BAT Results Presentation Deck

Committed to de-lever to below 3.0x by end of 2021 Adj Net Debt*/Adj EBITDA** 4.0 x 2018 IIIII 3.5 X 2019 c.3.2 x 2020e <3.0 x 2021e 2020 Guidance FY Operating cash conversion target above 90% Dividend - 65% pay-out ratio / growth in GBP terms BRITISH AMERICAN TOBACCO *Adjusted Net Debt is total borrowings, including related derivatives, less cash and cash equivalents and current available-for-sale investments, excluding the impact of the revaluation of RAI acquired debt arising as part of the purchase price allocation process. **Adjusted EBITDA is not a measure defined by IFRS. Adjusted EBITDA is defined as profit for the year (earnings) before net finance costs, taxation on ordinary activities, share of post-tax results of associates and joint ventures, depreciation, amortisation, impairment costs and adjusting items. e Company guidance for FY20/21 34

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