BAT Results Presentation Deck

1 ● ● ● 2 ● 3 5 6 6. Enhancing financial flexibility Increasing agility in the near term... Navigate regulatory developments ➤ Delivering annual guidance Accelerate investment in transformation Drive consistent combustibles value Focus on cash flow delivery Reduce debt to middle of target range* Optimise capital allocation Attractive dividend 2-3x Adjusted net debt to adjusted EBITDA at current rates. See Appendix A9. P&L ...To drive long-term value creation Capital ● BAT A BETTER TOMORROW Sustainable multi-category growth Growing financial returns Supportive regulatory environments Evolving medium-term growth algorithm Enhance balance sheet flexibility Lower cost of funding over the long term Enable sustainable shareholder returns Attractive dividends and share buybacks 21

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