#1Resilient performance, renewed energy, full-year guidance on track Interim Results 2023 Tadeu Marroco - Chief Executive | Javed Iqbal - Interim Finance Director BAT A BETTER TOMORROW#2BAT 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. 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," "p "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 tatements: (i) certain statements in Tadeu Marroco's section (slides 12-14, 17, 18 and 20-22); (ii) certain statements in Javed Iqbal's section (slides 24, 26, 27-29, 30, 33, and 37-40). 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. 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 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. Although financial materiality has been considered in the development of our Double Materiality Assessment ("DMA"), our DMA and any related conclusions as to the materiality of sustainability or ESG matters do not imply that all topics discussed therein are financially material to our business taken as a whole, and such topics may not significantly alter the total mix of information available about our securities. 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#4Resilient H1 performance, on track for Full Year Group Revenue New Category Revenue Profit from Operations / Operating Margin Reported Adjusted Constant Currency +4.4% £13,447m +2.6%** £13,201m +2.8%**** Organic +29.0% £1,656m +26.6%* £1,625m +61.4% £5,935m +15.6 ppts 44.2% +3.6%** £5,850m +0.4ppts" 44.3% Delivering in a challenging environment BAT A BETTER TOMORROW Earnings per Share +118% 176.0p Financials growth versus H1'22 Source: Company data. * On a constant rate basis. See Appendix A2. ** On an adjusted constant rate basis. See Appendices A1 & A2. *** On a constant rate, organic basis. See Appendices A2 &. A7. +5.3%** 176.3p 4#5As we continue to transform rapidly 4 >30% Non-Combustibles revenue in 23 markets Jun'19 4 Jun'20 9 Jun¹21 Number of markets* 16 Jun'22 *Number of markets with over 30% Non-Combustibles revenue as a percentage of total market revenue in H1'19 - H1'23, respectively. 23 Jun¹23 BAT A BETTER TOMORROW 16.6% Non-Combustibles as a % of Group revenue in H1'23 Reaching >30% Non-Combustibles revenue in 23 markets 5#6With Non-Combustibles revenue significantly higher in many markets Our Non-Combustible products revenue % H1'23* FRA + DEN GUA POR LAT >30% SLO AUS D REP >40% * Revenue from Non-Combustible products as a % of total revenue in each respective market. ITA NOR EST POL GRE JPN KAZ ICE >50% + UK LIT CZE e SWE E SLK BAT >70% A BETTER TOMORROW FIN C UAE 6#710 weeks as Chief Executive Interim Results 2023 Tadeu Marroco - Chief Executive BAT A BETTER TOMORROW#8Refreshed Management team: aligned, focused, energised BAT A BETTER TOMORROW Delivering Growth Chief Operating Officer Johan Vandermeulen President & CEO, Reynolds American David Waterfield Director, Operations Zafar Khan Appointed with effect from 1 September 2023. Director, Legal Affairs & General Counsel Director, APMEA Jerome Abelman Michael Dijanosic Director, Digital & Information Javed Iqbal Finance Director Director, AME Tadeu Marroco Chief Executive (Interim) Javed Iqbal Fred Monteiro Director, Talent, Culture & Inclusion Recruitment underway Director, Business Development* James Barrett Director, Research & Science James Murphy Director, Corporate & Regulatory Affairs Paul McCrory Enabling Growth Building a culture that inspires and motivates Chief Strategy & Growth Officer* Kingsley Wheaton Marketing Director, Combustibles & New Categories Luciano Comin 8#9Reinforcing the power of our winning culture Seeing first-hand how our colleagues around the world are shaping an inclusive culture Passionate teams and seamless operation at the Reynolds Operation Centre BAT REYNOLDS BAT Revenue Growth Management. BAT BAT SELL H V A He Market visits, showcasing our multi-category execution in action BAT A BETTER TOMORROW Tour of the Warsaw Global Business Services Hub. RGM* in action and simplification of supply chain operations "Belief in our BAT future was clearly demonstrated by everyone." 9#10We need to evolve to accelerate our transformation Our unique set of strengths... ge Deep cross-category consumer insights Proven multi-category strategy Leading brands O Global footprint BAT Strong cash driving sustainable dividend A BETTER TOMORROW Established U.S. multi- category business 10#11My immediate areas of focus are... 2 Drive profitability in New Categories l'Use G l'Use 3 1 Sharpen execution Consistent U.S. Combustibles value growth 4 Significantly strengthen THP 5 Lead responsible New Category development Collaborative and inclusive culture BAT 6 Enhance financial flexibility A BETTER TOMORROW 11#12* 1 2 1 4 1. Sharpening execution: Disciplined application of Market Archetypes Combustibles Value Growth & Prepare for NC* 5 2 Drive Combustibles Value & Grow NC 3 Prepare for New Categories subject to local regulatory frameworks. Drive NC & Protect Combustibles Value 4 Drive NC & Maximise Combustibles Value 5 Simplify & Extract Value from Combustibles Fewer, larger, more targeted priorities BAT A BETTER TOMORROW 6 Multi- Category Growth 12#131 2 3 Market share Improving delivery in key markets Revenue* Gross Margin* Market share 5 Revenue* Gross Margin* 6 Bangladesh H1'23 performance Combustibles Combustibles value +130bps to 88.3% Combustibles +16% Combustibles +6% New Categories New Category regulatory uncertainty Engaging with Regulators Poland H1'23 performance New Categories glo share** +1.3ppts to 32.5% New Category +44% New Category >100% Combustibles Combustibles value +40bps to 24.8% Combustibles +10% Combustibles +6% BAT A BETTER TOMORROW We will replicate this sharper execution across our footprint Financials growth H1'23 versus H1'22. Share growth versus FY22. Source: Company data. * Growth at constant rates. See Appendix A2. ** Volume share of THP segment. See Appendix A3. 13#141 2 2020 3 -1.1 5 2. Continuing to improve New Category profitability 2021 6 -1.0 New Category contribution (£bn) 2022 -0.4 H123 +£1.1bn* Non-linear progression Innovation phasing Geographic expansion and market openings BAT On track to deliver New Category profitability* in 2024 A BETTER TOMORROW Profitability* 2024 *Profitability at category contribution level: Profit from operations before the impact of adjusting items and translational foreign exchange, having allocated costs that are directly attributable to New Categories. See Appendices A1 & A2. 14#151 2 3 5 Vapour profitability** a key driver of our performance 40% Vapour Gross Margin* % progression FY19 6 32% FY20 58% 49% 40% Il FY22 FY21 1H23 H1'23 Gross Margins 68% THP* 72% Modern Oral 68% Combustibles BAT A BETTER TOMORROW Building sustainable multi-category profit and returns * Consumables. ** Profitability at category contribution level: Profit from operations before the impact of adjusting items and translational foreign exchange, having allocated costs that are directly attributable to New Categories. See Appendices A1 & A2. 15#161 2 Q-0 GEOP 3. Driving consistent U.S. Combustibles value growth DIFFERENTIATION RATIO Newport 3 var Different DIFFERENCE vs ELASTICITY a HIGH correlation BRAND ELASTICITY RATIO 3 Brandt H **** POL 5 eeee 6 Pricing Assortment Activation Optimised Pricing Maximise Assortment Trade Granular Revenue Growth Management (RGM) 4 Portfolio Strategy Activation Total Customer Investment Efficiency 3 Portfolio Architectu Brand Price ecture 2 Price Architecture Customer Investment LOW END 6:43 Incremental NO 1000 GBP S Portfolio Whitespace Opportunity VALUE WAP $6.52 $6.29 $1.50 Volume building event dice fequancy wordt events do Best/worst events matri Faks Mutxesour ASU35 INDEX e BAT A BETTER TOMORROW CAMEL Newport Feb Apr Jun Aug Oct Dec Feb Apr Jun Aug Oct Dec Feb Apr Jun Aug PREMIUM +0.40 LTM> $6.92 1 $7.21 $7.02 $5.80 $6.52 Dest events 1400 Colour coding Incremental profit 000 GBP Sharpening our execution through data-driven commercial plans 16#171 2 BAT Volume share* 3 Total U.S. Combustibles LO Delivering early signs of U.S. Combustibles recovery Premium brands 5 Activating focused plans to drive consistent value... 6 YTD'23 v H1'22 YTD'23 v H2'22 May'23 v Jan'23 -40bps -10bps +60bps -10bps +10bps +100bps .. implementing carefully and thoroughly will take time BAT Value share* Total U.S. Combustibles Premium brands YTD'23 v H1'22 YTD'23 v H2'22 May'23 v Jan'23 -90bps -50bps -90bps -60bps BAT A BETTER TOMORROW To deliver consistent Combustibles value growth * Share growth of Combustibles. See Appendix A3. Comparing YTD share with average share from prior periods and comparing month to month share growth from Jan'23 to May'23. Source: Marlin and Company data. -10 bps -10bps 17#181 2 4 4. Significantly strengthening THP GLOBAL DEVICE DEVELOPMENT CENTRE Opened Sep. 2022 - Shenzhen, China A 5 GLOBAL INNOVATION CENTRE Opens Dec. 2023 - Southampton, UK кил ка INNOVATION HUB Opened Jun. 2023 - Trieste, Italy Rapidly developing our capabilities glo Hyper X2 Air is a first step in our enhanced innovation pipeline over the next 18 months <O → 3 £ BAT A BETTER TOMORROW Improved COGS Enhances Hyper offering Ultra slim card-like shape Our lightest device ever, 25% lighter than X2 Same X2 functionalities 18#191 2 3 * See Appendix A10. DEFINE 4 Accelerating innovation cadence across New Categories BAT Ã Set consumer*-driven innovation direction Priority NC Opportunities 5 6 DISCOVERY Rapid cycles of innovation (technologies and products) Validated Consumer Proposition DEVELOP Th Accelerated scale- up and launch readiness Commercial Readiness ACTIVE PORTFOLIO MANAGEMENT DEPLOY Mass production & and product optimisation Commercial Enhanced product lifecycle management 655sn. V OZAN SMOOTHER 09ǝsne MINI Berry Frost 09. A BETTER TOMORROW e WE'RE BECOMING VELO kate FAN 19#201 2 3 5 5. Lead responsible New Category development Science & Innovation Driven Multi-Category portfolio 6 Research-driven product development Evidence-based C A BETTER TOMORROW™ by reducing the health impact of our business* Proactive Engagement BAT A BETTER TOMORROW Regulatory foresights and engagement Advocate for optimal regulatory and fiscal frameworks Promote enforcement Proactive, science-driven approach to external affairs * Based on the weight of evidence and assuming a complete switch from cigarette smoking. These products are not risk free and are addictive. Our products as sold in the U.S., including Vuse, Velo, Grizzly, Kodiak, and Camel Snus, are subject to FDA regulation and no reduced-risk claims will be made as to these products without agency clearance. 20#211 ● ● ● 2 ● 3 5 6 6. Enhancing financial flexibility Increasing agility in the near term... Navigate regulatory developments ➤ Delivering annual guidance Accelerate investment in transformation Drive consistent combustibles value Focus on cash flow delivery Reduce debt to middle of target range* Optimise capital allocation Attractive dividend 2-3x Adjusted net debt to adjusted EBITDA at current rates. See Appendix A9. P&L ...To drive long-term value creation Capital ● BAT A BETTER TOMORROW Sustainable multi-category growth Growing financial returns Supportive regulatory environments Evolving medium-term growth algorithm Enhance balance sheet flexibility Lower cost of funding over the long term Enable sustainable shareholder returns Attractive dividends and share buybacks 21#221 2 £6.5bn 3 Rewarding shareholders with a growing dividend 1.9 Allocation of free cash flow* 4.6 2019 ■ Dividends £7.3bn 5 2.6 4.7 £7.5bn 6 2.6 4.9 £8.0bn 1.0 2.0 4.9 2022 Making good progress towards middle of 2-3x adj. net debt to adj. EBITDA** €21bn cash returned to shareholders 3.51 * Free cash flow at current rates. See Appendices A1 & A5. ** Adjusted net debt to adjusted EBITDA at current rates. See Appendices A1 & A9. 2019 3.26 2020 2.99 BAT A BETTER TOMORROW 2020 2021 Share buy-back De-leverage & other c. £40bn cumulative free cash flow over next 5 years 2021 2.89 2022 22#23H1 results - Confident in FY23 guidance Interim Results 2023 Javed Iqbal - Interim Finance Director BAT A BETTER TOMORROW#24Javed Iqbal - Values and focus Diverse roles and locations ● ● ● 27+ years career at BAT ● Director, Digital and Information Area Director, Middle East, South Asia and North Africa CEO Pakistan Finance Director Commercial Finance Marketing Spend Effectiveness. My focus areas and working style Proud of my/BAT values and heritage Respect and empowerment Sharpen resource allocation BAT A BETTER TOMORROW ● Digital tools (MSE*, RGM), Digital Hubs, Global Business Services Digitally connected organisation Focus on cash generation 24#25Adjusted results demonstrate continued delivery Organic Group Revenue* 12.5 H122 +2.8% +4.2% 5 yr CAGR*** 12.8 H1'23 Adjusted Operating Profit** 5.6 H122 +3.6% 5.8 H1'23 +4.6% 5 yr CAGR*** Adjusted Diluted 167.4 H122 EPS** +5.3% 176.3 H1'23 +6.2% 5 yr CAGR*** ● ● BAT A BETTER TOMORROW Key performance drivers New Category revenue +26.6% Combustibles volume -5.8% Cigarette price/mix^ +6.0% • + £201m New Category contribution improvement^^ +40bps Group margin expansion** ● +1.7% EPS kickers: *** ITC, share count partially offset by higher net finance costs Financial growth versus H1'22. Source: Company data. * On a constant rate, organic basis. See Appendices A2 &. A7. ** On an adjusted constant rate basis. See Appendices A1 & A2. *** On a constant rate basis. See Appendix A2. ^ See Appendix A4. ^^ Category contribution level: Profit from operations before the impact of adjusting items and translational foreign exchange, having allocated costs that are directly attributable to New Categories. See Appendices A1 & A2. 25#26Delivering strong New Category revenue momentum 33% 2019-2023 New Category revenue CAGR 1,049 12 months to Jun 2019 1,335 12 months to Jun 2020 1,698 Source: Company data. * Rolling 12 months trading New Category revenue to June each year. 2,454 12 months to Jun 2022 3,267 12 months to Jun 2021 New Category revenue* (Em) Confident in delivering £5bn New Category revenue in 2025 12 months to Jun 2023 BAT A BETTER TOMORROW 27% H1'23 NC revenue growth 26#27Clear Vapour leadership with Vuse*** +240bps Value share HY23 vs FY22 16.1% 23.6% 1H19 31.6% 1H20 35.2% 1H21 1H22 Vuse value share of total Vapour in key markets** 38.3% 1H23 ● ● ● ● ● BAT A BETTER TOMORROW Vuse extends U.S. leadership Value share 46.7%, +5.7 ppts Leading in 36 states Vapour revenue up 36%* ● *** Continued progress driving profitability^ Positive contribution 3 of 5 key markets Vuse Go now available in 46 markets Unlocking emerging markets, incl.: Peru, Paraguay, Colombia Approaching growing modern disposables segment in a responsible way * Revenue growth at constant rates. See Appendix A2. ** Vapour value share across Top 5 markets: U.S. - Marlin, Canada - Scan Data, UK - Nielsen IQ, France - Strator, Germany - Nielsen IQ. See Appendix A3. T5 represent c.80% of global Vapour industry revenue in tracked channels (rechargeable closed systems and disposables). *** In tracked channels. ^ Profitability at category contribution level: Profit from operations before the impact of adjusting items and translational foreign exchange, having allocated costs that are directly attributable to New Categories. See Appendices A1 & A2. 27#28Activating commercial plans with glo -110bps Volume share HY23 vs FY22 19.6% LLL 3.8% 16.5% 2.4% H121** 18.2% 4.0% H122 ■glo share of THP glo share of Combustibles+THP glo volume share in key THP markets*** H123 ● ● ● BAT glo revenue up 10%* Activating commercial plans in highly competitive markets in Japan and Italy ● A BETTER TOMORROW Continued good momentum in key AME THP markets, including: Poland and Czech Republic ● Enhancing our innovation cadence Investing in new capabilities glo Hyper X2 Air launched in 9 markets. Further roll-outs planned in H2 Expanded geo footprint to 33 markets * Revenue growth at constant rates. See Appendix A2. ** Historical data presented on a top 9 markets basis as reported in 2021. *** Share of Combustibles + THP and THP volume. Across top 12 THP markets: Japan - CVS-BC, South Korea - CVS, Italy - Nielsen IQ, Greece - Nielsen IQ, Hungary - NDN, Kazakhstan - Nielsen IQ, Ukraine - Nielsen IQ, Poland - Nielsen IQ, Switzerland - IMS, Romania - Nielsen IQ, Malaysia - IPSOS, Czech Republic - Nielsen IQ. Top 12 markets (excl. Russia) by industry volume were adjusted in 2023, with more established THP markets Kazakhstan, Romania, Switzerland and Malaysia introduced and Russia removed in advance of the planned exit this year. As a result, H1'22 share has been rebased. The Top 12 account for c.70% of total industry THP volume in 2022. See Appendix A3. 28#29Velo continues to drive total oral share growth +70bps Volume share HY23 vs FY22 1.5% 3.6% 6.2% 7.1% 8.1% 1H19 1H20 1H21 1H22 1H23 MO volume share of total oral category in key MO markets *** Modern Oral (MO) revenue up 42%* BAT A BETTER TOMORROW Velo remains clear AME volume share leader** Velo is the largest oral nicotine pouch brand in Sweden^ Unlocking EM opportunities ● Continued growth in Pakistan Increasing consumers and average daily consumption Gross margin fast approaching combustibles National roll-out ahead of plan in Kenya Expanded geo footprint to 29 markets * Revenue growth at constant rates. See Appendix A2. ** Volume share leadership H1'23 based on 4 of Top 5 Modern Oral markets globally, which are in Europe. *** Volume share growth of total oral category in top 5 markets: Sweden - Nielsen IQ, Denmark - Nielsen IQ, Norway - Nielsen IQ, Switzerland - Scan Data (excl. SPAR, Top CC & Alligro), U.S. - Marlin. See Appendix A3. Top 5 represent c.85% of total industry Modern oral revenue. ^ source: Kantar New Category Tracker. 29#30Combustibles: Our global footprint offsets U.S. Combustibles revenue** growth by region and globally 9.1% EST 1907 5.0% AME DUNHILL TOBACCO OF LONDON LTD APMEA ENT U.S. -7.4% Newport IRAL AMERICAN SPIRIT CITARETTES 0.2% Group LUCKY STRIKE ● ● ● ● ● ● YTD Volume share* +10bps YTD Value share* -40bps Combustible revenue** +0.2% Price/Mix*** +6.0% Outside the U.S., strong brands and sharp execution driving growth ● Rest of world volume share* +20bps Rest of world value share* -10bps BAT A BETTER TOMORROW U.S. commercial plans driving volume share stabilisation in 2023 CAMEL Rothmans OF LONDON 1890 Financials growth H1'23 versus H1'22. * Share growth YTD versus FY22. Combustibles share. See Appendix A3. Source: Company data. ** On a constant rate basis. See Appendix A2. *** See Appendix A4. The BAT Group does not own all brands featured in this presentation in all markets, e.g. BAT is the owner of Camel and Natural American Spirit in the U.S. only. PALL MALL 30#31Strong performances in AME and APMEA HY2023 AME APMEA U.S. Group Revenue* +9.1% +9.8% -5.4% +2.6% Organic Revenue** +10.3% +9.8% -5.4% +2.8% New Category Revenue +35.9% +15.0% +21.7% * +26.6% Organic New Category Revenue Operations* +40.0% +15.0% ** +21.7% Adjusted Profit from +27.9% +7.8% +9.3% -0.2% +3.6% *** BAT A BETTER TOMORROW Organic APFO₁ +4.4% +9.3% -0.2% +2.7% Financials growth H1'23 versus H1'22. * On a constant rate basis. See Appendix A2. ** On a constant rate, organic basis. See Appendices A2 &. A7. *** On an adjusted, constant rate basis. See Appendices A1 &. A2. ^ On an adjusted, constant rate, organic basis. See Appendices A1, A2 &. A7. 31#32U.S. combustibles industry impacted by continued macro-economic pressures H1'23 drivers of industry volume decline Secular -2.2% -8.4%* Elasticities -1.9% Consumer macro impacts -3.1% Poly-usage** -1.2% Industry volume California Share decline H1'23 flavour ban performance -8.4% -0.6% H1'23 BAT volume and drivers Source: U.S. Marlin * Sales to retail and Company data. ** See Appendix A8. *** Sales to wholesale estimates based on company data. "Adjusted for inventory movements. *** -2.7% BAT A BETTER TOMORROW -11.7% BAT adjusted SAP roll-out volume inventory decline^ H1'23 reduction -0.7% BAT volume decline H1'23 -12.4% 32#33U.S. commercial plans driving combustibles stabilisation; BAT Continued strong Vuse performance BAT volume share of premium stabilising 43.6% Share of premium (May'23 v Jan'23) Newport +100bps NAS +30bps 44.1% Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May 2022 2022 2022 2022 2022 2022 2022 2022 2022 2022 2022 2022 2023 2023 2023 2023 2023 ● ● ● Our commercial plans are starting to work Growing premium share Newport and Natural American Spirit - key drivers Strong performance from Lucky Strike • now >3% national share ● ● A BETTER TOMORROW Vuse revenue* up +23% • Vuse value share leadership** at 47% Leader in 36 states** ● Adj. operating margin*** expansion +280bps Increasing Vuse profitability Efficiency saving initiatives ● Financial growth H1'23 versus H1'22. Share growth versus FY22. * On a constant rate basis. See Appendix A2. ** Vuse value share of total Vapour. Source: U.S. Marlin. See Appendix A3. *** On an adjusted, constant rate basis. See Appendices A1 & A2. 33#34California: Still adjusting across all categories post-flavour ban California BAT Combustibles 45% volume exposure >85%* Total volume retention vs pre-ban Outstanding Vuse performance 60% volume exposure Source: Company data. *Adjusting for a 13% pre-ban rate of decline, our underlying retention rate in California as a result of the flavour ban. 100% Total volume retention vs pre-ban BAT A BETTER TOMORROW Multi-category portfolio and agile commercial response driving consumer retention 34#35Good margin expansion: Successfully offsetting increasing NC investment and inflation 43.9% H1'22 Adjusted Operating Margin * On an adjusted current rate basis. See Appendix A1. 0.3 +0.9ppts* New Categories 1.3 Improvement in Traditional business and New Categories contributing to Operating Margin performance in HY23 partly offset by transactional FX (0.7) Rest of the Business Transactional FX BAT A BETTER TOMORROW 44.8% H1'23 Adjusted Operating Margin 35#36Solid EPS growth of +5.3%* 167.4 HY 2022 Current Rate 6.8 Adjusted Profit from Operations ➡2.7 Net Finance Costs (incl hybrid) Adjusted diluted EPS at constant rates. See Appendices A1 & A2. ➡2.2 +5.3% Associates -0.2 +5.3% Adjusted diluted EPS* growth Tax 0.0 Non Controlling Interest 2.8 Diluted number of shares 176.3 HY23 Constant Rate. +8.5% 5.3 BAT A BETTER TOMORROW FX Impact 181.6 HY 2023 Current Rate 36#37Continued strong cash generation driving leverage reduction Strong Operating Cash Conversion* Expecting another year of strong operating cash conversion >90%* 66% H179 73% H1'20** 67% H1'21 77% H1'22 72% H123 Cash flow weighted to H2, as normal Strengthening our balance sheet alongside a manageable maturity profile 3.51x Making good progress towards middle of 2-3x adj. net debt / adj. EBITDA corridor*** FY19 * See Appendices A1 & A6** H1'20 normalised for U.S. excise deferral. Reported 65%. *** Adjusted net debt to adjusted EBITDA at current rates. See Appendix A9. 3.26x FY20 BAT 2.99x A BETTER TOMORROW FY21 2.89x FY22 37#38Dynamic and flexible approach to capital allocation Growing Dividend Investing in our Transformation Cash Flow Leverage middle 2-3x Free Cash Flow* *** Litigation/ Fiscal/Regulatory outcomes Bolt-On M&A BAT A BETTER TOMORROW c.£40bn 5 Year Cumulative Free Cash Flow*** Share Buy-Backs Committed to sustainably returning cash to shareholders * Free cash flow before dividends. See Appendices A1 & A5. ** *Adjusted net debt to adjusted EBITDA at current rates. See Appendix A9. ***Ambition over the next 5 years. Pre-dividend payments. See Appendices A1 & A5. 38#39On track to deliver full-year 2023 guidance KI 3-5% Organic Revenue (Excluding Russia/Belarus)** Growth* Mid Single Figure EPS Growth"** ● ● ● ● ● ● Continued strong New Category revenue growth* Organic performance expected to be H2 weighted U.S. commercial plans driving early signs of stabilisation U.S. SAP-related inventory phasing in H1'22 >80% realised combustibles pricing in H1 BAT A BETTER TOMORROW * On a constant rate, organic basis. See Appendices A2 &. A7. ** Excluded from both FY22 and FY23. *** Adjusted Diluted EPS on a constant rate basis. See Appendices A1 & A2. Timing of Russia/Belarus exit H2 weighted New Category investment Increased net finance costs to c.£1.9bn 2% transactional FX headwind on Adj. Profit from Operations 39#40Resilient H1 performance, on track for FY23 guidance Building on strong foundations... We have the right strategy Resilient financial performance, while continuing to transform Strong New Category profitability progress led by Vuse We will continue to reward shareholders through strong, consistent cash returns. BAT ● A BETTER TOMORROW With more to do... Fixing areas of under-performance through sharpened execution Drive consistent U.S. combustibles delivery Strengthen THP Making active investment choices to enhance our capabilities and accelerate our transformation Evaluating all options to optimise capital allocation Developing a collaborative and inclusive culture Energised management team with much to do, excited about opportunities ahead Confident in delivering long-term multi-stakeholder value 40#41Half Year 2023: Q&A Tadeu Marroco - Chief Executive | Javed Iqbal - Interim Finance Director BAT A BETTER TOMORROW 4 4 # # a d 8 L 1 b 6 t 56 07 # We purpose to Deter Tomoby reasong the featherpact of t 0 Find out more 6 BAT Y A Better TomorrowTM through science and innovation 423 J D G V * cart 3 f About un Our products 7 0 a 2 ********** O 4 How we work BATT Sustainability waves 42 Carbon-neutral Vuse is making Backspate inacors 9 # Coming soon-BAT's. year results#42Appendix: Group Results excluding - Russia/Belarus - H1'23 BAT A BETTER TOMORROW Volume FMC & THP Revenue* NC Revenue* APFO** Consumers of Non-Combustible products*** Group excluding Russia/Belarus H1’23 278.5bn (£ Millions) 12,845 1,565 5,702 (Millions) 22.2 Group excluding Russia/Belarus H122 290.5bn (£ Millions) 12,500 1,223 5,552 (Millions) 19.0 Growth excluding Russia/Belarus H1'23 v H1'22 -4.1% +2.8% +27.9% +2.7% +17% On a constant rate basis. See Appendix A2. ** Adjusted Profit from operations on an adjusted constant rate basis. See Appendices A1 & A2. *** See Appendix A10. Total Group Growth H1'23 v H1'22 -5.2% +2.6% +26.6% +3.6% +18% 42#43Appendix: Our category market shares in key markets* U.S. Canada U.K France Germany value share of Total Vapour H123 YTD value share 46.7% 94.4% 8.8% 38.2% 22.5% Change vs. FY22 ppts +5.7 +4.0 -1.1 -0.6 +1.7 Japan South Korea Italy Greece Hungary Kazakhstan Ukraine** Poland Switzerland Romania Malaysia Czech Rep. volume share of Combustibles+THP HI’23 YTD volume share 7.3% 2.2% 2.6% 2.9% 4.9% 5.2% 3.9% 4.2% 0.2% 1.4% 0.03% 2.7% Change vs. FY22 ppts -0.1 +0.2 +0.2 +0.8% n/a +0.7 +0.2 +0.3 +0.03 +0.7 volume share of THP H123 YTD volume share 18.4% 11.3% 12.3% 11.7% 14.3% 46.2% 23.0% 32.5% 2.9% 18.0% 0.7% 16.8% Change vs. FY22 ppts -1.7 -0.3 -2.2 -1.6 -0.1 n/a +1.3 +2.9 -0.4 +0.7 +2.4 U.S Sweden Denmark Norway Switzerland volume share of Total Oral HI’23 YTD volume share 1.3% 13.7% 87.2% 23.1% 65.4% Change vs. FY22 ppts -0.2 +2.7 +0.5 +1.6 +2.1 BAT A BETTER TOMORROW volume share of Modern Oral H123 YTD volume share 4.3% 56.5% 91.5% 63.5% 88.5% Change vs. FY22 ppts -1.6 -1.5 -0.7 -0.6 -4.7 * Top 5 Vuse markets: U.S. - Marlin, Canada - Scan Data, UK - Nielsen IQ, France - Strator, Germany - Nielsen IQ. Top 12 THP markets: Japan - CVS-BC, South Korea - CVS, Italy - Nielsen IQ, Greece - Nielsen IQ, Hungary - NDN, Kazakhstan - Nielsen IQ, Ukraine - Nielsen IQ, Poland - Nielsen IQ, Switzerland - IMS, Romania - Nielsen IQ, Malaysia - IPSOS, Czech Republic - Nielsen IQ. Top 5 Modern Oral markets: U.S. - Marlin, Sweden - Nielsen IQ, Denmark - Nielsen IQ, Norway - Nielsen IQ, Switzerland - Scan Data (excl. SPAR, Top CC and Alligro). ** In Ukraine, January 2022 data has been rolled forward. 43#44Appendix BAT A1: Adjusting (Adj.) Adjusting items represent certain items which the Group considers distinctive based upon their size, nature or incidence. 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. A BETTER TOMORROW A3: Share metrics Year to date basis through May 23 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 (U.S. 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. A5: 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. 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: 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. A8: Poly-usage Refers to a transitional period for smokers towards complete switching to potentially risk reduced nicotine products during which period such smokers reduce cigarette consumption and choose to consume one or more New Category nicotine products. A7 Organic To supplement the Group's results presented in accordance with International Financial Reporting Standards (IFRS), the Group's Management Board, as the chief operating decision maker, reviews certain of its results, including revenue and adjusted profit from operations, at constant rates of exchange, prior to the impact of businesses sold or held-for-sale. Although the Group does not believe that these measures are a substitute for IFRS measures, the Group does believe that such results excluding the impact of businesses sold or to be held-for-sale provide additional useful information to investors regarding the underlying performance of the business on a comparable basis and in the case of the expected sale of the Group's businesses in Russia and Belarus, the impact these businesses have on revenue and profit from operations. Accordingly, the organic financial measures appearing in this document should be read in conjunction with the Group's results as reported under IFRS. A9: Adjusted net debt to adjusted EBITDA Net debt, excluding the impact of the revaluation of Reynolds American Inc. acquired debt arising as part of the purchase price allocation process, as a proportion of profit for the year (earnings) before net finance costs (interest), tax, depreciation, amortisation, impairment, associates and adjusting items A10: 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. 44