BRITISH AMERICAN TOBACCO PLC - Publication of Prospectus

Publication of Prospectus

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")


Publication of Prospectus

British American Tobacco p.l.c. (the "Company") announces today that it has published a
prospectus dated 28 October 2025 (the "Prospectus") in relation to an issue of hybrid capital
securities, a financial instrument which is subordinate to all senior creditors. This dual tranche
issue comprises:

    •   a perpetual non-call 5.25 year capital security at €600,000,000 with an initial coupon of
        4.200% (the "NC5.25 Securities"); and

    •   a perpetual non-call 8.0 year capital security at €600,000,000 with an initial coupon of
        4.750% (the "NC8 Securities" and together with the NC5.25 Securities, the "Securities").

The Securities will be accounted as equity in accordance with IFRS standards. The Securities will
receive an equity credit of 50% from Moody's, Standard & Poor's and Fitch.

The net proceeds from the issuance will be used for general corporate purposes, including (i) the
repurchase of the Company's outstanding Perpetual Subordinated NC 2026 Securities via a
tender offer that was launched on 21 October 2025; and (ii) the repayment of debt.

The first call dates of the Securities are (i) any business day following 30 October 2030 to 30
January 2031 for the NC5.25 Securities; and (ii) any business day following 30 July 2033 to 30
October 2033 for the NC8 Securities.

The settlement is expected to take place on 30 October 2025 and each tranche of Securities will
be listed on the main market of the London Stock Exchange.

To view the Prospectus which has been approved by the Financial Conduct Authority, please paste
the following URL into the address bar of your browser.

http://www.rns-pdf.londonstockexchange.com/rns/1506F_1-2025-10-28.pdf

The Prospectus has been submitted to the National Storage Mechanism and will shortly be
available for inspection at https://data.fca.org.uk/#/nsm/nationalstoragemechanism.

Enquiries:

Media Centre

press_office@bat.com | @BATplc

Investor Relations

Victoria Buxton | IR_team@bat.com


British American Tobacco p.l.c.
Globe House
4 Temple Place
London WC2R 2PG


DISCLAIMER – INTENDED ADDRESSEES

Please note that the information contained in the Prospectus may be addressed to and/or targeted
at persons who are residents of particular countries (specified in the Prospectus) only and is not
intended for use and should not be relied upon by any person outside these countries and/or to
whom the offer contained in the Prospectus is not addressed. Prior to relying on the information
contained in the Prospectus, you must ascertain from the Prospectus whether or not you are one
of the intended addressees of the information contained therein.

Your right to access this service is conditional upon complying with the above requirement.

This announcement does not constitute or form part of an offer or invitation to sell or issue, or any
solicitation of an offer to buy or subscribe for, any securities in the United States or any other
jurisdiction. No securities of the Company have been nor will be registered under the U.S.
Securities Act of 1933, as amended (the "Securities Act"), and such securities may not be offered,
sold or delivered within the United States or to, or for the account or benefit of, U.S. persons (as
defined in Regulation S under the Securities Act) except pursuant to an exemption from, or in a
transaction not subject to, the registration requirements of the Securities Act and in compliance
with any applicable state securities laws.



28 October 2025

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

Date: 28-10-2025 02:10:00
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