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Debt Funding Sources

British American Tobacco’s core debt comprises a mix of bank facilities and bond debt, issued both off programmes and under stand-alone documentation.

The core issuance programme is a USD 16bn Euro Medium Term Note Programme which was last updated on 9 December 2011. In addition, the Group has access to the commercial paper market through its GBP 1bn Euro-Commercial Paper Programme and a USD 2bn US-Commercial Paper Programme.

The Group’s main bank facility is a syndicated GBP 2bn Committed Revolving Credit Facility, principally used for liquidity purposes. It is guaranteed by British American Tobacco p.l.c.