BAT Investor Presentation Deck

9 SATISFACTION Markets and consumers are not homogeneous IDENTITY HARM REDUCTION FLAVOUR PREFERENCES VALUE CONVENIENCE Fundamental Drivers After/with meals Me time at home Relax with family Socialise with friends p First thing in the morning Work break at home On the go Recharge at work Break with colleagues Occasions & Consumption BAT A BETTER TOMORROW Accessible NC markets Access restricted to one or more NCs Highly restricted or inaccessible to NCs No single solution is capable of meeting all preferences Regulation & Access Source: BAT data & Proprietary Consumer Research

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