BAT Investor Conference Presentation Deck

We are leveraging our strengths to accelerate our transformation BALANCE Outlet Reach Channel Split Deep Consumer Insights - One Size Does Not Fit All vuse EXPLORATION Stigma ACU30 Income 80% FLOW Stigma ACU30 Income 11m* 5% 15% BAT 4-5m 5% 55% TOGETHER Unrivalled Outlet Reach 40% >180 Markets glo PROGRESSIVE ACU30 Income ALONE Stigma VELO ENERGISING Stigma ACU30 Income 7m 10% CLASSIC Stigma ACU30 Income On-premise 50% 40% Beverages Modern >11m Retail Outlets 1.5m 60% 25% 15% Alcohol PLEASURE Convenience/Traditional Distribution power: Note: Company share of retail sales estimated based on category channel breakdown; for 2020 where available, otherwise 2019; numbers rounded for simplicity Channel classification: On-premise includes Bars, Restaurants, Hotels. Modern includes Super/Hypermarkets, Other Grocers, Discounters, Drug, Mixed Retailers (e.g. (department stores); Convenience includes Convenience (traditional./convenience.), Forecourt, Food/Drink/Tobacco Specialists, Independent Grocers; Source: Euromonitor; company financials; desk research; BCG analysis *T40 markets representing c. 90% group revenue. >150m daily consumer touchpoints PRODUCT SATISFACTION INDEX (PSI) (100% ULTRA-LIGHTS MARKETS (c. 20% of Industry FMC+ volumes) Predominantly THP FMC 80% THP Unique Multi-Category 30% D2C e-commerce VAPOUR Design & Product Portfolio LIGHTS MARKETS (c. 30% of Industry FMC* volumes) Both THP & Vapour Modern Oral: Potential across All Market Types -50% MODERN ORAL New Capabilities Revenue Growth Consumer Analytics Accelerating transformation > 1,000+ management hires bringing new capabilities 100% ➤ Learning and development at speed and scale via 100% virtual delivery FMC BOLD 60% THP FT LEADER IN 70% VAPOUR Our People Delivering the Enterprise of the Future DIVERSITY 2021 Bold & Empowered top GLOBAL EMPLOYER 2022 CHEESTALTUNCE AD * 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. 'Full flavour", "light" and "ultra-light" should not be interpreted as a representation of the products' risk profile or the amount of tar or nicotine delivered to smokers in real world smoking conditions. 65% MODERN ORAL E BEST PLACES TO WORK > 80+ awards and certifications CORPORATE SCALEX YOUR VOICE Wisin Towers Watson I'd Purpose driven organisation > With new Ethos and leadership capability FAST 100% FULL FLAVOUR MARKETS (c. 50% of Industry FMC+ volumes) Predominantly Vapour FMC 25% THP BAT A BETTER TOMORROW ANTETY 75% VAPOUR DIVERSE 70% Stronger, Simpler, Faster MODERN ORAL > Connected and Digitally enabled workforce > Simpler, faster organisation empowered workforce 29

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