Debt investor presentation May 2004

Notice to recipients

This notice is an integral part of the accompanying presentation. The presentation is intended to provide background, summary information only about Gallaher Group Plc (the “Company”).

The presentation is solely for the information of the recipient and must not be reproduced, redistributed or passed on to any other person or published, in whole or in part, for any other purpose without the prior written consent of the Company. In particular, distribution of the presentation in certain jurisdictions (including the United Kingdom) may be restricted by law and persons into whose possession the presentation comes should inform themselves about, and observe, any such restriction. By accepting the presentation, the recipient agrees to be bound by such restrictions.

The presentation does not constitute a recommendation or an offer of or invitation to subscribe for or purchase any securities, and shall not form thebasis of any contract or commitment whatsoever. The presentation should not be used as the basis for any decision to invest in any offering of securities. Any such investment decision must be made solely on the basis of the information contained in the relevant prospectus or offering circular.