BAT Investor Conference Presentation Deck

We are committed to shareholder returns with £2bn 2022 buyback Growing Dividend Cash Flow Investing in our Transformation Free Cash Flow* Leverage within 2-3X* Litigation/ Fiscal/Regulatory outcomes ** Bolt-On M&A Active Capital Allocation Framework Share Buybacks BAT c.£40bn 5 Year Cumulative A BETTER TOMORROW Free Cash Flow**** * Free cash flow before dividends. See Appendix A1 and A7. ** Adjusted net debt to adjusted EBITDA at current rates. See Appendix A1. ***Ambition over the next 5 years. Pre-dividend payments. See Appendix A1 and A7. 48

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