British American Tobacco p.l.c.
Incorporated in England and Wales
(Registration number: 03407696)
Short name: BATS
Share code: BTI
ISIN number: GB0002875804
British American Tobacco p.l.c. (the “Company”)

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN OR INTO OR TO ANY
PERSON LOCATED OR RESIDENT IN THE UNITED STATES, ITS TERRITORIES AND
POSSESSIONS (INCLUDING PUERTO RICO, THE U.S. VIRGIN ISLANDS, AMERICAN
SAMOA, WAKE ISLAND AND THE NORTHERN MARIANA ISLANDS), ANY STATE OF
THE UNITED STATES OR THE DISTRICT OF COLUMBIA (THE “UNITED STATES”) OR
IN OR INTO ANY OTHER JURISDICTION WHERE IT IS UNLAWFUL TO RELEASE,
PUBLISH OR DISTRIBUTE THIS DOCUMENT.
                                                                                                29 October 2025

  BRITISH AMERICAN TOBACCO p.l.c. ANNOUNCES FINAL RESULTS IN RESPECT OF ITS
TENDER OFFER FOR EURO-DENOMINATED PERPETUAL SUBORDINATED FIXED-TO-RESET
                    RATE NON-CALL 5.25 YEAR SECURITIES


In connection with the invitation by British American Tobacco p.l.c. (the “Company”) to holders of its
outstanding €1,000,000,000 Perpetual Subordinated Fixed-to-Reset Rate Non-Call 5.25 Year Securities with a
current coupon of 3.000 per cent. and its First Optional Redemption Date in 2026 (ISIN: XS2391779134) (the
“Securities”) to tender any and all of their Securities for purchase by the Company for cash (the “Offer”)
announced on 21 October 2025, the Company announces today the final results of the Offer. The Offer was made
on the terms and subject to the conditions (including, without limitation, the New Financing Condition) contained
in the tender offer memorandum dated 21 October 2025 (the “Tender Offer Memorandum”) prepared by the
Company in respect of the Offer.
Capitalised terms used in this announcement but not defined have the meanings given to them in the Tender Offer
Memorandum.
The Expiration Deadline for the Offer was 4.00 p.m. (London time) on 28 October 2025.
At the Expiration Deadline, €806,844,000 in aggregate principal amount of the Securities had been validly
tendered pursuant to the Offer. The Company announces that, subject to satisfaction, or waiver, of the New
Financing Condition on or prior to the Settlement Date, it will accept all validly tendered Securities pursuant to
the Offer.

                                                                     Aggregate principal    Aggregate principal
 Description of the     ISIN / Common                                amount of Securities   amount of Securities
                                              Purchase Price
 Securities             Code                                         validly tendered and   outstanding after
                                                                     accepted               the Settlement Date
 €1,000,000,000         XS2391779134 /        100.375 per cent.      €806,844,000           €193,156,000
 Perpetual              239177913             (being €1,003.75 per
 Subordinated Fixed-                          €1,000 in principal
 to-Reset Rate Non-                           amount of the
 Call 5.25 Year                               Securities)
 Securities

In addition to the Purchase Price, the Company will also pay holders of the Securities (whose Securities are
accepted for purchase by the Company) the Accrued Interest Payment on the Settlement Date.
Securities purchased by the Company pursuant to the Offer will be cancelled on the Settlement Date.
Subject to satisfaction, or waiver, of the New Financing Condition on or prior to the Settlement Date, the expected
Settlement Date for the Offer is 31 October 2025.
As the aggregate principal amount of the Securities validly tendered and accepted for purchase pursuant to the
Offer exceeds the 75 per cent. threshold for the purposes of the Substantial Repurchase Event Redemption Option
(as further described in the Tender Offer Memorandum), the Company announces that it currently intends,
following the Settlement Date for the Offer, to exercise such option in respect of the Securities which remain
outstanding after the Settlement Date, notice in respect of which will be given pursuant to and in accordance with
the terms and conditions of the Securities.


                                       THE DEALER MANAGERS

   Merrill Lynch International             Mizuho International plc                 NatWest Markets Plc
      2 King Edward Street                      30 Old Bailey                         250 Bishopsgate
       London EC1A 1HQ                       London EC4M7AU                          London EC2M 4AA
        United Kingdom                         United Kingdom                         United Kingdom

   Telephone: +44 20 7996 5420             Telephone: +34 91 790 7559          Telephone: +44 20 7678 5222
 Email: DG.LM-EMEA@bofa.com                           Email:                               Email:
  Attention: Liability Management       liabilitymanagement@uk.mizuho-        NWMliabilitymanagement@natw
               Group
                                                      sc.com                          estmarkets.com
                                         Attention: Liability Management      Attention: Liability Management


                                           THE TENDER AGENT
                                         Kroll Issuer Services Limited
                                              The News Building
                                            3 London Bridge Street
                                                London SE1 9SG
                                                United Kingdom

                                            Email: bat@is.kroll.com
                                            Attention: Owen Morris



DISCLAIMER
This announcement must be read in conjunction with the Tender Offer Memorandum. No offer or invitation to
acquire any securities is being made pursuant to this announcement. The distribution of this announcement and
the Tender Offer Memorandum in certain jurisdictions may be restricted by law. Persons into whose possession
this announcement and/or the Tender Offer Memorandum comes are required by each of the Company, the Dealer
Managers and the Tender Agent to inform themselves about, and to observe, any such restrictions.


Enquiries:

Media Centre

press_office@bat.com | @BATplc

Investor Relations

Victoria Buxton | IR_team@bat.com




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29 October 2025

Sponsor: Merrill Lynch South Africa (Pty) Ltd t/a BofA Securities




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