BAT Results Presentation Deck

Cash and Deleverage: c.3x target reached with strong cash conversion Strong Operating Cash Flow Conversion* 97% FY19 103% FY20 ++ 104% FY21 Cash generation led by Combustibles Leverage Reduced to c.3x Adjusted net debt / adjusted EBITDA* 3.51 FY19 £1.7bn £2.5bn £5.7bn * See Appendix A1 and A9. Adjusted net debt to adjusted EBITDA at current rates. See Appendix A1. 3.26 FY20 ** 2.99 FY21 Hybrid Bond issuance Bi-laterals Extended RCF: 1 & 5 year term; No financial covenants 2.0 Manageable Maturity Profile BAT A BETTER TOMORROW £ in billions 2.4 10.1yr 90:10 68:13:13:6 3.8 Due¹22 Due'23 Due¹24 Average Maturity Fixed:Floating US$:£::Other 30

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