BAT Investor Conference Presentation Deck

Unrivalled Outlet Reach in Our Top 40* Markets Double the retail reach of large-cap CPGs Outlet Reach Channel Split 11m 5% 15% 80% BAT Distribution power: 4-5m 5% 55% 40% CPG >180 Markets 7m 10% 50% 40% On-premise Beverages >11m Retail Outlets Modern 1.5m 60% 25% 15% Alcohol BAT A BETTER TOMORROW Convenience/Traditional >150m daily consumer touchpoints Note: Company share of retail sales estimated based on category channel breakdown; for 2020 where available, otherwise 2019; numbers rounded for simplicity Channel classification: On-premise includes Bars, Restaurants, Hotels. Modern includes Super/Hypermarkets, Other Grocers, Discounters, Drug, Mixed Retailers (e.g. (department stores); Convenience includes Convenience (traditional/convenience.), Forecourt, Food/Drink/Tobacco Specialists, Independent Grocers; Source: Euromonitor; company financials; desk research; BCG analysis *T40 Top 40 markets representing c. 90% group revenue 19

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