BAT Results Presentation Deck

Continued strong cash generation driving leverage reduction Strong Operating Cash Conversion* Expecting another year of strong operating cash conversion >90%* 66% H179 73% H1'20** 67% H1'21 77% H1'22 72% H123 Cash flow weighted to H2, as normal Strengthening our balance sheet alongside a manageable maturity profile 3.51x Making good progress towards middle of 2-3x adj. net debt / adj. EBITDA corridor*** FY19 * See Appendices A1 & A6** H1'20 normalised for U.S. excise deferral. Reported 65%. *** Adjusted net debt to adjusted EBITDA at current rates. See Appendix A9. 3.26x FY20 BAT 2.99x A BETTER TOMORROW FY21 2.89x FY22 37

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