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Notice of Redemption to the Holders Of B.A.T Capital Corporation
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")
16 September 2019
British American Tobacco p.l.c.
NOTICE OF REDEMPTION
to the holders of
B.A.T CAPITAL CORPORATION
(the “Issuer”)
US$2,250,000,000 2.297% Notes due 2020
(the “Notes”)
CUSIP Numbers: 05526DAQ8; U05526AE5; 05526DAR6
ISINs: US05526DAQ88; USU05526AE50; US05526DAR61
REDEMPTION DATE: 16 SEPTEMBER 2019
In accordance with paragraph 5 (Optional Redemption) of the Notes, the Issuer has redeemed all of
its outstanding Notes today, 16 September 2019 (the “Redemption Date”). Citibank, N.A. acts as
authentication agent, paying agent, transfer agent, registrar and calculation agent under the Notes.
The Redemption Price payment will be made in accordance with paragraph 5 (Optional Redemption)
of the Notes. The Redemption Price will be equal to US$1,002.87 per US$1,000 principal amount,
plus accrued and unpaid interest on the principal amount of the Notes to be redeemed to the
Redemption Date, which is equal to US$2.10558333 per US$1,000 principal amount.
The Issuer has requested that the Financial Conduct Authority cancel the listing of the Notes, which
are listed on the Official List of the Financial Conduct Authority and traded on the Professional
Securities Market of the London Stock Exchange plc. This will take effect on or around 18 September
2019.
Unless otherwise defined in this Notice, terms used in this Notice have the meanings given to them in
the Notes.
For and on behalf of
B.A.T Capital Corporation
16 September 2019
Enquiries:
Press Office
+44 (0) 20 7845 2888 (24 hours) | @BATPress
Investor Relations
Mike Nightingale / Rachael Brierley / John Harney
+44 (0) 20 7845 180 / 1519 / 1263
Forward looking statements
This announcement contains certain forward-looking statements, including “forward-looking”
statements made within the meaning of Section 21E of the United States Securities Exchange Act of
1934. These statements are often, but not always, made through the use of words or phrases such as
“believe,” “anticipate,” “could,” “may,” “would,” “should,” “intend,” “plan,” “potential,” “predict,” “will,”
“expect,” “estimate,” “project,” “positioned,” “strategy,” “outlook”, “target” and similar expressions.
These include statements regarding our intentions, beliefs or current expectations concerning,
amongst other things, our results of operations, financial condition, liquidity, prospects, growth,
strategies and the economic and business circumstances occurring from time to time in the countries
and markets in which the Group operates.
All such forward-looking statements involve estimates and assumptions that are subject to risks,
uncertainties and other factors that could cause actual future financial condition, performance and
results to differ materially from the plans, goals, expectations and results expressed in the forward-
looking statements and other financial and/or statistical data within this announcement. Among the
key factors that could cause actual results to differ materially from those projected in the forward-
looking statements are uncertainties related to the following: the impact of competition from illicit trade;
the impact of adverse domestic or international legislation and regulation; changes in domestic or
international tax laws and rates; adverse litigation and dispute outcomes and the effect of such
outcomes on the Group’s financial condition; changes or differences in domestic or international
economic or political conditions; adverse decisions by domestic or international regulatory bodies; the
impact of market size reduction and consumer down-trading; translational and transactional foreign
exchange rate exposure; the impact of serious injury, illness or death in the workplace; the ability to
maintain credit ratings and to fund the business under the current capital structure; the inability to
develop, commercialise and roll-out Potentially Reduced-Risk Products; and changes in the market
position, businesses, financial condition, results of operations or prospects of the Group.
It is believed that the expectations reflected in this announcement are reasonable but they may be
affected by a wide range of variables that could cause actual results to differ materially from those
currently anticipated. Past performance is no guide to future performance and persons needing
advice should consult an independent financial adviser. The forward-looking statements reflect
knowledge and information available at the date of preparation of this announcement and the Group
undertakes no obligation to update or revise these forward-looking statements, whether as a result of
new information, future events or otherwise. Readers are cautioned not to place undue reliance on
such forward-looking statements.
No statement in this communication is intended to be a profit forecast and no statement in this
communication should be interpreted to mean that earnings per share of BAT for the current or future
financial years would necessarily match or exceed the historical published earnings per share of BAT.
Additional information concerning these and other factors can be found in the Company’s filings with
the U.S. Securities and Exchange Commission (“SEC”), including the Annual Report on Form 20-F
filed on 15 March 2019 and Current Reports on Form 6-K, which may be obtained free of charge at
the SEC’s website, http://www.sec.gov, and the Company’s Annual Reports, which may be obtained
free of charge from the British American Tobacco website www.bat.com.
Sponsor: UBS South Africa (Pty) Ltd
Date: 16/09/2019 12:00:00
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