Tokyo, October 30, 2020

2020 Third Quarter Results

Year-to-Date Highlights (vs. 2019)

  • Revenue decreased 2.5% to JPY 1,592.1 billion.
  • Adjusted operating profit at constant currency increased 6.3% to JPY 479.8 billion.
  • On a reported basis, adjusted operating profit decreased 2.2% to JPY 441.5 billion.
  • Operating profit decreased 11.4% to JPY 390.2 billion.
  • Profit attributable to owners of the parent decreased 18.4% to JPY 257.9 billion.

FY2020 Forecasts (vs. Previous Forecast)

  • Revenue forecast is revised upward by JPY 60.0 billion.
  • Adjusted operating profit at constant currency is revised upward by JPY 30.0 billion.
  • Forecasts are revised for adjusted operating profit on a reported basis (up JPY 26.0 billion), operating profit (up JPY 42.0 billion) and profit attributable to owners of the parent (up JPY 24.0 billion)

Please refer to P.17 'Data Sheets' for more financial figures.

Masamichi Terabatake, President and Chief Executive Officer of the JT Group, said:

"The COVID-19 pandemic is having a lasting impact on wider society across the globe and continues to pose many uncertainties.

"The JT Group posted encouraging results in the year-to-date, driven by strong underlying fundamentals, despite a challenging operating environment, and our adjusted operating profit at constant currency grew due to the share and pricing gains in the international tobacco business.

"Our forecasts are revised upward following the strong year-to-date performance as well as efficient cost management while we continue to invest in high priority activities and we have confidence in achieving the revised forecast.

"Looking ahead, and taking into account the prevailing and highly uncertain environment, we will continue investments to offer products and services with agility, as we adapt to evolving ways of working and changing consumer needs."

Investors' Meeting

An investors' meeting (phone conference) with members of the investor community will be held in Japanese only on October 30, 2020 at 5:00pm Tokyo Time. The on-demand audio in English translation of this conference will be available on our website (https://www.jt.com/investors/results/presentation_financial). For detailed information on the consolidated financial results, please visit the Company's website. (https://www.jt.com/investors/).

IAS 29 Hyperinflationary Accounting

In accordance with the requirements stipulated in IAS 29, the JT Group has made accounting adjustments to the consolidated year-to-date results and the FY2020 forecast revisions stated above, except for those stated as constant currency basis.

1

Hyperinflationary Accounting Adjustments

The JT Group, in accordance with the requirements stipulated in IAS 29 "Financial Reporting in Hyperinflationary Economies" requirements, has applied accounting adjustments and restated the financial statements of its subsidiaries in Iran and Sudan, using the exchange rate at the end of the reporting period as the current rate.

Accordingly, the adjustments their and effects have been applied to the 2020 Q3 year-to-date results, Q3 results and full year revised forecasts as well as to the international tobacco business's results and revised forecast for the same periods. The Group's consolidated financial positions reflect such effects. The adjustments are not applied on the financial indicators at constant currency basis.

The impact on the key financial indicators are as follows:

Consolidated / International Tobacco Business Results

Revenue:

-11.4 billion JPY

Adjusted Operating Profit:

-7.8 billion JPY

Profit Attributable to the

-1.8 billion JPY

Owners of the Parent:

2

FY2020 Q3 Financial Results

Consolidated Results

(billions of JPY)

2019 Q3

2020 Q3

Variance

2019 YTD

2020 YTD

Variance

Revenue

575.2

561.9

-2.3%

1,633.7

1,592.1

-2.5%

Adjusted operating profit

163.7

153.9

-6.0%

451.5

441.5

-2.2%

Operating profit

129.3

138.2

+6.9%

440.6

390.2

-11.4%

Profit attributable to

89.7

85.5

-4.7%

316.1

257.9

-18.4%

owners of the parent

Adjusted operating profit

163.7

170.6

+4.2%

451.5

479.8

+6.3%

at constant FX

2020 Q3

  • Revenue
    Revenue decreased 2.3% to JPY 561.9 billion due to revenue declines in the Japanese-domestic tobacco, processed food, and pharmaceutical businesses, while the international tobacco business was stable year-on-year.
  • Adjusted Operating Profit
    At constant currency, adjusted operating profit increased 4.2% to JPY 170.6 billion, mainly driven by favorable price/mix contributions in the international tobacco business, as well as increases in the Japanese-domestic tobacco and pharmaceutical businesses, partially offset by the processed food business.
    On a reported basis, adjusted operating profit decreased by 6.0% to JPY 153.9 billion due to negative foreign currency impacts in the international tobacco business.
  • Operating Profit
    Operating profit increased 6.9% to JPY 138.2 billion due to a favorable year-on-year comparison of the non-recurring,one-time restructuring costs attributed to transformation in the international tobacco business, despite the lower adjusted operating profit.
  • Profit Attributable to Owners of the Parent
    Profit attributable to owners of the parent decreased 4.7% to JPY 85.5 billion mainly due to an increase in financing costs.

2020 YTD

  • Revenue
    Revenue decreased 2.5% to JPY 1,592.1 billion due to revenue decline in the Japanese-domestic tobacco and processed food businesses, which were negatively impacted by COVID-19, as well as in the pharmaceutical business, although their declines were partially offset by the revenue increase in the international tobacco business. The effects of COVID-19 are estimated to have had an unfavorable impact of about JPY 45 billion, or about 3% of the total consolidated revenue.

3

  • Adjusted Operating Profit
    At constant currency, adjusted operating profit increased 6.3% to JPY 479.8 billion, due to factors including favorable price/mix contributions in the international tobacco business and an increase in the pharmaceutical business. These positive drivers exceeded the decline in the Japanese-domestic tobacco and processed food businesses, which were negatively impacted mainly by COVID-19.
    On a reported basis, adjusted operating profit declined 2.2% to JPY 441.5 billion due to negative impacts of foreign currencies outweighing its underlying performance in the international tobacco business.
  • Operating Profit
    Operating profit decreased 11.4% to JPY 390.2 billion, mainly due to an unfavorable comparison of the one-time compensation gain in the pharmaceutical business in the previous year, despite the increase in the international tobacco business.
  • Profit Attributable to Owners of the Parent
    Profit attributable to owners of the parent decreased 18.4% to JPY 257.9 billion mainly due to a decrease in operating profit and higher financing costs.

In accordance with the requirements stipulated in IAS 29, the JT Group has applied hyperinflationary accounting and its adjustments to 2020 results stated above, unless stated as constant currency basis.

4

Results by Business Segment

International Tobacco Business

(billions of Units, billions of JPY)

2019 Q3

2020 Q3

Variance

2019 YTD

2020 YTD

Variance

Total shipment volume

116.1

118.0

+1.6%

338.6

330.0

-2.6%

GFB shipment volume

73.9

77.0

+4.2%

210.2

213.2

+1.4%

Core revenue1

334.1

330.4

-1.1%

941.6

956.5

+1.6%

Adjusted operating profit1

111.1

100.5

-9.5%

296.5

314.8

+6.2%

Reference(millions of USD)

Core revenue1

3,112

3,116

+0.1%

8,901

+3.1%

8,632

(+6.8%)*

(+8.5%)*

Adjusted operating profit1

1,034

949

-8.3%

2,929

+7.7%

2,719

(+5.5%)*

(+19.0%)*

2020 Q3

*at constant FX

  • Volume and Market share2
    Despite on-goingCOVID-19 disruptions, total shipment volume increased 1.6%, mainly driven by continued market share gains and a better than expected industry volume from higher domestic consumption in several markets, more than offsetting travel restrictions negatively impacting Duty- Free and tourist destination markets. Excluding unfavorable inventory movements, total shipment volume grew 2.3%. GFB shipment volume increased 4.2%, driven by Winston (+4.6%), MEVIUS (+4.3%) and LD (+7.7%) as Camel volume was down 0.1%. Quarterly market share gains continued across many geographies, notably Canada, France, Germany, Italy, the Philippines, Romania, Spain, Taiwan and the UK.
  • Core revenue and Adjusted operating profit1
    Core revenue and adjusted operating profit decreased 1.1% and 9.5%, respectively, due to investments in RRP and currency headwinds more than offsetting a positive volume and price/mix variance.
    On a USD basis, core revenue at constant currency grew 6.8% driven by a favorable volume contribution of USD 138 million, notably from Canada, Iran, the Philippines, Poland, Romania, Switzerland, Taiwan, Turkey and the UK, and a positive price/mix variance of USD 75 million, notably from Bangladesh, Canada, Germany, Kazakhstan, Romania and Russia. At constant currency, adjusted operating profit grew 5.5% driven by a positive volume contribution of USD 103 million and a favorable price/mix variance of USD 66 million. On a reported basis, core revenue grew 0.1% and adjusted operated profit was down 8.3%.

2020 YTD

  • Volume and Market share2
    Total shipment volume declined 2.6%, due to COVID-19 travel restrictions negatively impacting Duty- Free and tourist destination markets, as well as industry volume contraction in several markets, notably Russia. GFB shipment volume increased 1.4%, with the robust performance of Winston (+2.6%) and LD (+4.5%), more than offsetting the decline of Camel (-2.9%) and MEVIUS (-3.0%). Market share gains continued across many geographies, notably in Canada, Czech Republic, France,

5

Germany, Iran, Ireland, Italy, Kazakhstan, the Philippines, Romania, Spain, Sweden, Switzerland, Taiwan and the UK.

  • Core revenue and Adjusted operating profit1
    Core revenue and adjusted operating profit increased 1.6% and 6.2% respectively driven by favorable price/mix and volume contributions more than offsetting negative currency headwinds. COVID-19 negatively impacted core revenue by around JPY 17 billion.
    On a USD basis, core revenue at constant currency increased 8.5%, driven by a favorable price/mix variance of USD 649 million, notably from Germany, Indonesia, the Philippines, Romania and Russia, and a positive volume contribution of USD 89 million, notably from Canada, France, Germany, Iran, Jordan, the Philippines, Poland, Taiwan and the UK. At constant currency, adjusted operating profit was up 19.0%, driven by a favorable price/mix variance of USD 635 million and a positive volume contribution of USD 120 million. On a reported basis, core revenue and adjusted operating profit grew 3.1% and 7.7%, respectively.

International Tobacco Business (Quarterly) Performance Review by Cluster

South and West Europe

(billions of Units, millions of USD)

2019 Q3

2020 Q3

Variance

Total shipment volume

17.6

17.8

+1.3%

GFB shipment volume

14.4

15.1

+4.9%

Core revenue

540

560

+3.8%

(-1.2%)*

*at constant FX

  • Volume and market share2
    Total shipment volume increased 1.3%, driven by continued market share gains and more resilient industry volume in several markets from higher domestic consumption. GFB shipment volume grew 4.9%, fueled by Winston (+12.1%). Quarterly market share increased in Belgium, France, Greece, Italy, Luxemburg, the Netherlands, Spain and Switzerland.
  • Core revenue
    Core revenue increased 3.8% driven by favorable currency movements of USD 27 million. Excluding currencies, core revenue was down 1.2%, due to a negative volume contribution of USD 1 million, notably from Spain, and a negative price/mix variance of USD 5 million due to downtrading.
  • By market2
    In France, total, cigarette and fine cut shipment volumes grew 9.6%, 11.2% and 6.4%, respectively, driven by improved industry volume trends related to higher domestic consumption and robust quarterly share gains (+3.5ppt) from Winston and Camel, which more than offset unfavorable inventory movements. Excluding inventory movements, total shipment volume increased 12.0%. Currency-neutral core revenue grew, driven by a favorable volume more than offsetting an unfavorable price/mix variance. Year-to-date shipment volumes were up 12.2% (or 9.8% excluding inventory movements), 8.0% and 19.0% in total, cigarette and fine cut respectively. Year-on-year market share increased 2.3ppt to 26.1%, fueled by GFBs.

6

In Italy, total, cigarette and fine cut shipment volumes increased 2.5%, 1.8% and 8.8%, respectively, driven by solid quarterly market share gains (+1.6ppt). Excluding unfavorable inventory movements, total shipment volume grew 7.3% boosted by the strong performance of Winston. Currency-neutral core revenue increased, driven by a favorable volume more than offsetting an unfavorable price/mix variance. Year-to-date shipment volumes grew 1.6% (or 1.2% excluding inventory movements), 0.3% and 12.6% in total, cigarette and fine cut respectively. Year-on-year market share increased 1.0ppt to 25.3%, led by Winston.

In Spain, total and cigarette shipment volumes decreased 5.0% and 7.8%, respectively, due to industry volume decline related to a lower number of summer travelers and unfavorable inventory movements. Excluding inventory movements, robust quarterly market share gains (+1.2ppt) resulted in a total shipment volume decrease of only 0.4%. Fine cut shipment volume was up 8.0%. Currency- neutral core revenue decreased, due to unfavorable volume and price/mix contributions. Year-to-date total and cigarette shipment volume declined 3.1% (or 2.3% excluding inventory movements) and 6.0%, respectively, while fine cut shipment volume increased 9.0%. Year-on-year market share increased 1.0ppt to 26.3%, led by Winston and Camel.

North and Central Europe

(billions of Units, millions of USD)

2019 Q3

2020 Q3

Variance

Total shipment volume

14.9

17.6

+18.2%

GFB shipment volume

7.7

9.4

+22.5%

Core revenue

585

729

+24.6%

(+19.5%)*

*at constant FX

  • Volume and market share2
    Total shipment volume increased 18.2%, notably driven by Austria, Czech Republic, Germany, Hungary, Ireland, Poland, Sweden and the UK. GFB shipment volume grew 22.5%, driven by Winston (+30.5%), Camel (+12.3%) and LD (+13.9%). Quarterly market share increased in Austria, Czech Republic, Germany, Hungary, Ireland, Poland, Sweden and the UK.
  • Core revenue
    Core revenue grew 24.6% driven by a favorable volume contribution of USD 110 million, notably from Poland and the UK, a positive price/mix variance of USD 4 million and favorable currency movements of USD 30 million. Excluding currencies, core revenue increased 19.5%.
  • By market2
    In Germany, total, cigarette and fine cut shipment volumes increased 7.4%, 2.2% and 11.3%, respectively, driven by improved industry volume trends related to higher domestic consumption and quarterly market share gains (+0.7ppt). Currency-neutral core revenue grew driven by positive volume and price/mix contributions. Year-to-date shipment volumes grew 9.0%, 3.1% and 13.4% in total, cigarette and fine cut respectively. Year-on-year market share grew 0.5ppt to 8.8% driven by Winston.
    In the UK, total, cigarette and fine cut shipment volumes increased 17.3%, 4.4% and 33.4%, respectively, driven by improved industry volume trends from higher domestic consumption, and strong quarterly market share gains (+1.5ppt). Currency-neutral core revenue increased, driven by favorable volume contribution more than offsetting an unfavorable price/mix variance due to downtrading. Year-to-date shipment volumes grew 15.7%, 3.6% and 31.2% in total, cigarette and fine cut respectively. Year-on-year market share was up 1.7ppt to 44.8%, driven mainly by B&H Blue in cigarette and Sterling in fine cut.

7

CIS+

(billions of Units, millions of USD)

2019 Q3

2020 Q3

Variance

Total shipment volume

35.7

34.1

-4.4%

GFB shipment volume

24.5

22.8

-6.6%

Core revenue

796

779

-2.1%

(+6.8%)*

*at constant FX

  • Volume and market share2
    Total and GFB shipment volumes decreased 4.4% and 6.6%, respectively, mainly due to industry volume decline and unfavorable inventory movements in Russia. Quarterly market share grew in Kazakhstan, Romania, Serbia and Ukraine.
  • Core revenue
    Core revenue decreased 2.1% as a favorable price/mix variance of USD 77 million, mainly from Russia, could not offset a negative volume contribution of USD 23 million and unfavorable currencies of USD 71 million. Excluding currencies, core revenue increased 6.8%.
  • By market2
    In Romania, total shipment volume increased 11.6%, driven by improved industry volume from higher domestic consumption and solid quarterly market share gains (+1.2ppt). Positive volume and price/mix contributions drove an increase in currency-neutral core revenue. Year-to-date shipment volume grew 8.8%. Year-on-year market share reached 28.7%, an increase of 0.9ppt driven by Winston and Sobranie.
    In Russia, total shipment volume declined 6.6%, due to a cigarette industry volume contraction, estimated3 at 3.5%, resulting partially from an increase of the RRP category, and a 1.2ppt cigarette market share loss in the quarter following a temporary unfavorable price differential. Excluding unfavorable inventory movements, total shipment volume declined 4.8%. GFB shipment volume was down 8.0% for the same reasons as above. Currency-neutral core revenue grew, driven by a positive price/mix variance more than offsetting a negative volume contribution. Year-to-date total shipment volume declined 9.0%, or 9.7% excluding inventory movements. Year-on-year cigarette market share declined to 38.2%.

Rest-of-the-World

(billions of Units, millions of USD)

2019 Q3

2020 Q3

Variance

Total shipment volume

47.9

48.5

+1.1%

GFB shipment volume

27.3

29.6

+8.2%

Core revenue1

1,190

1,047

-12.0%

(+4.3%)*

*at constant FX

  • Volume and market share2
    Driven by market share gains, total shipment volume increased 1.1%, despite travel restrictions negatively impacting Duty-Free and lower industry volume in several emerging markets. Volume grew notably in Brazil, Cambodia, Iran, Jordan, Malaysia, the Philippines, Saudi Arabia, South Korea,

8

Taiwan and Turkey. GFB shipment volume increased 8.2%, driven by Winston (+9.2%), MEVIUS (+3.6%) and LD (+32.0%). Quarterly market share increased across many markets, notably in Brazil, Cambodia, Canada, Jordan, Malaysia, the Philippines, Singapore, South Korea, Sudan, Taiwan and the USA.

  • Core revenue1
    Core revenue decreased 12.0%, as a positive volume contribution of USD 52 million, notably in Canada, Iran, the Philippines, Taiwan and Turkey, was more than offset by USD 194 million in unfavorable currencies. Excluding currencies, core revenue increased 4.3%.
  • By market2
    In Iran, total shipment volume increased 5.7%, driven by a favorable industry volume trend and favorable inventory movements. Excluding inventory movements, total shipment volume grew 5.2%. Currency-neutral core revenue increased, fueled by volume and price/mix contributions. Year-to-date total shipment volume was up 8.4%, or 8.2% excluding inventory movements. Year-on-year market share continued to increase to 59.8%, up 1.4ppt, driven by Camel, Magna and Monte-Carlo.
    In Taiwan, total shipment volume grew 21.4%, driven by improved industry volume trends from larger domestic consumption, strong quarterly GFB market share gains (+1.7ppt) and favorable inventory movements. Excluding inventory movements, total shipment volume increased 20.2%. Currency- neutral core revenue increased, driven by favorable volume more than offsetting a negative price/mix variance. Year-to-date total shipment volume grew 11.1%. Year-on-year market share increased 2.5ppt to 47.1%, driven by LD, MEVIUS and Winston.
    In Turkey, total shipment volume increased 8.5%, driven by improved industry volume and favorable inventory movements. Excluding inventory movements, total shipment volume increased 6.3%. Currency-neutral core revenue decreased as a positive volume contribution could not offset a negative price/mix variance. Year-to-date total shipment volume decreased 10.5% due to the unfavorable comparison related to a tax-led pricing. Year-on-year market share decreased 0.9ppt to 26.6%.
  1. In accordance with the requirements stipulated in IAS 29, hyperinflationary accounting and its adjustments have been applied to all results stated above, unless stated as constant currency basis.
  2. Source: IRI, Logista, Nielsen and JTI estimates on a 12-month rolling average and 3-month average, unless otherwise specified, for cigarettes and fine cut (excluding snus) at the end of September 2020. Brazil, Germany, Hungary, Iran, Kazakhstan, Spain and Sweden are on a 12-month rolling average and 2-month average at the end of August 2020. 12-month and 3-month share of market growth for 2020 markets is calculated against a 12-month and 3-month share of market at the end of respective period in 2019.
  3. Source: JTI estimates based on July-September 2020 cigarette data versus the same period last year.

9

Japanese-Domestic Tobacco Business

(billions of units, billions of JPY)

2019 Q3

2020 Q3

Variance

2019 YTD

2020 YTD

Variance

Cigarette industry volume4

33.4

33.0

-1.3%

94.6

90.0

-4.9%

Cigarette sales volume

20.1

19.9

-1.1%

57.4

54.0

-5.9%

Core revenue

153.5

146.0

-4.9%

435.8

394.8

-9.4%

Adjusted operating profit

56.2

57.2

+1.8%

165.4

139.0

-16.0%

2020 Q3

  • Cigarette sales volume
    Cigarette industry volume4 decreased 1.3% to 33.0 billion units due to the growth in the RRP category, the natural decline trend, the impact of price revisions in October 2019, regulatory changes in April 2020, as well as the spread of COVID-19, despite the higher one-time demand ahead of price revisions in October 2020 than that of October 2019, which is attributed to a greater increase in retail prices in 2020.
    Cigarette sales volume decreased 1.1% to 19.9 billion units due to the cigarette industry volume contraction despite the one-time demand ahead of price revisions in October 2020.
    Cigarette market share4 increased by 0.1ppt year-on-year to 60.2% mainly driven by the strengthened portfolio, and despite continued competition in the value segment. The share increased 0.2ppt from the second quarter of 2020, marking a third consecutive quarterly increase.
  • Reduced-RiskProducts (RRP) performance
    Overall RRP market size4 in Japan is estimated at approx. 26% (shipment basis) of the total tobacco industry volume. JT RRP sales volume increased by 0.2 billion year-on-year to 1.2 billion units. JT's market share4 in the RRP category is estimated at approx. 11% on an offtake basis.
  • Core revenue and Adjusted operating profit
    Core revenue declined 4.9%, mainly due to an unfavorable cigarette sales volume variance of JPY 1.4 billion; an unfavorable cigarette price/mix variance of JPY 0.9 billion attributed to tax absorption for certain products following the 2019 consumption tax increases; a decrease in RRP-related revenue; and lower sales in Duty-Free and China businesses. RRP-related revenue decreased by JPY 1.1 billion year-on-year to JPY 16.7 billion, mainly due to a decline in sales of devices, despite the increase in RRP volume.
    Adjusted operating profit increased 1.8% driven by significantly low indirect expenses due to protracted COVID-19 disruptions, as well as efficient cost execution and investments in priority activities. It was partially offset by an unfavorable cigarette sales volume variance of JPY 1.1 billion; an unfavorable cigarette price/mix variance of JPY 0.9 billion; a decrease in RRP related revenue; and lower sales in Duty-Free and China businesses.

2020 YTD

  • Cigarette sales volume
    Cigarette industry volume4 decreased 4.9% to 90 billion units due to the growth in the RRP category, the natural decline trend, the impact of price revisions in October 2019, regulatory changes in April 2020 as well as the spread of COVID-19, despite the higher one-time demand ahead of price revisions in October 2020 than that of October 2019, which is attributed to a greater increase in retail prices in 2020.
    Cigarette sales volume decreased 5.9% to 54.0 billion units due to cigarette industry volume contraction and a loss in market share.
    Cigarette market share4 declined by 0.7ppt, down to 60.0% due to continued competition in the value segment.

10

  • Reduced-RiskProducts (RRP) performance
    Overall RRP market size4 in Japan is estimated at approx. 25% (shipment basis) of the total tobacco industry volume. JT RRP sales volume increased by 0.6 billion year-on-year to 3.0 billion units. JT's market share3 in the RRP category is estimated at approx. 10% on an offtake basis.
  • Core revenue and Adjusted operating profit
    Core revenue declined 9.4% mainly due to an unfavorable cigarette sales volume variance of JPY 21.8 billion; an unfavorable cigarette price/mix variance of JPY 3.1 billion attributed to tax absorption for certain products following the 2019 consumption tax increases; a decrease in RRP-related revenue; and lower sales in Duty-Free and China businesses. RRP-related revenue decreased by JPY 5.6 billion year-on-year to JPY 42.6 billion mainly due to a decline in sales of devices, despite the increase in RRP volume. COVID-19 is estimated to have negatively impacted the top-line by about JPY 20 billion, of which slightly over half is attributed to Duty-Free and China businesses.
    Adjusted operating profit decreased 16.0% due to an unfavorable cigarette sales volume variance of JPY 17.9 billion; an unfavorable cigarette price/mix variance of JPY 3.1 billion; a decrease in RRP related revenue; lower sales in Duty-Free and China businesses; and an increase in sales and promotion activities for RRP and little cigars. It was partially offset by significantly low indirect expenses due to protracted COVID-19 disruptions, as well as efficient cost execution and investments in priority activities.

4 Source: JT estimates. Cigarette industry volume and cigarette share of market include little cigars, which are classified as cigars as per the Tobacco Business Act in Japan as well as conventional cigarettes.

11

Pharmaceutical Business

(billions of JPY)

2019 Q3

2020 Q3

Variance

2019 YTD

2020 YTD

Variance

Revenue

21.5

20.3

-5.8%

63.3

57.5

-9.1%

Adjusted operating profit

2.1

4.7

+122.8%

7.8

12.6

+61.4%

2020 Q3

  • Revenue and Adjusted operating profit
    Revenue decreased 5.8% mainly due to lower overseas royalty income.
    Adjusted operating profit increased by JPY 2.6 billion, mainly due to lower R&D expenditures marked by the completion of trials for the clinical development of the product for which manufacturing and marketing applications has been submitted along with earnings growth in our subsidiary, Torii Pharmaceutical, partially offset by a decrease in overseas royalty income.

2020 YTD

  • Revenue and Adjusted operating profit
    Revenue decreased 9.1% and adjusted operating profit increased by JPY 4.8 billion for the reasons mentioned above. COVID-19 is not seen as having had a material impact on the top-line.

Processed Food Business

(billions of JPY)

2019 Q3

2020 Q3

Variance

2019 YTD

2020 YTD

Variance

Revenue

39.3

36.7

-6.7%

114.8

108.6

-5.4%

Adjusted operating profit

1.3

0.5

-60.7%

2.9

0.9

-70.4%

2020 Q3

  • Revenue and Adjusted operating profit
    In the continued environment of COVID-19, revenue decreased 6.7% due to the decline in sales related to lower demand for food-service products within the frozen and ambient food as well as the seasonings businesses, in addition to the decline of demand and sales in the bakery business. On the other hand, sales for household products in the frozen and ambient food business increased due to stronger demand.
    Adjusted operating profit decreased by JPY 0.8 billion due to the decrease in revenue and increases in logistics costs in the frozen and ambient food business, partially offset by improvements in product mix.

2020 YTD

  • Revenue and Adjusted operating profit
    Revenue decreased 5.4% and adjusted operating profit decreased by JPY 2.0 billion for the reasons mentioned above. COVID-19 is estimated to have negatively impacted the top-line by about JPY 7 billion.

12

FY2020 Forecasts

Consolidated

(billions of JPY)

2020 Forecast

Variance vs.

Variance vs.

Previous

Revised

Previous Forecast

2019 Results

Revenue

2,010.0

2,070.0

+60.0

-4.9%

Adjusted operating profit

457.0

483.0

+26.0

-6.4%

Operating profit

422.0

464.0

+42.0

-7.6%

Profit attributable to

286.0

310.0

+24.0

-11.0%

owners of the parent

Adjusted operating profit

509.0

539.0

+30.0

+4.5%

at constant FX

  • Revenue
    Revenue forecast is revised upward by JPY 60.0 billion to 2,070.0 billion, driven by the upward revisions in the international tobacco and pharmaceutical businesses, despite the downward revision in the processed food business. As a result, revenue is now expected to decline 4.9% year-on-year.
  • Adjusted Operating Profit
    Adjusted operating profit at constant currency is revised upward by JPY 30.0 billion to JPY 539.0 billion, a 4.5% increase year-on-year, driven by the upward revision in the Japanese-domestic tobacco, international tobacco, and pharmaceutical businesses. On a reported basis, adjusted operating profit is revised upward by JPY 26.0 billion to JPY 483.0 billion, representing a 6.4% decline year-on-year.
  • Operating Profit and Profit Attributable to Owners of the Parent
    Operating profit is revised upward by JPY 42.0 billion to JPY 464.0 billion, mainly due to the upward revision in adjusted operating profit and the profits from the sale of real estate exceeding the expectations, resulting in a decline of 7.6% year-on-year.
    Profit attributable to owners of the parent is revised upward by JPY 24.0 billion to JPY 310.0 billion, as a result of the upward revision in operating profit, partially offset by higher financing costs. This represents an 11.0% decline year-on-year.

In accordance with the requirements stipulated in IAS 29, the JT Group has applied hyperinflationary accounting and its adjustments to the FY2020 revised forecasts stated above, unless stated as constant currency basis.

13

Forecasts by Business Segment

International Tobacco Business

2020 Forecast

Variance vs.

Variance vs.

(billions of Units, billions of JPY)

Previous

Revised

Previous Forecast

2019 Results

Total shipment volume

Approx. -6%

Approx. -4%

GFB shipment volume

Approx. -3%

Approx. +1%

Core revenue5

1,230.0

1,170.0

+60.0

-1.8%

Adjusted operating profit5

323.0

338.0

+15.0

-0.8 %

Reference(millions of USD)

Core revenue5

10,900

11,500

+600

+0.0%

(+5.3%)*

Adjusted operating profit5

3,000

3,150

+150

+0.8%

(+15.5%)*

*at constant FX

  • Volume
    Total and GFB shipment volume forecasts are revised upwards. Continued market share performance, stronger than expected consumer demand from lower cross-border tourism, notably in Europe, and improved volume trends in several emerging markets are expected to more than offset the negative impact from travel restrictions on Duty-Free volume as well as industry volume contraction in several markets. As a result, total shipment volume is now expected to decline approximately 4% while GFB shipment volume is forecast to increase approximately 1%.
  • Core revenue and Adjusted operating profit
    On a JPY basis, the forecasts for core revenue and adjusted operating profit are revised upward by JPY 60.0 billion and JPY 15.0 billion respectively, mainly driven by the upside of volume outlook partially offset by revised FX assumption. As a result, core revenue will decline 1.8% and adjusted operating profit will decline 0.8% versus the previous year.
    On a USD basis, core revenue at constant currency is revised upwards by USD 500 million against our previous forecast, driven by improved shipment volume, resulting in a 5.3% increase versus the previous year. Driven by the improved top-line, and despite continued investments, the guidance for the adjusted operating profit at constant currency is revised upwards by USD 170 million against the previous forecast and is now expected to increase 15.5% versus the previous year. On a reported basis, core revenue and adjusted operating profit are revised upward to reflect the improved volume forecast. As a result, core revenue is expected to be stable and adjusted operating profit will grow 0.8%.

5 In accordance with the requirements stipulated in IAS 29, hyperinflationary accounting and its adjustments have been applied to the FY2020 revised forecasts stated above, unless stated as constant currency basis.

14

Japanese-Domestic Tobacco Business

(billions of JPY)

2020 Forecast

Variance vs.

Variance vs.

Previous

Revised

Previous Forecast

2019 Results

Cigarette industry volume6

Decline

Decline

approx. 8.5%

over 8%

Cigarette sales volume

Decline

Decline

over 8.5%

approx. 9%

Core revenue

510.0

510.0

-

-10.4%

Adjusted operating profit

160.0

166.0

+6.0

-11.3%

  • Volume
    The cigarette industry volume6 decline assumption is revised from approx. 8.5% to over 8% reflecting lower impact in Q3 due to COVID-19 and regulatory changes in April 2020 compared to the previous forecast, as well as the revised outlook on impact of price revisions in October 2020. JT's estimate for overall RRP market size6 remains unchanged for the full year 2020 at approx. 25% of the total tobacco market although it is expected to be toward the high end of the previous estimate. As a result, the total tobacco industry volume6 decline assumption is revised from approx. 5% to approx. 4.5%.
    The assumption on JT cigarette sales volume decline is revised from over 8.5% to approx. 9% reflecting intensified competition in the value segment. Considering the performance until the third quarter of 2020, the JT RRP sales volume estimate remains unchanged at over 3.5 billion units, but is expected to be toward the high end of the previous estimate. In November, a new Tobacco-Infused vapor device will be launched as Ploom TECH+ with.
  • Core revenue and Adjusted operating profit
    The core revenue forecast remains unchanged despite the protracted negative impact of COVID-19 on the top-line in the Duty-Free and China businesses in addition to downward revision on JT cigarette sales volume assumption, which were offset notably by volume upside of RRP. This represents a decrease of 10.4% versus the previous year.
    Adjusted operating profit forecast is revised upward by JPY 6.0 billion now representing a decrease of 11.3% versus the previous year. This is driven by significantly low indirect expenses due to protracted COVID-19 disruptions as well as efficient cost execution and investments in priority activities, partially offset by the protracted negative impact of COVID-19 on the top-line in the Duty- Free and China businesses.

6 Source: JT estimates. Total tobacco industry volume and cigarette industry volume include little cigars, which are classified as cigars as per the Tobacco Business Act in Japan as well as conventional cigarettes.

15

Pharmaceutical Business

(billions of JPY)

2020 Forecast

Variance vs.

Variance vs.

Previous

Revised

Previous Forecast

2019 Results

Revenue

76.0

78.0

+2.0

-11.9%

Adjusted operating profit

13.0

16.0

+3.0

+0.4%

  • Revenue and Adjusted operating profit
    The revenue forecast is revised upward by JPY 2.0 billion now representing a decrease of 11.9% versus the previous year reflecting overseas royalty income exceeding expectations in the previous forecast.
    Adjusted operating profit forecast is revised upward by JPY 3.0 billion now representing an equivalent level versus the previous year. This reflects a decrease in R&D expenditures and cost reductions in our subsidiary, Torii Pharmaceutical, due to operational restrictions associated with the spread of COVID-19.

Processed Food Business

(billions of JPY)

2020 Forecast

Variance vs.

Variance vs.

Previous

Revised

Previous Forecast

2019 Results

Revenue

153.0

151.0

-2.0

-4.8%

Adjusted operating profit

3.0

3.0

-

-44.8%

  • Revenue and Adjusted operating profit
    The forecast for revenue is revised downward by JPY 2.0 billion now representing a decrease of 4.8% versus the previous year. This reflects a delay in recovery from the previously forecast level for some food-service products within the frozen and ambient food business which has been impacted by COVID-19.
    Despite the downward revision on revenue, the adjusted operating profit forecast remains unchanged representing a decrease of JPY 2.4 billion versus the previous year mainly due to cost reduction initiatives mitigating the impact on top-line.

16

Data Sheets

17

Results for 2020 Third Quarter

1. Summary of Consolidated results

(Unit: JPY billion)

2019

2020

Variance (abs)

Variance (%)

Q3 YTD

Q3 YTD

Revenue

1,633.7

1,592.1

-41.7

-2.5%

Operating profit

440.6

390.2

-50.4

-11.4%

Adjusted operating profit

451.5

441.5

-10.0

-2.2%

Profit before income taxes

411.6

345.6

-66.0

-16.0%

Profit

328.8

259.6

-69.2

-21.0%

Profit (attributable to owners of the parent company)

316.1

257.9

-58.2

-18.4%

Basic EPS*(JPY)

177.83

145.40

-32.43

-18.2%

*Based on profit attributable to owners of the parent company

[Reference] Consolidated results

(Unit: JPY billion)

2019

2020

Variance (abs)

Variance (%)

Q3 YTD

Q3 YTD

Adjusted operating profit at constant FX

451.5

479.8

+28.3

+6.3%

2. Results by business segment

(Unit: JPY billion)

2019

2020

Variance (abs)

Variance (%)

Q3 YTD

Q3 YTD

Revenue

1,633.7

1,592.1

-41.7

-2.5%

Japanese-domestic tobacco

466.4

425.2

-41.3

-8.9%

Core revenue

435.8

394.8

-41.0

-9.4%

International tobacco

984.7

998.7

+14.0

+1.4%

Core revenue

941.6

956.5

+14.9

+1.6%

Pharmaceutical

63.3

57.5

-5.8

-9.1%

Processed food

114.8

108.6

-6.2

-5.4%

Others

4.6

2.1

-2.4

-53.5%

Consolidated: operating profit

440.6

390.2

-50.4

-11.4%

Japanese-domestic tobacco

153.2

126.8

-26.4

-17.2%

International tobacco

239.7

276.1

+36.5

+15.2%

Pharmaceutical

64.8

11.9

-52.9

-81.6%

Processed food

3.1

0.9

-2.2

-72.2%

Others/Elimination

-20.2

-25.6

-5.4

-

Adjustments, total

-10.9

-51.4

-40.4

-

Japanese-domestic tobacco

-12.2

-12.2

-0

-

International tobacco

-56.8

-38.7

+18.1

-

Pharmaceutical

57.0

-0.7

-57.7

-

Processed food

0.2

0

-0.2

-

Others/Elimination

0.9

0.2

-0.7

-

Consolidated: adjusted operating profit

451.5

441.5

-10.0

-2.2%

Japanese-domestic tobacco

165.4

139.0

-26.4

-16.0%

International tobacco

296.5

314.8

+18.3

+6.2%

Pharmaceutical

7.8

12.6

+4.8

+61.4%

Processed food

2.9

0.9

-2.0

-70.4%

Others/Elimination

-21.0

-25.8

-4.7

-

[Reference] International tobacco business

(Unit: USD million)

2019

2020

Variance (abs)

Variance (%)

Q3 YTD

Q3 YTD

Core revenue

8,632

8,901

+269

+3.1%

Core revenue at constant FX

8,632

9,370

+738

+8.5%

Adjusted operating profit

2,719

2,929

+210

+7.7%

Adjusted operating profit at constant FX

2,719

3,235

+516

+19.0%

18

Results for 2020 Third Quarter

3. Depreciation and amortization*

(Unit: JPY billion)

2019

2020

Variance (abs)

Q3 YTD

Q3 YTD

Consolidated depreciation and amortization

124.6

120.4

-4.2

Japanese-domestic tobacco

41.6

39.8

-1.8

International tobacco

72.3

70.3

-2.0

Pharmaceutical

4.2

3.8

-0.4

Processed food

5.0

5.0

-

Others/Elimination

1.5

1.5

-

*Excluding depreciation from lease transactions

4. Consolidated financial position

(Unit: JPY billion)

2019 Dec. end

2020 Sep. end

Variance (abs)

Total assets

5,553.1

5,243.7

-309.3

Total equity

2,743.6

2,513.6

-230.0

Equity attributable to owners of the parent

2,662.7

2,434.3

-228.4

BPS (attributable to owners of the parent) (JPY)

1,501.12

1,372.01

-129.11

5. Liquidity and interest-bearing debt

(Unit: JPY billion)

2019 Dec. end

2020 Sep. end

Variance (abs)

Liquidity

375.8

468.1

+92.3

Interest-bearing debt

974.5

1,035.5

+61.0

6. Consolidated cash flow

(Unit: JPY billion)

2019

2020

Variance (abs)

Q3 YTD

Q3 YTD

Cash flows from operating activities

257.8

398.2

+140.4

Cash flows from investing activities

-124.8

-43.6

+81.2

Cash flows from financing activities

-223.4

-208.2

+15.3

Cash and cash equivalents, beginning of the year

282.1

357.2

+75.1

Foreign currency translation adj. on cash & cash equivalents

-10.0

-45.4

-35.5

Cash and cash equivalents, end of the year

181.7

458.1

+276.5

FCF

134.7

338.1

+203.4

7. Capital expenditures

(Unit: JPY billion)

2019

2020

Variance (abs)

Q3 YTD

Q3 YTD

Consolidated

88.0

74.3

-13.7

Japanese-domestic tobacco

25.6

12.8

-12.8

International tobacco

50.1

40.5

-9.6

Pharmaceutical

4.9

8.3

+3.4

Processed food

3.8

6.1

+2.3

Others/Elimination

3.7

6.7

+3.0

8. FX actual (Reference information)

2019

2020

Variance (abs)

Variance (%)

Q3 YTD

Q3 YTD

USD/JPY

109.12

107.55

-1.57

-1.4%

USD/RUB

65.08

70.69

+5.60

-7.9%

USD/GBP

0.79

0.79

+0.00

-0.2%

USD/EUR

0.89

0.89

+0.00

-0.1%

USD/CHF

1.00

0.95

-0.04

+4.7%

USD/TWD

31.03

29.79

-1.24

+4.2%

USD/TRY

5.63

6.72

+1.09

-16.2%

USD/IRR

102,297

EUR/IRR is converted to USD/IRR in table by using cross rate

*In accordance with the requirements stipulated in IAS 29, the closing currency rates for the month ended September 2020 have been applied when converting financial statements for subsidiaries located in hyperinflationary economies to the US dollar. Similarly, the estimated month-end rates are also applied upon conversions from the US dollar to the Japanese yen. (USD/IRR: 253,917, USD/JPY: 105.80)

19

FY2020 Revised Forecasts

(as of October 30, 2020)

1. Summary of consolidated forecasts

(Unit: JPY billion)

FY2019

FY2020

Revised

Variance (abs)

Variance (%)

Results

Forecasts

Revenue

2,175.6

2,070.0

-105.6

-4.9%

Operating profit

502.4

464.0

-38.4

-7.6%

Adjusted operating profit

515.9

483.0

-32.9

-6.4%

Profit (attributable to owners of the parent company)

348.2

310.0

-38.2

-11.0%

[Reference] Consolidated forecast

(Unit: JPY billion)

FY2019

FY2020

Revised

Variance (abs)

Variance (%)

Results

Forecasts

Adjusted operating profit at constant FX

515.9

539.0

+23.1

+4.5%

2. EPS, DPS, ROE

(Unit: JPY)

FY2019

FY2020

Revised

Variance (abs)

Variance (%)

Results

Forecasts

Basic EPS*

195.97

174.73

-21.23

-10.8%

DPS

154

154

-

-

ROE*

13.2%

12.0%

-1.1%pt

*Based on profit attributable to owners of the parent company

3. Forecasts by business segment

(Unit: JPY billion)

FY2019

FY2020

Revised

Variance (abs)

Variance (%)

Results

Forecasts

Revenue

2,175.6

2,070.0

-105.6

-4.9%

Japanese-domestic tobacco

611.5

550.0

-61.5

-10.1%

Core revenue

568.9

510.0

-58.9

-10.4%

International tobacco

1,310.9

1,290.0

-20.9

-1.6%

Core revenue

1,253.0

1,230.0

-23.0

-1.8%

Pharmaceutical

88.5

78.0

-10.5

-11.9%

Processed food

158.6

151.0

-7.6

-4.8%

Others

6.1

3.0

-3.1

-51.1%

Consolidated: operating profit

502.4

464.0

-38.4

-7.6%

Japanese-domestic tobacco

171.0

150.0

-21.0

-12.3%

International tobacco

274.0

293.0

+19.0

+6.9%

Pharmaceutical

72.7

15.0

-57.7

-79.4%

Processed food

5.5

3.0

-2.5

-45.7%

Others/Elimination

-20.8

3.0

+23.8

-

Adjusted operating profit

515.9

483.0

-32.9

-6.4%

Japanese-domestic tobacco

187.2

166.0

-21.2

-11.3%

International tobacco

340.8

338.0

-2.8

-0.8%

Pharmaceutical

15.9

16.0

+0.1

+0.4%

Processed food

5.4

3.0

-2.4

-44.8%

Others/Elimination

-33.4

-40.0

-6.6

-

[Reference] International tobacco business

(Unit: USD million)

FY2019

FY2020

Revised

Variance (abs)

Variance (%)

Results

Forecasts

Core revenue

11,496

11,500

+4

+0.0%

Core revenue at constant FX

11,496

12,100

+604

+5.3%

Adjusted operating profit

3,126

3,150

+24

+0.8%

Adjusted operating profit at constant FX

3,126

3,610

+484

+15.5%

20

FY2020 Revised Forecasts

(as of October 30, 2020)

4. Free cash flow

(Unit: JPY billion)

FY2019

FY2020

Revised

Variance (abs)

Results

Forecasts

FCF

404.2

415.0

+10.8

5. Capital expenditures

(Unit: JPY billion)

FY2019

FY2020

Revised

Variance (abs)

Results

Forecasts

Consolidated

131.4

120.0

-11.4

Japanese-domestic tobacco

34.8

24.0

-10.8

International tobacco

78.3

68.0

-10.3

Pharmaceutical

7.0

10.0

+3.0

Processed food

6.1

11.0

+4.9

Others/Elimination

5.2

7.0

+1.8

6. Assumptions of 2020 Forecast

2020 Japanese-domestic tobacco business

Industry volume (JT estimate): a decline of approx. 4.5% (vs. 2019: 161.9 BnU)

Cigarette industry volume (JT estimate): a decline of over 8% (vs. 2019 : 125.1 BnU) JT cigarette sales volume : a decrease of approx. 9% (vs. 2019 : 75.5 BnU)

Reduced-Risk Products market share in tobacco industry (JT estimate, Shipment base) : approx. 25% (2019: approx. 23%) JT RRP sales volume : over 3.5 BnU stick equivalent

2020 International tobacco business

Total shipment volume a decrease of approx. 4% (vs. 2019: 445.8 BnU)

GFB shipment volumean increase of approx. 1% (vs. 2019: 277 BnU)

FX assumptions

FY2019

FY2020

Revised

Variance (abs)

Variance (%)

Results

Forecasts

USD/JPY

109.03

106.93

-2.10

-1.9%

USD/RUB

64.74

72.70

+7.96

-10.9%

USD/GBP

0.78

0.78

-0.00

+0.5%

USD/EUR

0.89

0.88

-0.01

+1.5%

USD/CHF

0.99

0.94

-0.05

+5.7%

USD/TWD

30.90

29.90

-1.00

+3.3%

USD/TRY

5.67

7.00

+1.33

-19.0%

USD/IRR

104,046

EUR/IRR is converted to USD/IRR in table by using cross rate

*In accordance with the requirements stipulated in IAS 29, the estimated closing currency rates for the month ending December 2020, calculated under a set of assumptions, have been applied when converting financial statements for subsidiaries located in hyperinflationary economies to the US dollar. Similarly, the estimated year-end rates are also applied upon conversions from the US dollar to the Japanese yen.

21

FY2020 Revised Forecasts

vs Previous Forecasts

1. Summary of consolidated forecasts

(as of October 30, 2020)

(Unit: JPY billion)

FY2020

FY2020

Previous

Revised

Variance (abs)

Variance (%)

Forecasts

Forecasts

Revenue

2,010.0

2,070.0

+60.0

+3.0%

Operating profit

422.0

464.0

+42.0

+10.0%

Adjusted operating profit

457.0

483.0

+26.0

+5.7%

Profit (attributable to owners of the parent company)

286.0

310.0

+24.0

+8.4%

[Reference] Consolidated forecast

(Unit: JPY billion)

FY2020

FY2020

Previous

Revised

Variance (abs)

Variance (%)

Forecasts

Forecasts

Adjusted operating profit at constant FX

509.0

539.0

+30.0

+5.9%

2. EPS, DPS, ROE

(Unit: JPY)

FY2020

FY2020

Previous

Revised

Variance (abs)

Variance (%)

Forecasts

Forecasts

Basic EPS

161.21

174.73

+13.53

+8.4%

DPS

154

154

-

-

ROE (attributable to owners of the parent company)

11.2%

12.0%

0.9%pt

3. Forecasts by business segment

(Unit: JPY billion)

FY2020

FY2020

Previous

Revised

Variance (abs)

Variance (%)

Forecasts

Forecasts

Revenue

2,010.0

2,070.0

+60.0

+3.0%

Japanese-domestic tobacco

550.0

550.0

-

-

Core revenue

510.0

510.0

-

-

International tobacco

1,230.0

1,290.0

+60.0

+4.9%

Core revenue

1,170.0

1,230.0

+60.0

+5.1%

Pharmaceutical

76.0

78.0

+2.0

+2.6%

Processed food

153.0

151.0

-2.0

-1.3%

Others

3.0

3.0

-

-

Consolidated: operating profit

422.0

464.0

+42.0

+10.0%

Japanese-domestic tobacco

144.0

150.0

+6.0

+4.2%

International tobacco

273.0

293.0

+20.0

+7.3%

Pharmaceutical

12.0

15.0

+3.0

+25.0%

Processed food

3.0

3.0

-

-

Others/Elimination

-10.0

3.0

+13.0

-

Adjusted operating profit

457.0

483.0

+26.0

+5.7%

Japanese-domestic tobacco

160.0

166.0

+6.0

+3.8%

International tobacco

323.0

338.0

+15.0

+4.6%

Pharmaceutical

13.0

16.0

+3.0

+23.1%

Processed food

3.0

3.0

-

-

Others/Elimination

-42.0

-40.0

+2.0

-

[Reference] International tobacco business

(Unit: USD million)

FY2020

FY2020

Previous

Revised

Variance (abs)

Variance (%)

Forecasts

Forecasts

Core revenue

10,900

11,500

+600

+5.5%

Core revenue at constant FX

11,600

12,100

+500

+4.3%

Adjusted operating profit

3,000

3,150

+150

+5.0%

Adjusted operating profit at constant FX

3,440

3,610

+170

+4.9%

22

FY2020 Revised Forecasts

vs Previous Forecasts

(as of October 30, 2020)

4. Free cash flow

(Unit: JPY billion)

FY2020

FY2020

Previous

Revised

Variance (abs)

Forecasts

Forecasts

FCF

350.0

415.0

+65.0

5. Capital expenditures

(Unit: JPY billion)

FY2020

FY2020

Previous

Revised

Variance (abs)

Forecasts

Forecasts

Consolidated

123.0

120.0

-3.0

Japanese-domestic tobacco

26.0

24.0

-2.0

International tobacco

68.0

68.0

-

Pharmaceutical

9.0

10.0

+1.0

Processed food

11.0

11.0

-

Others/Elimination

9.0

7.0

-2.0

6. Revised assumptions of FY2020 Forecast (vs FY2019 results)

Japanese-domestic tobacco business

Previous Forecasts

Revised Forecasts

Total Industry volume*

a decline of approx. 5%

a decline of approx. 4.5%

Cigarette industry volume*

a decline of approx. 8.5%

a decline of over 8%

RRP market share in tobacco industry*

approx. 25%

JT cigarette sales volume

a decline of over 8.5%

a decline of approx. 9%

JT RRP sales volume

over 3.5 Bn stick equivalent

* JT

estimate based on shipment, annual base

International tobacco business

Previous Forecasts

Revised Forecasts

Total shipment volume

a decrease of approx. 6%

a decrease of approx. 4%

GFB shipment volume

a decrease of approx. 3%

an increase of approx. 1%

FX assumptions

FY2020

FY2020

Previous

Revised

Variance (abs)

Variance (%)

Forecasts

Forecasts

USD/JPY

107.62

106.93

-0.69

-0.6%

USD/RUB

71.40

72.70

+1.30

-1.8%

USD/GBP

0.81

0.78

-0.03

+3.8%

USD/EUR

0.92

0.88

-0.04

+4.5%

USD/CHF

0.97

0.94

-0.03

+3.2%

USD/TWD

30.00

29.90

-0.10

+0.3%

USD/TRY

6.80

7.00

+0.20

-2.9%

USD/IRR

156,000

EUR/IRR is converted to USD/IRR in table by using cross rate

*In accordance with the requirements stipulated in IAS 29, the estimated closing currency rates for the month ending December 2020, calculated under a set of assumptions, have been applied when converting financial statements for subsidiaries located in hyperinflationary economies to the US dollar. Similarly, the estimated year-end rates are also applied upon conversions from the US dollar to the Japanese yen.

FX sensitivity

FX Sensitivity Guidance for FX impact on 2020 adjusted operating profit of USD 3,150 MM based on the assumptions:

----------------------------------------------------------------------------------------------------------------------------------------

USD vs. Local currency

1% deviation from the revised assumption rates against USD by all the currencies in the same direction (excluding JPY) leads to approximately USD 52MM impacting on USD based adjusted operating profit

This amount of approximately USD 52MM composed of:

RUB approx. 25%, GBP approx. 20%, TWD approx. 15%, EUR 10%-, TRY 5%-, CHF approx. -10%

----------------------------------------------------------------------------------------------------------------------------------------

USD vs. JPY

USD/JPY move of 1 yen from the assumption leads to approximately JPY 3.2 billion impact on JPY-based adjusted operating profit

23

Tobacco Business Data

International Tobacco Business

1. Summary (YTD)

*In accordance with the requirements stipulated in IAS 29, hyperinflationary accounting and its adjustments have been applied to 2020 results stated below, unless stated as constant currency basis.

2019Q3

2020Q3

Variance

Variance (%)

Total shipment volume

338.6

330.0

-8.7

-2.6%

BNU

GFB shipment volume

210.2

213.2

+3.0

+1.4%

BNU

Core Revenue

941.6

956.5

+14.9

+1.6%

JPY BN

Adjusted operating profit

296.5

314.8

+18.3

+6.2%

JPY BN

[USD Reference information]

Core Revenue

8,632

8,901

+269

+3.1%

USD MM

Adjusted operating profit

2,719

2,929

+210

+7.7%

USD MM

Constant FX basis

Core Revenue

8,632

9,370

+738

+8.5%

USD MM

Adjusted operating profit

2,719

3,235

+516

+19.0%

USD MM

Contribution by cluster (vs. PY)

(BNU/USD MM)

Reported

2020Q3

Total Shipment Volume

GFB Shipment Volume

Core Revenue

SWE

51.8

+1.9%

43.4

+5.0%

1,599

+1.8%

NCE

47.5

+13.1%

24.9

+16.7%

1,885

+16.0%

CIS+

92.9

-6.3%

62.7

-8.7%

2,130

+1.6%

RoW

137.8

-6.1%

82.2

+4.3%

3,286

-1.6%

Total

330.0

213.2

8,901

2. Total shipment volume by cluster / market

(vs. PY)

2020

Q1

Q2

Q3

Q4

YTD

SWE

+6.7%

-2.2%

+1.3%

+1.9%

France

+5.7%

+20.9%

+9.6%

+12.2%

Italy

+9.8%

-7.6%

+2.5%

+1.6%

Spain

+14.3%

-18.3%

-5.0%

-3.1%

NCE

+9.9%

+10.7%

+18.2%

+13.1%

Germany

+7.8%

+11.7%

+7.4%

+9.0%

UK

+9.9%

+19.5%

+17.3%

+15.7%

CIS+

-2.7%

-10.9%

-4.4%

-6.3%

Romania

+16.8%

-1.1%

+11.6%

+8.8%

Russia

-5.7%

-13.7%

-6.6%

-9.0%

RoW

-4.7%

-14.2%

+1.1%

-6.1%

Iran

+14.1%

+5.6%

+5.7%

+8.4%

Taiwan

+2.5%

+9.5%

+21.4%

+11.1%

Turkey

-11.8%

-25.9%

+8.5%

-10.5%

Total

-0.6%

-8.5%

+1.6%

-2.6%

3. GFB shipment volume by brand (vs. PY)

(BNU)

2020

Q1

Q2

Q3

Q4

YTD

Winston

37.7

39.1

43.6

120.4

+5.7%

-2.3%

+4.6%

+2.6%

Camel

14.4

13.0

15.1

42.5

+3.4%

-11.7%

-0.1%

-2.9%

MEVIUS

3.9

3.6

4.1

11.6

-1.0%

-11.9%

+4.3%

-3.0%

LD

11.5

13.1

14.2

38.8

+5.9%

+0.1%

+7.7%

+4.5%

24

Tobacco Business Data

International Tobacco Business

4. GFB shipment volume by cluster / market (vs. PY)

2020

Q1

Q2

Q3

Q4

YTD

SWE

+7.8%

+2.2%

+4.9%

+5.0%

France

+5.8%

+26.2%

+12.5%

+14.9%

Italy

+12.2%

-7.6%

+5.1%

+3.3%

Spain

+14.6%

-11.0%

-0.1%

+1.3%

NCE

+17.1%

+10.3%

+22.5%

+16.7%

Germany

+23.9%

+17.5%

+9.1%

+16.3%

UK

-23.9%

-14.0%

-14.1%

-17.3%

CIS+

-7.6%

-11.7%

-6.6%

-8.7%

Romania

+14.1%

-2.5%

+8.7%

+6.5%

Russia

-16.0%

-11.7%

-8.0%

-11.6%

RoW

+9.9%

-4.9%

+8.2%

+4.3%

Iran

+19.3%

+6.3%

+9.2%

+11.5%

Taiwan

+1.8%

+7.4%

+19.4%

+9.5%

Turkey

-8.7%

-24.1%

+13.5%

-7.5%

Total

+4.8%

-4.4%

+4.2%

+1.4%

5. Share of market by key markets

12-month moving average

3-month average

2019

2020

2019

2019

2020

2020

2020

Sep.

Sep.

Change

Q3

Q4

Q1

Q2

Q3

France

23.9%

26.1%

+2.3%pt

24.1%

24.4%

25.1%

27.2%

27.6%

Italy

24.4%

25.3%

+1.0%pt

24.6%

24.6%

25.1%

25.3%

26.2%

Russia

39.1%

38.2%

-0.9%pt

39.1%

38.4%

38.4%

38.2%

37.8%

Spain*

25.3%

26.3%

+1.0%pt

25.7%

26.1%

26.0%

26.2%

26.9%

Taiwan

44.6%

47.1%

+2.5%pt

45.4%

46.1%

46.8%

47.4%

47.9%

Turkey

27.5%

26.6%

-0.9%pt

26.9%

26.6%

26.9%

26.4%

26.6%

UK

43.0%

44.8%

+1.7%pt

43.8%

44.3%

44.3%

44.9%

45.3%

Source: IRI, Nielsen, Logista / Reflect the changes in historical data from the sources.

*12-month moving average and 2-month average at the end of August 2020, respectively

6. Core Revenue at constant FX by cluster (vs. PY)

(USD MM)

2020

Q1

Q2

Q3

Q4

YTD

SWE

559

498

534

1,591

+9.3%

-4.1%

-1.2%

+1.3%

NCE

563

630

699

1,892

+16.8%

+12.8%

+19.5%

+16.4%

CIS+

646

782

850

2,278

+17.7%

+3.9%

+6.8%

+8.6%

RoW

1,201

1,166

1,241

3,609

+13.3%

+7.2%

+4.3%

+8.1%

Total

2,969

3,076

3,325

9,370

+14.1%

+5.4%

+6.8%

+8.5%

25

Tobacco Business Data

International Tobacco Business

7. Breakdown of Core Revenue

*In accordance with the application of IAS 29, hyperinflationary accounting and its adjustments have been applied to the 2020 year-to-date and Q3 results stated in the tables below, unless stated as constant currency basis. The rows for "FX," "Local currencies vs. USD," "JPY vs. USD" indicate the net impact of these adjustments as well as the conventional FX impact.

USD basis

(USD MM)

Q1

Q2

Q3

Q4

YTD

2019

2,602

2,919

3,112

8,632

Volume

+62

-111

+138

+89

Price/Mix

+305

+269

+75

+649

2020 at constant

2,969

3,076

3,325

9,370

FX

-102

-159

-208

-469

2020

2,866

2,918

3,116

8,901

Yen basis

(JPY BN)

Q1

Q2

Q3

Q4

YTD

2019

286.8

320.7

334.1

941.6

Operations

+40.4

+17.3

+22.9

+80.7

Local currencies

-11.3

-17.4

-23.0

-51.7

vs. USD

JPYvs. USD

-3.9

-6.6

-3.5

-14.0

2020

312.0

314.0

330.4

956.5

8. Breakdown of Adjusted Operating Profit

*In accordance with the application of IAS 29, hyperinflationary accounting and its adjustments have been applied to the 2020 year-to-date and Q3 results stated in the tables below, unless stated as constant currency basis. The rows for "FX," "Local currencies vs. USD," "JPY vs. USD" indicate the net impact of these adjustments as well as the conventional FX impact.

USD basis

(USD MM)

Q1

Q2

Q3

Q4

YTD

2019

809

876

1,034

2,719

Volume

+49

-32

+103

+120

Price/Mix

+299

+270

+66

+635

Others

-110

-16

-113

-239

2020 at constant

1,047

1,097

1,091

3,235

FX

-91

-73

-142

-306

2020

956

1,025

949

2,929

Yen basis

(JPY BN)

Q1

Q2

Q3

Q4

YTD

2019

89.2

96.2

111.1

296.5

Operations

+26.2

+24.4

+6.1

+56.6

Local currencies

-10.0

-8.0

-15.3

-33.3

vs. USD

JPYvs. USD

-1.3

-2.3

-1.4

-5.0

2020

104.1

110.3

100.5

314.8

9. FX actual vs. PY

2020

Q1

Q2

Q3

Q4

YTD

USD/RUB

66.33

72.15

73.58

70.69

-0.3%

-10.5%

-12.2%

-7.9%

USD/GBP

0.78

0.81

0.78

0.79

-1.7%

-3.4%

+4.6%

-0.2%

USD/EUR

0.91

0.91

0.86

0.89

-2.9%

-2.0%

+5.0%

-0.1%

USD/CHF

0.97

0.96

0.92

0.95

+3.0%

+4.1%

+7.1%

+4.7%

USD/TWD

30.11

29.91

29.35

29.79

+2.4%

+4.0%

+6.2%

+4.2%

USD/TRY

6.10

6.86

7.21

6.72

-12.1%

-14.4%

-21.5%

-16.2%

USD/IRR

128,673

150,740

*

*

-31.3%

-30.6%

USD/JPY

108.86

107.63

106.23

107.55

-1.2%

-2.1%

-1.1%

-1.4%

JPY vs USD variance: (JPY exchange rates of current period / JPY exchange rates of same period in previous year ) -1

Local currency vs USD variance: (Local currency exchange rates of same period in previous year / Local currency exchange rates of current period ) -1 EUR/IRR is converted to USD/IRR in table by using cross rate.

*In accordance with the requirements stipulated in IAS 29, the closing currency rates for the month ended September 2020 have been applied to the 2020 year-to-date and Q3 results when converting financial statements for subsidiaries located in hyperinflationary economies to the US dollar. The same rates apply for conversions from the US dollar to the Japanese yen. (USD/IRR:235,917, USD/JPY: 105.80)

26

Tobacco Business Data

Japanese Domestic Tobacco Business

1. Summary YTD

2019 Q3

2020 Q3

Variance

Variance (%)

BNU

Cigarette industry volume (JT estimate)

94.6

90.0

-4.6

-4.9%

Cigarette sales volume

57.4

54.0

-3.4

-5.9%

BNU

Excludes volumes of Duty-Free in Japan, China business (3.1BNU in 2019 Q3 and 1.3BNU in 2020 Q3, respectively) and RRP sales volume

Core revenue

435.8

394.8

-41.0

-9.4%

JPY BN

Adjusted operating profit

165.4

139.0

-26.4

-16.0%

JPY BN

2. Cigarette sales volume

(BNU)

Q1

Q2

Q3

Q4

FY

2019

17.9

19.4

20.1

18.1

75.5

2020

17.2

17.0

19.9

Variance

-4.2%

-12.6%

-1.1%

3. Revenue per thousand cigarettes

(JPY)

Q1

Q2

Q3

Q4

FY

2019

6,407

6,391

6,414

6,306

6,380

2020

6,326

6,344

6,369

Revenue per thousand cigarettes = (retail price sales - retailer margins - consumption tax - excise taxes)/sales volume×1,000

4. Results of Reduced-Risk Products

(BNU / JPY BN)

2020

Q1

Q2

Q3

Q4

YTD

RRP sales volume

0.9

0.9

1.2

3.0

RRP-related revenue

13.0

13.0

16.7

42.6

5. Breakdown of financial results

(JPY BN)

Core revenue

Q1

Q2

Q3

Q4

YTD

2019

133.5

148.9

153.5

435.8

Cigarette volume

-4.8

-15.6

-1.4

-21.8

Cigarette price/mix

-1.4

-0.8

-0.9

-3.1

RRP/Others

-1.5

-9.4

-5.3

-16.2

2020

125.8

123.0

146.0

394.8

Adjusted OP

Q1

Q2

Q3

Q4

YTD

2019

51.0

58.2

56.2

165.4

Cigarette volume

-3.9

-12.9

-1.1

-17.9

Cigarette price/mix

-1.4

-0.8

-0.9

-3.1

RRP/Others

-2.5

-5.9

+3.0

-5.4

2020

43.2

38.6

57.2

139.0

6. Market share in cigarettes category (JT estimate)

(%)

JT Total

Q1

Q2

Q3

Q4

FY

2019

61.0

61.0

60.1

59.3

60.4

2020

59.7

60.1

60.2

MEVIUS

2019

30.3

30.6

30.3

29.5

30.2

2020

28.9

28.8

28.9

Winston

2019

7.8

7.8

7.4

7.5

7.6

2020

7.3

7.3

7.3

Seven Stars

2019

7.9

7.8

7.8

7.6

7.8

2020

7.5

7.5

7.6

Natural

American Spirit

2019

1.9

1.9

2.0

2.0

2.0

2020

2.0

2.0

1.9

27

Pharmaceutical Business

Clinical Development as of October 30, 2020

In-house development

Code

Potential

Generic

Mechanism

PhaseRegion)

Origin

Note

Indication/Dosage form

Name

Increases red blood cells by

JTZ-951

Anemia associated with

HIF-PH

stimulating production of

erythropoietin, an

Phase1 (Overseas)

chronic kidney disease

In-house

Co-development with Torii

enarodustat

inhibitor

erythropoiesis-stimulating

/Oral

hormone, via inhibition of HIF-

PH.

Atopic dermatitis

(pediatric)

NDA filed (Japan)

Co-development with Torii

/Topical

Suppresses overactive immune

JTE-052

Atopic dermatitis

JAK

response via inhibition of Janus

(infant)

Phase3 (Japan)

In-house

Co-development with Torii

delgocitinib

inhibitor

kinase (JAK) related to immune

/Topical

signal.

Autoimmune/allergic

diseases

Phase1 (Japan)

/Oral, Topical

Autoimmune/allergic

Interleukin-2

Suppresses overactive immune

JTE-051

diseases

inducible T cell

response via inhibition of the

Phase2 (Overseas)

In-house

/Oral

kinase inhibitor

signal to activate T cells related

to immune response.

Autoimmune/allergic

diseases

Phase2 (Overseas)

/Oral

RORγ

Suppresses overactive immune

JTE-451

response via inhibition of ROR γ

In-house

antagonist

Autoimmune/allergic

related to Th 17 activation.

diseases

Phase1 (Japan)

/Topical

Decreases blood glucose by

JTT-251

Type 2 diabetes mellitus

PDHK

activation of pyruvate

Phase1 (Overseas)

In-house

/Oral

inhibitor

dehydrogenase (PDH) related to

carbohydrate metabolism.

Type 2 diabetes mellitus

Suppresses postprandial

JTT-662

SGLT1

hyperglycemia and normalizes

Phase1 (Overseas)

In-house

/Oral

inhibitor

blood glucose level via inhibition

of SGLT1.

Autoimmune/allergic

RORγ

Suppresses overactive immune

JTE-761

diseases

response via inhibition of ROR γ

Phase1 (Overseas)

In-house

antagonist

/Oral

related to Th 17 activation.

JTT-751

Iron-deficiency

Oral iron

Corrects iron-deficiency anemia

Linsenced from Keryx

ferric citrate

by using absorbed iron for

NDA filed (Japan)

In-license

Biopharmaceuticals

anemia/Oral

replacement

Co-development with Torii

hydrate

synthesis of hemoglobin.

Additional indication

Clinical trial phase presented above is based on the first dose.

We are also conducting additional studies to examine the potential for use in additional dosage forms.

Licensed compounds

Compound

Licensee

Mechanism

Note

JT's code

trametinib

Novartis

MEK inhibitor

Inhibits cellular growth by specifically inhibiting

the activity of MAPK/ERK pathway.

Anti-ICOS monoclonal

ICOS

Suppresses overactive immune response via

AstraZeneca

inhibition of ICOS which regulates activation of

antibody

antagonist

T cells.

LEO Pharma

Suppresses overactive immune response

delgocitinib

ROHTO Pharmaceutical

JAK inhibitor

via inhibition of Janus kinase (JAK) related

to immune signal.

JW Pharmaceutical

HIF-PH

Increases red blood cells by stimulating

enarodustat

production of erythropoietin, an erythropoiesis-

Salubris

inhibitor

stimulating hormone, via inhibition of HIF-PH.

Updates since the previous announcement on July 31, 2020:

JTZ-951: Manufacturing and Marketing Approval of ENAROY® Tablets 2 mg4 mg for the Treatment of Anemia Associated with Chronic Kidney Disease in Japan (September 25, 2020)

JTE-052(Infants) : advanced to Phase3 in Japan

28

Definitions

Terms

Definitions

Adjusted operating profit (AOP) = operating profit + amortization cost of acquired

intangibles arising from business

Adjusted operating profit (AOP)

acquisitions + adjusted items (income and costs) *

*Adjusted items (income and costs) = impairment losses on goodwill ±

restructuring income and costs ± others

Consolidated adjusted operating

The same foreign exchange rates between local currencies vs USD as well as the

exchange rates between JPY and USD are applied as in the equivalent period in

profit at constant FX

the previous fiscal year for international tobacco business.

Reduced-Risk Products (RRP)

Reduced-Risk Products are products with the potential to reduce the risks

associated with smoking.

GFB (Global flagship brands)

GFB includes four brands namely Winston, Camel, MEVIUS and LD.

Total shipment volume:

Total shipment volume is the shipment volume of tobacco-based products which

includes fine cut tobacco, cigars, pipe tobacco, snus, kretek and T-Vapor but

(International tobacco business)

excludes contract manufactured products, waterpipe tobacco and E-Vapor.

Core revenue

Core revenue includes waterpipe tobacco and RRP, but excludes revenue from

(International tobacco business)

distribution, contract manufacturing and other peripheral businesses.

Core revenue / Adjusted

The same foreign exchange rates between local currencies vs USD are applied as

operating profit at constant FX

in the equivalent period in the previous fiscal year for international tobacco

(International tobacco business)

business.

Industry volume

Industry volume in the Japanese market by number of sticks based on internal

(Japanese domestic tobacco

estimates.

business)

This includes cigarettes, little cigars, RRP and others.

Cigarette industry volume

Industry volume of ready-made-cigarettes in the Japanese market by number of

(Japanese domestic tobacco

sticks based on the internal estimates. This includes little cigars but excludes

business)

RRP.

Cigarette sales volume

JT's cigarette sales volume excluding the volume of Domestic duty free and the

(Japanese domestic tobacco

China businesses.

business)

This includes little cigars but excludes RRP.

RRP sales volume

JT's RRP sales volume excluding the volume of Domestic duty free business. One

(Japanese domestic tobacco

pack of consumables is equivalent to 20 sticks of combustible cigarette.

business)

This also excludes RRP devices, RRP related accessories, etc.

Little cigars

Products rolled in tobacco-based paper with a similar format to ready-made-

cigarettes and classified as "cigars" under the Tobacco Business Act in Japan.

Core revenue

Core revenue, excludes revenue from distribution of imported tobacco in the

Japanese domestic tobacco business, among others, but includes revenue from

(Japanese domestic tobacco

domestic duty free and the China businesses as well as the revenue from RRP

Business)

and little cigars.

RRP related revenue

RRP related revenue, as a part of core revenue, represents the sale of RRP

(Japanese domestic tobacco

including Domestic duty free, principally the device and the related accessories.

business)

Liquidity

Cash and deposits + marketable securities + securities purchased under

repurchase agreements

Interest-bearing debt

Short-term bank loans + CP + bonds + long-term borrowings

FCF is sum of cash flows from operating activities and investing activities, but

excludes the following items:

- From operating CF: depreciation from lease transactions, interest received,

dividends received, interest paid and income taxes related to these items

FCF

excluding lease transactions

- From investing CF: purchase of investment securities (for both short-term and

long-term), payments into time deposits, proceeds from sale or redemption of

investment securities (for both short-term and long-term), proceeds from

withdrawal of time deposits and other investing activities not for business

operation purposes

Additional definitions are provided athttps://www.jt.com/media/glossary/index.html

29

###

Japan Tobacco Inc. is a leading international tobacco company with operations in more than 130 countries. With approximately 62,000 employees, it manufactures and sells some of the world's best-known brands including Winston, Camel, MEVIUS and LD. The JT Group is committed to investing in Reduced-Risk Products (RRP) and currently markets its tobacco vapor products under its Ploom brand and various e- cigarette products under its Logic brand. The Group is also present in the pharmaceutical and processed food businesses. For more information, visit https://www.jt.com/.

FORWARD-LOOKING STATEMENTS

This document contains forward-looking statements. These statements appear in a number of places in this document and include statements regarding the intent, belief, or current and future expectations of our management with respect to our business, financial condition and results of operations. In some cases, you can identify forward-looking statements by terms such as "may", "will", "should", "would", "expect", "intend", "project", "plan", "aim", "seek", "target", "anticipate", "believe", "estimate", "predict", "potential" or the negative of these terms or other similar terminology. These statements are not guarantees of future performance and are subject to various risks and uncertainties. Actual results, performance or achievements, or those of the industries in which we operate, may differ materially from any future results, performance or achievements expressed or implied by these forward-looking statements. In addition, these forward-looking statements are necessarily dependent upon assumptions, estimates and data that may be incorrect or imprecise and involve known and unknown risks and uncertainties. Forward-looking statements regarding operating results are particularly subject to a variety of assumptions, some or all of which may not be realized.

Risks, uncertainties or other factors that could cause actual results to differ materially from those expressed in any forward-looking statement include, without limitation:

  1. increase in awareness of health concerns related to smoking;
  2. regulatory developments; including, without limitation, tax increases and restrictions on sales, marketing, packaging, labeling and use of tobacco products, privately imposed restrictions and governmental investigations;
  3. litigation around the world alleging adverse health and financial effects resulting from, or relating to, tobacco products;
  4. our ability to further diversify our business beyond the traditional tobacco industry;
  5. our ability to successfully expand internationally and make investments outside Japan;
  6. competition and changing consumer preferences;
  7. our ability to manage impacts derived from business diversification or business expansion;
  8. economic, regulatory and political changes, such as nationalization, terrorism, wars and civil unrest, in countries in which we operate;
  9. fluctuations in foreign exchange rates and the costs of raw materials; and
  10. catastrophes, including natural disasters.

Contacts:

Media and Investor Relations Division

Japan Tobacco Inc.

Investors:

Tatsuya Tsukuura, General Manager (Tokyo) E-mail:jt.ir@jt.com

Akemi Nishizaki, IR Director (Geneva) E-mail:jt.ir@jt.com

Media:

Dinesh Babu Thotakura, General Manager (Tokyo) E-mail:jt.media.relations@jt.com

30

Attachments

  • Original document
  • Permalink

Disclaimer

Japan Tobacco Inc. published this content on 30 October 2020 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 30 October 2020 06:14:01 UTC