BAT Results Presentation Deck

CAPITAL ALLOCATION: Our Priorities Drivers of cash generation Capital Allocation priorities ✓ Combustible value growth ✓ Working capital efficiencies ✓ Capex = Depreciation* ✓ £1bn Quantum savings 2020-2022 ✓ >90% operating cash flow conversion** ✓ 65% Dividend pay-out ✓ Continued investment in New Categories ✓ Deleverage to between 2-3x Adj net debt / adj EBITDA^^ BAT c.£40bn 5 Year Cumulative Free Cash Flow * Adjusted Depreciation, Amortisation & Impairment of Property, Plant and Equipment and Intangible assets ** Targeted annually. ^ Pre dividend payments. ^^Adjusted Net Debt to Adjusted EBITDA. A BETTER TOMORROW 31

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