported Accrued Fair value of Adjusted £m HY 2015 interest derivatives HY 2015 Opening net debt (8,526) 280 134 (8,112) Free cash flow (582) - - (582) Dividends (883) - - (883) Accretion of interest 118 (118) - - Change in fair values 470 - (89) 381 Exchange movements 140 - - 140 Closing net debt (9,263) 162 45 (9,056)

Basis of results presentation can be found on slide 55 38 Divisional Financials

Total Tobacco Volume

bn SE HY 2015 HY 2014 Actual ∆ Growth Markets 48.2 49.4R -3% Returns Markets North 49.2 48.5 +2% Returns Markets South 40.8 42.2R -3% Total Returns Markets 90.0 90.7R -1% Total Group 138.2 140.1 -1%

bn SE is billion stick equivalent; Total Tobacco includes cigarettes, fine cut tobacco, cigar, snus and other tobacco products 40 R Restated for market reclassifications from Returns Markets South to Growth Markets Tobacco Net Revenue

HY 2015 % Change Foreign Constant Constant £m Actual1 Exchange Currency2 HY 2014 Currency Growth Markets 895 (42) 72 865R +8% Returns Markets North 1,320 (95) 47 1,368 +3% Returns Markets South 730 (60) (31) 821R -4% Total Returns Markets 2,050 (155) 16 2,189R +1% Total Tobacco 2,945 (197) 88 3,054R +3%

1Based on average exchange rates for six months ended 31 March 2015 41 2Assumes that average exchange rates in H1 2015 were the same as in H1 2014 R Restated for market reclassifications from Returns Markets South to Growth Markets Tobacco Adjusted Operating Profit

HY 2015 % Change Foreign Constant Constant £m Actual1 Exchange Currency2 HY 2014 Currency Growth Markets 266 21 50 195R +26% Returns Markets North 719 (36) 27 728 +4% Returns Markets South 310 (24) (18) 352R -5% Total Returns Markets 1,029 (60) 9 1,080R +1% Total Tobacco 1,295 (39) 59 1,275R +5%

1Based on average exchange rates for six months ended 31 March 2015; 2Assumes that average exchange rates in H1 2015 were the same 42 as in H1 2014; Results are adjusted and presented on our usual basis; R Restated for market reclassifications from Returns Markets South to Growth Markets

Returns Markets North UK, Germany, Australia, Netherlands, Poland, Ukraine etc

Constant HY 2015 HY 2014 Actual ∆ FX ∆ Market share (%) 25.0 25.0 0 bps Net revenue per ‘000 SE (£) 26.81 28.22 -5% +2% Adjusted operating profit (£m) 719 728 -1% +4% Growth Brands % tobacco net revenue 52 45 +700 bps

SE is stick equivalent 43 Market share is drawn from external sources. HY MAT based on 12 months to February. Aggregate market share is a weighted average across markets within our footprint.

Returns Markets South France, Spain, Morocco, Algeria, Central Europe, C. Africa etc

Constant HY 2015 HY 2014 Actual ∆ FX ∆ Market share (%) 28.7 28.9R -20 bps Net revenue per ‘000 SE (£) 17.89 19.46R -8% -1% Adjusted operating profit (£m) 310 352R -12% -5% Growth Brands % tobacco net revenue 44 35 +940 bps

SE is stick equivalent 44 R Restated for market reclassifications from Returns Markets South to Growth Markets; Market share is drawn from external sources. HY MAT based on 12 months to February. Aggregate market share is a weighted average across markets within our footprint.

Financing

Committed Bank Facilities 31 March 2015

Description Maturity date Amount £m equiv. USD Committed 2 Year A Term Loan Acquisition Facility1,2 Jul-17 $4,100m £2,772m

USD Committed 3 Year B Term Loan Acquisition Facility1 Jul-18 $1,500m £1,014m

USD Committed 5 Year C Term Loan Acquisition Facility1 Jul-20 $1,500m £1,014m

Committed 3 Year Revolving Credit Facility A3 Jul-17 €1,000m £727m

Committed 5 Year Revolving Credit Facility B Jul-19 EUR tranche €2,835m £2,062m

GBP tranche £500m £500m

Total Facilities £8,089m

1 Facility available from the earlier of the date of completion of US acquisition or 15 July 2015 2 1-year facility with a 1-year extension period at Imperial’s option 3 46 1.5 year facility with three 0.5 year extension periods at Imperial’s option; All facilities are at competitive margins, and there are margin step-ups and utilisation fees applicable to certain tranches; This is presented pre-cancellation of £500m of facilities which occurred after 31 March 2015 Bond Issues 31 March 2015 Amount Issuer Coupon Issue Date Maturity Date £m equiv. Margin €500m Altadis Emisiones Financieras SAU 4.000% Dec-05 Dec-15 £364m 1.1% €1,500m Imperial Tobacco Finance PLC 8.375% Feb-09 Feb-16 £1,091m 5.0% £450m Imperial Tobacco Finance PLC 5.500% Nov-06 Nov-16 £487m1 0.6%1 $1,250m Imperial Tobacco Finance PLC 2.050% Feb-13 Feb-18 £845m 1.1% €850m Imperial Tobacco Finance PLC 4.500% Jul-11 Jul-18 £618m 1.7% £200m Imperial Tobacco Finance PLC 6.250% Dec-03 Dec-18 £213m1 1.1%1 £500m Imperial Tobacco Finance PLC 7.750% Jun-09 Jun-19 £464m1 3.5%1 €750m Imperial Tobacco Finance PLC 5.000% Dec-11 Dec-19 £545m 2.6% €1,000m Imperial Tobacco Finance PLC 2.250% Feb-14 Feb-21 £727m 1.1% £1,000m Imperial Tobacco Finance PLC 9.000% Feb-09 Feb-22 £869m1 4.8%1 $1,000m Imperial Tobacco Finance PLC 3.500% Feb-13 Feb-23 £676m 1.1% £600m Imperial Tobacco Finance PLC 8.125% Sep-08 Mar-24 £561m1 3.0%1 €650m Imperial Tobacco Finance PLC 3.750% Feb-14 Feb-26 £473m 1.5% £500m Imperial Tobacco Finance PLC 5.500% Sep-11 Sep-26 £468m1 2.6%1 £500m Imperial Tobacco Finance PLC 4.875% Feb-14 Jun-32 £455m1 2.2%1 Total/Weighted Average Margin £8,855m1 2.5%1

1 Including the effect of cross currency swaps 47 Core Financing maturity profile at 31 March 2015

14,000 . Facilities in place as at 31 March c.£12.8bn1 12,000 . 69% bond issues, 26% bank facilities, 5% ECP . Headroom as at 31 March c.£3.2bn 10,000

8,000

6,000 ECP Bank Facilities £mequivalent 4,000 Bond Issues2 2,000

- Mar Mar Mar Mar Mar Mar Mar Mar Mar Mar Mar Mar Mar Mar Mar Mar Mar Mar Mar '15 '16 '17 '18 '19 '20 '21 '22 '23 '24 '25 '26 '27 '28 '29 '30 '31 '32 '33

1 Excluding US acquisition facilities of USD 7.1bn (GBP 4.8bn equiv.) 48 2 Including the effect of cross currency swaps This is presented pre-cancellation of £500m of facilities which occurred after 31 March 2015 Other Information

Foreign Exchange

Average Closing £1 = HY 2015 HY 2014 HY 2015 HY 2014 Euro 1.307 1.199 1.375 1.207 US Dollar 1.549 1.637 1.479 1.665 Australian Dollar 1.890 1.796 1.946 1.804 Russia Rouble 85.80 55.39 85.85 58.90

. HY impact negative -3% on adjusted operating profit and adjusted earnings per share . Largely translational; impact on Returns Markets of -5% and Growth Markets of +11% . Current spot rates imply c. -5% impact to adjusted operating profit for the full year

50 Financing, Tax, JVs and Minorities

. Average cost of debt c.4.9% in FY14: expect to maintain in FY15 . US acquisition facilities currently not drawn

. FY14 adjusted rate of 21%: expect to maintain in FY15

. IFRS 11 adopted – restatement of Joint Arrangements . Logista pro forma minority interest for FY of £42m – 4.4p impact to adjusted EPS

. Logista FY pro forma minority interest £42m – 4.4p impact to adjusted EPS

51 Dividend

. Interim dividend announced today 42.8p . Quarterly dividend payments commence in FY15;  1: 50% of Interim announced today, (21.4p) paid 30 June  2: 50% of Interim announced today, (21.4p) paid 30 September  3: 50% of Final announced at our preliminary results, paid December  4: 50% of Final announced at our preliminary results, paid March 2016

52 Glossary

SE Stick Equivalent (SE) volumes reflect our combined cigarette, fine cut tobacco, cigar and snus volumes. Change at constant currency removes the effect of exchange rate movements on the translation of the results of our Constant Currency overseas operations. Underlying additionally (to constant currency) removes the impact of the stock optimisation programme which Underlying reduced trade inventories in a number of markets largely in FY14. Total Tobacco Total Tobacco includes cigarettes, fine cut tobacco, cigar, snus and other tobacco products. Our Growth Brands are Davidoff, Gauloises Blondes, JPS, West, Fine, News, USA Gold, Bastos, Lambert & Butler Growth Brands and Parker & Simpson. Our Specialist Brands are Style, Gitanes, Golden Virginia, Drum, Route 66, Cohiba, Montecristo, Romeo Y Julieta, Specialist Brands Backwoods, Skruf and Rizla. Portfolio Brands Portfolio Brands are a mix of local and regional brands that fulfil a variety of roles. Growth Markets include selected markets in the EU, Eastern Europe, Asia, the Middle East and the USA. We Growth Markets typically have shares below 15 per cent in these markets and prioritise long-term share and profit growth. Returns Markets are split into North and South and include Australia and markets in the EU, Eastern Europe and Returns Markets Africa. We tend to have shares above 15 per cent in these markets and prioritise profit growth, whilst actively managing our strong share positions. Fontem Ventures is our non-tobacco subsidiary focused on developing new opportunities for sustainable revenue Fontem Ventures growth. Logista is a 70% owned subsidiary and publicly listed on the Spanish stock exchanges. It is one of the largest Logista logistics businesses in Europe, with operations extending across Spain, France, Italy, Portugal and Poland. 53 Main Market Classifications

Growth Markets Returns Markets North Returns Markets South Cambodia Australia Algeria China Azerbaijan Austria Iraq Belux Czech Republic Italy Germany France Japan Ireland Hungary Russia Netherlands Morocco Saudi Arabia New Zealand Portugal Taiwan Poland Spain Turkey UK Tunisia USA Ukraine Vietnam 54 Basis of Results Presentation

The financial information comprises the unaudited results for the six months ended 31 March 2015 and 31 March 2014, together with the audited results for the year ended 30 September 2014.

The information shown for the year ended 30 September 2014 does not constitute statutory accounts within the meaning of section 434 of the Companies Act 2006, and is an abridged version of the Group's published financial statements for that year. The Auditors' Report on those statements was unqualified and did not contain any statements under section 498 of the Companies Act 2006. The financial statements for the year ended 30 September 2014 were approved by the Board of Directors on 4 November 2014 and filed with the Registrar of Companies.

This condensed set of financial statements for the six months ended 31 March 2015 has been prepared in accordance with the Disclosure and Transparency Rules of the Financial Conduct Authority and with IAS 34 Interim Financial Reporting as adopted by the European Union. The condensed set of financial statements for the six months ended 31 March 2015 should be read in conjunction with the annual financial statements for the year ended 30 September 2014 which have been prepared in accordance with International Financial Reporting Standards (IFRSs) as adopted by the European Union.

The Group's principal accounting policies used in preparing this information are as stated in the financial statements for the year ended 30 September 2014, which are available on our website www.imperial-tobacco.com

55 Contacts Investor Relations Matt Sharff Jo Brewin Investor Relations Manager Investor Relations Manager [email protected] [email protected] Tel: +44 (0) 117 933 7396 Tel: +44 (0) 117 933 7549