British American Tobacco PLC has announced a share buy-back programme, commencing on 18 March 2024 and ending no later than 31 December 2025. The company will use the proceeds from the sale of 436,851,457 ordinary shares in ITC Limited to buy back 1.60bn of BAT ordinary shares, starting with 700mn in 2024 and the remaining 900mn in 2025. The purpose of the Programme is to reduce the issued share capital of the Company, with the purchased shares to be cancelled.

The Company has entered into an agreement with UBS AG London Branch to enable the purchase of Ordinary Shares for the initial stage of the Programme. The number of ordinary shares permitted to be purchased by the Company, pursuant to the authority granted by the shareholders at the annual general meeting of the Company on 19 April 2023, is 223,590,721 ordinary shares. The Programme will be carried out on Recognised Investment Exchanges within the UK, and no repurchases will be made in respect of the Company's American Depositary Receipts.

Any purchases of ordinary shares by the Company in relation to this announcement will be conducted in accordance with the Company's general authority to repurchase shares granted by its shareholders at the Company's 2023 AGM and any further approvals to repurchase shares as may be granted by its shareholders from time to time. Enquiries can be directed to the British American Tobacco Press Media Centre and the Investor Relations team.

This announcement provides a clear outline of British American Tobacco PLC's share buy-back programme, including the purpose, timeline, and the process for the repurchase of ordinary shares. It also highlights the Company's compliance with relevant regulations and its engagement with UBS AG London Branch for the initial stage of the Programme.