BAT Investor Conference Presentation Deck

● ● In the US, the focus is vapour Large pool of adult nicotine consumers Vapour is the largest New Category Vapour is expected to be the key driver of New Category value growth over next 5 years* Modern Oral 1% Vapour 7% Trad. Oral 10% THP 0% → US Industry Nicotine value* by Category ** BAT A BETTER TOMORROW * Estimates based on company data. Tracker FY 2021 21+ ** Based on the weight of evidence and assuming a complete switch from cigarette smoking. These products are not risk free and are addictive. Vapour offers the greatest opportunity to transition US smokers to reduced-risk products Combustibles 83% 34

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