Commentary & Deal Flow

Launched: 3yr: €500m @ MS+63bp - Books in excess of €2.3bn (pre-rec)
Guidance: 3yr: MS+70a - Books over €2.4bn (pre rec)
IPTs: 3yr: MS+100a

• Issuer: B.A.T. International Finance p.l.c. (Ticker: BATSLN, Country: UK)
• Issuer LEI: 21380041YBGOQDFAC823
• ISIN: XS3374290412
• Guarantors: British American Tobacco p.l.c., B.A.T Capital Corporation, B.A.T. Netherlands Finance B.V., Reynolds American Inc.
• Guarantor Ratings: Baa1 (Stable) / BBB+ (Stable) / A- (Stable) (Moody's/S&P/Fitch)
• Expected Issue Ratings: Baa1/BBB+/A- (Moody's/S&P/Fitch)
• Format: Reg S (Category 2), Bearer, NGN, TEFRA D
• Ranking: Senior Unsecured
• Size: €500m
• Settlement: 11-May-26 (T+3)
• Maturity Date: 11-May-29
• Coupon: Fixed, Annual, Actual/Actual (ICMA)
• Reference Benchmark: OBL 2.1% 29-Apr-29 / HR 102%
• Hedge Deadline: 16:05 UKT / 17:05 CET
• Documentation: EMTN
• Denominations: €100,000 + €1,000
• Governing Law: English Law
• Listing: London Stock Exchange (Main Market)
• Par Call: 3-month Par Call
• Make-Whole Call: Yes
• Clean-Up Call: 75%
• Use of Proceeds: General Corporate Purposes, including the repayment of upcoming maturities
• Active Book-Runners: Barclays, Commerzbank, HSBC, NatWest(B&D)
• Selling Restrictions: As per Base Prospectus
• Target Market: The manufacturer target market (MiFID II and UK MiFIR product governance) is Professional Clients and Eligible Counterparties only (all distribution channels) No EEA PRIIPs key information document (KID) or disclosure document required by the FCA Product Disclosure Sourcebook has been prepared as not available to retail in the EEA or in the UK.
• Advertisement: This communication is an advertisement for the purposes of Regulation (EU) 2017/1129 as it forms part of the UK legislation by virtue of the EU (Withdrawal) Act 2018 the FCA Handbook Prospectus Rules: Admission to Trading on a Regulated Market sourcebook and Public Offers and Admissions to Trading Regulations 2024.It is not a prospectus. The EMTN Programme Base Prospectus and the final terms (when published) will be available at https://www.londonstockexchange.com/news
• Timing: Pricing to follow.