BAT Investor Conference Presentation Deck

We have successfully de-levered driven by strong cash flow Continued Strong Operating Cash Conversion* 100% 2018^ 101% Avg 97% 2019 103% 2020 Operating Cash Conversion% 104% 2021 Reduced Leverage to c.3x 4.00 2018 3.51 * See Appendix A1 and A8. ** Average leverage reduction at Constant FX. *** Adjusted Net Debt to Adjusted EBITDA. See Appendix A1. ^ Normalised for MSA timing. 3.26 2019 Adjusted Net Debt / Adjusted EBITDA*** 2020 BAT A BETTER TOMORROW -0.4x Avg** 2.99 2021 47

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