BAT Results Presentation Deck

Strong cash generation driving de-leveraging Adj. Net Debt / Adj. EBITDA £bn 4.0x 43.4 1.8 Adj. Net Debt 2018 Free Cash Flow after Dividends @CONR USD rates Closing: 1.2736 -0.4x 0.4 Other cash & non cash @CONR 0.6 IFRS16 Adoption @CONR 3.6x +4.02% 42.6 Adj. Net Debt FY 2019 @ CONR -0.1x 0.9 FX 3.5x -0.5x 41.7 Adj. Net Debt FY 2019 @ CURR BRITISH AMERICAN USD rates Closing: 1.32475 TOBACCO 33

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