BAT Investor Conference Presentation Deck

We Have Made a Strong Start Non-Combustible Consumers. Strong growth in New Categories Powered by combustibles and simplification Continued strong financial delivery +29% 13.5m CAGR 2020 Combustible Volume Reduction -4.5% -4.5% CAGR 2020 EPS Growth*** +8.5% +5.5% CAGR 2020 CAGR over last three years ending FY20. * Non-Combustible consumer definition: See Appendix A6. ** Total New Category Investment, *** Adjusted EPS @ Constant rates of exchange New Category Revenue +43% £1.4bn CAGR 2020 Combustible Revenue Growth +3.1% +2.8% CAGR 2020 Free Cash Flow Generated +14% £7.3bn CAGR 2020 BAT A BETTER TOMORROW New Category Incremental Investment** +c.£430m 2020 Quantum Savings +£660m 2020 Dividend Paid £4.7bn 2020 24

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