BAT Results Presentation Deck

operational Group Operating Margin: Strong performance funding New Category investment 44.1 FY 2020 Adjusted Operating Margin 0.4 * On an adjusted current rate basis. See Appendix A1. Price/mix and Operational Efficiencies -0.7 (0.5) +c.£500m New Category Marketing Investment Incremental New Categories (0.6) Transactional FX BAT A BETTER TOMORROW 43.4 FY 2021 Adjusted Operating Margin* 26

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