#12021 - A Pivotal Year Delivered; Buyback Announced Preliminary Results 2021 Jack Bowles - Chief Executive | Tadeu Marroco - Finance and Transformation Director BAT A BETTER TOMORROW#2Important 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. BAT A BETTER TOMORROW 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, including the projected future financial and operating impacts of the COVID-19 pandemic. 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: (i) certain statements in the opening section (slides 6, 7, 13 and 14); (ii) certain statements in Tadeu Marroco's section (slides 16, 27, 28, 31 and 32); and (iii) certain statements in Jack Bowles' section (slides 34, 35 and 36). 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; and changes in the market position, businesses, financial condition, results of operations or prospects of the Group. 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. 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. 2#3Important 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 US 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 US 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 US 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. 3#42021 - A Pivotal Year Delivered; Buyback Announced Preliminary Results 2021 Jack Bowles - Chief Executive | Tadeu Marroco - Finance and Transformation Director BAT A BETTER TOMORROW#5A Pivotal Year in 2021 Accelerating New Category revenue growth* Reducing New Category losses*** BAT A BETTER TOMORROW De-levering to c. 3x adj. net debt/adj. EBITDA* *** * Constant rate growth. See Appendix A2. ** Reduction at category contribution level: Profit from the sales of brands after deduction of directly attributable costs (including marketing) and before allocation of overheads. *** Adjusted net debt to adjusted EBITDA at current rates. See Appendix A1. 5#6A Pivotal Year delivered Accelerating New Category revenue growth* 51% Revenue growth* Reducing New Category losses** c.£100m Reduced losses BAT De-levering to c. 3x adj. net debt/adj. EBITDA* Enabling more active capital allocation Including £2bn Share Buyback in 2022 A BETTER TOMORROW 2.99x Leverage * Constant rate growth. See Appendix A2. ** Reduction at category contribution level: Profit from the sales of brands after deduction of directly attributable costs (including marketing) and before allocation of overheads. ***Adjusted net debt to adjusted EBITDA at current rates. See Appendix A1. *** 6#7Our transformation accelerated A BETTER TOMORROW™ To reduce the health impact of our business^ BAT ✓ Actively encouraging smokers to switch to our reduced risk products^ A BETTER TOMORROW 51% New Category revenue growth" ✔ Adding 4.8m adult consumers of non-combustible products** to reach 18.3m On track for our £5bn New Category revenue and profitability by 2025* Built a >£2bn New Category revenue business New Category losses reduced for the first time by c.£100m (c.10%) *** ^Based on the weight of evidence and assuming a complete switch from cigarette smoking. These products are not risk free and are addictive. * At constant rates. See Appendix A2. ** See Appendix A6. *** Profitability at category contribution level: Profit from the sales of brands after deduction of directly attributable costs (including marketing) and before allocation of overheads. 7#8With faster adult consumer acquisition 8m 3.5 2.1 0.1 2.9 -0.6 2018 +2.5m 10.5m 5.2 2.6 0.8 2.9 -1.0 2019 +3.0m Source: Company data. * Target market for acquisition is existing adult smokers/nicotine users. 13.5m 44 6.7 4.0 1.5 3.0 -1.7 2020 Traditional Oral Modern Oral THP Vapour Poly-Usage** +4.8m 18.3m 8.4 ******* 6.7 2.1 2.9 Growth of consumers of Non-Combustible products -1.9 2021 *** Refers to an adult consumer using more than one type of non-combustible product. See Appendix A6. BAT A BETTER TOMORROW 8#9Strong revenue growth across all three New Category Global Drive Brands "' vuse Global Leadership achieved Revenue* up +59% Value share** 33.5% glo Fastest Growing THP Brand ambition Revenue* up +46% Volume share** 18.1% BAT A BETTER TOMORROW VELO Global Leadership ambition * Revenue up +41% Volume share** 34.7% Vuse global leadership based on Vuse estimated value share from RRP in measured retail for Vapour (i.e. total Vapour category value in retail sales) in the Top 5. glo and velo ambitions based on volume share metrics. *Revenue growth at constant rates. See Appendix A2. **For share definitions see Appendix A3. Vapour value share across Top 5 markets: US, Canada, UK, France, Germany. T5 represent c.75% of Vapour industry revenue (closed-system). Velo volume share across Top 5 Modern Oral markets: US, Sweden, Denmark, Norway, Switzerland and now excludes Germany. Glo volume share across Top 9 THP markets: Japan, South Korea, Russia, Italy, Germany, Romania, Ukraine, Poland and Czech Republic. Top 5 represent c.80% Modern Oral industry revenue. Top 9 represent c.80% of THP industry revenue. Velo brand represents over 50% of FY21 Modern Oral markets. Continue to migrate remaining EPOK, LYFT brands into H1 2022. 9#10We are embedding ESG in our brands vuse Focus areas GREENER PACKAGING ♥ DROP THE POD POD RECYCLING CO₂ 41 ALU OPTIMISE PRODUCT DESIGN REDUCE CARBON RECYCLE & UPGRADE & ENJOY glo Focus areas GREENER PACKAGING glo DEVICE TAKE BACK SCHEME econc CO₂ GREENER CONSUMABLE neo REDUCE CARBON BAL Source: Company data. Focus areas shown above demonstrate our ESG ambitions for each brand. For more detail on our environmental targets, see Appendix A5. Recyclable can VELO GREENER PACKAGING P Focus areas GREENER POUCH Recycled PP CO₂ BAT A BETTER TOMORROW ISCC RECYCLED PLASTIC RCD PLASTIC APROACH Papercon REDUCE CARBON Ov ReCycle ReUse ReDuce ReMove CLEAN AAR bower 10#11While generating strong financial results Revenue New Category Revenue Operating Margin Profit From Operations Diluted EPS * On an adjusted, constant rate basis. See Appendix A1 & A2. ** On a reported, constant rate basis. See Appendix A2. REPORTED FY 2021 @ Current rates -0.4% +42.4% +120 bps +2.7% +6.0% *** Current rate growth. ADJUSTED FY 2021 @ Constant rates* ** +6.9%** +50.9%* ** -70 bps*** +5.2% +6.6% BAT A BETTER TOMORROW 11#12Robust 2021 Results +6.9% +4.3% +20bps Combustibles Price/Mix* Cigarette & THP Value Share^ Group Revenue* +51% New Category Revenue* E ** -0.3, % Combustibles BAT Volume ill +5.2% Adjusted Profit from Operations of BAT £7.4bn J A BETTER TOMORROW Free Cash Flow*** +6.6% EPS* Adjusted Diluted Share growth FY21 versus FY20. Source: Company data. * On an adjusted, constant rate basis. See Appendix A1 & A2. ** Price/mix defined in Appendix A4. ^ See Appendix A3. *** Free Cash Flow before payment of dividends. See Appendix A1 and A8. 12#13We are now entering the next phase of our journey New Category revenue growth and consumer acquisition* New Category contribution to profit growth** BAT Faster Transformation A BETTER TOMORROW Active capital allocation for long- term shareholder value * Constant rate growth. See Appendix A2. Target market for acquisition of consumers of non-combustible products is existing adult smokers/nicotine users. See Appendix A6 ** Contribution based on the pathway to profitability, with reducing losses at category contribution level: Profit from the sales of brands after deduction of directly attributable costs (including marketing) and before allocation of overheads. 13#14To deliver shared stakeholder & shareholder value £5bn New Category revenue and profitability by 2025* Beyond Nicotine opportunities 3-5% Group Revenue Growth *** High-Single Figure EPS^ growth Medium term outlook * Profitability at category contribution level: Profit from the sales of brands after deduction of directly attributable costs (including marketing) and before allocation of overheads. next 5 years. Pre-dividend payments. See Appendix A1 and A8. *** At constant rates. See Appendix A2. ^Adjusted diluted constant rate basis. See Appendix A1 & A2. BAT ** Ambition over the A BETTER TOMORROW Cumulative free cash generation c.£40bn** 14#15Tadeu Marroco Finance and Transformation Director BAT A BETTER TOMORROW#16A Pivotal Year - Delivered on our 2021 financial focus areas Releasing funds to support growth agenda Generating cash to continue to deleverage the balance sheet fil Maximising marketing spend effectiveness c.£500m increased** NC investment c.£100m reduction in New Category losses* for the first time ✓ c.£1.3bn total Quantum savings delivered 104% Operating Cash Conversion ✓ Reached c.3x Adj. Net Debt/Adj. EBITDA^ *** BAT Enabling more active capital allocation Including £2bn Share Buyback in 2022 A BETTER TOMORROW * Reduction at category contribution level: Profit from the sales of brands after deduction of directly attributable costs (including marketing) and before allocation of overheads.. ** Investment in New Categories increase v FY20. ***Operating Cash Conversion. See Appendix A1 and A9. ^ Adjusted net debt to adjusted EBITDA at current rates. See Appendix A1. 16#17Revenue: Strong pricing and New Category momentum Revenue growth* +6.9% Combustible revenue* +4.0% New Category revenue* +51% Vapour +59% THP +46% Modern Oral +41% ● - - Strong volume performance Accelerating NC volume Combustibles -10bps volume share*** 43% of Group Revenue Growth from Non-Combustibles Driving value from Combustibles Value share*** +10bps +4.3% price/mix^, absorbing geographic mix impact Revenue FY 20 * Growth at constant rates. For definition see Appendix A3. ** Combustibles revenue contribution including other revenue growth. +3.9%* +3.0%* +6.9% Revenue growth Combustibles** Non-Combustibles Revenue FY 21 constant rates BAT A BETTER TOMORROW -7.3% Cigarette volume and value share. See Appendix A3. ^ Price/mix defined in Appendix A4. FX Revenue FY 21 17#1829.5% Vuse: Global Vapour Category Leader US 35.8% 1Q21 2Q21 3021 4Q21 Quarterly average Continued strong value share* across T5** Markets (c.75% of Industry Revenue) 74.2% Canada 86.6% 1Q21 2Q21 3Q21 4Q21 Quarterly average 18.8% UK First global carbon neutral vape brand*** 14.2% 1Q21 2Q21 3021 4021 Quarterly average 42.9% France 48.2% 1Q21 2021 2021 4Q21 Quarterly average BAT A BETTER TOMORROW 58.9% Germany 58.9% 1021 2021 3021 4Q21 Quarterly average Continued device share^ leadership in all T5 markets* ** Source: BAT value share of total Vapour monthly average of quarter share to Dec 2021. US Marlin, Canada Scan, UK Nielsen, France Strator & Germany Nielsen. * See Appendix A3 for Value share definition.** T5 represent c.75% of total Vapour industry revenue (closed-system). *** As verified by Vertis based on product Life Cycle Assessment data provided by an independent third party. This assessment takes into account the Group's purchase of carbon credits through reforestation projects. . ^ Volume share of closed 18 systems. See Appendix A3 for share definitions.#19Vuse: closes 27% value share point gap in just 2 years 50.7 Competitor 1 Vuse (27.2) (32.1) 5.1 Vuse US value share 23.4 22.3 Disposables 54.4 Jan 20 8.8 42.7 (13.6) 29.1 15.9 Dec 20 36.0 (0.1) 35.9 20.2 Dec 21 ● BAT A BETTER TOMORROW Vuse value share reached 35.9% in Dec 2021 Vuse achieved profitability in H2 2021* Number 1 device share, at 57.4% FY21 First of its kind US FDA marketing authorisation for Vuse Solo Original Flavour US Vapour Industry returning to growth, up c.20% Vuse value share leadership in 27 states in Dec 2021 Value share of total vapour (closed systems) - monthly share to Dec 2021. See Appendix A3 for Value share definition.* Profitability at category contribution level: Profit from the sales of brands after deduction of directly attributable costs (including marketing) and before allocation of overheads 19#206.2% glo: Hyper continues to accelerate share growth BAT BAT A BETTER TOMORROW Japan 7.4% 1Q21 2Q21 3021 4Q21 Quarterly average Record glo Nicotine* Share in many key markets (c.80% of Industry Revenue) 1.7% Russia 2.0% || 1Q21 2021 3Q21 4Q21 Quarterly average Over 70% of volume in glo Hyper 1.3% Italy 2.3% 1Q21 2Q21 3021 4Q21 Quarterly average Ukraine 3.8% 1 1Q21 2021 3021 4021 Quarterly average 2.6% 1.6% glo category share up 480bps to 18% Romania MI 1Q21 2Q21 3021 4Q21 Quarterly average ** 1.9% * Share of Cigarette + THP nicotine volume - monthly average of quarter share to Dec 2021. Japan - CVS-BC Vol. Share of FMC+THP+Hybrid; Russia -IMS (BAT+PMI) est. Vol. Share of FMC+THP; Italy and Ukraine - Nielsen Vol. Share of FMC+THP; Romania - Nielsen KA Vol. share of FMC+THP. See Appendix A3 for Volume share definition. ** Across Top 9 THP markets: Japan, South Korea, Russia, Italy, Germany, Romania, Ukraine, Poland and Czech Republic. T9 represent c.80% of THP industry revenue. 20#21glo: Hyper accelerates volume and revenue growth in ENA 16.7% Russia 20.3% 1Q21 2Q21 3Q21 4Q21 Quarterly average National 9.7% glo driving national THP Category Share Italy 15.0% 1Q21 2021 3Q21 4Q21 Quarterly average National 18.2% Ukraine 23.1% 1Q21 2Q21 3Q21 4Q21 Quarterly average National glo volume growth rate 5x THP category growth rate 5.8% Poland 25.2% 1Q21 2021 3Q21 4Q21 Quarterly average National 23.1% BAT A BETTER TOMORROW Romania 21.7% 1Q21 2Q21 3Q21 4Q21 Quarterly average National glo category share in ENA up 930bps to 16.6% THP Volume share - monthly average of quarter share to Dec 2021. Russia - IMS est. Vol. Share of THP; Italy, Ukraine and Poland - Nielsen Vol. Share of THP; Romania -Nielsen KA Vol. share of THP. See Appendix A3 for Volume share definition. 21#2215.9% Velo: Extending international leadership* Continued Share Growth Across Key** Markets (c.80% of Industry Revenue) US 8.2% 1Q21 2Q21 3Q21 4Q21 Quarterly average 57.3% Sweden 60.2% 1Q21 2Q21 3Q21 4Q21 Quarterly average Accelerating global volume growth, up 71% 63.1% Norway 64.1% 1Q21 2Q21 3021 4Q21 Quarterly average 88.7% Denmark 94.3% 1021 2021 3Q21 4Q21 Quarterly average BAT A BETTER TOMORROW Switzerland 90.1% Leader in 15 of 17 ENA markets 91.8% 1Q21 2021 3Q21 4Q21 Quarterly average * Volume share leadership in Top 5 markets. Velo is volume share leader in 4 of the international top 5 (i.e. excluding the US). ** Key markets: Sweden, Norway, Denmark, Switzerland, US and now excludes Germany. Volume share of Modern Oral category - monthly average of quarter share to Dec 2021. See Appendix A3 for Volume share definition. Includes EPOK/LYFT brands in ENA. Velo brand represents over 50% of FY21 Modern Oral markets. Continue to migrate remaining EPOK, LYFT brands into H1 2022. 22#23Combustibles: Delivering value growth J +10Upp bps Combustibles Value Share^ +4.0% Combustibles Revenue* -10.bp. Combustibles Volume Share^ all +4.3% Combustibles Price/Mix** +20bps Strategic Brand Value Share^ c.£260m Absorbed Australasia Profit impact ^ Share growth versus FY20. Cigarette share. See Appendix A3 for share definitions. Source: Company data. * On a constant rate basis. See Appendix A2. ** Price/mix defined in Appendix A4. The BAT Group does not own all brands featured in this presentation in all markets, e.g. BAT is the owner of Newport, Camel and Natural American Spirit in US only. EST. 1907 BAT A BETTER TOMORROW DUNHILL TOBACCO OF LONDON LTD KENT Newport NATURY AMERICAN SPIRIT CIGARETT LUCKY STRIKE CAMEL OF LONDON 1890 Ne PALL MALL 23#24Regional Overview US ΕΝΑ APME AMSSA Group New Category Revenue* +53.3% +80.3% +14.2% +113.8% +50.9% Revenue* +9.2% +7.3% Flat +7.8% +6.9% Cigarette + THP Value Share** +60bps Flat Flat -70bps +20bps * Constant rate basis. See Appendix A1-A2. ** Value share of cigarettes + THP v FY20, Value share of cigarettes only in US and AMSSA. See Appendix A3. Source: Company data. BAT A BETTER TOMORROW Adjusted Profit from Operations* +9.7% -1.0% -1.1% +4.3% +5.2% 24#25US: Continued strong performance +9.2% +53% US Revenue Growth. all all AA US New Category Revenue Growth* all +9.7% +13.1% US Operating Profit Growth Combustibles Price/Mix^ +80bps US Total Nicotine Value Share Growth- +60 bps US Combustibles Value Share*** ● ● ● ● Growth versus FY20. * On a constant rate basis. See Appendix A2 ** Total nicotine value share covers: combustibles, vapour and total oral. Source: Marlin. See Appendix A3 for share definitions. share definitions. ^ Price/mix defined in Appendix A4. Source: Company data. ^^ On an adjusted, constant rate basis. See Appendix A1 & A2. BAT A BETTER TOMORROW Total Nicotine value share now 36%** Vuse close to value share leadership Strong value growth from combustibles enabled by Revenue Growth Management Strong growth in premium brands Newport and Natural American Spirit Combustible cigarette share. Source: Marlin. See Appendix A3 for 25#26operational Group Operating Margin: Strong performance funding New Category investment 44.1 FY 2020 Adjusted Operating Margin 0.4 * On an adjusted current rate basis. See Appendix A1. Price/mix and Operational Efficiencies -0.7 (0.5) +c.£500m New Category Marketing Investment Incremental New Categories (0.6) Transactional FX BAT A BETTER TOMORROW 43.4 FY 2021 Adjusted Operating Margin* 26#27Together with c.£100m reduced losses* from New Categories driven by growing scale Improved Trade Margin** Reduced Cost of Goods Marketing Spend Effectiveness (MSE) • Vuse Trade Margins improved by 31% ● ● ● ● Further scale benefits c.£220m productivity savings delivered in 2021 Vuse Cost of Goods reduced by 22% driven by automation Revenue Growth Management Leveraging big data analytics Consumer acquisition cost reduction Vuse 47% improvement ● ● ******** glo 25% improvement Velo 28% improvement BAT A BETTER TOMORROW Vuse achieved US profitability in H2 2021 A key milestone in our Pathway to Profitability by 2025* % change calculated based on FY21 v FY20. * Reduction in losses at category contribution level. Profitability by 2025 at category contribution level: Profit from the sales of brands after deduction of directly attributable costs (including marketing) and before allocation of overheads. ** Reference to trade margins is to recommended margins based on recommended resale prices. *** Across New Categories. 27#28delivered Quantum: c.£1.3bn Total Savings Generating funds to reinvest in New Categories and Simplifying the organisation Progress to date Phase 1 Organisational redesign (Centre/Regions/Markets) * 2020-2022 target. QUANTUM Phase 2 Phase 3 Operating model / Route to Market Processes and ways of working simplification Supply chain optimisation Centre/HQ redesign GBS Transformation Marketing Spend Effectiveness (MSE) Revenue Growth Management (RGM) BAT A BETTER TOMORROW c.£1.3bn Savings delivered 12 months early On track to deliver at least £1.5bn by 2022* ~40% Reduction in number of DRBUS 80% Revenue and New Categories investment coverage by RGM and MSE capabilities 28#29FY EPS* growth benefitting from: Operational performance growth Reduction in Net Finance Cost Reduction in underlying tax rate to 24.7% > > > EPS*: Growth up +6.6% > Increase in Associate Income driven by partial COVID recovery in ITC FX translation headwind -7.4% * Adjusted, diluted, EPS at constant rates. See Appendix A1 & A2. 331.7 19.2 1.8 2020 FY Adjusted Net profit from Finance operations costs +6.6% 0.6 1.4 -0.9 +6.6% Adjusted diluted EPS* growth Associates Taxation -0.3 353.5 BAT Non- Diluted 2021 FY at controlling number Constant interests of shares FX A BETTER TOMORROW -24.5 -0.8% 329.0 2021 FY at FX Impact current FX 29#30Cash and Deleverage: c.3x target reached with strong cash conversion Strong Operating Cash Flow Conversion* 97% FY19 103% FY20 ++ 104% FY21 Cash generation led by Combustibles Leverage Reduced to c.3x Adjusted net debt / adjusted EBITDA* 3.51 FY19 £1.7bn £2.5bn £5.7bn * See Appendix A1 and A9. Adjusted net debt to adjusted EBITDA at current rates. See Appendix A1. 3.26 FY20 ** 2.99 FY21 Hybrid Bond issuance Bi-laterals Extended RCF: 1 & 5 year term; No financial covenants 2.0 Manageable Maturity Profile BAT A BETTER TOMORROW £ in billions 2.4 10.1yr 90:10 68:13:13:6 3.8 Due¹22 Due'23 Due¹24 Average Maturity Fixed:Floating US$:£::Other 30#31Committed to shareholder returns, with £2bn 2022 buyback Growing Dividend Cash Flow Investing in our Transformation ++ Litigation/ Fiscal/Regulatory outcomes Free Cash Flow* Leverage within 2-3X** Bolt-On M&A Active Capital Allocation Framework BAT A BETTER TOMORROW c.£40bn 5 Year Cumulative Share Buybacks Free Cash Flow *** * Free cash flow before dividends. See Appendix Al and A8. Adjusted net debt to adjusted EBITDA at current rates. See Appendix A1. ***Ambition over the next 5 years. Pre-dividend payments. See Appendix A1 and A8. 31#32FY 2022 Guidance: Returning to HSF EPS growth BAT A BETTER TOMORROW Kil 3-5% Revenue Growth* High Single Figure (HSF) EPS Growth** * On a constant rate basis. See Appendix A2. Adjusted Diluted EPS on a constant rate basis. See Appendix A1 & A2. 32#33Jack Bowles Chief Executive BAT A BETTER TOMORROW#34We are Building A Better Tomorrow™ A BETTER TOMORROWTM To reduce the health impact of our business^ ✓ Delivered the pivotal year in our journey *** ✓ We have accelerated our transformation BAT A BETTER TOMORROW We are on track for our key ESG targets: £5bn New Category Revenue and profitability by 2025 50mn Non-Combustible Product Consumers* by 2030 Carbon Neutrality from our operations by 2030** Net zero value chain emissions by 2050**** ^Based on the weight of evidence and assuming a complete switch from cigarette smoking. These products are not risk-free and are addictive. * See Appendix A6. ** Carbon Neutrality across Scopes 1&2. Environmental targets. See Appendix A5. Scopes 1, 2 and 3. Environmental targets. See Appendix A5. 34#35We are entering the next phase of our journey - Faster Transformation £5bn New Category revenue and profitability by 2025* Beyond Nicotine opportunities 3-5% Group Revenue Growth *** High-Single Figure EPS^ growth Medium term outlook * Profitability at category contribution level: Profit from the sales of brands after deduction of directly attributable costs (including marketing) and before allocation of overheads. payments. See Appendix A1 and A8. *** At constant rates. See Appendix A2. ^Adjusted diluted constant rate basis. See Appendix A1 & A2. *** BAT A BETTER TOMORROW Cumulative free cash generation c.£40bn** Ambition over the next 5 years. Pre dividend 35#36We are delivering A Better Tomorrow™ From Cigarettes Declining Volume Growing Value 50 million consumers of non-combustible** products by 2030 MI £5bn New Category Revenue by 2025 CO₂ A BETTER TOMORROWTH Carbon neutral Scope 1&2 by 2030*** NET ZERO To Net zero value chain emissions by 2050*** BAT Multi-Category CPG Nicotine & Beyond A BETTER TOMORROW Growing Volume & Value * Beyond refers to Wellbeing & Stimulation Beyond Nicotine. Expected target market for consumer acquisition is existing adult smokers/nicotine/beyond nicotine users. Consumers of Non-combustible products definition. See Appendix A6. *** Environmental targets, net zero across scopes 1, 2 and 3. See Appendix A5. ^ Capable of being reusable, recyclable or compostable. Eliminate unnecessary single- use plastic & all plastic packaging recyclable by 2025*** 36#37Preliminary Results 2021: Q&A 9 BAT A BETTER TOMORROW $ W C O C 64 1 7 D 3 2 2 We hver purpose to buils & Bener Tomorrow by redcing the heath pack of o business 0 2 BAT y A Better Tomorrow™ through science and innovation Find out more m 2 K daly t O 9 3 D Our producte B How we work CHIRA Suecainability waves on Space 4 bevatore Carbon-neutral Vuse is making Modia BAT 22000 Jack Bowles - Chief Executive | Tadeu Marroco - Finance and Transformation Director year results Coming soon-BAT's 2021 half- Reporting Carwars Our produ T VETTE Up *** M BATY#38Top BAT Market Share Movements (1) Market Australia Bangladesh Belgium Brazil Canada Chile Colombia Czech Denmark France Germany Cigarette + THP share SOM FY21 (%) 40.7 85.5 25.2 73.9 47.3 96.7 55.9 20.9 67.6 14.8 20.3 Movement (ppt) (1.2) 7.2 0.2 (1.1) (0.9) 0.0 1.3 0.8 (1.8) (1.1) 0.2 Market Indonesia Italy Japan KSA Malaysia Mexico Netherlands New Zealand Pakistan Poland SOM FY21 (%) 2.5 17.8 20.1 27.3 52.4 36.5 20.2 66.2 77.6 26.2 BAT A BETTER TOMORROW Movement (ppt) (1.5) 0.0 1.3 (3.9) 0.8 (0.6) (0.4) (4.5) 1.3 (1.6) 38#39Top BAT Market Share Movements (2) Market Romania Russia South Africa South Korea Spain Switzerland Cigarette + THP share SOM FY21 (%) 57.9 23.5 73.4 12.2 10.0 33.2 Movement (ppt) (0.5) 0.3 (3.1) 0.0 (0.4) (0.2) Market Taiwan Turkey UK Ukraine USA SOM FY21 (%) 11.3 26.5 8.1 26.5 34.38 BAT A BETTER TOMORROW Movement (ppt) 0.5 0.7 (0.5) 0.2 (0.36) 39#40Appendix A1: Adjusting (Adj.) Adjusting items represent certain items which the Group considers distinctive based upon their size, nature or incidence. BAT A BETTER TOMORROW A2: Constant currency Constant currency - measures are calculated based on the prior year's exchange rate, removing the potentially distorting effect of translational foreign exchange on the Group's results. The Group does not adjust for normal transactional gains or losses in profit from operations which are generated by exchange rate movements. A3: Share metrics Volume share: The number of units bought by consumers of a specific brand or combination of brands, as a proportion of the total units bought by consumers in the industry, category or other sub-categorisation. Sub categories include, but are not limited to, the total nicotine category, modern oral, vapour, traditional oral or cigarette. Corporate volume share is the share held by BAT Group/Reynolds (US region). Except when referencing particular markets, volume share is based on our key markets (representing over 80% of the Group's cigarette volume). Value share: The retail value of units bought by consumers of a particular brand or combination of brands, as a proportion of the total retail value of units bought by consumers in the industry, category or other sub-categorisation in discussion. Nicotine share: The retail sales volume/value of the nicotine product sold as a proportion of total specified nicotine product volume/value in that market. In the US covers: Combustibles, vapour and total oral. A5: Environmental Targets Targets cover: climate change, water and waste, sustainable agriculture. Full details are available from the latest ESG Report British American Tobacco - Sustainability reporting (bat.com) A4: Price/Mix Price mix is a term used by management and investors to explain the movement in revenue between periods. Revenue is affected by the volume (how many units are sold) and the value (how much is each unit sold for). Price mix is used to explain the value component of the sales as the Group sells each unit for a value (price) but may also achieve a movement in revenue due to the relative proportions of higher value volume sold compared to lower value volume sold (mix). A6: Consumers of Non-Combustible Products The number of consumers of Non-Combustible products is defined as the estimated number of Legal Age (minimum 18 years) consumers of the Group's Non-Combustible products. In markets where regular consumer tracking is in place, this estimate is obtained from adult consumer tracking studies conducted by third parties (including Kantar). In markets where regular consumer tracking is not in place, the number of consumers of Non-Combustible products is derived from volume sales of consumables and devices in such markets, using consumption patterns obtained from other similar markets with adult consumer tracking (utilising studies conducted by third parties including Kantar). The number of consumers is adjusted for those identified (as part of the consumer tracking studies undertaken) as using more than one BAT Brand - referred to as "poly users". The number of consumers of Non-Combustible products is used by management to assess the number of consumers using the Group's New Categories products as the increase in Non-Combustible products is a key pillar of the Group's ESG ambition and is integral to the sustainability of our business. The Group's management believes that this measure is useful to investors given the Group's ESG ambition and alignment to the sustainability of the business with respect to the Non-Combustibles portfolio. A7: Poly-usage Refers to an adult consumer using more than one type of New Category product. A8: Free Cash Flow Net cash generated from operating activities before the impact of trading loans provided to a third party and after dividends paid to non-controlling interests, net interest paid and net capital expenditure. A9: Operating Cash Conversion Net cash generated from operating activities before the impact of adjusting items and dividends from associates and excluding trading loans to third parties, pension short fall funding, taxes paid and net capital expenditure, as a proportion of adjusted profit from operations. 40