BAT Results Presentation Deck

Dynamic and flexible approach to capital allocation Growing Dividend Investing in our Transformation Cash Flow Leverage middle 2-3x Free Cash Flow* *** Litigation/ Fiscal/Regulatory outcomes Bolt-On M&A BAT A BETTER TOMORROW c.£40bn 5 Year Cumulative Free Cash Flow*** Share Buy-Backs Committed to sustainably returning cash to shareholders * Free cash flow before dividends. See Appendices A1 & A5. ** *Adjusted net debt to adjusted EBITDA at current rates. See Appendix A9. ***Ambition over the next 5 years. Pre-dividend payments. See Appendices A1 & A5. 38

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