BAT Results Presentation Deck

US: 2023 Performance Expected to be H2 Weighted BAT A BETTER TOMORROW Source: Oxford Economics Source: Consensus (): Record high inflation Source: Prevedere Strong Macro-Economic Headwinds in 2022 Source: Oxford Economics Interest rate hikes 8% Avg. 2022 Falling real disposable income Record low consumer sentiment 7 times Since Feb 22 71 Dec 21 -6.9% 50 Jun 22 9.1% Peak June 22 +4.25% By Dec 22 Nov YTD 22 57 Nov 22 Early Signs of Recovery for 2023 Gas prices stabilising Source: U.S. Energy Information Administration Source: U.S. Bureau of Labor Statistics M Wage growth Source: Federal Reserve Bank of Atlanta Low/Stable unemployment 3.6% Stable elasticities +30% Avg. 2022 vs. avg. 2021 Source: Oxford Economics -1.7 pps 2022 vs. 2021 5.4% +6.3% 12mo moving avg. 0.39 2019 Pre-COVID -2% Dec 22 vs. Dec 21 -0.4ppts Dec 22 vs. Dec 21 3.5% 3.9% +0.8ppts Dec 22 vs. Dec 21 5.9% 5.1% 0.41 2022 32

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