Reinet Fund S.C.A., F.I.S. (‘the Fund’)

Net asset value statement as at 30 June 2010

As at 30 June 2010, the net asset value (‘NAV’) of Reinet Fund S.C.A., F.I.S. amounted to € 2 648.4 million.

This valuation reflects the Fund’s holding of 84 303 670 shares in British American Tobacco p.l.c., its cash resources and other assets net of liabilities and accrued expenses. The assets and liabilities have been revalued to their fair values as at 30 June 2010. The NAV calculation has not been audited.

A provision of € 40 million is included in this NAV calculation in respect of the potential performance fee, which may become payable after 31 March 2011 if certain conditions are met. This provision is unchanged from that made in the financial statements at 31 March 2010; no additional provision has been made in the quarter to 30 June 2010.

The calculation of the performance fee is based on the increase in the volume weighted average market price of the Reinet Investments S.C.A. share as quoted on the Luxembourg Stock Exchange over the last 20 trading days prior to 31 March 2011 compared to the Initial Price, calculated over the trading period from 22 December 2008 to 19 March 2009, of € 7.1945. For illustrative purposes only, assuming a market price of the Reinet shares of € 11.61 (the market price on 30 June 2010) and applying the Initial Price, the performance fee payable on 31 March 2011 would be some € 86.5 million. The volume weighted average market price of the Reinet Investments S.C.A. share over the last 20 trading days prior to 31 March 2011 may differ significantly from the market price at 30 June 2010 and may result in a higher or lower performance fee being payable at that time. No fee will be payable if the volume weighted average market price in March 2011 would be below the Initial Price.

The entire ordinary share capital of the Fund is owned by Reinet Investments S.C.A. In addition, 1 000 management shares in the Fund are held by Reinet Fund Manager S.A.

The net asset position of the Fund is a substantial element of the consolidated balance sheet of Reinet Investments S.C.A. at 30 June 2010. However, the consolidated balance sheet of Reinet Investments S.C.A. will reflect other parent company assets or liabilities, including amounts payable to or receivable from the Fund. As such, the net asset value of Reinet Investments S.C.A. may differ from that of the Fund.