BAT Investor Conference Presentation Deck

PRODUCT SATISFACTION INDEX (PSI) Unique Multi-Category Consumer Insights Driven Portfolio ULTRA-LIGHTS MARKETS (C. 20% of Industry FMC* volumes) Predominantly THP 100% FMC 80% THP 30% VAPOUR 50% (C. 30% of Industry FMC* volumes) Both THP & Vapour Modern Oral: Potential across All Market Types MODERN ORAL 100% LIGHTS MARKETS FMC 60% THP 70% VAPOUR 65% MODERN ORAL FULL FLAVOUR MARKETS (C. 50% of Industry FMC* volumes) Predominantly Vapour 100% FMC BAT A BETTER TOMORROW 25% THP 75% VAPOUR *FMC: Factory Made Cigarette. Source: Volumes split based on BAT internal estimates of industry (Top 40 markets,. excluding China, India) Index based on external consumer track data For purpose of this slide, the terms "Full-flavour", "ultra-light" and "light" refer to global consumer taste and sensorial preferences. "Ultra-light" or "light" should not be interpreted as a representation of product's risk profile. 70% MODERN ORAL 15

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