BAT Results Presentation Deck

OPERATING MARGIN: Releasing funds to support the growth agenda New Categories investment +c.£250m; margin +80bps +0.8 42.9% 2019 Adjusted Operating Margin 4.0 * On an adjusted current rate basis. See Appendix A1. -2.7 +80bps + Pricing and Operational Incremental New Efficiencies Categories -0.5 €250m New Category Marketing Investment Transactional FX BAT A BETTER TOMORROW 43.7% 2020 Adjusted Operating Margin* 42

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