#11 A Purposeful and Profitable Pathway to A Better Tomorrow™ Our New Category Journey BAT A BETTER TOMORROW#22 BAT A BETTER TOMORROW Important Information The information contained in this presentation in relation to British American Tobacco p.l.c. ("BAT") and its subsidiaries has been prepared solely for use at this presentation. The presentation is not directed to, or intended for distribution to or use by, any person or entity that is a citizen or resident or located in any jurisdiction where such distribution, publication, availability or use would be contrary to law or regulation or which would require any registration or licensing within such jurisdiction. References in this presentation to 'British American Tobacco', 'BAT', 'Group', 'we', 'us' and 'our' when denoting opinion refer to British American Tobacco p.l.c. and when denoting business activity refer to British American Tobacco Group operating companies, collectively or individually as the case may be. The information contained in this presentation does not purport to be comprehensive and has not been independently verified. Certain industry and market data contained in this presentation has come from third party sources. Third party publications, studies and surveys generally state that the data contained therein have been obtained from sources believed to be reliable, but that there is no guarantee of accuracy or completeness of such data. Forward-looking Statements This presentation does not constitute an invitation to underwrite, subscribe for, or otherwise acquire or dispose of any BAT shares or other securities. This presentation contains certain forward-looking statements, including "forward-looking" statements made within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. 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 British American Tobacco Group (the "Group") operates. All such forward-looking statements involve estimates and assumptions that are subject to risks, uncertainties and other factors. It is believed that the expectations reflected in this presentation 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. In particular, among other statements: certain statements on slides 5, 6, 17, 27 and 33. 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; the inability to develop, commercialise and deliver the Group's New Categories strategy; adverse litigation and dispute outcomes and the effect of such outcomes on the Group's financial condition; the impact of significant increases or structural changes in tobacco, nicotine and New Categories related taxes; translational and transactional foreign exchange rate exposure; changes or differences in domestic or international economic or political conditions; the ability to maintain credit ratings and to fund the business under the current capital structure; the impact of serious injury, illness or death in the workplace; adverse decisions by domestic or international regulatory bodies; changes in the market position, businesses, financial condition, results of operations or prospects of the Group; direct or indirect adverse impacts associated with Climate Change and the move towards a Circular Economy; and Cyber Security caused by the heightened cyber-threat landscape, the increased digital interactions with consumers and changes to regulation 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 presentation and BAT 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.#33 Important Information BAT A BETTER TOMORROW Forward-looking Statements (continued) Additional information concerning these and other factors can be found in BAT's filings with the U.S. Securities and Exchange Commission ("SEC"), including the Annual Report on Form 20-F and Current Reports on Form 6-K, which may be obtained free of charge at the SEC's website, http://www.sec.gov, and BAT's Annual Reports, which may be obtained free of charge from the British American Tobacco website www.bat.com. Additional Information All financial statements and financial information provided by or with respect to the U.S. or Reynolds American Inc. ("Reynolds") are initially prepared on the basis of U.S. GAAP and constitute the primary financial statements or financial records of the U.S. business/Reynolds. This financial information is then converted to International Financial Reporting Standards as issued by the IASB for the purpose of consolidation within the results of the BAT Group. To the extent any such financial information provided in this presentation relates to the U.S. or Reynolds it is provided as an explanation of, or supplement to, Reynolds' primary U.S. GAAP based financial statements and information. Our Vapour product Vuse (including Alto, Solo, Ciro and Vibe), and certain oral products including Velo, Grizzly, Kodiak, and Camel Snus, which are sold in the US, are subject to the Food and Drug Administration ("FDA") regulation and no reduced-risk claims will be made to these products without agency clearance. No Profit or Earnings Per Share Forecasts No statement in this presentation is intended to be a profit forecast and no statement in this presentation 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. Audience The material in this presentation is provided for the purpose of giving information about BAT and its subsidiaries to investors only and is not intended for general consumers. BAT, its directors, officers, employees, agents or advisers do not accept or assume responsibility to any other person to whom this material is shown or into whose hands it may come and any such responsibility or liability is expressly disclaimed. The material in this presentation is not provided for product advertising, promotional or marketing purposes. This material does not constitute and should not be construed as constituting an offer to sell, or a solicitation of an offer to buy, any of our products. Our products are sold only in compliance with the laws of the particular jurisdictions in which they are sold.#44 01 A Multi- Category Portfolio is essential Today's Themes 02 Tobacco Harm Reduction is a journey 03 BAT A BETTER TOMORROW New Categories are value accretive#55 Our purpose is to build... CA A BETTER TOMORROW™ ...through reducing the health impact of our business by offering a greater choice of enjoyable and less risky** products for our consumers BAT A BETTER TOMORROW *Based on the weight of evidence and assuming a complete switch from cigarette smoking. These products are not risk free and are addictive. +Our vapour product Vuse (including Alto, Solo, Ciro and Vibe), and certain products, including Velo, Grizzly, Kodiak, and Camel Snus, which are sold in the U.S., are subject to FDA regulation and no reduced-risk claims will be made as to these products without agency clearance.#66 Our Objective: Delivering value for all of our stakeholders 133 mi 19 R BAT A BETTER TOMORROW#77 000 ...and we've only just begun 100m of 1.1bn BAT A BETTER TOMORROW Global consumer numbers for New Categories and Smokers at an Industry Level Source: Statista 2023, Kantar Incidence & Track Studies#88 Increasingly a global phenomenon ~60% Of T-50 markets fully open to New Categories ~30% Countries restrict 1 or more New Categories C BRA MEX TUR Key global markets remain inaccessible BAT A BETTER TOMORROW Source: BAT Data of current market regulations H1 2023#99 SATISFACTION Markets and consumers are not homogeneous IDENTITY HARM REDUCTION FLAVOUR PREFERENCES VALUE CONVENIENCE Fundamental Drivers After/with meals Me time at home Relax with family Socialise with friends p First thing in the morning Work break at home On the go Recharge at work Break with colleagues Occasions & Consumption BAT A BETTER TOMORROW Accessible NC markets Access restricted to one or more NCs Highly restricted or inaccessible to NCs No single solution is capable of meeting all preferences Regulation & Access Source: BAT data & Proprietary Consumer Research#1010 So... we are investing now in a Multi-Category future ㅁ 미 BAT A BETTER TOMORROW 1.#1111 10 Beliefs to Challenge BAT A BETTER TOMORROW#1212 Beliefs to Challenge 1 There is a 'one size fits all' solution 5 Nicotine is a substantial cause of disease from smoking 2 THP attracts the most consumers 6 New Categories (NCs) are often a gateway to smoking 9 NCs are less profitable 3 THP encourages more switching than vaping 7 NCs are used equally across cohorts 10 Industry value is declining with cigarette sales 4 Modern Oral is a Scandinavian phenomenon 8 Poly-users tend to smoke just as much BAT A BETTER TOMORROW#1313 Theme 1: Multi-Category 1 There is a 'one size fits all' solution 5 Nicotine is a substantial cause of disease from smoking 2 THP attracts the most consumers 6 New Categories (NCs) are often a gateway to smoking 9 NCs are less profitable 3 THP encourages more switching than vaping 7 NCs are used equally across cohorts 10 Industry value is declining with cigarette sales 4 Modern Oral is a Scandinavian phenomenon 8 Poly-users tend to smoke just as much BAT A BETTER TOMORROW#1414 Belief #1 There is a 'one size fits all' solution FACT THP and Vapour correlate inversely to Weighted Average Tar levels THP Penetration (%FMC*) 60% 50% 40% 30% 20% 10% 0% >80% of THP 8.5mg Average Weighted Tar per Cigarette Vaping Penetration (%FMC*) 80% 70% 60% 50% 40% 30% 20% 10% 0% BAT A BETTER TOMORROW >70% of Vapour 8.5mg Average Weighted Tar per Cigarette * FMC: Factory Made Cigarettes Source: Kantar Incidence Study 2022, Retail Audit (suppliers different by market), BAT internal information Belgium, Bulgaria, Canada, Colombia, Croatia, Czech Republic, Denmark, France, Germany, Greece, Hungary, Italy, Japan, Kazakhstan, Malaysia, Mexico, Netherlands, New Zealand, Poland, Portugal, Russia, Saudi Arabia, Spain, South Korea, Sweden, Switzerland, UK, Ukraine, USA#1515 Belief #2 THP attracts the most consumers FACT Vapour is the biggest contributor to consumer growth and accelerating # Total Adult Users* (Mn) 34 10 2 +24 2018 40 13 2 2019 -Vapour 43 17 7 2020 -THP •MO 54 21 10 2021 BAT A BETTER TOMORROW 62 I 26 11 +36 2022 Source: Kantar Incidence & Track Studies 2022 *Adult users based on 20 Years of Age+ in USA. 18+ in all other markets T42 Markets: Algeria, Argentina, Australia, Bangladesh, Belgium, Brazil, Bulgaria, Canada, Chile, Colombia, Czech Republic, Denmark, Egypt, France, Germany, Greece, Hungary, Indonesia, Italy, Japan, Kazakhstan, Malaysia, Mexico, Morocco, Netherlands, New Zealand, Nigeria, Pakistan, Poland, Romania, Saudi Arabia, South Africa, South Korea, Spain, Sweden, Switzerland, Taiwan, Turkey, UK, Ukraine, USA, Vietnam#1616 Belief #3 THP encourages more switching than vaping FACT Vapour* and THP are equally effective at encouraging smokers to switch Vapour Vapour NC Consumers: 66% 34% 65% 35% THP THP THP 71% 29% 64% 36% Still Smoking Daily 39% 61% Vapour Vapour Vapour Stopped Smoking Daily 37% 63% 54% 46% 61% 39% THP BAT A BETTER TOMORROW THP 65% 35% 63% 37% Source: Kantar Incidence & Track Studies 2022 * Vapour includes Disposables and rechargeable closed system only#1717 Belief #4 Modern Oral is a Scandinavian phenomenon FACT MO will have a critical positive role to play as market expansion and the US accelerate growth 0.8 19% 50% 31% 2021 MO Revenue Contribution 1.1 21% 52% 27% 2022 Nordics USA ROW 1.5 22% 53% 25% BAT A BETTER TOMORROW 2023 Est MO Industry Revenue, £bn Source: Kantar Incidence Study 2022, BAT Outlook#1818 Implication 1 1 THP & Vapour correlate inversely to Weighted Average Tar levels 2 Vapour is the biggest contributor to consumer growth and accelerating 3 Vapour & THP are equally effective at encouraging smokers to switch 4 Modern Oral will have a critical positive role to play A Multi-Category Portfolio is Essential to Deliver our Purpose & Industry Transition BAT A BETTER TOMORROW#1919 Theme 2: THR 1 THP & Vapour correlate inversely to Weighted Average Tar levels 5 Nicotine is a substantial cause of disease from smoking 2 Vapour is the biggest contributor to consumer growth and accelerating 6 New Categories (NCs) are often a gateway to smoking 9 NCs are less profitable 3 Vapour & THP are equally effective at encouraging smokers to switch 7 NCs are used equally across cohorts 10 Industry value is declining with cigarette sales 4 Modern Oral will have a critical positive role to play 8 Poly-users tend to smoke just as much BAT A BETTER TOMORROW#2020 Belief #5 Nicotine is a substantial cause of disease from smoking FACT Most of the harm from smoking is caused by products of combustion, not nicotine BAT A BETTER TOMORROW It's the other chemical compounds in tobacco, and in the smoke created by setting tobacco on fire, that directly and primarily cause the illness and death, not the nicotine DR. SCOTT GOTTLIEB US FDA COMMISSIONER (JULY 2017) Nicotine is not...a highly hazardous drug. The main culprit is smoke and, if nicotine could be delivered effectively and acceptably...without smoke, most, if not all, of the harm of smoking could probably be avoided UK ROYAL COLLEGE OF PHYSICIANS Nicotine without smoke: Tobacco harm reduction (2016)#2121 Belief #6 New Categories are often a gateway to smoking FACT In general, new adult nicotine consumers don't go on to smoke 2.2% 2021 % Solus Vapour Entrants switching to FMC* Globally ** 2.1% 2022 % Solus Vapour Entrants switching to FMC 2022 % of adult population 2.2% 0.1% 1.8% 0.1% 1.7% 0.04% BAT A BETTER TOMORROW 3.1% 0.05% *Factory Made Cigarettes Source: Kantar Incidence & Track Studies 2022 **Top NC Markets: Canada, Denmark, France, Germany, Italy, Japan, Poland, S. Korea, Sweden, Switzerland, UK - excluding USA#2222 Belief #7 New Categories are used equally across cohorts FACT NC penetration correlates inversely to the age cohorts of adult consumers AU30 2018 24% 23% 30-44 21% 17% AO45 13%13% Category use - Age Cohorts 53% 62% 73% Solus NC** AU30 2022 35% 22% 30-44 28% 23% AO45 22% 16% Dual FMC-NC** BAT A BETTER TOMORROW 43% 49% 62% Solus FMC* *Factory Made Cigarettes ** NC Includes Snus "Dual-usage" references a transitional period for adult FMC consumers towards a complete switching to NCs during which adult consumers reduce cigarette Source: Kantar Incidence & Track Studies 2022 consumption and choose to add to it consumption of an NC. AU30: Adult consumer from minimum legal age to 30yrs. AO45: Adult consumer over 45 yrs. Canada, Italy, Japan, UK, Sweden#2323 Belief #8 Poly-users tend to smoke just as much FACT The consumer journey often involves poly-usage where cigarette consumption is reduced FMC* Average Daily Consumption reduction among Poly-Users vs. FMC Solus 100 Index FMC + THP FMC + MO FMC + Vapour Index 92 "Poly-usage" references a transitional period for adult FMC consumers towards a complete switching to NCs during which adult consumers reduce cigarette consumption and choose to add to it a consumption of one or more NCS. 83 81 ***0000 Consumption in leading 9 NC markets in stick Equivalent. BAT A BETTER TOMORROW *Factory Made Cigarettes Source: Kantar Incidence & Track Studies 2022 Canada, Denmark, Germany, Italy, Japan, S. Korea, Sweden, UK, USA#2424 Implication 2 1 THP & Vapour correlate inversely to Weighted Average Tar levels 5 Most of the harm from smoking is caused by products of combustion, not nicotine 2 Vapour is the biggest contributor to consumer growth and accelerating 6 In general, new adult nicotine consumers don't go on to smoke 3 Vapour & THP are equally effective at encouraging smokers to switch 7 NC penetration correlates inversely to the age cohorts of adult consumers 4 Modern Oral will have a critical positive role to play 8 Cigarette consumption is declining with poly-usage Tobacco Harm Reduction is a bona fide corporate and societal goal BAT A BETTER TOMORROW#2525 Theme 3: Industry Value 1 THP & Vapour correlate inversely to Weighted Average Tar levels 5 Most of the harm from smoking is caused by products of combustion, not nicotine 2 Vapour is the biggest contributor to consumer growth and accelerating 6 In general, new adult nicotine consumers don't go on to smoke 9 NCs are less profitable 3 Vapour & THP are equally effective at encouraging smokers to switch 7 NC penetration correlates inversely to the age cohorts of adult consumers 10 Industry value is declining with cigarette sales 4 Modern Oral will have a critical positive role to play 8 Cigarette consumption is declining with poly-usage BAT A BETTER TOMORROW#2626 Belief #9 New Categories are less profitable FACT NCs are already positive at Gross Margin level in almost all Categories Annual Consumer Profitability Index cecoo **Europe Avg. *World Avg. *World excl. US Avg. THP >120 Solus FMC+ SOLUS MO VAPOUR Rechargeable BAT A BETTER TOMORROW 80-120 Solus FMC VAPOUR Disposable <80 Solus FMC Source: BAT data: Indexed NC Gross Margin per consumer per annum vs FMC *World Average based on Top 17 NC markets accounting for ~85% of World's NCs revenue, based on BAT internal est.. **Europe Top 12 European NC Markets accounting for ~85% of total Europe's NC revenue, based on BAT internal est. †Factory Made Cigarettes -GMs per unit based on BAT internal estimates: FMC Value for money (2023 @ 22 FX rates); Users & Avg daily consumption data based on NC Track, NC users. -Annual Gross Margin (excl. Marketing Investment in revenue & Royalties) per user Group#2727 A BETTER TOMORROW Belief #10 Industry value is declining with cigarette BAT sales FACT Total nicotine revenue is growing year-on-year with New Categories driving value accretion FMC** VOLUME -6.3 % CAGR INDUSTRY VALUE +3.4 % CAGR TIO Industry Value vs FMC Volume 654bn £8bn £43bn 2021 FMC** Volume 613bn £10bn £43bn 2022 NC Value (Rev*) 570bn £12bn £43bn 2023 Est FMC Value (Rev*) *Revenue **Factory Made Cigarettes Source: BAT Outlook USA, UK, Germany, Canada, Japan, Switzerland, Italy, Denmark, Poland, South Korea, France, Sweden#2828 10 Facts 1 THP & Vapour correlate inversely to Weighted Average Tar levels 5 Most of the harm from smoking is caused by products of combustion, not nicotine 2 Vapour is the biggest contributor to consumer growth and accelerating 6 In general, new adult nicotine consumers don't go on to smoke 9 NCS are already positive at gross margin level in almost all Categories 3 Vapour & THP are equally effective at encouraging smokers to switch 4 Modern Oral will have a critical positive role to play 8 Cigarette consumption is declining with poly-usage 7 NC penetration correlates inversely to the age cohorts of adult consumers 10 Total nicotine revenue is growing year-on-year with NCS driving value accretion BAT A BETTER TOMORROW#2929 Today's Themes 1 A Multi-Category Portfolio is Essential 2 Tobacco Harm Reduction is a journey 3 New Category Products are Value Accretive BAT A BETTER TOMORROW#3030 Belief #11 Japan is the 'bellwether' transformation story Sweden has successfully delivered a multi-decade Tobacco Harm Reduction policy 14.3% Sweden FMC* Incidence 2008 - 2022 13.4% 11.8% 11.3% 10.0% 9.0% 6.9% BAT A BETTER TOMORROW 5.9% 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 *Factory Made Cigarettes Source: Euromonitor#3131 Video BAT A BETTER TOMORROW * This slide includes materials publicly shared by third parties, which do not necessarily reflect BAT's views and positions - Source: Smoke Free Sweden 2023**, Twitter **Health Diplomats is a global network of public health experts committed to developing and delivering solutions to global health-related problems.#3232 In Summary 01 A Multi- Category Portfolio is essential Today's Themes 02 Tobacco Harm Reduction is a journey 03 New Categories are value accretive Delivering Multi- Stakeholder Value BAT = 28 10 Facts 1 THP & Vapour correlate inversely to Weighted Average Tar levels 5 Most of the harm from smoking is caused by products of combustion, not nicotine 2 Vapour is the biggest contributor to consumer growth and accelerating 6 In general, new adult nicotine consumers don't go on to smoke 9 NCs are already positive at gross margin level in almost all Categories 3 Vapour & THP are equally effective at encouraging smokers to switch 4 Modern Oral will have a critical positive role to play 7 NC penetration correlates inversely to the age cohorts of adult consumers 10 Total nicotine revenue is growing year-on-year with NCS driving value accretion 8 Cigarette consumption is declining with poly-usage High Quality, Sustainable Business Model, Long into the Future BAT BAT A BETTER TOMORROW#3333 NC value contribution growing fast in the top 12 markets BAT BETTER TOMORROW 74% 72% SWE BAT Non-Combustibles Revenue as % of Total Revenue in TOP12 NC markets 52% 47% JAP 46% 38% UK 43% 32% POL 41% 25% O FRA 2021 2022 40% 26% DEN 38% 26% ITA 23% 16% S.KOR 17% 14% USA 16% 10% + SWI GER Non-combustibles include NC & Traditional Oral * Revenue from Non-Combustible products as a % of total revenue in each respective market. FX @21. Constant currency measures are calculated based on the prior year's exchange rate, removing the potentially distorting effect of translational foreign exchange on the BAT Group's results. The BAT Group does not adjust for normal transactional gains or losses in profit from operations which are generated by exchange rate movements 12% 15% CAN 4% 5%#3434 >30% Non Combustible revenue in 23 investment markets FRA + DEN GUA >30% POR LAT Our non-Combustible products revenue % H1'23* * UK SLO AUS D REP ITA * NOR >40% EST POL GRE JPN KAZ ICE >50% LIT CZE + SWE # SLK BAT A BETTER TOMORROW FIN C UAE >70% Revenue from Non-Combustible products (NCs & Traditional Oral) as a % of total revenue in each respective market.#3535 ...and we've only just begun 15³ 100m 000 of 1.1bn BAT A BETTER TOMORROW Global consumer numbers for New Categories and Smokers at an Industry Level Source: Statista 2023, Kantar Incidence & Track Studies#3636 A Purposeful and Profitable Pathway to A Better Tomorrow™ Our New Category Journey BAT A BETTER TOMORROW