Imperial Brands Regulatory News (IMB)

IMPERIAL BRANDS PLC

Legal Entity Identifier (LEI) No. 549300DFVPOB67JL3A42

6 October 2023

Imperial Brands plc share buyback tranche of up to £550 million

On 6 October 2022 Imperial Brands plc (the "Company") announced the start of an ongoing share buyback programme. The first £1 billion buyback, which repurchased 5.5% of the share capital during FY23, was successfully completed on 11 September 2023.

On 5 October 2023, the Company announced it intends to repurchase up to £1.1 billion of shares in the period from 6 October 2023 to the end of September 2024.

The share buyback is in line with the Company's policy to distribute surplus capital to shareholders, having maintained leverage at the lower end of its 2.0-2.5 times net debt to EBITDA target range and with the intention to remain at this level going forwards.

To execute the first tranche of this buyback, the Company has entered into an irrevocable and non-discretionary arrangement with its broker Morgan Stanley & Co. International Plc ("Morgan Stanley") to buyback up to £550 million of its shares commencing from 6 October 2023 and expected to end no later than 28 March 2024 (the "Programme").

Under this arrangement, Morgan Stanley, will act as riskless 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 94,200,000 shares, less shares already purchased, being the number of shares the Company is authorised to purchase pursuant to the authority granted by shareholders at the Company's 2023 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