BAT Investor Conference Presentation Deck

We are now entering the next phase of our journey New Category revenue growth and consumer acquisition* New Category contribution to profit growth** BAT Faster Transformation A BETTER TOMORROW Active capital allocation for long- term shareholder value * Constant rate growth. See Appendix A2. Target market for acquisition of consumers of non-combustible products is existing adult smokers/nicotine users. See Appendix A6** Contribution based on the pathway to profitability, with reducing losses at category contribution level: Profit from the sales of brands after deduction of directly attributable costs (including marketing) and before allocation of overheads. 11

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