BRITISH AMERICAN TOBACCO PLC - BAT completes auction for Souza Cruz

BAT completes auction for Souza Cruz

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." or "the Company")


Friday 16 October 2015

                            BAT COMPLETES AUCTION FOR SOUZA CRUZ

       British American Tobacco has reached the threshold for delisting Souza Cruz in Brazil

British American Tobacco (BAT) is pleased to announce that its Brazilian subsidiary, British American
Tobacco Prestação de Serviços Ltda. (BAT Serviços), has successfully concluded the auction (the
Auction) related to its public tender offer to acquire up to all of the 24.7% of Souza Cruz S.A. (Souza
Cruz) shares which are not currently owned by BAT and to delist the company.

As a result of the Auction, BAT Serviços will acquire 342,956,819 shares at a price of R$27.20 per
share (the Offer Price), representing 22.4% of Souza Cruz. BAT’s total ownership of Souza Cruz will
therefore increase to 97.7% of Souza Cruz. At the Offer Price, the value of the 24.7% free float is
circa £1.7 billion.

Given the level of acceptance at the Auction, Souza Cruz will now take the necessary steps to cancel
its registration as a publicly listed company. In addition, as BAT now owns over 95% of Souza Cruz a
process will be commenced to compulsorily purchase the remaining minority shares, upon which
Souza Cruz will become a wholly owned subsidiary of BAT.

ENQUIRIES

Press Office                                     Investor Relations
Will Hill / Anna Vickerstaff                     Mike Nightingale / Rachael Brierley
+44 (0) 20 7845 2888 (24 hours)                  + 44 (0) 20 7845 1180 / 1519

Deutsche Bank                                    UBS
Nigel Meek / James Ibbotson                      James Robertson / Alisher Dadakuziev
+44 (0) 20 7545 8000                             + 44 (0) 20 7568 1000

NOTES TO EDITORS

BAT is a global tobacco Group with brands sold in more than 200 markets. It employs more than
57,000 people worldwide and has over 200 brands in its portfolio, with its cigarettes chosen by one
in eight of the world’s one billion smokers. BAT has leadership in more than 60 markets around the
world. The Group generated £5.4 billion adjusted profit from operations in 2014.

BAT is being advised by Deutsche Bank and UBS.

For further information:
www.bat.com
www.bat.com/annualreport
www.bat.com/sustainability

www.flickr.com/photos/welcometobat
www.youtube.com/welcometobat
Twitter: @BATPress


Disclaimers

Deutsche Bank AG is authorised under German Banking Law (competent authority: BaFIN - Federal Financial
Supervisory Authority). Deutsche Bank AG, London Branch is further authorised by the Prudential Regulation
Authority and is subject to limited regulation by the Financial Conduct Authority and Prudential Regulation
Authority. Deutsche Bank is acting for British American Tobacco and no one else in connection with the contents
of this Announcement and will not be responsible to anyone other than British American Tobacco for providing the
protections afforded to its clients or for providing advice in connection with the contents of this Announcement or
any matter referred to herein.

UBS Limited is authorised by the Prudential Regulation Authority and in the United Kingdom is regulated by the
Financial Conduct Authority and Prudential Regulation Authority. UBS Limited is acting for British American
Tobacco and no one else in connection with the contents of this Announcement and will not be responsible to
anyone other than British American Tobacco for providing the protections afforded to its clients or for providing
advice in connection with the contents of this Announcement or any matter referred to herein.




16 October 2015

Sponsor: UBS South Africa (Pty) Ltd

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