BAT Investor Conference Presentation Deck

Combustibles Value Growth: Sustainable Investment Resources and Cashflows Well positioned Strategic brands Premium 36%^ Mid priced 19% Value For Money 45% DUNHILL TO OF O STRIKE Rollmars KENT CAMEL Newport 29.8% NATURAL AMERICAN SPIRIT CIGARETTE Global Leader with #1 Position Global Market Share* Value Share** Driving value growth Volume Share** +20 bps -15% Brand & SKU rationalisation BAT A BETTER TOMORROW ΑΛΛ +40 bps SKU Reduction Over Last 2 years^^ Targeted pricing with RGMAM 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 US only. ^ Estimated consumer price turnover (CPTO) Combustible Strategic Brands FY 19. *Value share in Top-40 39 markets **For FMC share definitions, See Appendix A3. ^^ Target for end of 1021 from 2019 baseline ^^^ Revenue Growth Management

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