BAT Investor Presentation Deck

26 Belief #9 New Categories are less profitable FACT NCs are already positive at Gross Margin level in almost all Categories Annual Consumer Profitability Index cecoo **Europe Avg. *World Avg. *World excl. US Avg. THP >120 Solus FMC+ SOLUS MO VAPOUR Rechargeable BAT A BETTER TOMORROW 80-120 Solus FMC VAPOUR Disposable <80 Solus FMC Source: BAT data: Indexed NC Gross Margin per consumer per annum vs FMC *World Average based on Top 17 NC markets accounting for ~85% of World's NCs revenue, based on BAT internal est.. **Europe Top 12 European NC Markets accounting for ~85% of total Europe's NC revenue, based on BAT internal est. †Factory Made Cigarettes -GMs per unit based on BAT internal estimates: FMC Value for money (2023 @ 22 FX rates); Users & Avg daily consumption data based on NC Track, NC users. -Annual Gross Margin (excl. Marketing Investment in revenue & Royalties) per user Group

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