BAT Results Presentation Deck

US | Strong results in the US Revenue* +4.4% 9.5 2018 £bn 9.9 2019 £bn Adj. Profits from Ops.* +6.4% 4.5 2018 £bn 4.8 2019 £bn *2019 Adjusted and constant rate basis V 2018 adjusted and current rate basis. See Appendix A1-A2. Source: Company data Driven By: ● ● Improved Pricing Reduced discounting Strong brands Efficiency savings 2020 Estimates: ~5% Volume Decline Source: Internal Estimates 25

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