Imperial Tobacco Group PLC Acquisition -3-

By Dow Jones Business News, 
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Credit Suisse Securities (Europe) Limited ("Credit Suisse"), which is authorised by the Prudential Regulation Authority and regulated by the Prudential Regulation Authority and the Financial Conduct Authority in the United Kingdom, is acting exclusively as sole sponsor and joint financial adviser to Imperial Tobacco Group PLC and for no one else in connection with the content of this announcement and the Transaction and will not be responsible to any person other than Imperial Tobacco Group PLC for providing the protections afforded to clients of Credit Suisse, nor for providing advice in relation to the Transaction, the content of this announcement or any matter referred to in this announcement. Apart from the responsibilities and liabilities, if any, which may be imposed on Credit Suisse by the FSMA or the regulatory regime established thereunder or any other laws, neither Credit Suisse nor any of its subsidiaries, branches or affiliates owes or accepts any duty, liability or responsibility whatsoever (whether direct or indirect, whether in contract, in tort, under statute or otherwise) to any person who is not a client of Credit Suisse in connection with this announcement, any statement contained herein or otherwise, nor makes any representation or warranty, expressly or implied, in relation to, the contents of this announcement, including its accuracy, completeness or verification or for any other statement made or purported to be made by Credit Suisse, or on behalf of Credit Suisse in connection with Imperial Tobacco Group PLC or the Transaction and nothing in this announcement is or shall be relied upon as a promise or representation in this respect, whether as to the past or the future. Credit Suisse accordingly disclaims to the fullest extent permitted by the law all and any responsibility or liability to any person who is not a client of Credit Suisse, whether arising in tort, contract or otherwise (save as referred to above) which they might otherwise have in respect of this announcement or any such statement.

Goldman Sachs International, which is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority in the United Kingdom, is acting for Imperial Tobacco Group PLC and no one else in connection with the Transaction and will not be responsible to anyone other than Imperial Tobacco Group PLC for providing the protections afforded to clients of Goldman Sachs International, or for giving advice in connection with the Transaction or any matter referred to herein.

Information regarding forward-looking statements

This announcement includes statements that are, or may be deemed to be, "forward-looking statements". These forward- looking statements can be identified by the use of forward-looking terminology, including the terms "believes", " estimates", "plans", "projects", "anticipates", "expects", "intends", "may", "will", or "should" or, in each case, their negative or other variations or comparable terminology, or by discussions of strategy, plans, objectives, goals, future events or intentions. These forward-looking statements include all matters that are not historical facts. They appear in a number of places throughout this announcement and include, but are not limited to, statements regarding Imperial's intentions, beliefs or current expectations concerning, among other things, Imperial's business, results of operations, financial position, prospects, growth, strategies and the industry in which it operates as well as those of the Reynolds and Lorillard assets that are the subject of the Transaction. By their nature, forward looking statements involve risk and uncertainty because they relate to future events and circumstances. Forward-looking statements are not guarantees of future performance and the actual results of Imperial's operations and financial position, and the development of the markets and the industry in which Imperial operates, may differ materially from those described in, or suggested by, the forward-looking statements contained in this announcement. The same applies in respect of the Reynolds and Lorillard assets that are the subject of the transaction. In addition, even if the results of operations, financial position and the development of the markets and the industry in which Imperial operates are consistent with the forward-looking statements contained in this announcement, those results or developments may not be indicative of results or developments in subsequent periods. A number of factors could cause results and developments to differ materially from those expressed or implied by the forward-looking statements including, without limitation, general economic and business conditions, industry trends, competition, changes in regulation, currency fluctuations, changes in its business strategy, political and economic uncertainty and other factors discussed in this announcement. Forward-looking statements may, and often do, differ materially from actual results. None of the future projections, expectations, estimates or prospects in this document should be taken as forecasts or promises nor should they be taken as implying any indication, assurance or guarantee that the assumptions on which such future projections, expectations, estimates or prospects have been prepared are correct or exhaustive or, in the case of the assumptions, fully stated in this document. Any forward-looking statements in this announcement speak only as of their respective dates, reflect Imperial's current view with respect to future events and are subject to risks relating to future events and other risks, uncertainties and assumptions relating to Imperial's operations, results of operations and growth strategy. As a result of these risks, uncertainties and assumptions, the recipient should not place undue reliance on these forward- looking statements as a prediction of actual results or otherwise. You should specifically consider the factors identified in this document, in addition to the risk factors that may affect Imperial's operations which are described under "Risk Factors" in the Company's 2013 Annual Report, which could cause actual results to differ before making any decision in relation to the Transaction as well as those of the Reynolds and Lorillard assets that are the subject of the transaction. Subject to the requirements of the FCA, the London Stock Exchange, the Listing Rules and the Disclosure and Transparency Rules (and/or any regulatory requirements) or applicable law, Imperial explicitly disclaims any obligation or undertaking publicly to release the result of any revisions to any forward-looking statements in this announcement that may occur due to any change in Imperial's expectations or to reflect events or circumstances after the date of this announcement. No statement in this document is intended as a profit forecast or profit estimate and no statement in this document should be interpreted to mean that the earnings per share of Imperial, as altered by the Transaction will necessarily match or exceed the historical or published earnings per share of Imperial or the relevant entities which form the basis for the Transaction.

Notes to Editors

Imperial Tobacco Group PLC is a multi-national tobacco company, with international strength in cigarettes and world leadership in fine cut tobacco, premium cigars, rolling papers and tubes. The Group has 46 manufacturing sites and around 35,000 employees and operates in over 160 markets.

In 2013, the Company realigned its geographic footprint into Growth Markets and Returns Markets and now manages markets based on the strategic role they play, rather than their geographic proximity.

Growth Markets are characterised by large profit and/or volume pools. We tend to have shares below 15 per cent and see considerable opportunities for share and profit growth over the long term. Our main Growth Markets include the USA and selected markets in the EU, Eastern Europe, Asia, and the Middle East. We measure the performance of our Growth Markets against market share and revenue metrics and our quality of growth by the progress our Growth Brands are making.

In Returns Markets we have relatively large shares, mostly above 15 per cent. Our objective is to maximise profit, whilst actively managing our market share. Our main Returns Markets include UK, Germany, and other markets in the EU, Australia, Eastern Europe and Africa. We measure the performance of our Returns Markets against market share and revenue metrics and our quality of growth by the progress our Growth Brands are making.

Contact details for further information

 Investor Contacts                            Media Contacts
                      +44 (0)117 933 7510                      +44 (0)7967
 Tom Corran            +44 (0)7527 421951     Alex Parsons      467 241

                        +44 (0)117 933 7396                    +44 (0)7967
 Matt Sharff            +44 (0)7964 110921    Simon Evans       467 684

                        +44 (0)117 933 7549
 Jo Brewin              +44 (0)7791 975974
-------------------  ----------------------  ---------------  ------------

   Credit Suisse                       +44 (0) 20 7888 8888

Ian Carnegie-Brown

Charles Donald

Dan Schleifman

   Goldman Sachs                  +44 (0) 20 7774 1000

Anthony Gutman

Philip Shelley

Owain Evans

Sources of Information and basis of calculation

All US market and share data is derived from MSAI data as at April 2014 and The Maxwell Report is based on stick data.

US dollar to GB Sterling translated using an illustrative rate of $1.70 equals GBP1.

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