BAT Results Presentation Deck

FY 2020: Further Transformation Fuels Growth BAT On an adjusted, constant rate basis. See Appendix A1 & A2 ** Adjusted net debt to adjusted EBITDA at current rates. See Appendix A1. A BETTER TOMORROW Delivering revenue, profit and earnings growth* in challenging circumstances Accelerating New Categories through H2 with good momentum into 2021 Combustibles and Quantum generating value and cashflow to invest in NCs £7.3bn FCF, driven by operating cash conversion of 103% ✔ Adjusted net debt/EBITDA** at 3.3x, on track for c.3x by end 2021 Mid-single digit EPS growth* guidance retained for 2021, given COVID uncertainty ✔ Committed to our financial algorithm post-COVID and our 65% pay-out ratio 15

View entire presentation