BAT Investor Presentation Deck

27 A BETTER TOMORROW Belief #10 Industry value is declining with cigarette BAT sales FACT Total nicotine revenue is growing year-on-year with New Categories driving value accretion FMC** VOLUME -6.3 % CAGR INDUSTRY VALUE +3.4 % CAGR TIO Industry Value vs FMC Volume 654bn £8bn £43bn 2021 FMC** Volume 613bn £10bn £43bn 2022 NC Value (Rev*) 570bn £12bn £43bn 2023 Est FMC Value (Rev*) *Revenue **Factory Made Cigarettes Source: BAT Outlook USA, UK, Germany, Canada, Japan, Switzerland, Italy, Denmark, Poland, South Korea, France, Sweden

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